Bitcoin Forum

Hello, everyone! Guys, please help me determine the platform on which to trade bitcoins or others. ??? I'm just getting started on this issue and I need your help. My friends who are encouraging me to do this are trading at Olymp Trade (https://binaryoptions.watch/olymp-trade/). Can you please tell me if this platform is worth contacting, is it reliable?

Not scam, but I'd rather say it's more like gambling. It actually depends on your luck, you can win all or lose all from it.

Thank you very much. I'll think about it.

Never heard much about Olymp Trade but I did a quick look with it and it seems like you can also trade stock with it but I am curious as which would you interested to trade. If it is mostly BTC and other cryptocurrencies then I suggest to find a better exchange with good volume and convenient for you to use. I just started trading and I use Binance mostly because of their mobile app tho you can use API. You may want to check coinmarketcap.com to see a list of top exchange and you may search furthermore about their details and user feedbacks.

If you wish to use Binance you may use my referral ID which is 40357227. It is up to you if you want to or not. Always do your research first and understand the risk of trading. And also, double check the website you are visiting since there are identical sites carrying the name of these well-known exchange like okex for example (refer to this thread https://bitcointalk.org/index.php?topic=5241282.0).

Thank you for the extended information.

Honestly I did not try it visit the site. But I have seen many ads in facebook about this olypm trade. And I want to say maybe it is not a scam site. It’s like a binary option /forex trading. So you should keep in mind that it has high risk than crypto trading. And I have seen sometimes some bad experiences about this olypm trade. You can find more information about this site here: https://www.quora.com/Is-Olypm-trade-a-scam-If-not-what-is-the-proof 

As far as I know Olymp Trade is not scam. They are into binary trading which is more like gambling. However, it's always better to check the user reviews because it usually gives crucial information about any platform you use in Google play store. I have it installed in my phone and tried trading using their demo account to learn and understand binary trading but never deposited any single penny. So it's better if you can check the reviews before investing real money into it.

Looks like its located in Cyprus, generally any broker located there is considered a bucket shop exchange. What bucket shop means is that when you enter a trade, its not sent on the open market, they usually take the other side of the trade. Sometimes they hedge to reduce exposure however they goal is that most people lose money trading that they hope your account will go to $0.

So if you make little profit or lose money, you won't get issues with the broker. The issues arrive when you make something like $>10000 and you try and withdraw. Usually they find some way not to pay you. Hence you should just avoid these exchanges all together. Use something like Binance or Bitmex which doesn't scam people.

olymtrade is not scam, we can still withdraw money when we trade profitable. But the rule to live at Olymtrade is to never believe in IB, they are people who lack trading knowledge and will make every way for your account to suffer a loss. so when you trade there, you have to be knowledgeable. besides the "house rules" there are quite complex and we are likely to lose. Try small amounts because spreads are high and we can easily lose.

If you came for cryptocoins, you won't be getting much with how few their pairs are, better go with a cryptocurrency focused one. also, binary options is way to risky, I wouldn't touch it if I were you.

I'd be cautious with anything that gives off "it's easy to make money here" vibe which this one does in their ads and the infos on their website. By any chance, did your friends gave you a referral link to sign up with?


There's no guarantee that these centralized exchanges would not scam people (or haven't scammed people). and the higher the amount youre trading with, the higher the chance that you'll be flagged for "suspicious activity" which in return would freeze your funds. Imo we're all just taking chances with these exchanges, just choosing which is less likely to screw up.

Some friends whoever used it to trade were all new to trading. I personally bought bitcoin for some, they all loss their funds, I think this type of trade or platform works like gambling. You can head to grand zero if you are not experienced. People usually believe they can make thousands of dollars with as little as $50 investment.

I've tried to trade at this platform, spending $50 for two times deposit but I got nothing.

Basically, this platform only ask you to guessed the candle what will happen next, I mean whether it's red or green so you can put your prediction in a minute.

Yeah I agree that this platform is pure gambling not trading in general. You may no need to overcome some strategy about trading but yoh need 99% luck.