Introduction
Olymp Trade, in Kenya, is one of the most popular online brokers with over 25,000 clients currently trading on its platform every day. The Olymp Kenya review is designed to detail all services Olymp Trade provides account types on offer, demo account features. Below is an in-depth Olymp trade Kenya review to help you make an informed decision before opening your account.
How Olymp Trade in Kenya Works
This is how olymp trade works: You need to have an account first. If you don’t, go to their website, and sign up for an account. Once you are done it will lead you to a demo account that you can use to practice trading. The demo account is crucial for learning and discovers all the tools.
How to Trade with Olymp Trade in Kenya
To trade with Olymp trade you need to understand the market. Test your strategies in the demo account first.
Trading Terms of Olymp Trade in Kenya
a) Terms of Use of the Company Services
After successful registration, the client is allowed to get access to the trading terminal and will be able to transfer funds to the client’s account and he can pace his/her first deposit to start marking trades.
b) Termination of the Agreement
The termination agreement happens in 5 business days after the company has received clients’ inquiries.
c) Communications and Provision of Information
The company uses different communication such as email or telephone in order to get in touch with clients. If there is a need in resolving the problems about client transactions Olympia Trade will use the client’s contact information entered during the registration.
d) Terms and Definitions
Bonus, clients’ Accounts Balance, etc. are the main terms about which you can find definitions and learn the importance of them during trading.
Olymp Trade App Review: Types of Accounts
Olymp Trade trading platform has different account types these are:
a) Olymp Trade Demo Account
An olymp trade demo account helps you get familiar with how Olymp Trade works. The demo account also provides unlimited access, and traders can even deposit actual funds into the demo account. If you are new to this style, you are strongly urged to make use of the demo account. The olymp trade demo account is available in all languages of the Olymp Trade platform.
b) Standard Account
At this stage, you will need to pay attention to the knowledge of capital management as well as emotional management. In a real account, you learn how to manage and keep your money. You will have the opportunity to take a vantage of returns of up to 82 % which is a competitive offering.
c) VIP Account
The VIP account has an extensive list of features including everything from the availability of risk-free trades to a personal consultant and private webinars. VIP Account is a competitive and well-structured account that is an excellent choice for the seasoned trader. This account offers exclusive benefits.
| Benefit | Demo Account | Standard Account | VIP Account |
|---|---|---|---|
| Unlimited Access | Yes | Yes | Yes |
| Real Profits | No | Yes | Yes |
| Risk-Free Trades | No | No | Yes |
| Private Webinars | No | No | Yes |
| Personal Consultations | No | No | Yes |
Olymp Trade Review: Top Features
a) Trading Platform
The Olymp Trade has an easy-to-navigate platform, providing you with the best user interface. You can customize the charts using color and graph type. Every review of olymp trade you find will say the same about the platform’s interface.
For a proper understanding of Olymp Trade, in the platform, there are clear and concise charts featuring amounts and timing. So you can go through and understand everything you are looking for
When accessing the Olymp Trade platform, you can use desktop applications from windows and mac, smartphone, or tablet apps whether Android or IOS.
b) Fees
Depending on your account type, Olymp Trade does not charge you custodial or maintenance fees, or inactive fees for not using it for several days. Given that it is a binary option; Olymp Trade will also not charge you any fees for placing a trade.
It will charge you a fee for each trade you are making but based on current market conditions, specification conditions, multiplier, and trade amount. However, they do ask for commission for any overnight trades that a trader leaves open.
They charge a 15% commission for this.
c) Regulation and Licensing
While conducting this Olymp Trade Kenya Review, it was hard not to notice the Olymp Trade is a platform that has no regulatory bodies regulating it. There is something about regulation bodies that just ensure that platforms such as Olymp Trade do not take advantage of traders.
Olymp Trade is not a safe place to invest your funds in. The lack of regulation bodies explains why the platform has been performing so badly according to internet ratings such that one provided by GlassDoor.
d) Assets/Market
Olymp Trade provides you with different instruments depending on our location. They include:
· Spread and commissions
· Commodities
· Stocks
· Cryptocurrency
Spreads vary depending on your account. If you have a VIP or premium, account it will offer you the lowest spreads.
Olymp Trade Review: Pros and Cons of Olymp Trade
Pros
- Ultra-low minimum deposits
- Training resources offered
- Controlled risks and rewards
- The multilingual customer support which operates 24/7
Cons
- High commissions
- Best trading conditions only on a premium account
- Not available in some countries like UK and US
- Social trading not offered
Is Olymp Trade the Best Binary Trading Brokers in Kenya?
It is hard to say which broker is the best because people prefer different things. But it is safe to say Olymp Trade is one of the best binary options according to Olymp Trade Kenya review. Olymp trade offers excellent conditions and fast withdrawals which makes it one of the best binary trading.
Overall, should you choose Olymp Trade? Yes, because it has a friendly system, Olymp Trade offers an easy way to get started even for those who are new to the world of trading. The Olymp trade is has tested by experienced traders.
Olymp trade opens the door for traders to gain access to truly profitable markets. The Olymp Trade 2021 review Kenya shows you can trade 24 hours every day of the week on the most popular currencies and commodities.
With Olymp Trade Kenya review, Olymp Trade aims to help traders become successful by providing a support team of qualified professionals.
Final Take
This review of olymp Trade shows that the platform is as enticing as ever for any new binary options trader in the market. Their nice platform with its user-friendly interface has made it very easy to use the app.
The major letdown with the app is that it is not regulated by any Tier 1,2 or 3 agency. This makes the application less credible when compared to some of its other competitors.
Overall, it is a great app to start you out in binary options thanks to the demo account that it offers.
