Last updated on March 13th, 2023 at 05:28 pm
In this article, I will show you how Olymp Trade works in Nigeria.
And to do that, first need to understand how the platform looks.
With that, you get to know how to navigate it and how to find whatever you are looking for.
First things first;
- If you haven’t opened a trading account do it here.
- Consider downloading the Olymp Trade app here.
- Or just use the signup form below to get started.
To help you understand how Olymp Trade works in Nigeria, I will show you how to place your first trade.
Here are things you need;
- A trading account. You can use a demo account (free and comes with $10,000 virtual funds).
- The strategy I will show you.
- Follow instructions.
With all these, let us learn how Olymp Trade works in Nigeria together.
But before that, here is a simple and honest Olymp Trade review. Check it our here.
Understanding Olymp Trade platform
First, this is what you will see when you first log in.
There are a few things I need you to pay attention to;
- Click here to choose the asset to trade
- Use these buttons to change into change the chart look, get into indicators, and change the chart area view.
- Helps you change the duration of one candle. For example, it is now in 10 minutes, meaning, it takes 10 minutes to form one candle.
- These are the candles. You can change the way it looks (see 2).
- Shows your personal details including the balance and the type of account you are currently in
- Set the amount you’d wish to trade
- How long should the trade last before you know the outcome? 1 minute, 5M, 10M, 15M, 30, 23h? Set it here
- Click the green button to predict the asset will go up
- Click this button to predict the market will go down.
And that is a crash course on the Olymp Trade platform in Nigeria.
How to place trades on Olymp Trade in Nigeria
Now that you know how to navigate the platform, here is how to place trades.
First, you need an account to do this.
If you don’t have one already, go ahead and create one here.
Once you have the account, log in and this is what you will see.
As you can see, this is a demo account.
It is free to use and comes with $10,000 virtual funds.
This means that you can learn how Olymp Trade works in Nigeria without actually risking your own money.
But that doesn’t mean you start playing around.
You need to treat the demo account as if it was a real account.
Now, to place your first trade;
Step 1 – choose the asset.
Click the button as shown to choose the asset.
To make it easier for you, search for Bitcoin as shown below.
Step 2 – change candles
If your candles look like this;
This is how to change to look like mine above.
Click on the buttons below;
And choose Japanese Candlesticks.
Now we are on the same page.
Step 3 – Change candle duration to 1 minute
To do that, just choose 1 minute from the button as shown below.
What happens here is that we are switching to 1-minute candlesticks, meaning it takes 1 minute for a candle to be fully formed.
Step 4 – study the charts
The next step is to look at the charts to understand how the market is performing.
When you see red, it means the market is going down, and green means the market is going up.
Essentially, to make a profit, you need to;
- Buy when the market is going up
- Sell when the market is going down
For me, I predict the market is going up.
Step 5 – place your trade amount
This is the amount you wish to trade.
On Olymp Trade, you can trade from as low as $1.
Always choose the amount you are willing to lose.
Step 6 – Choose trade duration
How long should the trade last?
Choose it here.
I will explain what this means in a minute.
Your last step is to click either up (green) or down (red).
- If you click up (green), you are saying that the asset’s price will be higher than it is now after the trade duration (which you picked in step 6). If your prediction is correct, you will get your trade amount plus 53% back.
- Clicking down (red) means you are predicting that the asset’s price will be lower than it is now after the trade duration. If you are correct, you gain, if you are wrong, you lose the trade amount you chose in step 5.
And that is how Olymp trade works in Nigeria.
Is Olymp trade legal in Nigeria?
Olymp Trade is not illegal in Nigeria, though it is not regulated by Nigerian Securities and Exchange Commission (SEC).
Luckily, the broker is regulated by the International Financial Commission.
So you can rest assured that your capital is in safe hands.
How is Olymp trade used in Nigeria?
Here is how to use Olymp Trade in Nigeria;
- Login in to your account (if you don’t have one already, go ahead and create, it is free).
- Choose the asset you wish to trade (Crypto, currencies, commodities, indices, etc).
- Pick the candle duration (1 min, 5 min, 10 min, 15 min, 30 min, 23h)
- Read the chart to understand where the market is heading
- Decide your trade amount
- Choose trade duration
- Place your order (up if you predict the asset’s price is increasing, and down if you predict the asset’s price is dropping)
How do I withdraw money from Olymp trade in Nigeria?
After placing your trades and earning profits, the next step is to withdraw them and enjoy.
Here is how to withdraw profits from Olymp Trade in Nigeria;
- Go to your account and click on Withdraw next to the account balance and Deposit button. If you do not see it, means you are in your demo account, switch to live account.
- Select the amount you’d wish to withdraw to proceed
- Understand that withdrawals are processed by the same payment systems used to deposit money into the system.
How much money can I earn from the Olymp trade?
With just a small deposit of $10, Olymp Trade allows you to earn up to 90% of your trade amount.
This means that if you place a ₦3800, you stand a chance to earn upwards of ₦3420 in profits.
That is ₦7220 in your account.
What to do next
Now that you have learned how Olymp Trade works in Nigeria, here is what to do;
- Start practicing on your demo account. Open one here
- After you gained enough experience and confidence, deposit some funds and start earning real money.