The Olymp Trade platform is under constant growth. Trading status is one of the features that makes them a good online broker. Recently, I wrote an article about an innovation that was called Olymp Trade MetaTrader 4. This week I will tell you about the latest novelties which are the “statuses”.
A status is a useful toolset that makes trading more effective and beneficial. There are three different statuses that you can achieve. There are plenty of benefits corresponding to each level. I will describe them extensively later. The first question you probably want to ask is how to obtain a status?
Key Takeaways🔑
| →Olymp Trade offers three different trading statuses – Starter, Advanced, and Expert – each with distinct benefits. |
| →Higher status levels unlock more trading features and educational resources. |
| →Always perform your own analysis and risk assessment before upgrading your status or investing larger amounts. |
Contents
Getting a trading status at Olymp Trade
To get status at Olymp Trade you only have to make a deposit. The level of the status will depend on the size of your deposit. The deposited money will be ready to use in trading with new benefits.
Types of the statuses
Starter
This type you get automatically when you open the Olymp Trade account. Thus, this is the basic one, without a minimum amount of the deposit. It would be a good choice if you are at the beginning of your trading journey.
Advanced
The second status is recommended for the traders who wish to make a profit in a relatively short amount of time. The minimum deposit amount is $500 or €500, depending on the currency of your account.
Expert
The third level is for professionals. This status is open for the users that will deposit $2,000 or €2,000. They will get the biggest number of privileges. However, the deposit cannot be withdrawn during the first 15 days after getting the Expert status. The company can also take the status aback if there is no activity on the live account for 3 months, or the privileges are used inappropriately, or there is malpractice discovered.
Pros and Cons👍👎
Pros:
- Various status levels cater to different experience levels and trading styles.
- Higher status levels unlock additional trading tools and educational resources.
- Olymp Trade’s user-friendly platform and excellent customer support make trading easier.
Cons:
- Upgrading to a higher status requires a substantial deposit, which might not be suitable for everyone.
- The privileges attached to the higher status are subject to certain conditions and restrictions.
- Despite the advantages of higher status, trading always involves risk. The status does not guarantee profits.
Status Comparison
| Trading Status | Unique Benefits |
|---|---|
| Starter | Suitable for beginners, no minimum deposit, 2-day withdrawal process. |
| Advanced | Access to webinars and consultations, 1-day withdrawal process, 7 additional trading strategies. |
| Expert | Exclusive resources, faster withdrawals, up to 30 open positions, private trading signals, and higher return rates for selected assets. |
The privileges you get with the statuses
Each status has a different kind of benefits like access to webinars, consultations with analysts, or trading strategies. Let’s take a look at every status in detail.
We have already established the amount of money you have to deposit to get each status. It is $500 or €500 for the Advanced status and $2,000 or €2,000 for the Expert status. The currency depends on your account. Now, the maximum amount you can invest in trade is as follows: $2,000 for all the transactions with the Starter status, $3,000 for transactions with the Advanced status and $4,000 for currency trading, and $5,000 for financial derivatives with the Expert status.
You can keep up to 10 trades open at the same time when you have the Starter status. This amount rises together with the statuses. You can open 20 positions simultaneously with the Advanced and 30 with the Expert status.
The withdrawal of your funds will be much faster when you upgrade your status. You can count on receiving the money within 2 days with the Starter, 1 day with the Advanced, and just a few hours when you get the Expert.
Both, the Advanced and the Expert statuses have some advantages over the Starter. For example, you get access to reviews of economic news. Moreover, you can watch webinars (1 per week for the Advanced and 3 per week for the Expert) from which you may gain knowledge about profitable strategies and techniques. Then, there are some extra strategies you can easily add to the chart – 7 for the Advanced, 15 for the Expert. They can be applied in derivative trading. And 1 free consultation per month for the Advanced and 1 consultation per week for the Expert. These consultations can refer to any question you have concerning trading. You will get a response from the professionals.
Additionally, when you join the Experts, you will get among others:
- An increased rate of return up to 92% for several assets;
- Risk-free trades, which means that you do not lose money even if your transaction will end up losing. Bear in mind that this is only possible for the transactions made for no more than 5% of the initial deposit;
- An exclusive trading plan that includes the information about which assets to invest in, the direction of the transaction, the duration of the position, and useful strategies;
- Private trading signals, based on professionals’ analysis;
- Exclusive educational resources.
As you can see there are plenty of advantages that come with a higher status. If you have any more questions do not hesitate to contact the Olymp Trade support team. They work perfectly and the response will come in no time.
Wish you success!
FAQs
- Q: How do I upgrade my trading status on Olymp Trade?
A: You can upgrade your trading status by making a deposit. The deposit amount determines your status level. - Q: What is the minimum deposit required for the Advanced status?
A: The minimum deposit for the Advanced status is $500 or €500, depending on your account’s currency. - Q: Can I withdraw my deposit immediately after obtaining the Expert status?
A: No, the deposited amount cannot be withdrawn during the first 15 days after obtaining the Expert status. - Q: What extra benefits do I get with the Expert status?
A: The Expert status provides access to private trading signals, exclusive educational resources, and an increased rate of return for several assets, among other benefits. - Q: How many open trades can I have with the Starter status?
A: With the Starter status, you can keep up to 10 trades open at the same time.