I tried earning instant money from trading apps - Here's what I found!!

I tried earning instant money from trading apps - Here's what I found!!

I recently wandered the online sphere in search of instant ways to make money and came across trading apps like Olymp trade, Bimono, etc. I tried out some of them and found Olymp Trade to be the easiest to operate in terms of depositing and withdrawing of money, ease of operation and understanding and interpreting the charts and graphs. Here are some tips, tricks and cautions you should to keep in mind before starting your journey to earning through these apps.

First of all, I would like to confirm for all the skeptics that these apps really do work, I really did earn $5-6 (380-450 rupees) within a span of 1-2 hours; And it really is very simple, all you have to do is select an amount, select a time period, select whether the graph will go up or down after the end of the time period, and if your prediction is correct, you earn upto 80% returns on your investments!! To put things in perspective, a normal savings account or fixed deposit account in the bank gives around 4% and 8 % annually, whereas with this you just earned an 80% return in less than two minutes. 

However, the saying "Higher the return, Higher the risk" holds true for these apps, you might double your money or you might lose it all. Apart from this, there are some serious problems with these types of apps which I will address later in this article.

As I mentioned earlier, I used the Olymp Trade app for earning money. The minimum amount you can deposit in Olymp Trade is $10. You have an option of using UPI ID to deposit the money however it is currently out of service. So the next best option is to use an online wallet. Most of these trading apps only support online wallets like Skrill or Neteller. So you would first have to transfer your money into these wallets and the transfer the money from the wallet to your trading app. I personally used Skrill to transfer the money.

I would like to share the following tips with all of you, so you can make the most out of your endeavors:-

• Avoid if you're a small player- I want to clear this thing upfront. The app might have a minimum limit of $10, but don't get into this kind of trading with less than $70. The reason is the extra expenses attached to this. Skrill charges a ton of money as transaction charges to convert rupees into dollars and vice versa. $10 is worth 750 rupees, however when I deposited the same amount in my Skrill wallet, they charged me 1100 rupees. Apart from this when I tried to withdraw my $18 after profiting on Olymp Trade, Skrill again charged me 471 rupees!!! Therefore I paid around 850 rupees just to get the money in and out of my wallet and lost most of my profit in transaction charges.. Such a problem would not have occurred if these trading app could've used direct money transfer through UPI, however they do not currently accept them. So my advice to everyone is, unless you're planning on profiting in huge amounts, there is no point in investing in these apps.

• Educate yourself - In Olymp Trade, you have videos and information regarding techniques which can help you predict the trend more accurately within the app itself. You should learn these before you start trading. These involve how to use averages, occilators, strategies, etc. Mastering these will definitely help you make much more accurate predictions

• Practice first - All the trading apps have two accounts, one is your live account, in which you deposit your money, and the other is your demo account, in which you can practice with fake money which the app provides you to just for learning purposes. You should never directly deposit the money and start trading, you should rather spend at least 1-2 weeks learning how the markets work, in what all assets can you invest, etc.

• Be patient - In the beginning, there will definitely be days on which you might lose a little money rather than earn some. Don't feel disheartened and get impulsive to place all your money on a single trade, this will most definitely not turn out good for you. Rather, be patient and think logically, try to change the asset or exchange in which you invest or increase the time frame when you see a definite trend. Don't be blinded by greed!

In the end I would like to finish by saying that hard earned money should not be wasted; Therefore when combined with the right care, caution and skill, it can yeild extremely profitable results.

Thank you!!!!