New methods of making money keep on appearing every year and at the same time, going down the drain as fast as they appeared.
However, there’s one trade that has stood the test of time, and that is Forex trading.
According to Tradecity, the creation of gold standard system is at least considered the beginning on modern foreign exchange and Monte dei Paschi; the oldest bank was created at the same time to facilitate currency exchange.
Unlike other financial instruments, the potential of making money in forex trading is quite high. However, to profit, you need to learn the basics of exchange trading as well as practice a lot.
And in this article, we shall closely examine everything you need to know about forex trading, and how you can make money with Olymp Trade in the forex market.
But before then, let us first define Forex.
What is Forex?
Forex is an abbreviation of foreign exchange.
Aa self-explanatory term, Forex Exchange refers to the process of exchanging one currency for another or converting one currency into another currency.
Forex Exchange also denotes the global market where currencies are traded virtually around the clock.
Contrary to other forms of trading, Forex exchange allows individuals as well as central and large commercial banks to trade alongside an equal footing, with the only difference being the latter have larger volumes.
Again, though forex exchange is tailored to the currency market, it allows you to open orders with other assets as well including shares, commodities, crypto, and indices. What makes it possible is because the forex exchange trading mechanism is more flexibly organized.
Olymp Trade Forex
Olymp trade forex is a platform that allows trading and investing in forex markets.
How Does Olymp Trade Forex Account Work?
Olymp Trade offers a simple trading platform that allows you to open both long (hoping price will go up) and short (hoping price will go down) positions at the current price with an unlimited duration of the trade.
How to Make Money with Olymp Trade Forex
As we had mentioned earlier, Forex is a high-risk venture, with a potential to make you lots of money and at the same time, drive you to poverty if not well executed.
Therefore, if you are starting, try not to be the earner, but the learner. Get the basics of forex trading, and understand all the mechanics that go into making a professional trader.
But before we look at how to earn money with Olymp Trade forex, here are some basics you need to know regarding the forex market.
- Forex market is the world’s most liquid market
- The forex market has more than 5.3 trillion exchanging hands daily for five days a week
- Foreign exchange market open on Sunday evening in North America and closes 5 PM on Friday
Making Money with Olymp Trade Forex
- Open an account with Olymp Trade
- Under the Forex chart, select a currency pair
- Indicate your trade amount
- Analyze the asset price chart and select a direction. An up trade will profit if the asset price increases, while a down trade will profit if the price goes down
- Depending on whether you are comfortable with the results, you can close the trade automatically
Why Should I Consider Olymp Trade Forex?
There are plenty of reasons why we recommend Olymp Trade Forex.
For a start, the Olymp Trade Forex platform solution has no spread. What this means is that unlike a majority of the forex brokers which earn on a bid-ask difference, Olymp Trade will only pay commission just once for both buy and sell orders. In any case, the commission is charged only for opening a position.
Secondly, Olymp Trade features a convenient “Multiplier” tool as opposed to the leverage tool. The benefit of the multiplier tool is that it allows you to increase your trading volume up to 200 times while allowing you to choose the order volume as well as protect yourself from unnecessary risk with “Stop-Loss” feature.
Benefits of Choosing Olymp Trade Forex
Alongside the features mentioned above, Olymp Trade also offers some unique benefits over other trading companies.
Let’s look at what separates Olymp Trade from the rest:
- The broker offers an intuitive trading platform with state of the art design.
- All new accounts come with a demo account loaded with $10,000 for forex practice
- The broker has a low entry requirement of $10
- The Olymp Trade forex positions are opened as low as $1
- Olymp trade supports its clients with an all-around the clock support team.
If you’ve been looking for reasons to join the Olymp Trade Forex market, you now know how you can make money using this broker.