Olymp trade platform reviews

[Aulore]

I’ve been interested in cryptocurrencies and forex market for a while and earlier I thought that these are two different things. I mean, you have to trade cryptocurrencies on cryptocurrencies exchanges and open forex deals on the specialized platforms accordingly. However, I notice all the time that forex brokers also offer crypto assets for trading, mostly bitcoins, but sometimes also popular altcoins. For example, Olymp Trade has around a dozen such crypto assets available on the platform.
So, I started to learn this question, where the most profitable cryptocurrencies trading is, i mean exactly the trading (in long-term it’s more profitable to purchase coins on crypto exchanges).
It turns out to be that on Olymp Trade the trader pays off the commission for the deal. While the crypto exchange take the commission and the spread (If you open and close the deals at the market price, then the spread is very palpable). Additionally, the commission for the deposit-withdrawal is higher on the crypto exchanges.
Well, what I see so far, that platforms like Olymp Trade are more profitable in compare with crypto exchanges. Did anyone else evaluate this question? Maybe, there are some factors I lost?

[Adoragamand]

The exchange I trade cryptocurrencies at does not charge spread as it normally happens with forex instruments. As far as I'm concerned, the majority of cryptoexchanges does not have spread at all. Instead they rip off their customers with commissions and transaction fees, lol
So on the one hand, you've got a data-mistake in your calculations. On the other hand, there are some factors to consider other than spread. Crypto-exchanges charge 0.1-1% commision on each order + they have 1-10% transaction fees when you want to fund your account or withdraw the money. So you've got to watchout and calculate your expenses. Usually, crypto-exchange that offers attractive commissions, they rise transactions fees way too high and vice versa.

[Aulore]

Hmm, this is something to think about. So would you say that short-term trading of crypto-currencies if more profitable at some specialized exchanges, rather than with some brokerage like Olymp that offers all kinds of assets to trade?  Withdrawal and funding fees is something I missed myself. Olymp says they charge 0% fees for those, and I thought that it is free everywhere. Considering what you've said, looks like it's not...

[Sajinn]

I’ve been interested in cryptocurrencies and forex market for a while and earlier I thought that these are two different things. I mean, you have to trade cryptocurrencies on cryptocurrencies exchanges and open forex deals on the specialized platforms accordingly. However, I notice all the time that forex brokers also offer crypto assets for trading, mostly bitcoins, but sometimes also popular altcoins. For example, Olymp Trade has around a dozen such crypto assets available on the platform.
So, I started to learn this question, where the most profitable cryptocurrencies trading is, i mean exactly the trading (in long-term it’s more profitable to purchase coins on crypto exchanges).
It turns out to be that on Olymp Trade the trader pays off the commission for the deal. While the crypto exchange take the commission and the spread (If you open and close the deals at the market price, then the spread is very palpable). Additionally, the commission for the deposit-withdrawal is higher on the crypto exchanges.
Well, what I see so far, that platforms like Olymp Trade are more profitable in compare with crypto exchanges. Did anyone else evaluate this question? Maybe, there are some factors I lost?

There is another thing to consider here. With crypto exchanges you would normally buy the coin itself. When forex brokers offer cryptocurrencies trading, they normally mean Contracts for Difference, which means you are not really possessing the coin but are making money on the price fluctuations.

[Aulore]

Why would that be important?

[Sajinn]

I the light of recent arrest of Bitfinex funds in Poland and similar stories about arrests of cryptocurrency exchanges executives accusing them of money laundering  -- the difference is tremendous. I'm not saying that all the crypto exchanges are in danger, but with anonymous currencies you never know whether you are really getting the money from Columbia drugdeallers  or the money is clean. With CFDs brokerage will never run into these kinds of problems.

[Aulore]

I see the point now. So to some extent brokerages like Olymp trade using CFDs are not that much in danger to go out of business because of money laundry charges. This is a strong argument.