Olymp Trade robot – Is it legal or not?

Important note:

Olymp Trade does not allow trading robots. All offered robots are scams and useless. Do not use robots in combination with Olymp Trade.


In the past, to make trades in any financial market, you have to do it yourself. You have to carefully conduct some thorough analysis. This analysis should typically include fundamental analysis – which involves checking market news and events around the world, to see how they will affect the prices of financial assets.

Trading robots
Trading robots

Beyond that, you have to look at a set of charts and indicators, searching for price patterns that may suggest the future directions of prices of the financial instruments. This is known as technical analysis. After then, you can now make your trades.

However, things are not always as easy as they sound. Before you can be equipped enough to conduct the above analysis, you must have undergone a considerably thorough learning process. This will require you to commit some length of time to consistent practice. That was in the past.

Today, with the concept of robotic trading, you can trade without you being physically involved.

What is Robotic Trading?

Robotic trading can also be referred to as automated trading. It involves the use of computer software – called trading robots or trading algorithms or “Robo Advisor” or expert advisor (EA) – to make analysis and enter trades without any physical involvement. What you need to do as a trader is set up the software and link to your trading account, and it will automatically conduct the analysis and execute the trades for you, without you being involved.

Trading robots exist for all markets, and there are now a lot of robots made specifically for online trading.

(Risk warning: Your capital can be at risk)

Benefits and risks of using online trading robots

While there are many benefits to using trading robots, there are also significant downsides. Outlined below are the advantages and disadvantages of using robots to trade binary options.


1. Can trade all through the day

Perhaps one of the most significant advantages robotic traders have over human traders is that they can function all through the day 24/7 without stopping.

Human traders are usually confined to trading within specific periods of the day, and they still have to combine trading with other commitments such as family, work, and leisure.

A binary trading robot can work continuously with no need for breaks, which means it will be watching and acting on the market at all times. With this, you do not get to miss important market opportunities.

2. Not controlled by emotions

One of the most significant causes of losses for binary options traders is that they are influenced by emotions. Because their hard-earned money is involved, the conflicting emotions of greed, fear, and hope can cloud the reasoning of human traders, causing them to make wrong judgments.

However, trading robots operate on a set of pre-determined algorithms, and they will stick to the rules no matter what.

3. Can operate more effectively

Another feature that differentiates robotic traders from human traders is that they are much more effective.

A binary trading robot can scan several markets, find opportunities based on defined conditions, and carry out trades according to its rules, all in a matter of seconds. A human trader doing this manually is likely to take much longer and may miss opportunities, or waste time making decisions or entering an order.

4. Can be used by anyone

One of the biggest fears of people just coming into trading is that it takes a long time for anyone to become profitable. This is after they might have recorded several recurring losses, and blown their trading accounts.

But that stress of going through a rigorous learning process is removed once you put software in place to do the job for you.


1. Not good at fundamental analysis

Binary robots are good at conducting technical analysis, which involves reading historical market statistics and price charts to predict what might happen in the future. But they are not so helpful when it comes to analyzing the news and making appropriate judgments.

This a human trader can do reasonably quickly.

2. Mostly scalping method

Most binary robots make use of short-term trading called scalping. This will not be suitable for traders who prefer holding their trades for more extended periods.

3. Scams

By far, one of the most significant disadvantages is that a good number of robots in the market are scams. These losses have led to traders losing substantial sums of capital.

As such, traders have to be careful when selecting a trading robot.

4. Power and internet

For most trading robots to work, you need your computer system to be always on, with quality internet speed. Poor internet speed might lead to the robots making wrong decisions which may cause the trader to lose significant capital.

There is, however, a solution – you can use trading VPS, although they can be quite expensive.

(Risk warning: Your capital can be at risk)

Olymp Trade trading robot is not possible

Olymp Trade does not allow the use of trading robots on its trading platforms. This is mostly due to the high percentage of scams that most robots are. If you are using a robot for Olymp Trade it will be 99% a fraud to your trading account.

Tips on using forex robot EAs

No matter the binary robot provider you choose to go with, we advise that you still observe some tips in making use of a forex robot. Those tips include:

1. Back-test the robot

Before you start applying the robot, you must go back in time to check how well the robot has performed in the past. This is known as backtesting. With this, you can see how the trading software faired under different market conditions in the past.

2. Use a demo account

Similar to the above. However, this time you are actually applying the robotic software to a real trading account, without risking your capital.

After subscribing to your binary robot provider of choice, don’t apply the software to your live trading account right away. Use a demo account first, and sustain this for some period, say a month. You will understand how it works, the strategies upon which it was built, and much more, without exposing yourself to any risk whatsoever.

3. Be patient

Trading robots have different strategies programmed into them. As such, some perform extraordinarily well under some market conditions and fail terribly under others. You have to patiently see the software through different market conditions by testing it for a considerable amount of time before making any conclusions.

Similarly, once you’ve subscribed to one robot stick to it. Many traders make use of multiple robotic traders. That is counter-productive and may lead to massive losses.

(Risk warning: Your capital can be at risk)

See our other articles about Olymp Trade: 

  1. Withdrawal proof and tutorial
  2. Trading strategy
  3. Trading platform tutorial
  4. Tips and tricks
  5. Is a robot legal?
  6. Mobile app tutorial
  7. Olymp Trade Indonesia
  8. Olymp Trade India
  9. Forex trading tutorial
  10. Deposit
  11. Fixed time trades tutorial
  12. Olymp Trade Africa
  13. Bonus

FAQ – The most asked questions about Olymp Trade Robot : 

Are robots legal on the Olymp Trade platform?

No, Olymp Trade does not entertain any use of robotic strategy or trade initiation. Therefore, if any trader or investor comes across a robot, it means a fraudulent deal being authorized by some anonymous body that is not under the supervision of the regulatory authorities controlling Olymp Trade.

What are the benefits of robot trading online?

A robot trading strategy has proven to be quite beneficial. For instance, the robot can trade throughout the day without having exposure to the volatility of the market overnight. It is not controlled by any kind of emotion, especially for more, and therefore, the robot won’t make any drastic decision concerning the asset holdings. The performance and operations of a robot are highly effective and productive when compared to a human trader.

What is the most concerning disadvantage of robot trading?

Scams and lack of fundamental analysis are the two major concerns of the robotic strategy in the trading and investment period; regardless of how efficient the robot is or the technology on which it has been developed, it is not advised to use these bots to initiate any trade or investment.

Why doesn’t Olymp Trade support any robot? 

Olymp trade is a trustworthy and reliable online brokerage platform operating under the supervision of FSA. Therefore, it deals with only real-life humans instead of robots.

See other articles about online brokers:

Last Updated on January 27, 2023 by Arkady Müller