Choosing Between Olymp Trade and Pocket Option: A Beginner’s Guide

Trading binary options is one of the fastest and simplest ways to make money online. The market has a vast selection of binary options brokers to choose from. Two of these popular options include Olymp Trade and Pocket Option. However, if you are a beginner, it can be challenging to determine which platform is best suited for your needs. This guide will provide you with the necessary information to make an informed decision when choosing between Olymp Trade and Pocket Option.

Platform Comparison

Both Olymp Trade and Pocket Option are binary options brokers that provide traders with investment opportunities. However, several significant differences separate the two platforms:

• Minimum Deposit: Olymp Trade requires a minimum deposit of $10, while Pocket Option’s minimum deposit is $50.
• Trading Platform: Olymp Trade has a web-based and mobile-based trading platform, while Pocket Option only has a web-based platform.
• Trading Instruments: Olymp Trade provides binary options, forex, and cryptocurrency trading, while Pocket Option only provides binary options trading.
• Payouts: Olymp Trade offers returns of up to 82% on options trading, while Pocket Option offers returns of up to 96%.
• Demo Account: Olymp Trade provides free demo accounts without requiring any deposit, whereas Pocket Option requires a deposit to access its demo account.

Regulation and Security

One vital factor to consider when choosing a binary options broker is the level of regulation and security. You want to be sure that your funds and personal information are secure. Both Olymp Trade and Pocket Option are regulated under the International Financial Commission (IFC). The IFC provides clients with compensation in the event of disputes with brokers. The commission guarantees that identified brokers comply with specific trading standards and maintain adequate working capital.

If you want to ensure maximum security, you should also check if the broker is encrypted with SSL. Olymp Trade and Pocket Option utilize SSL encryption to protect their clients’ information.

Trading Experience

Trading experience can mean a few different things, including trading tools, educational resources, and customer support. Here is how Olymp Trade and Pocket Option compare in terms of trading experience:

Trading Tools

Both Olymp Trade and Pocket Option have tools that can enhance your trading experience. Pocket Option provides traders with several useful technical analysis tools, including trend indicators, oscillators, and moving averages. Olymp Trade’s trading platform, on the other hand, provides advanced technical analysis tools, including different chart types, indicators, and tools for drawing trend lines and support levels.

Education and Knowledge Base

Olymp Trade provides traders with extensive educational resources to help them navigate and understand the market better. The platform provides a library of podcasts, tutorials, and webinars, which are accessible from anywhere at any time. Pocket Option also provides traders with educational tools, including video tutorials and eBooks.

Customer Support

In terms of customer support, Olymp Trade provides traders with 24/7 customer support via phone, email, or chat. Meanwhile, Pocket Option provides traders with email support and a telephone line, which is available on weekdays between 8:00 and 17:00 GMT.

Trading Costs and Fees

Before you commence trading, you should always be aware of the costs and fees associated with the platform. The costs associated with trading on either Olymp Trade or Pocket Option platforms are relatively comparable. Both platforms charge a fee of 10% on unprofitable trades. Additionally, the platforms charge a fee of 0.9% on deposit and withdrawal processes.

Conclusion

Choosing between Olymp Trade and Pocket Option depends on your individual needs and wants. If you’re new to the market, you might prefer Olymp Trade because of its useful educational resources and superior technical analysis tools. However, if you’re looking solely for high returns on your investments, Pocket Option’s 96% return can be hard to pass up.

Keep in mind that both brokerages are legitimate and regulated by the International Financial Commission, ensuring that your funds and personal information are secure. Ultimately, if you are still unsure, consider trying out both platforms via their respective demo accounts to determine which one is best suited for your trading style.