Bitcoin Trading with Olymp Trade: Step-by-Step Beginner’s Guide

Bitcoin, the most popular cryptocurrency in the world is now emerging as a popular payment method in daily life. Traders and investors are taking advantage of its volatility to make quick profits. If you are thinking of trading bitcoins, the best time to start is now and one of the best Bitcoin online trading platforms is Olymp Trade India.

Basics of BTC Trading

You can trade bitcoins in the following two ways:

  • Purchase bitcoins and sell them in the future for a higher price
  • Speculate on the value of Bitcoin without actually owning any Bitcoin token.

Bitcoin contracts for difference (CFDs) work on the second principle. They allow you to trade contracts based on price movements of underlying assets without actually having to own the assets. CFDs are leveraged products that need to be used with care. They can magnify your profits; but if things do not go as predicted, you could end up losing more than you invested.

Here are the major Bitcoin trading strategies:

  1. Day Trading– You can enter and exit multiple trade positions in the course of one trading day. As a day trader, you will be grabbing the short-term opportunities that you see in the Bitcoin market.
  2. Scalping – You can enter frequent intraday trade positions on the basis of minor movements in the price of the cryptocurrency.  The idea is to make small profits continuously without having to wait for significant breakthroughs.
  3. Swing Trading– The idea is to benefit from trends right from the moment of their formation. Swing traders hold on to trade positions till the trend either runs its entire course or starts reversing.

Why Choose Olymp Trade for Bitcoin Trading

Why Choose Olymp Trade is popular among Bitcoin traders for the following reasons:

  • Olymp Trade has been continuously upgrading and improving it’s ever since its launch in 2014.
  • Olymp Trade gives its Bitcoin traders not just an opportunity to profit, but also teaches them how to make the maximum profits.
  • You can withdraw your profits any time you please. The number of withdrawals at Olymp Trade is increasing at the rate of seven percent per month.
  • The number of Bitcoin traders signing up at Olymp Trade is also on the rise. Last month, 247,256 traders from different parts of the world created an account at Olymp Trade.
  • Olymp Trade is reliable as it is the International Financial Commission’s A Category member.
  • Olymp Trade is home to a traders’ club, where you can discuss ideas, share experiences, and meet thousands of Bitcoin traders from different parts of the world. You can get educated, check out informative articles, and chat with professional analysts. You can also take part in contests, grab special offers, and enjoy VIP benefits such as risk-free trades, bonus offers, and cool gadgets.
  • Customer support is available round the clock at the online trading platform.

How to Get Started

If you are a beginner to Bitcoin trading, you can get started on a demo account at Olymp Trade. The online broker gives you 10,000 units in virtual money to start trading. You can switch to a live account when you feel ready for it.

Registering for a live account is simple:

  • Click on the Registration button
  • Enter your name, email address, and phone number.
  • Create a strong password.
  • Select a currency from the dropdown box.
  • Check the box to indicate that you are of the legal age and that you have read and agreed to the service agreement.
  • Click on the blue Register button to complete the registration procedure.
  • You can also sign in with Facebook and Google.

Bitcoin Trading with Olymp Trade – FAQs

Q1: Is any download required to start trading Bitcoin on Olymp Trade?

A: No. You don’t have to download and install any software to start Bitcoin trading on Olymp Trade’s online trading platform. You just have to open an account.

Q2: Which is the best time for currency trading at Olymp Trade?

A: Currency trading is most active when significant economic news breaks out. The American and the European trading sessions are the most active. While the American trading session starts at 1:00 p.m. and ends at 10:00 p.m. UTC, the European trading session starts at 6:00 a.m. and ends at 3:00 p.m. UTC.

Q3: Does Olymp Trade charge any fees?

A: You can open an Olymp Trade account free of charge, but you have to deposit at least $10 into your account. If you leave your account inactive for 180 days, the online broker charges a services commission of $10 or its currency equivalent. This amount will be deducted from your account every month till your balance reaches zero. Olymp Trade does not charge for deposits and withdrawals.

Q4: Does Olymp Trade help me to manage the risks of bitcoin trading?

A: Yes, Olymp Trade has a robust risk management system. Your trading activities may activate limits automatically. If you change your trading style, the limits will be automatically removed or cancelled. To avoid automatic trigger of these limits, you shouldn’t bet more than 10% of your capital on one trade. You should also select a trade time frame of 10 minutes.

Q5: I am a beginner who wants to learn Bitcoin trading. What should I do?

A: We suggest getting started with a demo account and trade with virtual funds. Also, you can check out the webinars at Olymp Trade.

This article was written by admin