what do you guys think about an app called olymptrade? has anyone here tried this app?

I tried this app and lost few hundred bucks. I decided I should stop to use this app again.

This app set many restrictions that will easily lead you to the money losses.

Basically this app let you choose up or down of the market trend, and the user will make profit if his prediction is correct.

The user can choose two methods - fixed time and forex.

Fix Time - you trade in a fixed time, the timer minimum 1 minute to maximum 20 hours 42 min. You also can close the trade by setting the clock time, eg 10.00am.

The problem is when your prediction is correct at the closing time, you only can get profit max 80% of your invested money, sometimes the return can go down to 13%. It depends on when you predict the market going up and at that time the market is obviously strong up trend signal, the system will set the return eg 13%.

If you fail to predict the trend, you will lose 100% of the money.

You also can cancel the trade before the closing time, but you will get back very little invested money or make very little profit.

Forex - You choose up or down, but there is no time to close the trade. The problem is the system will charge you 7% commissions.

The system also automatically close your trade if your invested money loss reached 50%. You can set the cut loss percentage lower than 50%, eg 30%. There is also take profit feature, you can set the profit target, once the market reach your target, the trade will be closed. The problem here is the system only allow you to set the profit% the system recommended to you., but you are allowed to put negatif, that mean close at losses.

Some people said the indicators in the system are misleading. I do not know it is true or not. eg the colour of candlesticks are not correct.

The apps also give the demo account that does not have any restriction.

My conclusion is you can use this app as Learning tool, instead of your investment tool.

This sounds nothing short of gambling lol. I think even daytraders see this also run away rd

Yes. This apps is like gambling. It set unfair rules for you to trade.

In long term, the user is at losing side.

It is worst than casino, the percentage to lose in this apps is higher than gambling in casino.

Furthermore, it is no fun at all to play this apps. Like Chinese saying, if you win, you win a candy, if you lose, you lose a factory.

This post has been edited by Srbn: Nov 3 2020, 08:10 AM