Olymp Trade vs OctaFx Trading App | Best Trading App for Forex Trading : Professional's Legacy
Olymp Trade vs OctaFx Trading App | Best Trading App for Forex Trading : Professional's
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TVTranscript
00:00You must be looking for which is the best trading app, OctaFX or Lemtrade.
00:30I am going to share some points with you, if you want to start a trading journey then you should know this, after that you will get to know which is the best trading platform, what is the set direction or set pattern if you want to start a forex journey.
00:45If you know about trading then you should know these four points, I am going to discuss them one by one.
00:511. Which is the best trading platform? Has there been any scams with them? How are their reviews nationally and internationally?
01:002. Does the government allow you to use these trading platforms while living in any country?
01:06Because the country has its own stock exchange and its own system, so why would the government want to use these trading platforms?
01:123. Is this trading app connected to banks? Is there any issue in withdrawals or deposits? Is it 100% secure? Is the bank allowing it?
01:254. Is there any fraud in these trading platforms? Are you being manipulated?
01:40So before discussing these four points, I would like to tell you that forex is a very big market. It is bigger than any country's stock exchange where there is a daily turnover of billions of dollars.
01:52And 80% of the people make their losses. The 20% who are making their profits, 15% of them are big institutions.
02:04The remaining 4-5% are individual traders like you who are generating profits and they know how to trade very well.
02:12Let's talk about the number one point that those who are using these trading platforms, is there any scam with them?
02:18Is there any issue in withdrawals and deposits? There were issues earlier, but now there is no issue. All the people who are using it are satisfied with these two trading apps.
02:27Yes, there are a lot of users of Ullam trade.
02:30Number two point is very important. Does the government allow you to use these trading platforms and trade forex through them?
02:37Not at all. The government has its own stock exchanges, mercantile exchanges, so they have their own institutions whose government and state banks also have a back.
02:49So if you trade shares through them, if you trade commodities, if you trade currencies, whether at the national level or in the international forex market, then you will not have any problem.
03:00But if you use these trading platforms, then you will cause your loss because the government has banned them and these illegal activities will be considered, so you should know this.
03:12Next point is that the local banks, are they connected to these trading platforms?
03:17Will you have any issue in withdrawals or deposits?
03:20If the government is banning, then what is the need of any bank to support you in withdrawals or deposits through these trading apps?
03:29So it is not possible that any bank is connected to them nationally or internationally if we are talking about.
03:35The fourth and last point is very important. Is it not that the numbers in these trading apps and the actual numbers in the forex market are different?
03:44So there is a difference in these and there is manipulation here.
03:47If you go to Google and search for trading, the numbers of currency pairs that are coming in these trading apps, it is possible that you will see a difference in the numbers.
03:57And if you cannot take trades on real data and there is manipulation in them, then obviously your broker is taking you to the side of loss.
04:06These are technical things that most common users do not know, new users.
04:11All these four points that I have discussed are for those people who know trading.
04:16Now if you do not know trading, then let me tell you that first you will learn fundamental analysis, then you will learn technical to read the chart.
04:25How to predict the future by looking at the past performance that these currency pairs will go up or down.
04:33So there is a proper science behind it, you will have to gain a lot of experience, so you will have this understanding by the time.
04:39And you should know risk management techniques, because of which you can reduce your loss.
04:45As I told you before that 80% of people get their losses here, so it is very important to be careful here.
04:52So I hope you have understood this point, you will also know a set direction.
04:56Apart from this, if you have any questions, then you will definitely ask in the comment box, we will try to guide you.
05:02Thank you so much, inshallah we will keep talking in the next video.