How to Deposit Money in Olymp Trade? (Complete Guide!)
Olymp Trade is a powerful platform for amateur and expert investors looking to earn money from the forex trading market.
The platform is highly convenient and works as your one-stop broker for indices, stocks, metals, commodities, currencies, EFTs, and even crypto investments.
From extensions that can make trading analysis a walk in the park to those that boost the aesthetic value of the site, Olymp Trade has it all to make your trading experience one to remember.
Additionally, Olymp Trade sets itself up to be beginner friendly. With many extensions providing valuable and trustworthy advice, novices can learn on the fly. If you're looking to begin earning a side income through profits generated on Olymp Trade, keep reading to make the most of its benefits.
What is the Olymp Trade Market?
The Olymp Trade Market is an online shop on the platform where customers can buy various extensions, themes, real time trading insights, expert advice, live news of the trading world, etc., and also view the ones they already have.
Olymp Trade is only getting more widespread with Indian investors because of its intuitive and instructive user interface. The flexibility options are numerous, allowing you to personalise the usability aspects to suit your trading style.
The platform provides users access to more than 100 financial instruments on its forum, making it easy for people to train, analyse and trade in the market.
From live news to analytic strategies, the extensions available on Olymp Trade are sure to help you earn profits that investors are looking to bag home.
What are Olymp Trade Extensions?
Olymp Trade provides beneficial extensions for its users. These extensions are tools or functions that don't come with a basic account.
Extensions can vary from helping you with trading strategies, getting help from industry experts, or changing the platform's aesthetic traits, be it for graphs, charts, or statistical reference models.
Let us first go through the type of extensions you can get for your Olymp Trade account:
The first few types of extensions are used for trading with minimum effort, without having to study the charts yourself extensively. Expert advice will give you insight into the charts and their movements, preparing you to spot favourable changes in the market conditions and leverage the awareness of such information.
Real-time trade recommendations will give you no-nonsense, direct advice on which stock to buy and at what price to sell. This is a top-rated tool for those just starting their forex trading journey. But it is important to note that there is always risk involved, like in any trade. The advice given may not always work out, and this demands calculated opinions that rely on critical and analytical thinking abilities.
Any experienced trader will tell you how important keeping a lookout for news while trading is. Live news may affect the market directly, for example, via government policies, regulatory changes, mergers, and a hoard of other market fluctuations. On the other hand, news also affects the charts indirectly, for instance, through the people's fear and greed in response to the happenings around them.
Expert and advanced strategy indicators are perfect for those who already have the knowledge of charts and some experience on hand. These strategies need some getting used to. Make sure you read about them thoroughly to understand what the charts indicate.
Finally, there are themes such as Purple Haze and Inspire that do a tremendous task at giving your screen a modern, relevant, and focus-based look and feel. They are specifically designed to be soothing and aesthetically pleasing to keep your mind calm and collected. Moreover, not only are they easy on the eyes, but the themes also assist you by highlighting the essential bits of the charts naturally. Such a feature saves you from the risk of missing out on evident indicators while studying charts in a hurry.
With this assortment of worthwhile extensions, you're guaranteed to find many to your liking which transform your forex trading goals into reality. But with so many incredible options, it becomes difficult to choose the one that extensions are compatible with your trading style and investment choices.
To cut down on your choices, you can see an extension's price, rating, and minimum duration of the subscription through the extensions store. These are the significant parameters you need to consider before investing in an extension.
Further, ensure that the extension you buy works well for you and your trading ideology
How to Subscribe to Olymp Trade Extensions?
Subscribing to Olymp Trade Extensions is a simple process. A detailed list of steps is provided below:
- From the 'Platform' page, click on the 'Market' option. It is the second option available in the menu on the left-hand side.
- The store that opens will show a list of extensions available with their price, ratings, and minimum duration.
- Browse and click on the extension you like. You'll find a detailed explanation of the extension accentuating its benefits. It will also reveal more attributes, such as operating system compatibility (Web, Android, iOS) and compatible modes (FTT, FX).
- If you find the extension agreeable, press the blue button with the cost.
- Choose the subscription duration from the options of 1 month, 3 months, 6 months, and 12 months. (Unless the extension is a one-time purchase.)
Olymp Trade will then use the required funds for the extension. If you don't have the needed amount, you will be asked to deposit money in your Olymp Trade account.
In India, you can deposit funds using Visa or Mastercard bank cards. Alternatively, you can create a virtual card in the AstroPay system or use foreign e-wallets like Neteller, WebMoney, GlobePay, and Skrill.
Can Bonuses Be Used to Pay for Extensions?
No, you aren't able to use bonuses to avail extensions on Olymp Trade.
A bonus is the extra capital that Olymp Trade gives you whenever a deposit is made to your account. The amount of compensation depends on the amount of money you deposit.
But in the end, bonus money is merely virtual money that only becomes real when certain conditions are met. As such, bonuses are unfit to be used to buy extensions. Not to forget, they are meant exclusively for trading and increasing your investments while displaying varying risk appetites.
On the other hand, profits and deposits can be utilised readily to buy a subscription.
Can I Get Olymp Trade Extensions for Free?
Yes, it is possible to get Olymp Trade extensions for free. Nonetheless, note that these extensions are not the same as those available in the store. In any case, you can rest assured that they are just as beneficial and will have a positive role to play in your investment decisions.
You need to rake up experience points on Trader's Way to get these extensions.
Trader's Way is essentially a customer loyalty program for the traders using the Olymp Trade platform for the long term. It consists of levels that correspond to rewards and higher Olymp trade account statuses.
To level up, you need to earn XP. XP can be acquired by trading in a live account. The more considerable your investment amount, the more experience points you gain. So even if you're making a loss, the silver lining is getting XP points for it.
You can also earn XP by doing daily tasks assigned by Olymp Trade. The tasks often require you to make particular trades. For instance, "Make 3 trades on EUR/USD in Forex mode". These daily tasks can be a great way to start for forex trading rookies as it gives them direction.
As you gain points, you reach higher levels. At 19,800 XP, your account receives the Advanced status. By the time you climb this ladder, you will have obtained a new indicator, consultation with an analyst, and increased profitability options. Such are the facilities Olymp Trade intends to offer to maintain continuous user satisfaction.
In other words, as your account level goes up, the platform will unlock benefits for you, including advisors and indicators that can shoot up your profit numbers monumentally.
Your current Trader's Way level will show the last perk you received, while you can view upcoming rewards in the profile sidebar. Keep in mind, these features are sure to motivate you to earn more points.
To reach the highest status, Expert, you need a minimum of 99,000 XP. Moreover, you need 160,000 XP to maintain your standing.
If the effort required doesn't seem feasible, you can always deposit money to your account to jump directly to the loftier levels.
Remember, the greater the amount of money you deposit, the higher the status your account gains.
Where to Find Your Purchased Extensions?
You can find the extensions you purchase in your inventory. To go there, follow these steps:
By default, all extensions are set up to auto-renew, basically indicating the extensions will renew the duration by directly taking funds from your account without asking.
While this is convenient if you appreciate the extension, it can be concerning if it is not to your preference. Since many traders prefer to be extra protective of every little penny in their forex trading accounts, they may choose to cancel the auto-renew option.
In this case, you have to cancel the subscription manually.
How to Cancel Subscription to an Extension?
To cancel your subscription to an extension:
Note: If you're trying to avoid renewal, subscriptions must be cancelled two days before the subscription period ends.
How Much Refund Will I Get?
If the extension you've subscribed to is for 30-days, there will be no refund no matter how quickly you unsubscribe.
In this case, it is most reasonable to continue using it for the rest of the subscription period.
On the other hand, if the subscription is for 3 months, 6 months, or 1 year, you can apply for a refund.
The amount refunded will depend on your subscription period. Olymp Trade refund policies state that the period is divided into 30-day blocks. That is to say, you'll be refunded for the remaining 30-day blocks. The 30-day time period that has already passed and the one you are currently in are not eligible to be reimbursed.
To illustrate, imagine you had purchased a subscription for 3 months for ₹3000. Regardless, you cancelled in the first month itself. This means you are eligible for the repayment of the 2nd and 3rd 30-day blocks, amounting to a total of ₹2000.
However, if you cancel even 2 days into the second month, you are only eligible for the 3rd month's ₹1000.
How To Apply for a Refund on an Extension?
To apply for a refund, you'll have to connect with the Olymp Trade customer service. Since the platform functions for users across the globe, forex traders don't have to worry about time zones as assistance is available 24/7.
Once you've established contact with the customer service, the process is smooth sailing on your end. The company will process your request and add the reimbursed amount back to your account swiftly - without you having to follow up.
In case you're wondering, traders can contact customer service via phone, email, or chat.
If your funds are stuck and your issue is time-sensitive, phone and chat will be quicker solutions, while emails take a business day to get a response.
Extensions on Olymp Trade definitely present value for money. Each extension provides an improved trading experience and helps you be in the run for maximised profits.
Whether it presents forecasts, advice, analysis tools, or themes, each extension undoubtedly guides you in your venture into trading. As a result, the money you invest in buying these extensions will always bring you sumptuous returns.
If you don't like the extension, cancellation is an uncomplicated process. And on the flip side, if you click with an extension, renewal is effortless since the procedure is automatic.
In conclusion, Olymp Trade is an incredible platform that provides ways for laymen to grasp the specifics of trading and gives you the prospect to make money on your own terms.
Fact: The platform even provides a demo account to practice for those afraid of diving straight into it.
Worry not, they've also created numerous training videos to assist aspiring traders in their quest to become expert forex investors.
What are you waiting for? Go and grab the opportunity to build your portfolio today!
Articles Related to Olymp Trade