Does OlympTrade broker accept Nigerian traders Is it legal

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Contents

Does OlympTrade broker accept Nigerian traders? Is it legal?

OlympTrade is one of the best options brokers, with an amazing trading platform. Since its launch in 2020, it has been recognized for its security, reliability and the ease in which clients access trading and educational material.

It is also a good platform suitable for newbies due to its user-friendly, modern and intuitive demo account. In addition, it allows traders with small amounts of funds to participate in options, because to start trading you only need $10. That’s good, isn’t it? A lot of people from Nigeria contacted us asking for help and with a lot of questions about Olymp Trade broker. So… we decided to prepare this article, we hope that it will answer all of your questions.

If you were wondering if it’s possible to trade with this broker, how to verify your account or how to deposit, you should definitely read this article.

One of the most common questions in the minds of Nigerians when it comes to options trading is the issue of legality; is options trading legal in Nigeria? We have a good response for you, dear traders. The answer to this question is that Options trading is legal in Nigeria.

However, the main regulatory body for stock exchange in Nigeria, the Nigerian Securities and Exchange Commission (SEC is yet to come up with sufficient framework to regulate online trading like options or Forex trading. Regulations are sometimes nonsense or “too much”. But on the other hand, we support the regulations, because it put away bad brokerage companies and makes the whole market a much safer place.

But this does not make online trading illegal in Nigeria. It is just that the authorities are still working on the necessary framework of how to regulate the industry. Actually, Nigeria has some big money making options traders and options are very popular among Nigerians. It’s a way how you can make money online. But that’s just in case you are willing to spend hours of learning to be a good profitable trader.

Benefits of options trading

Maybe you are wondering why you should trade options and not forex?

  1. Option trading returns are in the form of payouts which are as a percentage of the original investment. For example, if you invest $10 with 82 % return on investment, using the standard account of Olymptrade and the option expires when you are “in the money” (successful trade), you receive an additional 82% of the invested $10 plus your $10. So, in total tour funds will be $18.2. You made a profit of $8.2.
  2. Trading options is much simpler to understand compared to other forms of online trading like Forex trading, futures trading, shares trading, etc…
  3. Also, if your trade losses, you can only lose the invested amount in the trade rather than all the funds in your account as is the case with forex trading.
  4. You always know how much can you earn and how much can you lose.
  5. You don’t need that much money to start. With broker IQ Option or Olymp Trade broker, you can start with a couple of dollars. But for example, if you want to trade commodity futures you will need a couple of thousands of dollars.

If you want to know more information about the comparison between option trading and forex trading, read this article – Options VS Forex Trading.

Why choose OlympTrade broker?

Choosing a broker is crucial for your online trading experience. The broker determines the number of profits you shall make depending on their payouts. You also want a broker where your investments will be safe. You sure don‘t want to lose your money to scams. So always, before you will invest in any broker, check the reviews and opinions of the traders on the internet.

Olymptrade is one of the best options brokers at the trading market right now. The broker accepts traders from Nigeria. Though not regulated by Nigerian Securities and Exchange Commission (SEC), it is regulated by the International Financial Commission and you can rest assured that your funds are secure with them.

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How to deposit and withdraw money from olymptrade

Broker OlympTrade has two types of trading accounts; the standard account and the VIP account. For the standard account, the minimum required a deposit is $10, while for the VIP account, the minimum required a deposit is $2000. The minimum withdrawal amount is $10.

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OlympTrade offers a wide range of options through which you can deposit or withdraw your money. These include Visa cards, AstroPay cards, Skrill, ePayments, Neteller, Bitcoin, QIWI wallet, WebMoney, Yandex, and FasaPay. Time of the withdraw depends on the method. Bank transfers usually take about 2-5 days and e-wallets and cards are usually instant.

Account verification for Nigerian Traders

Once you register with OlympTrade, you will have to verify your account. You will not be allowed to withdraw funds unless your account is verified.

In most cases, the verification is done during the first withdrawal. When you request a withdrawal for the first time with an unverified account, you shall receive an electronic letter through your email asking you to submit documents for account verification.

The documents required include: a photo of you holding your passport/ID card, a photo/scan of your ID card or passport, and a photo/scan of bank card used (in case you deposited funds using a bank card option), or a photo or screenshot of your electronic wallet (in case you deposited funds using an electronic payment option). These verification documents should be sent via email that you have received after registration. You should also indicate the email address that you used to register for your account.

The verification process takes a maximum of 5 working days. If the submitted documents are okay, your account will be verified and you shall be notified via email. On the other hand, if there is something that needs clarification the support will ask you to resubmit better documents. Maybe it sounds complicated to you, but don’t worry. After registration, you will receive all the information in your email account that you used for registration.

Conclusion

If you want to start options trading in Nigeria, OlympTrade is one of the best brokers you will find on the market. Everything from its payouts to the security of your funds is tailored towards giving you an excellent trading experience. If you don’t find OlympTrade broker attractive for you, maybe IQ Option will suit better for you. But… be careful, because trading is not that easy as it may look like and it carries a high level of risk. You should never invest more money that you can afford to lose.

If you have questions about OlympTrade or about options in Nigeria, let us know and we will try to help you.

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Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

52 Responses to “Does OlympTrade broker accept Nigerian traders? Is it legal?”

Please why is my Bank declining my withdrawal but they accepted the deposit I made. This thing has frustrated me cos I’m finding it difficult to withdraw my money. Is there any other means of me withdrawing my money through bitcoin cos I’m tired of this Bank Issues (Nigerian Bank, Access Bank to be precise)

Hello, we have no idea why is your bank declining your withdrawals. But have you tried any e-wallet? Sometimes it’s much faster and easier than the traditional bank account. Let us know if you solved your problem or no. We will help you.

Have a nice day.

The connection with the server has been lost.Connection

this what i received any time i tried to open my account. and i found it difficult to download the app on my laptop, can you send me the link so that i can download it on my laptop?

Am using master card and not going what can I do please

At the moment majority of we Nigerian possess NIMS slip issued by the Federal Republic Of Nigeria to be used pending when the plastic ID will be issued which normally takes some years. NIMS slip should be accepted because it is an official document in Nigeria. For those of you that have been verified with NIMS slip please do well to let us know.

i am sorry for those of u that is depositing in olymptrade, its a scam, if u read the comments, the admin only reply those that want to deposit and leave those that are complaining. use ur brain

Please Where is olymp trade office in Nigeria?

Deposits is always been declined there is a problem

My national ID will expire next month.
is there any other means of verification?

I deposited money and it was shown to me that transaction successful….av waited for an hour now but the money have not appear in my real account

I have an account already and I don’t have problem funding the account, but i want to be using my demo account for practice and i dont know how to about it. please how can trade on this platform

I deposited with bitcoin $30 to my olymp trade account I didn’t got any money or transactions safe on my account everything is empty please is this company a scam I can’t get back my bitcoin $30 and my payment didn’t reflect this is totally scam I lost my bitcoin with your scam trick I wish I follow my first thought about this trading with your company. I need my bitcoin back please asap

pls what ID card do u mean here, cos am using my voters card

Sir please
While I tried funding my account I only saw something where there wrote address and asked me to write down an otp code…
But the number they showed me is a strange number, I don’t know how I can get the code to complete d process of depositing..

Hi there! Just wanted to know… If my proof of identity is not accepted, what do I do next?

Dear Abrahamn, first you will need to know the reason WHY the proof of identity was not accepted. Then you need to act according to what they tell you. Maybe just sent them low quality image, maybe you need to use a different identity card.

I am in Nigeria and I am using visa bank card but I am unable to deposit money into my live account. They only send error even after sending the one time password (OTP)numbers I will still see error. Why can’t I fund my live account from Nigeria? Error Error is all I see. I have tried many times.

Can i use a non governmental issued I D card for my verification?

Hi Martins, to answer your question, I am afraid OlympTrade won’t accept that as a proof of identity. However, you can try and let us know if it worked or not. Worst case scenario is they disapprove it and tell you to upload a new one.

I can’t deposit in my account, they keep showing me error or don’t they accept payment in naira?

Dear Ruth, what deposit method are you using? If you are using debit/credit card, it should be no problem for you to deposit.

i downloaded the application on goggle play store.i did my registration after that i received message on my email that my email has being confirmed but my phone number is yet to be confirmed.please how do i go about with other verifications.

please i want to know if i deposit with naira(nigeria currency), will my asset selection stilll be in naira or euro dollar (other currencies) etc.

Also will my payout be in naira or other currency. please reply me am confussed.

Hello. Thanks for the article, really helped.
Here’s my question “Will olymp trade accept the Nigerian NIMC slip as the means of ID since it takes years to get the real card.

Dear Testimony, to be honest, I do not know. I have never heard of this issue. Can you try that and let us know here in the comments whether it worked? Thanks!!

Please I need more explanation as to deposit money. Educate me as to your account Number And also which Bank am I sending money to even though I have master card I am lost as to your processes. Thanks

Dear Linus, go to the platform, sign in to your account and click the DEPOSIT button. Then choose MasterCard, fill in your card’s details and you should be good to go. Deposits made from cards usually take a few minutes to appear in your account.

Hello sir, i couldnt deposit wt my mastercard. Pls which e wallet is good for Nigerian. Especially one that can pay out cash to my bank when i need

I’ve been trying to fund my olymp trade account through neteller because I’m afraid to release my card details to olymp trade. Is it safe to use my card?

Hello, I deposited to many and many brokers and I never had an even one problem with my card. So I have just a good experience.

When i tried depositing money in olymp i got a declline feedback. how do i go about it please

Eugene, can you tell us whats wrong? Do you get an error message you could send us so we know what the problem is? Also, where are you from?

Can one use driving license for the verification for the withdrawal. Again when you withdraw hope they will credit your account in Naira

Hello,can olymp account be merge with a trading account?

Dear Rechy, I am not sure what you mean. Your trading account with OlympTrade can be used for both binary and forex trading. Is there anything else you might want an answer to? Can you ask a bit more specific question? Thanks!

I can’t deposit money on my real account

Dear Ebi, what is the problem? Do you get any error message?

Am afraid to deposit money to my real account because I don’t know if I will convert it to dollar before depositing

Am Michael I heard about it and I registered but am finding it difficult to fund my account what should I do

Dear Michael, where are you from? Do you have a Visa or MasterCard debit/credit card you could use? It’s the simples way to get your deposit through.

I want to deposit with my master card but I couldn’t see the option and I’m from Nigeria

Oladipo, did you get the deposit through in the end? Is your account verified? That might be the reason why you can’t deposit.

I want to participate fully but my fear is 419(cheats) is too much in Nigeria. I fear loosing my money to 419 group.

Hahahaha Bala you are really funny ooo. but you’re right because am afraid too after what MMM did to us.

can verification be done before depositing funds?

Yes Akhigbe, you can login to your traders account and go for the verification before deposit. I even recommend you doing so.

Thank you for clarification.Client can verify his account only after making deposit. After making deposit we can enable documents upload option on your profile page.Only active live account can be verified.

THIS WAS FROM THIER LIVE CHART SO WHAT CAN U SAY ABOUT IT
.

I am sorry Mr Ude, but I am not from Nigeria originally. The company seems to have different policies for different countries (probably according to the local laws and regulations). I was asked to verify my identity before depositing. But it was a long time ago, too – so it might have changed. Thanks for your clarification.

have register since but u have not received any message from my email and i want to verify my account before i deposit fund

Only live account will go through verification process.
You have to fund your account first

for those of u that have register did they accept nimc During the verification.

Pls is theNIMS issue working in place for the idcard

Olymptrade – Legitimate Platform or a Scam?

OlympTrade is a trading platform that is designed for all types of investors and traders in mind, from the experienced investors to individuals who want to get a taste of the market. Today, it’s considered as one of the leading trading platforms, allowing its members to get engaged with options trading and forex trading.

As a leading trading platform, OlympTrade provides the market with a one-stop hub for trading, complete with easy-to-understand trading tools and resources that are easy to follow and understand. In an effort to position its brand as one of the leading trading platforms, OlympTrade strives to provide the best trading experience, and at the same time helping its members (traders) get the right skills and boost their income along the way.

OlympTrade real reviews: Is it a scam?

OlympTrade is, of course, widely reviewed online, and majority of these reviews are positive. Our team managed to check and read some of the reviews posted in the top websites and community forums in different parts of the world including Russia, Brazil and United Kingdom.

And based on our casual reviews, we found out that this platform is easy to use, offering its members with friendly services, especially when it comes to funding and withdrawing from accounts. Some reviewers also noted the ability of the platform to allow customers to earn up to 90 percent profit on each profitable trade. In all reviews, customers and traders are one in saying that Olymp Trade offers a satisfying platform for trades.

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Negative trader reviews:

This trading platform ha also, naturally, received a number of negative reviews and feedback from verified customers. According to some reviews that are posted online, the trading platform is a scam, and will not allow its members to withdraw their funds. However, according to other people, common sense and our examination, these are empty accusations that can all be simply explained below.

Issue No. 1: Customers cannot withdraw their money.

Withdrawal is subject to certain conditions as explained by the following:

  • Customers are advised to verify their identities within a few days of registration and before depositing money.
  • The wagering requirements must be met, if the trader accepts to receive the trading bonus. The wagering requirements are set at x30 the bonus amount.

If these conditions are not met, then the withdrawal of the bonus funds will not be allowed. However, both of the reasons for canceling a withdrawal mentioned above are the same with all brokers in the world. Because of regulations, you are required to verify your identity with ALL brokers. In case you face the same problems, then it’s highly recommended to coordinate with Customer Support.

Issue No. 2: Customers are losing their money

Keep in mind that binary trading is all about risks, and there’s a big chance that you will lose money when you engage in this business. If you want to take the risk, then it’s better to be prepared. One thing that you can do is to try first the demo version of the trading platform before trading for real money.

It’s the nature of trading. Some people make money while the others lose. This is not a reason for calling a broker out. That’s why we always recommend trading on the demo account first, before depositing any real money. Also, keep learning about trading.

After all: Is Optiontrade a Legitimate Trading Platform?

Based on the assessment of the services and business practices, we can say that Olymptrade is not a scam. If indeed this was scamming company, then the most established and experienced investors and traders would have left the platform. Also, they could have left the most painful negative reviews for the trading platform. Based on available evidence and details, it seems that this trading platform offers a legitimate trading opportunity. The website offers transparency, and interested customers and traders can easily know and verify the services, starting from money management to order placement.

How to verify account at OlympTrade?

If you are from Nigeria, India, Pakistan, UK, wherever, the process of verification is the same for everybody on this planet. We are getting more and more questions about “how to verify my account”, “what documents do they want” etc… Please read this below carefully and keep in mind, that the process of verification is still the same and same for everybody, so you don’t need to worry about anything! Let’s go.

So to complete the verification (to withdraw your money) you need to send these documents:

  1. A photo where you hold your passport/ID card in expanded form and where they can see your face and the details in the passport/ID. It’s like a selfie with an appropriate document – nothing more. Note that the photo must be from your shoulders up and it must be easily seen (no blurry). Like on the image below.
  2. Then you need to send them also the photo/scan of the appropriate document that you want to use – ID or passport.
  3. If you used for the deposit a credit card, you also need to send photo/scan of the card from which the payment was made. On the card, the first 6 and last 4 digits, name and surname must be seeable. The validity of the card and the rest of digits can’t be seeable (cover it). The reverse side of the card doesn’t need to be present (they don’t need it).
  4. If you used for the deposit an electronic wallets – A photo/screenshot of the personal electronic purse (Skrill for example) need to be also sent (screen the detail of your account). The information you need to provide is – the picture of number, owner’s name, and the second photo/screenshot must be of that right money transfer (that one your transferred money to OlympTrade).

Where to send the documents?

Upon receipt of the verification request, all the necessary documents must be sent to the e-mail – [email protected] together with the login (the login is the email address) you put during registration.

How long does verification take? Processing of the documents takes up to five business days. And the result of the document verification you will find on your email because you will receive an email with notification about the result.

That’s it – If you need to help with the verification, let us know and we will try to help you.

Corporate Information

OlympTrade is a legitimate and licensed broker which is recognized by the Financial Commission. As part of the commission, each trading account has insurance for $20,000. This trading platform is owned and operated by Wallfort Limited and the Inlustris Ltd, with the following mailing address:

  • Inlustris Ltd
    • Registration No.: 25161 IBC 2020. Registered Address: James Street, Kingstown, First Floor, First St Vincent Bank Ltd Building, Saint Vincent and the Grenadines.
  • Wallfort Limited
    • Registration number HE364695. Headquartered in Irodi Attikou 8A, Lakatamia, 2332, Nicosia, Cyprus.

More info about OlympTrade

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

202 Responses to “Olymptrade – Legitimate Platform or a Scam?”

This is very important to complete verification in time. Not only for the sake of bonuses from Olymp Trade (which is indeed very motivating factor by itself) but in order to avoid issues with your account in future. You can forget to complete the verification and you will only remember about it when you try to complete the withdrawal. Broker has the right to lock your account in this case until your verification is completed. Sure enough you’ll be able to unlock it by providing all the paperwork. But agree, this is much easier to do it all at once. This is not just Olymp’s requirement. Its anti money laundry legislation that we all have to obey.

I live in Ghana, West Africa. Can I trade with Olymp Trade? And do you have clients from Ghana, West Africa who I can contact?

IS THIS WORKING IN BOTSWANA
HOW MANY OF THEM HAS SUCCEDED

Please my administrator.this is my first time to deposit money in my real account.am in nigeria.i use fcmb Visa card it keep on saying transation declined.i tried to use Netterler and Skrill still it can not work.please I want to no whether the fault is from my fcmb bank or from my olumpic account.

Hi, Does Olym Trade work in Somalia? if yes, can i withdraw from my account here?

Good guys please I really want to trade Olympic trade on MT4. Does Olymp trade have that?

Unfortunately, they don’t. But you can still open MT4 and analyse the markets there. Then, when you see a good trade opportunity, just open the trading platform in a new window and open the trade.

please what is the minimum withdrawal

Hi Jinadu, There should be no minimum withdrawal as long as you want to withdraw more than the fees – the fees vary in each country and for each method, so I cant tell you the exact number.

Please, how much is the bonus on $10 deposit ?

Could you please enlighten me on the depositing options of this broker? More particularly, do they differ for specific countries, or not? The point is, I’ve heard one can top up the account with bitcoins, and yet there’s no such option in my personal account.

I’m from Nigeria,
What exactly do I need to verify my account.
If I want to start trading

i got a feeling the platform is working against me delebaratly,

I trade on olymptrade, I requested for a withdrawal of 20$, 10$ was sent to me and they told me the next 10$ has being processed and will be sent to me the next working days. Why can’t my money be sent whole. I need answers please

Dear Emmanuel, I think the problem is that you only deposited 10 dollars with your card. The way it works is that the broker can only return the amount of the deposit to your card – not more. The rest has to be sent in a different way – through an eWallet or WireTransfer maybe.

I am facing the same problem, although olymptrade only deposited $20 to my account instead of $36 but now theres no balance left to tranfer to the e wallet please assist

I have a question regarding the bonus you are getting while depositing for the first time. Is it true, that even if I lose the money I deposited? So if I make 1000 dollars deposit, I will get another 1000 dollars as a bonus, and then I lose 1000 dollars in deals I will still have that 1000 on my account? And I will be able to trade this money but don’t withdraw? And when I start to get the income, will I be able to withdraw all the profit?

olymp trade is a big scam,there demo trade is completely different from what you see on live trade..you needed to see what the platform was doing immidiately they got me as client in there cage.i took time to compare the live and demo but its all fake people.i understand onlin trading very well ..my demo was wonderful.coming to live jesus its nothing to right home about.there is nothing anyone will tell me about them.i entered a trade in live ,a selling ,market same time as in my demo also,demo turn out well while live start illegal shaking at the end of the day my live came out losee.
they are criminalsssssssssssssssssssss

Thank you for sharing your experience, we hope it will be useful for other traders.

Iam from Nigeria, i don’t know if Olympic trade work in my country

you will find all information about IQ Option in Nigeria in this article – https://xbinop.com/does-olymptrade-broker-accept-nigerian-traders/

In case you need more info, let us know.

Have a nice day.

Hi, I just want to ask if we can upload our verification documents on the platform upon registration instead of sending our documents to an emails. And beside. Is it save to send our sensitive documents to an email I?

Samuel, yes, please go to your account and upload documents there – do not send it over email.

I have account but I ask olymptrade they said my account doesn’t need any verification so am afraid

In most cases, the verification is done during the first withdrawal. When you request a withdrawal for the first time with an unverified account, you shall receive an electronic letter through your email asking you to submit documents for account verification.

Have a nice day.

Can I submit only my bank statement as my document

Hello, it’s one of the documents, you need more of them.

As it’s written in the OlympTrade review.

Have a nice day.

I just deposited into my live account.And I have traded and I withdrew my profit,but they said I should expect the money in the next five working days.
I need your help because the money has been deducted.

did you get your money, or not?

Let us know, thank you.

Is it possible to use olymptrade here in Zambia?
Thanks.

Dear Sifaya, I think it’s not possible. But go ahead and try IQ Option, they should accept Zambian traders as far as I know. If they don’t let us know! ��

can u also deposit through paypal

No, unfortunately, as far as I know, PayPal is not supported.

It’s more than a year that I’ve been trading with Olymp Trade, and generally I’m satisfied. Making deposits and withdrawing money to the e-wallet is quute convenient, plus, the platform itself is totally user-friendly. In the near future, I’m planning to upgrade my account to VIP. I’ve already received profit on the first deposit, so I need to add just a couple hundred dollars to gather the necessary amount. I read that VIPs get the payout rate of as much as 90%. I wonder how many assets does this relate to, or is it just the EUR/USD currency pair?

Hi, does this olymptrade broker require a certain amount deposit of registration or is it free? And what is it all about I mean what is to be traded?

Dear Kay, the minimum deposit required is 10 US dollars and the min trade amount is 1 US dollar. You don’t need to deposit if you only want to trade on demo account.

Please in all your explanations above, did someone needs to send all the verification before depositing or after depositing and I Want to ask if OlympTrade has just only one app or they has many cause some may be scam and some may be real

Dear Samuel, it depends on your country. Sometimes you need to send documents before depositing, but some times after doing so. But be assured it’s safe and they won’t use it for anything bad. I have personally sent documents to more than 10 broker in the past 5 years and have never had any problem.

Is it advisable to deposit with btc in olymptrade

Akpituren, yes you can do it and there is no problem, just like with other deposit methods.

Hello please I need more guide to verify my account can you help me am from Nigeria

Hello, read more about binary options trading in Nigeria here – https://xbinop.com/does-olymptrade-broker-accept-nigerian-traders/ if you will need more info, let us know. Have a nice day.

J. Pro, I wanna know the maximum withdrawal amount in Nigeria at a go.

Hello, the maximum withdrawal amount is limited only by your bank or e-wallet. The verification procedure does not depend on the amount of withdrawal.

Let us know, if you need more help.

Is it a must we scan an energy bill because I don’t make those kind of payment directly that’s the job of my landlord

Bobby, you don’t have to do that. If you have a bank account you can simply scan the bank receipt with your address.

Hello, if you don’t have an energy or phone bill I guess that you can use a bank account statement. Have a nice day.

Thanks J. pro for your comments so far
Talking about account confirmation, must the name on the utility bill/ electric bill corresponds with my name? If yes, what should i do, because am not staying in my own house, the name on my electric bill is not bearing my name.

Collins, if you can’t use utility/electric bill, you can use the bank account statement which contains your address – that’s the easiest way.

should I send a picture of my credit card to the e-mail address during verification before depositing money?

Yes, but cover the middle 8 numbers! If you don’t, it’s dangerous and you could get scammed.

I am a Nigerian, please I want to know if I can withdraw to my naira debit card if I use it to fund my olymptrade account. Thank you.

Pladayo, as we mention in our article OlympTrade Nigeria, it shoudld be possible to use the Naira card to both deposit and to withdrawal afterwards.

thks for ur review on this trading platform… I have few questions.. 1st of all.. hw long can one trade before he start withdrawing.

2nd, is there any commission charge at the point of withdrawer?

3rd, what are the disadvantages of receiving bonus while depositing…

lastly, if I deposited thru the mobile app, who is my broker. thks

Bolaji, thanks for your questions. You should be able to withdraw even on the same day as you deposit – no problem. The withdraw fees vary and depend on your country and the method you use for withdrawal. Wire transfers have a fee for sure, but withdrawals to e-wallets like Skrill should be free. I do not recommend the bonus feature, because according to the terms and conditions, if you accept a bonus of (for example) 100 USD, you will have to make trades in the total value of 4 000 USD in order to be able to withdraw your money.

A highly innovative company Olimp Trade is constantly inventing various things to provide its customers with profit. Only at the moment there are at least 3 options that will prevent a trader from loosing money. Stop out is my favourite. It will close a deal automatically if the price of the asset begins to decrease after purchase.

pls what type of passport can one use particularlly

Is Olymp Trade legal in Nigeria and does it work in Nigeria? – When you are asking these questions then you are right on this page. At the moment Olymp Trade is the most expanding online broker for investments in the world. The company is well-known internationally and offers a huge range of markets to trade. I will show you how it works in Nigeria and I will find out if there are any restrictions for your country. Inform yourself in the next sections.

Homepage of Olymp Trade

Through my research, I come to the conclusion that Olymp Trade is 100% legal in Nigeria. There are no restrictions from the government or other authoritarian regulators. The Securities and Exchange Commission in Nigeria does not forbid such activities or online brokers like Olymp Trade.

Olymp Trade offers to trade options or forex for Nigerian traders. These products are international allowed and not forbidden. In addition, Olymp Trade is a regulated and legal company that manages different offices worldwide. At the moment the broker is not regulated by a Nigerian authority but maybe we will see in the future such collaborations.

What can Olymp Trade offer Nigerian Traders?

As mentioned before Olymp Trade accept international trader and gives them access to more than 200 markets and assets. For start trading you can use a free demo account or start with only 10$ real money. All funds for Nigerian traders are in USD. You do not need a lot of money to start trading on this platform. Trades can be made with only 1$.

Olymp Trade is regulated by the International Financial Commission and a very safe platform. For example you can activate the 2 factor authentification to secure your account. The return of investment (yield) for trading options can be up to 92% and depends on the market conditions. In addition to this very good trading conditions a support 24/7 for Nigerian traders is available in English.

Facts about Olymp Trade:

  • Nigerian traders are accepted
  • Regulated and legal company
  • Free demo account for practise
  • Minimum deposit 10$
  • More than 200 markets
  • Return of investment up to 92%
  • Support 24/7 for Nigerian traders

How to earn money with Options Trading?

In the following section, I will give you a quick overview of how to trade with Olymp Trade. You can trade different options with a high yield of up to 92%+. That means you can invest 10$ in one trade and if you make the right forecast of the market you will get 19.20$ in return. 9.20$ is the profit and the 10$ is your investment amount.

It is possible to trade options in different time frames. This financial product is easy to understand and I will explain it to you. Digital Options are limited by time, profit, and loss. So before you start trading you already know what is the possible outcome of a trade. There are only two options. You can win or lose a trade.

Trading platform of Olymp Trade

Be aware that the return of investment (yield) is depending on the market and the stock exchange times. You have to find out when are the regular trading hours of your market to get the highest yield as possible. In addition, the yield can variate if you choose a different time horizon of your trade.

Details you have to know about options trading:

  • Asset profitability (yield)
  • Expiry time
  • Investment amount
  • Buy or sell

First of all, you have to analyze the market for a trading idea. If you know in which direction the market will move you can place the trade. For finding the best trading idea you can have a look at the Olymp Trade education center. There you will find different strategies, helpful videos, and tutorials for trading.

How to trade and make a profit:

  • Make a forecast of the market movement
  • Choose your investment amount
  • Choose the expiry time of the trade
  • Choose buy (call) or sell (put) for your option
  • Wait for the result
  • At the end of the expiry time, the price has to be above or below your entry point (strike price)
  • Win a high yield of up to 92% or lose the investment amount

In conclusion, it is very easy to trade these type of options on the platform. You can use the free demo account to practice and learn about trading. For successful trading you need a higher win rate than 50%. This is possible by using analysis and strategies to trade the market.

Mobile Trading

Most traders are trading via mobile phones in Nigeria. Olymp Trade offers a mobile app for any device. You can use an Android or Apple (iOS) device for trading. There are not so many differences between the mobile app and desktop trading. You will see the same functions.

For example, you can use more than 20 different indicators and 4 chart types for the analysis. You will get direct access to market news and special strategies for traders.

The mobile app is very important for trading because you can check the markets at any time you want. If you got a running position you can check the position. Besides, you can trade political and fundamental news which affecting the market with high volatility.

How to open an account in Nigeria?

You can open your trading account very fast by using the account form below. Olymp Trade just needs your real personal data, email, and phone number. If you created the account you can fullfill all your data in the account dashboard. I recommend verifying your email and phone number first before you start with real money trading.

Do I need verify my account with documents?

Olymp Trade does not need any documents from you but the broker can ask for them if you make withdrawals. It is a normal process because the broker have to be sure that your identity is checked. They may ask you about your passport or proof of your address.

How to deposit and withdrawal money on Olymp Trade from Nigeria?

Olymp Trade offers different payment methods for Nigerian traders. You can capitalize on your account within seconds and do very fast withdrawals. The available payment methods are credit cards, Bitcoin, Neteller, Skrill, WebMoney, online banking, fasapay, and some more.

The account balance for Nigerian traders is USD. So if you got a Naira (NGN) account or credit card there will be an automatic conversion of the currency. The minimum deposit and withdrawal are 10$. Every type of trade can start with Olymp Trade because these amounts are very small.

Deposits and withdrawals are working without any fees. There are no hidden costs for you and you can do a deposit and withdrawal as often you want. Furthermore, the deposits are made instants and withdrawals are made within 1 – 3 business days but often in less than 5 hours.

Facts about the deposit and withdrawal:

  • No fees
  • More than 10 different payment methods
  • Minimum transaction 10$
  • Instant deposits
  • Withdrawals within 1 – 3 business days
  • Read my full “deposit tutorial”
  • Read my full “withdrawal tutorial”

Get a free deposit bonus

Olymp Trade offers a free deposit bonus for each client. You can double your deposited money. The maximal bonus is 100%. That means you can trade with more money as you deposited in your trading account. But there are some restrictions for you. You can not withdraw the bonus. The bonus only allows you to make more profit. You can withdraw the profit but not the bonus. This sounds really fair to me.

Olymp Trade is the most known broker for making money online in Nigeria. There are no restrictions or bans for trading with Olymp Trade in Nigeria. It is a fully legal and legit company.

Generally, Olymp Trade is fully regulated and a registered company as you can see on their webpage. The broker accepts international clients and gives them very good conditions to trade options and forex.

Traders can start with the free demo account or with only 10$ deposit. There are no deposit limits and you can make a lot of money if you trade a successful strategy. All the functions on the trading platform present me with a professional portfolio that is accurate for an analysis of the markets. In conclusion, Olymp Trade is a recommended online broker for trading the financial markets and legal in Nigeria.

If you are searching for a reliable broker you should choose Olymp Trade. The conditions are better than the most other competitors.

Olymp Trade Review

​​Olymp Trade is one of the most popular binary option brokers in the industry and currently has over 25,000+ clients trading everyday on their platform. This broker has been around since 2020 and has continuously improved their trading platform over the years.

Over the years, Olymp Trade has won numerous awards such as Best Financial Broker (CPA Life Awards 2020), Best Options Trading Platform (Le Fonti 2020), Best Options Broker (Forex Expo 2020), and The Fastest Growing Broker (ShowFx World 2020).

But is Olymp Trade the right broker for you? With so many scams in the industry, it’s important to do your due dilligence before signing up with any trading platform. In this Olymp Trade review, I’ll cover everything you need to know about this binary options broker.

Table of Contents

Trading Platform

Olymp is easy to navigate and very user-friendly. The platform looks clean and organized, with links that make it easy to find what you are looking for. You can access Olymp Trade three different ways.

  1. Their main website
  2. A desktop application (available for both Windows and Mac)
  3. Phone application (for both Android and iOS)

Being able to access your trades from anywhere via a phone app is extremely convenient. This is especially considering the site specializes in fast, short-term trades. Their mobile app is responsive and has the same capabilities of the desktop and web version. Put simply, trading from their phones are not missing out.

The Olymp Trade website is very straightforward, showing you exactly what you need to track your trades and be successful. They present a clear, easy to understand trade chart on the main page. You can see the timing and amounts alongside the chart, making it easy to immediately understand. You can also customize the charts by choosing the type of graph and color. On the bottom of the page, there is information on open and closed trades along with a help chat. The design makes it easy for users to see only what they need in a simple and clear presentation.

​​St. Vincent and the Grenadines

​IFC (International Financial Commission)

​Yes ($10,000 Practice Account)

​Deposits and Withdrawals:

​​Credit Card, ​Wire Transfers, E-Wallets, Cryptocurrency

​Number of Assets:

​ETFs, Stocks, Commodities, Indices, ​​Currencies, ​Cryptocurrency

​Up to 92% Profit

​1 min, 5 min, 10 min, 3 hour, custom time.

​Countries and Availability

​Olymp Trade does accept traders from regions such as India, Nigeria, South Africa, Pakistan, Thailand, Singapore, Kenya, Indonesia, Malaysia, Ukraine, Vietnam, Brazil, Egypt, Thailand, Vietnam, Philippines, and Sri Lanka. ​Most countries inside of Asia, Africa, and Latin America are accepted​ by this broker.

Unfortunately, Olymp Trade does not accept clients from the United States, Europe, Canada, Japan, Australia, UK, Russia, or Israel.

To fit the needs of their large international market Olymp Trade is available in the following languages:

  • English
  • Spanish
  • Arabic
  • Chinese
  • Thai
  • Vietnamese
  • Portuguese
  • Malay
  • Indonesian
  • Hindi

Beginner Friendly

One of the most unique aspects of Olymp Trade is its focus on education for beginner traders. They are adamant about trading not only being for professionals, but as an easily accessible income or hobby for anyone. Their free educational training focuses on teaching strategy-based trading. They help familiarize users with the world of finance and how to think like a trader. Members have access to education in the form of:

  • Interactive courses
  • Strategies from experienced financial analysts
  • Video tutorials and webinars

They even offer courses tailored towards experienced traders. More advanced classes focus on analyst webinars. These teach essentials such as managing capital and trading strategies for the current market.

Another feature of Olymp Trade that makes it accessible for beginners is their low deposits. The minimum deposit is set at $10, and the minimum trade amount is $1. New traders do not have to worry about losing a large investment. They can make low risk trades until they feel more comfortable.

Short Term Trades

Olymp Trade focuses on short-term trades. These positions can be held for as short as 15 seconds to 3 hours. The platform allows traders to choose a specific expiration time. This gives users more control over their trade. They can also cancel a losing trade at any time. These unique features make it easy for beginning traders to get their foot in the door.

Free Demo

Along with training materials, Olymp Trade offers free demo accounts. When you register, you get access to 10,000 virtual coins to play around with. This way, you don’t risk losing any of your real money while getting over the learning curve. The demo account is also a valuable feature for experienced traders to get a feel for the interface. You can see if it is right for you without having to invest real currency.

Types of Accounts

After the initial demo account, there are two different options for accounts. You can try these out once you are ready to start investing real money.

Standard

To open a standard account, you have to deposit at least $10. Yes, this is a very low minimum. Investors can trade a minimum of $1 and a maximum of $2,000. The minimum amount for withdrawal is $10, and there is no maximum. You can only make one withdrawal for day. Withdrawals take around 3 days to process.

To be eligible for a VIP account, you must deposit at least $2,000. This account provides additional benefits the standard account does not offer. The VIP account ups your maximum trading amount to $5,000. Another huge benefit is access to a VIP consultant. VIP consultants are leading, experienced financial analysts. This also opens the door to additional tools to aid in your education and understanding of trading.

Security and Regulation

Before choosing a binary options broker, one of your main concerns should be their security. You should never invest your money with a site where you do not feel safe. In February of 2020, Olymp Trade became an A-recognized member of the International Financial Commision (FinaCom). FinaCom is an organization that secures investors. When using a platform secured by FinaCom, any unlawful acts are covered by up to $20,000.

It is also important to look for well-established platforms. Olymp Trade has around 25,000 people trading every day and a $171 million monthly turnover. They have also won numerous accolades including:

  • Fastest Growing Broker – ShowFx World 2020
  • Best Options Broker – Forex Expo 2020
  • Best Financial Broker – CPA Life Awards 2020
  • Best Options Trading Platform – Le Fonti 2020

Assets

Experienced traders may find the number of ​assets limiting. However, it is convenient and not overwhelming for those getting their feet wet in the world of trading. It is up to you if you want to focus on a single asset or choose an entire group of assets. They currently offer 7​9 financial instruments, including:

  • 36 currency pairs
  • 5 ETFs
  • 9 cryptocurrencies
  • 1​3 stocks
  • 6 commodities
  • 10 indices

Deposits

Olymp Trade accepts deposits via the following methods:

  • Credit and debit cards
  • Bank wire transfer
  • E-payments such as Skrill and Neteller
  • Cryptocurrency such as Bitcoin

Depositing is free with no extra charges, with the minimum deposit being $10. This makes the site easily accessible to everyone and a good starting point for beginners. Funds deposit relatively fast, but wire transfers take longer than other methods. Cryptocurrency tends to deposit the fastest.

Withdrawals

The maximum withdrawal amount depends on whether you have a VIP or standard account, with the minimum always remaining at $10. Your funds will go back to whatever payment method you used to deposit the money. Both standard and VIP members enjoy fast withdrawal processing times. Withdrawals take 24 hours to 3 days for standard investors. It takes only a few hours for VIP investors.

Negative Complaints

Some negative Olymp Trade reviews claimed issues with withdrawing their funds. Most of these issues can be resolved if you make sure your account is fully verified. This simply involves having all of your required personal information on file. The following steps are required to verify your account and start receiving payouts.

  1. Uploading photo identification from an ID or passport. The photo must be from your shoulders up and completely visible.
  2. If you are using a credit or debit card, you need to scan the card that you will be using. The name, first 6 and last 4 digits must be visible. You only need to upload the front of the card not the back.
  3. If you are using an electronic wallet (ex. Skrill), a picture of your electronic digital purse is required.

Trade Types and Payouts

Most companies offer 6 or 7 trading options such as one touch, long-term, ladders, and call/put options. Olymp Trade only offers high/low trading. High/low trading expiry times are limited to a maximum of 24 hours and are ideal for beginner traders. Standard investors have 82% successful trade payout while VIP investors have 9​2%.

Customer Service

Customer support is available 24/7 via email, live chat, or phone. With a VIP account, your customer support experience is even more phenomenal. In part, this is because Olymp Trade is backed up by FinaCom. If they do not resolve an issue after 14 days, you can file a dispute with FinaCom. Customer service is usually fast to resolve any issues before it gets to this point.

​Olymp Trade Review Conclusion – Final Thoughts

Experienced investors may be disappointed with the lack of assets and trading options. However, Olymp Trade could still be a convenient option for someone looking for ​binary trading with mobile options. The interface is designed with new traders in mind, taking time to develop education and an immersive demo. The limited options can make it less intimidating for newbies to jump into trading. Also the uncluttered, simple design and low deposit requirements make it an attractive option for anyone looking to get into trading.

Is Olymp Trade a Scam or Not: A Real Review

There has been continued speculation as to whether or not Olymp Trade is a scam. As an options trading platform that is registered outside of the best known regulatory branches, it is an easy question to have. This article will answer your burning questions around whether or not Olymp Trade is a scam.

What is Olymp Trade?

Olymp Trade is a trading platform that allows traders to set options for currency pairs, commodities, stocks, indices, and cryptocurrencies. This means the platform allows traders to open a position predicting the price will go up or down. This is also known as binary options trading because a trader is typically only able to choose up or down. On Olymp Trades platform traders can also push, meaning they believe the price will remain the same.

Trade durations can be set in one-minute increments up to twenty-four-hours. Traders are able to see the percentage profit they will make for each trade before they place it. This allows them to pick the pairs that they best understand and will be most profitable. Upon choosing that the price will go up, down, or remain the same for a currency pair, index, or stock the money is taken from the trader’s account to cover the trade. Once a successful trade is completed the money is immediately credited to a traders account.

Unlike some other options trading platforms Olymp Trade does not take a percentage of trades, deposits, or withdrawals.

How is Olymp Trade not a Scam?

There is risk inherent within all trades; those executed on Olymp Trade’s platform are no exception. Olymp Trade is a member of International Financial Commission. This membership effectively insures traders on the platform, providing them protection from fraudulent activities on the part of the broker. To become a member, the Commission investigated Olymp Trade’s practices to determine it was not a scam. The International Financial Commission acts as a third party intermediary between the trader and Olymp Trade if a trader feels they have been cheated or scammed by the platform. If Olymp Trade scammed its traders each trader would be eligible to receive up to 20,000 Euro from the International Financial Commission.

Beyond Olymp Trade’s membership as mentioned before they do not have a typical pay structure. Unlike some platforms, Olymp Trade does not take a percentage of traders’ earnings, whether at the moment of the trade or upon withdrawal, charge transaction fees, or scam traders with hidden fees. With the exception of a small fee for keeping a position open overnight. Many people use this as their justification in their belief that Olymp Trade is a scam. Though there are few fees, Olymp Trade has a better way to turn a profit.

To better illustrate why Olymp Trade does not need to charge fees while not being a scam: two traders are placing opposing options on the platform; Charlie believes the price will go up and Rajesh believes the price will go down; they both open a $100 position for five minutes with the potential of earning 80%. At the end of the five-minutes, Rajesh is correct and $180 is added to his account. The $100 dollars Charlie lost is used to cover the $80 Rajesh earned, and the remaining $20 is collected by Olymp Trade. This is how Olymp Trade is able to charge few fees while not being a scam.

The money that is collected from opposing positions is used to create a reserve to handle any trades that do not have an opposite. Trading is risky; therefore most traders are not going to be correct with every option they choose. When a trader is not correct their deposit covers the earnings of someone whose strategy won out. There are maximum wager limits to ensure that all gains can be covered.

Olymp Trade is not a scam because it holds a reserve of money to pay out to winning bids if there is no opposing trade. This reserve grows with every wrong choice and since there are not 100% options: meaning you bid $100 and are correct you would receive $200, the reserve will hold.

What Else Should I Know?

Traders can receive VIP status with qualifying deposits, granting them access to live advisors who respond in 15 seconds or less on average, higher earning potential, and risk-free trades. VIPs also receive access to exclusive webinars and trading strategies.

Payouts are quickly made directly to the bank account or e-wallet traders use to deposit money. Withdrawing funds is simple and are generally completed within 3 business days. There is a minimum withdrawal limit, but no maximum. With a scam, traders would not receive their money or be charged exorbitant fees drastically reducing their payout.

The user interface was made to be intuitive, easy to use, and understand. Olymp Trade provides educational materials on trend indicators and different strategies. A chat box helps deliver information about the many different topics. There are a continuously increasing number of videos and webinars on a range of topics. New ones come out often to keep traders up to date with the latest trends and platform changes.

To complement their educational material Olymp trade provides a free demo trading platform. New traders are able to set up accounts without making a deposit to the platform. Traders have a safe space to try and learn new strategies in a live market setting without risking their own money.

There is also an Analytics section. Technical analysis gives traders an opportunity to take an in-depth look at individual assets and pairs traded on the platform. The Economic calendar shows relevant events for the coming week. There is also a convenient section on Volatility as affected by trading times and what that means for the trader. Trading signals assist traders in making educated decisions based on compiled data.

In conclusion, Olymp Trade is not a scam. Trading is a complex world. Olymp Trade is a fantastic trading platform to learn on, perfect for anyone looking to experiment with binary options, even if only to practice strategies. Though as a platform Olymp Trade does not adhere to usual fee structures and money-making practices, it is not a scam but an innovator in the realm of options trading.

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  • Binomo
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