Trading on the Olymp Trade demo: basics
Recently my friend asked to share my experience on the Olymp Trade platform in case he decides to try it out. I have started explaining everything from indicators and charts but only saw a confused look on his face. I understood that it is better to start with the basics, so I chose to guide him through a demo account. I have answered tons of questions about the Olymp Trade demo. Although the questions appeared obvious to me, I still did my research to fill him in.
How to log in to the Olymp Trade demo account?
To log in to your free demo account, you need to register at the platform and set up the available settings. After signing in to your profile, the demo account tab will appear at the top right corner of the screen.
How to use the Olymp Trade demo account?
The Olymp Trade demo is a virtual trading account. The demo account is a handy tool to practice and learn without risking to face losses. It is equal to the live trading account, but it allows beginning traders to try out the platform without investing any sums to it and practice until they decide to move to a live one (or shift to another platform). I am an experienced trader, but I still train on a demo account when I need to test new strategies without the fear of losing real money. Access to a demo account is free and available all the time.
If your demo currency is lower than 10.000, you can push a “refill button” and the amount will be recharged to your free demo account. This screenshot from my friend’s account is a very illustrative example of how to refill the demo account.
How to withdraw money from the Olymp Trade demo account?
As the demo account offers access to virtual currency, there is no way to withdraw money from it. You can see the sign “D” right to the amount on the demo account, I like to call them “demo dollars”. To start trading with real amounts, switch to a live trading account and deposit the funds. The minimum deposit amount in Nigeria is $10. Do not rush with depositing big sums until you feel confident in your trading skills.
Sometimes we forget that it is hard to start learning trading from scratch. I hope that my answers will be useful to you. I would be grateful if you comment or ask questions.
