Olymp Trade broker is a popular online trading platform that has been operating in Turkey since 2014. This platform provides Turkish investors with the opportunity to invest in a variety of financial instruments, including Forex, commodities, stocks, and cryptocurrencies. It is recognized for its user-friendly interface, educational resources, and 24/7 customer support, making it an attractive option for both beginner and experienced traders. Additionally, Olymp Trade is known for its transparency and security, ensuring that users’ personal and financial information is well-protected. In this Olymp Trade Turkey review, we will learn more about the features of the broker and why it is considered one of the best binary options broker in the country.
- Year Founded: 2014
- Minimum Deposit: $10
- Minimum Trade: $1
- Payouts: 92% Max
- Demo Account: Yes
Olymp Trade, a popular online trading platform, offers its services in Turkey, among other countries. Here are the account types and minimum deposit information for Turkish users.
- Standard Account: This account type is the primary choice for most beginner traders. It provides access to all available financial instruments on Olymp Trade, including currency pairs, cryptocurrencies, stocks, indices, and commodities. The minimum deposit for a standard account is $10 (equivalent to Turkish Lira).
- VIP Account: This type of account is designed for more experienced traders who are willing to invest more capital. The VIP account offers several perks such as access to exclusive strategies, a personal consultant, risk-free trades, and expedited withdrawal processes. The minimum deposit to open a VIP account is $2,000 (again, equivalent in Turkish Lira).
- Demo Account: Olymp Trade demo account is offered for users in Turkey. This account type is excellent for beginners who want to practice trading without any financial risks. The demo account comes with virtual funds, which users can use to place trades and test strategies. There is no minimum deposit required for a demo account since it uses virtual currency.
Please note that while the minimum deposit for a standard and VIP account is relatively low, successful trading involves significant risk. Always consider your financial situation and level of experience before deciding to trade on Olymp Trade or any other trading platform.
Olymp Trade Turkey offers a variety of tradeable financial assets for its users. These include:
- Currency Pairs: Olymp Trade offers a large number of currency pairs for trading. This includes all major currency pairs like EUR/USD, GBP/USD, and USD/JPY as well as minor and exotic pairs.
- Indices: Users can trade on the movement of different indices like Dow Jones, Nikkei, FTSE, and more.
- Commodities: Olymp Trade also offers commodities for trading including gold, silver, oil, natural gas, etc.
- Stocks: Traders can also opt to trade in stocks of various global companies. This includes major companies like Apple, Google, Facebook, etc.
- Cryptocurrencies: Olymp Trade is also a platform for trading in a variety of cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc.
- ETFs: Exchange Traded Funds are also available for trading on the Olymp Trade platform. These are a type of investment fund and exchange-traded product, with shares that are tradeable on a stock exchange.
- Metals: Apart from gold and silver, traders can also trade in other metals like platinum, palladium, etc.
- Agricultural Commodities: Certain platforms also offer options to trade in agricultural commodities like wheat, soybeans, corn, etc.
All these assets can be traded on different types of trade contracts like binary options, digital options, forex, etc. Please note that trading involves risk and isn’t suitable for all investors.
What is Fixed Time Trades (FTT) & How it Works?
Fixed Time Trades is a type of trading where you predict whether the price of an asset will rise or fall within a specific timeframe. This fixed timeframe can range from one minute to a day or even a month. The trader chooses the duration of the trade.
Here is a step-by-step guide to how Olymp Trade Fixed Time Trades work:
- Select an Asset: The first step is to choose an asset for trading. This could range from currency pairs, commodities, stocks, or indices.
- Choose Trade Duration: The next step is to choose the duration of the trade. This is the ‘fixed time’ aspect of Fixed Time Trades. The duration can range from one minute to several hours.
- Predict the Price Direction: This is where the actual trading prediction takes place. The trader has to predict whether the price of the chosen asset will rise or fall by the end of the chosen duration.
- Place the Trade: If the trader predicts that the price will rise, they place a ‘call’ trade. If they predict that the price will fall, they place a ‘put’ trade.
- Wait for the Trade to Expire: The trader then waits for the trade duration to expire. If the price of the asset is in favor of the trader’s prediction at the time of expiration, the trade is successful.
- Collect Profits: If the trade is successful, the trader collects the profits. The payout rate is determined at the beginning of the trade. If the trade is unsuccessful, the trader loses the invested amount.
It’s important to note that Fixed Time Trades involve significant risk, just like any other form of trading. It’s crucial to practice risk management strategies and only trade with money that you can afford to lose.
How to Get Started with Olymp Trade Turkey
- Research About Olymp Trade: Before you start trading, it’s important to have a clear understanding of what Olymp Trade is, what it offers, and its reputation in the market.
- Understand Turkish Trading Laws: It’s essential to familiarize yourself with the trading laws in Turkey. Olymp Trade operates within the confines of the law, thus you need to ensure that trading activities align with national laws and regulations.
- Sign Up: Visit the official website or access the Olymp Trade download app and create an account. The process involves providing some personal details like your name, email, and phone number. Remember to set a strong password for your account.
- Verification Process: The broker may require proof of identity, which could be your national ID card, passport, or driver’s license. You may also need to provide proof of residence like a utility bill or bank statement.
- Learn to Trade: If you are a beginner, take advantage of Olymp Trade’s educational resources. They offer webinars, tutorials, and blog posts that can help you understand trading concepts and strategies. Olymp Trade provides a demo account with virtual money. Use this to practice and develop your trading skills without risking real money.
- Deposit Funds: If you feel confident enough to start live trading, deposit funds into your account. Olymp Trade fund deposit accepts various payment methods including credit/debit cards, e-wallets, and wire transfers. The deposit process is usually instant.
- Choose a Trading Instrument: Decide what asset you wish to trade. Olymp Trade offers a variety of assets to choose from.
- Start Trading: Analyze the market, make a prediction, choose the amount you want to invest, and then open a trade.
- Withdraw Profits: If your trades are successful, you can withdraw your profits. The withdrawal process might take a few days depending on your chosen method.
Olymp Trade Turkey Trading Platforms
Desktop App / Web Platform
Olymp Trade in Turkey has designed a comprehensive desktop application that’s compatible with both PCs and Macs. This trading platform is loaded with numerous features that work towards empowering individuals to make informed trading decisions. Here is a comprehensive look at the features of the Olymp Trade desktop app.
**Market Trend Analysis**: The Olymp Trade desktop app offers a feature that allows users to analyze market trends effectively. This feature provides a comprehensive overview of the market, enabling traders to predict future price movements and make informed trading decisions.
**Indicators**: Traders can use various technical analysis indicators that are available on the Olymp Trade app. These indicators help traders to understand market trends and anticipate future price movements. This can be a crucial tool for making profitable trades.
**Oscillators**: The app also comes with oscillators, another significant tool for technical analysis. Oscillators can be particularly useful in identifying overbought or oversold conditions, helping traders to pinpoint potential reversal points in the market.
**Trading Signals**: The Olymp Trade trading app provides users with trading signals, which are suggestions for potentially profitable trades. These signals are derived from detailed market analysis and can be a valuable tool for both novice and experienced traders.
**Wide range of trading tools**: Apart from the above-mentioned features, the Olymp Trade app hosts a wide array of other trading tools. These tools can help traders with various aspects of their trading, such as managing their risk, executing trades, and refining their trading strategies.
The Olymp Trade desktop app aims to create a conducive environment for trading, whether for seasoned traders or beginners. By providing these tools and features, it attempts to simplify the trading process and increase the chances of success for its users.
Olymp Trade in Turkey offers a robust mobile trading platform for individuals who wish to trade on the go. The platform is available on both Android and iOS devices, making it easily accessible for a majority of smartphone users. The mobile trading features allow users to access real-time market data, execute trades, manage their accounts, and utilize a variety of trading tools directly from their mobile devices. Whether you’re commuting, traveling, or simply away from your computer, Olymp Trade ensures that the world of trading is always at your fingertips. This flexibility and convenience make Olymp Trade Mobile App a preferred choice for modern traders in Turkey.
Olymp Trade Turkey Trading Tools
- Technical Analysis Tools: These tools are used to evaluate investments and identify trading opportunities in price trends and patterns seen on charts. They include trend lines, support, and resistance, indicators, and oscillators. Olymp Trade offers several technical analysis tools to help traders predict future price movements.
- Fundamental Analysis Tools: These tools focus on factors that affect the overall economy, such as interest rates, economic data releases, earnings reports, etc. They are used to evaluate the intrinsic value of an asset. Olymp Trade provides fundamental analysis tools to help traders understand the overall market condition and the factors that can influence the price of an asset.
- Social Trading: This is a feature that allows traders to follow and copy the trades of expert investors. It’s especially useful for beginners who are still learning the ropes of trading. With social trading, users can gain insights from successful traders and replicate their strategies.
- Risk Management Tools: These tools are designed to help traders manage their risks effectively. They include stop loss orders, take profit orders, and other features that can help limit losses and secure profits. Olymp Trade provides these tools to ensure that traders can protect their investments and minimize potential losses.
- Multi-chart Layout: This feature allows traders to view multiple charts simultaneously. It’s useful for those who trade several assets at once or who use different timeframes for their analysis. With a multi-chart layout, traders can monitor multiple markets at the same time, making it easier to spot trading opportunities.
In conclusion, Olymp Trade trading in Turkey offers a wide range of trading tools that can help traders analyze the market, make informed decisions, manage their risks, and potentially increase their profitability.
Olymp Trade Deposit & Withdrawal Options Turkey
Olymp Trade offers various methods for making deposits and withdrawals. These methods, along with the processing times and fees associated with them, are explained in detail below.
- Credit/Debit Cards: One of the most popular methods for depositing and withdrawing funds on Olymp Trade is through credit or debit cards. This method is widely used because of its ease of use and speed. The processing time for deposits is usually instant, while withdrawals can take anywhere from 1-5 business days. Olymp Trade broker does not charge any fees for deposits or withdrawals through credit or debit cards.
- Bank Wire Transfers: Another method for making deposits and withdrawals is through bank wire transfers. While this method is secure, it does take longer than credit or debit card transactions. Deposits can take up to 5 business days to process, and withdrawals can take up to 10 business days. There may also be fees associated with bank wire transfers, depending on the bank.
- E-Wallets: Olymp Trade platform also accepts deposits and withdrawals through various e-wallets like Skrill, Neteller, and WebMoney. These methods are popular due to their quick processing times. Deposits are usually instant, while withdrawals can take up to 24 hours. There are no fees charged by Olymp Trade for using e-wallets, but the e-wallet services themselves may have their fees.
- Cryptocurrencies: For those who prefer to use digital currencies, Olymp Trade accepts deposits and withdrawals in Bitcoin and Ethereum. The processing times for these transactions can vary, but they are typically quicker than traditional banking methods. Olymp Trade does not charge any fees for cryptocurrency transactions, but there may be network fees associated with these types of transactions.
Bonuses and Promotions
- Welcome Bonus: For new Turkish traders, Olymp Trade offers a generous welcome bonus. Once traders make their first deposit, they are eligible to receive this bonus. This is designed to give beginners a head start in their trading journey.
- Deposit Bonus: Olymp Trade also offers a deposit bonus for Turkish traders. This means that whenever a trader deposits a certain amount of money, they receive a bonus percentage of their deposit. This is a great way to increase trading capital.
- Promo Codes: Occasionally, Olymp Trade provides promo codes to its Turkish traders. These codes can be used to unlock various benefits such as increased profits, risk-free trades, or additional bonuses.
- VIP Status: This is a special offer for Turkish traders who maintain a high level of trading activity on the platform. VIP status comes with various perks such as personal consultations, access to exclusive trading signals, higher profit percentages, and faster withdrawal times.
- Regular Contests and Tournaments: Olymp Trade frequently organizes contests and tournaments with substantial prize pools. This provides an opportunity for Turkish traders to test their skills and win big prizes.
- Educational Bonus: Olymp Trade values the continuous learning of its traders. Hence, it offers educational bonuses that come in the form of free access to premium educational resources, webinars, and training sessions.
- Loyalty Rewards: For Turkish traders who have been with Olymp Trade for a long time, the platform rewards them with loyalty bonuses. This could be in the form of higher bonus percentages, cashback, or even risk-free trades.
Remember that all these bonuses come with specific terms and conditions, so it’s important to be aware of these before participating in any promotional offers. Overall, Olymp Trade bonus and promotions provided to Turkish traders that they can take advantage of to maximize their trading experience.
Is Olymp trade Legal in Turkey?
Olymp Trade is legally permitted to operate in Turkey. It offers a variety of investment options for traders, including binary options and forex trading. The platform is regulated by the International Financial Commission, ensuring that it adheres to strict standards of conduct and provides adequate protection for its users. Turkish traders can confidently use Olymp Trade for their investment needs, knowing that the platform is operating within the legal framework of both local and international financial laws. Is Olymp Trade legit? Is Olymp Trade safe? The answer is yes, Olymp Trade is a reliable online trading platform in Turkey.
Is Olymp trade Halal in Turkey?
Olymp Trade is considered halal in Turkey. This means that it complies with the principles of Islamic finance, which prohibit certain types of financial transactions such as those involving interest (riba) and gambling (maysir). The platform provides a unique trading option that suits the needs of Muslim traders, adhering to the principles of Islamic law. As such, it has gained acceptance and popularity among the Muslim community in Turkey who engage in online trading.
Olymp Trade Review Turkey- Conclusion
Olymp Trade has gained significant popularity in Turkey due to its user-friendly platform and a variety of trading options. Despite the challenges and restrictions in online trading, many Turkish traders are finding Olymp Trade a reliable and profitable platform. However, traders need to understand the risks involved and make informed decisions. They should also ensure they are using legal and regulated platforms to protect their investments.