Cryptocurrencies were not very popular in the past. Nobody knew about them until a few years ago. But at some point, their existence came into the light and conquered the financial world. Nowadays, the market capitalization of cryptocurrencies market is worth hundreds of millions of dollars.
A lot of people today trade cryptocurrencies on websites like Binance, mine and transfer them more easily than a few years ago. A major leader among cryptos is Bitcoin, which constant growth can be observed from 2009.
You will find plenty of various cryptocurrencies available on today’s market. What most of them have in common is the fact that their networks are based on blockchain technology. Such technology is a shield against backward change without the consensus of the network.
One more thing cryptos have in common is that everyone is able to use them globally for purchases, payments, speculations, mining and any other trading transactions.
The important feature of cryptocurrencies is being digital. To purchase cryptos you may use flat currencies. Olymp Trade has done a lot to help people to develop cryptos trading and there is a wide range of cryptos available on the platform.
Trading cryptos at Olymp Trade
As I mentioned before, Olymp Trade provides major cryptos to trade with. You will find the biggest names that are Bitcoin, Dash, Ethereum, Litecoin or Ripple.
Olymp Trade is a regulated broker who makes trading easy, even when you are at the beginning of the journey to enter cryptocurrencies world. With your bank card, you can easily buy and deposit chosen cryptos.
Olymp Trade makes it simple
One great thing about Olymp Trade is that they provide a free demo account. You can log in there with the same details as to a real account. The difference is you do not stand the risk of losing your money. There, you trade with virtual money. Your account is credited with $10,000 and you have the possibility of refilling it for free.
If you feel like you have enough experience under your belt, you can try opening a real account. The minimum deposit to open a real Olymp Trade account is $10 or €10, depending on your currency. The minimum amount of money invested in a singular trade is $1 or €1.
Moreover, there are plenty of different crypto indicators available that will help you to get good entry point’s signals. If you like trading far from home, you might be interested in downloading the Olymp Trade app for smartphones and access the platform from your mobile.
The platform interface is one of the most user-friendly ones on the internet. Following the chart is simple, you can keep a few charts opened simultaneously and there is a possibility to review your trading history any time you wish.
Trading cryptocurrencies on the Olymp Trade platform
Switch your platform to currencies. Then select cryptocurrencies. You will now have to fill a few fields in order to open a position. First, enter the amount you want to invest in a particular trade. Then select a multiplier value. Multiplier “x10” means that your investment amount will be 10 times bigger than the amount you have put in the field number 1. Remember, that this tool will not only increase your profit, but also a potential loss.
The next step is to set Take Profit and Stop Loss. Those are the amounts of your choice after reaching which, the trade will be automatically closed. So, looking at our example below, the trade will be closed after winning 200 or after losing 50.
The following field indicates the sum that is the commission Olymp Trade takes.
Last two buttons will complete the transaction. You can either press the green buy button if you speculate the price will rise or the red sell button if your analysis indicates the fall in the prices.
You can still change your open position after clicking the green or red button mentioned above. Adjust Take Profit or Stop Loss accordingly to the situation on the market. You can change the quotes manually or just drag the lines on the chart to new levels.
Another thing you can do is to close the position. You do not have to wait until it will be done automatically. Whenever you see it appropriate, you can press the “Close” button and the deal would be over.
If in doubts
The Olymp Trade support team works perfectly so if you have any question do not hesitate to contact them. They are available via telephone, e-mail, online chat or online contact form. You will find all the necessary details under the “Support” tab. They respond fast and efficiently. You can also write in the comments section that is located below each article. It is a great place to exchange ideas.
Benefits from trading cryptocurrencies at Olymp Trade
You can rest assured Olymp Trade is a trustworthy broker. If you are interested in details you should read an article about Olymp Trade.
Below you will find other benefits of using the Olymp Trade platform:
- User-friendly interface, even for first-timers
- Small deposit required
- The possibility of paying with your bank card
- Free practice account available
- Access from your mobile phone
- Good enough selection of major cryptos
- Excellent customer support
Pros and Cons of Cryptocurrency Trading on Olymp Trade📊
- Regulated broker, ensuring a safe trading environment.
- User-friendly interface suitable for beginners and professionals alike.
- Offers a free demo account for practice and learning.
- Provides access to major cryptocurrencies.
- Efficient customer support available for trading assistance.
- Trading is subject to market volatility and risks.
- Limited cryptocurrency selection compared to specialized crypto exchanges.
- Trading requires a good understanding of the cryptocurrency market.
Cryptocurrency Trading: Key Parameters
|Bitcoin||Most popular and widely accepted cryptocurrency, pioneer of blockchain technology.|
|Ethereum||Known for its smart contract functionality, supports building decentralized applications (dApps).|
|Ripple||Notable for its digital payment protocol more than its cryptocurrency, XRP.|
|Litecoin||Praised for its faster block generation speed, making transactions quicker.|
Olymp Trade is a great choice if you are thinking about trading cryptocurrencies. It is good for beginners and professionals as well. Olymp Trade is a regulated broker which makes it safe to trade there. It has many helpful features and it is easy to find what you need.
If you are not sure about your trading skills, open demo account first. Practice trading different cryptos there and once you get the hang of it, move to the real account to make real money.
Frequently Asked Questions
- 1. How do I start trading cryptocurrencies on Olymp Trade?Register an account, deposit funds, choose the cryptocurrency you want to trade, and start trading.
- 2. Can I practice trading before I start real trading?Yes, Olymp Trade offers a free demo account for practice and learning.
- 3. Is trading cryptocurrencies on Olymp Trade safe?Olymp Trade is a regulated broker, which provides a safer environment for trading.
- 4. What cryptocurrencies can I trade on Olymp Trade?Major cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin are available for trading.
- 5. Can I access Olymp Trade from my mobile?Yes, Olymp Trade provides a mobile app for trading on-the-go.
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