OlympTrade - Whether we can trust this broker or not?

#91
Don’t you think this sounds like utopia? I mean yeah, this is reasonable and this is what can actually work. But I know that human mind is very tricky. You can always find an excuse to do “just one more little trade”. I think it’s easier for VIP customers of Olymp. I guess their personal managers can really become their risk managers. That can actually work.
 
#92
Hello everyone!
Do you guys know anything about FinaCOM? I'l just trying to check what are Olymp's regulations and I see they are listed with this authority. But does it really add credibility?
 
#93
I'd say its neither better that any other regulator, nor worse. The rules there are very similar to CySEC, but the difference is that they don't place any leverage caps on brokers that work under their authority.
 
#94
I wouldn't say that they are all the same. Finacom collects money from brokers and creates a reserve fund this way. They do financial audit of the brokers they work with an make sure they can do a stable business. In case they turn out to be wrong and the broker loses all the money of it's clients for one or another reason, Finacom compensates traders and gives the money back. You can also complain to finacom in case you think the broker might be a scammer.
If you ask me, the approach is not bad at all. Nevertheless, I'd rather look at company's history and see if it's been long enough in business. Olymp has got 6 years of operations, so that's even a better sign than any regulations, if you need my opinion.
 
#95
Thank you so much, everybody, this helps a lot. First I thought that the only reliable regulator is CySEC, but looks like other options really exist and they don't seem to be much worse. Both CySEC and Finacom have got up to 20K compensation program.
 
#96
One more question here guys. From what I see here, there is a number of methods traders can trade with. I mean trading platforms.
There is a mobile app, there is a web-trading Olymp platform, there is a desctop version of the app and also one can use MT4.
What do you think is the most favorable one. What do you guys use personally?
 
#97
I'm ok with anything but MetaTrader. It gives me a headacke. Moreover, in case you want to do fixed time trades, MT4 will simply not suit you. It can be used for forex tradig only.
 
#98
Same here. I don't use MT4 for the same reason. The only thing, personally I don't like mobile trading as well. The small screen simply wan't let you do a good analysis. The app is OK, it works well even on older smartphone versions, so if you don't have a good PC, that can actually work too. However, I prefer having a big screen in front of me, so that I can see more bars for analysis. Yet, the mobile app is perfect when you do a longer-term trade and simply want to keep an eye on the trade.
The desctop version IMHO is exactly the same as the webversion. The only difference, its safer to use it than trade in a browser and it can also be a good solution if your PC is not powerful enough.
 
#99
Thank you for all the help! I got the point. The only thing I can't understand is why the desctop OLymp app is better for less powerful computers. Doesn't the app installation take some free resources?
 
I'm ok with anything but MetaTrader. It gives me a headacke. Moreover, in case you want to do fixed time trades, MT4 will simply not suit you. It can be used for forex tradig only.
Cannot help you with headache

BUT You can do fixed time trades in MT4.

Also, there are few folks who allow you to trade commodities with MT4.
 

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