[Resolved] Olymp Trade — OTC CFDs? Why dont they work

[Resolved] Olymp Trade — OTC CFDs? Why dont they work

V Vikrant Kothari Aug 16, 2023 Aug 16, 2023 This thread was updated on Aug 16, 2023

I thought this platform was offering contracts for difference, meaning that you are not actually trading the assets but you are trying to profit off the price fluctuations of the asset, it's practically same thing if you physically don't need the assets themselves. I am completely fine with it, I don't understand the point of having the forex pair or the stock, and you cannot even have the ETFs in physical way, right? I don't know anything about physical assets, frankly I don't need to. But the problem is this, I can trade the ETFs whenever I want, and some weirdly named assets, but I cant trade other OTC assets whenever I want? I thought I am not having the actual assets, so why can I buy the stocks or forex CFDs on any day of the week or any time of the day? Either I am missing something or they are trying to dictate me when I can trade the things they offer, and when I cannot trade them. I find it quite strange to be honest, don't you think its problematic? Was this information helpful? No (0) Yes (0)
Aug 18, 2023 Complaint marked as Resolved Daaamn I just found out after doing some digging, how could I miss that, they are practically the same thing! if the original assets cannot be bought and sold after market hours, the CFDs work with the same logic. I thought they are a little bit different than the actual one, well technically they are, but price-wise, cfds here follow the real value of the assets. I did not know that, I thought they were differnces to it. Now that I understood, it absolutely seems logical and clear to me. Olymp Trade customer support has been notified about the posted complaint.
1 Comment	Share
Submit Close

Related Olymp Trade reviews

View all 1552 Olymp Trade Reviews

Comments

Olymp Trade Customer Care

Aug 16, 2023

Verified Support

Hello, Vikrant Kothari.

Thank you for your interest in OTC assets. We are glad to inform you that OTC (Over-The-Counter) assets are formed not within a formal exchange but on the basis of over-the-counter information sources. The distinctive feature of the OTC market lies in the principle that the OTC traders act as market makers and have the right to independently set the price of the assets.

The main difference lies in the fact that the liquidity providers do not participate in transactions with OTC assets, as the company executes the trade independently. That is, the participation of liquidity providers is not required for the opening and early closing of the trade. In OTC the trade is made at the moment of agreeing on the essential terms with the company. We suggest using cryptocurrencies on weekends and regular currency pairs on working days.

Please let us know if you have any further questions.
Best regards, Olymp Trade team.

Olymp Trade Customer Care's response, Aug 18, 2023

Verified Support

Greetings, Vikrant Kothari.

We are so happy that we have been useful to you. We understand that sometimes there would be some confusion around trading. But we are glad that you have reached out to us. We are here to answer any question that occurs to you along your trading journey.

Please let us know if you have any further questions.
Best regards, Olymp Trade team.