What is the overnight fee at Olymp Trade?
One of the fees you will encounter at Olymp Trade is an overnight fee, called also the rollover commission. This will be applied to CFDs, commodities, and cryptocurrencies. The fee is charged when the position is left open through the night. It is used to compensate for the overnight leverage that is used by a trader.
The amount of the rollover commission will differ from one asset to another. The overnight fee is applied at 20:55 UTC.
How to check rollover fee for a particular instrument
You are probably interested in how to check the amount of the expected commission. Here is how.
In the top left corner of the trading platform, there is a hamburger menu. You click on it and then find the tab “Additional”. Click on the list of instruments and there the rollover commission for each asset will be displayed.
You will see here the full characteristic of an instrument. Search for “Rollover commission”. This is the rate that will be applied to calculate your overnight fee if you keep your transaction open over the night.
The overnight fee will be visible on your trade ticket.
If you want to read more about commissions and fees, please go to the article Calculating profit/loss with CFD trading.
Pros and Cons
Here are the advantages and disadvantages of using pending orders in Olymp Trade:
- 👍 Time-saving: Enables traders to automate trading operations and save time.
- 👍 Flexibility: Allows for the setting of multiple automatic positions, not necessarily in the same direction.
- 👍 Strategy Enhancement: Supports the use of support and resistance levels to inform trading strategy.
- 👎 Limited Adjustability: Once set, the parameters of a pending order cannot be changed.
- 👎 Waiting Period: Traders need to wait for the market to reach the pre-specified price.
- 👎 Market Predictability: Requires an understanding of market dynamics and price movements to set effective orders.
|Olymp Trade Feature||Description|
|Rollover Commission||An overnight fee applied to positions left open overnight, varying by asset.|
|Pending Orders||An automated feature to open a position at a pre-specified price, allowing for time-saving and flexibility in trading.|
Q&A on Using Pending Orders in Olymp Trade
- Q: What is a pending order in Olymp Trade?
A: A pending order is a feature that allows you to automate the opening of a position at a pre-specified price level.
- Q: Can I change the parameters of a pending order once it’s set?
A: No, the parameters of a pending order can’t be changed once it’s set, but you can cancel the order if needed.
- Q: Can I have multiple pending orders set at the same time?
A: Yes, Olymp Trade allows you to set multiple pending orders, and they don’t have to be in the same direction.
- Q: How does a support level become a resistance level and vice versa?
A: A previous support level can become a new resistance level when the price breaks below it. Conversely, a prior resistance level can turn into a new support level when the price breaks above it.
- Q: What happens if the market never reaches the price level of my pending order?
A: If the market never reaches the price level of your pending order, the order will not be executed.
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