If there is one issue daunting Olymp Trade users, it is getting your account blocked.
This happens a lot and it is the hardest thing anyone can endure.
Just imagine your Olymp Trade account blocked with profits in it. Your withdrawals haven’t been processed and you cannot continue placing more trades.
That sucks, does it?
But the BIG question is:
What really causes Olymp Trade to block accounts? Because let’s face it, if you have no idea as to why this happens, you won’t be in a position to stop it from happening to you.
Once you know the reasons for Olymp Trade to block accounts, you can easily determine how to avoid it from happening.
And that is what this article is for: to walk you through this challenge and how to undo it in case you or someone close to you falls victim.
But first, there is a lot of wrong information out there regarding why Olymp Trade blocks accounts. Let’s first debunk some myths.
Olymp Trade blocks accounts with large profits.
Who started this madness?
Tell me this, if this was; how comes no trader has ever complained to the Olymp Trade regulators?
Wouldn’t the right channel be to try to seek compensation and justice if you feel scammed?
And by the way, from where I stand, Olymp Trade earns more commission on spreads and sometimes even for positions held overnight which is to say; it’s in their interest that you profit and continue trading to keep the business alive.
The truth is, Olymp Trade doesn’t penalize anyone for making large profits (unless of course you are using questionable means).
In fact, since 2016, the company has been a category A member of the International Finance Commission. What this organization does is make sure that brokers, like Olymp Trade, obey the rights of the traders.
For this reason, Olymp Trade cannot and will no block your account just because you made large profits.
With that said, let’s look at what can actually get your Olymp Trade banned.
Remember when you were opening an Olymp Trade account?
There is a box (like the one below) you ticked to ascertain that you are not a minor and you can undertake trading activities.
To determine if you are a minor or not depends on the laws of your country.
But here is something you should know:
Olymp Trade does not allow minors on its platform. As such, if you are underage, you should stay away from online trading until you became of age.
And you can beat the system for it but as soon as they realize that you are not of age, they will block your account.
2. Opening more than one Olymp Trade account.
Think you can get away with several Olymp Trade accounts? Think again.
Opening several accounts is a recipe for disaster.
If you wish to change your currency, contact the Olymp Trade support to help block the current account and then open a new one with the intended currency.
The truth is:
You don’t need more accounts. A demo account and one live account is enough. If you deplete the virtual funds, here is an article on how to get the $10,000 back.
So before you open more than one account, know that Olymp Trade only allows one account per user.
3. Trading from restricted countries.
It is so unfortunate that the best trading platform like Olymp Trade isn’t available globally.
Because the laws of some countries don’t allow Olymp Trade to operate. As such, you may have opened an account in the country accepted on Olymp Trade, but if you visit a restricted territory and use your account, you risk getting blocked.
Here are some of the countries not accepted on Olymp Trade: France, Germany, Gibraltar, the Isle of Man, Guernsey, Jersey, Australia, Canada, the USA, Japan, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Iceland, Italy, Israel, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.
Olymp Trade blocks all the accounts showing activity inside these territories.
4. Using payment methods you don’t own to fund account.
These things happen:
You don’t own a credit card, but you opted to use it to deposit funds on your Olymp Trade account, what could go wrong?
Well, that is how you get your account blocked!
You see, often, Olymp Trade will ask you to verify that you are the person you claim to be. This becomes a problem if you’ve been using someone else’s cards to fund your accounts.
For this reason, you cannot use your friends, spouse, or relative’s bank cards or e-wallets to fund your account.
Failure to adhere to these results in your account blocking.
5. Exploiting the system.
Things like exploiting system vulnerabilities, using unofficial plugins, add-ons, and trading automated systems (bots) could lead to your Olymp Trade being banned.
This is for your own good.
Because in most cases, using such sneaky trading methods can only end in one way: you losing your funds.
As such, make it a habit to stick with the technical analysis tools provided to you on the platform. And avoid malicious schemes and taking shortcuts.
6. Trying to game the system.
You may find that you have violated any of the above stipulations. And instead of coming clean, you instead resort to finding ways around them.
If you’ve been using someone else’s bank cards and now Olymp Trade is asking you to prove you are the owner. You may be tempted to forge the documents and claim ownership.
This will raise suspicions and will get your Olymp Trade blocked pending investigations.
So, do yourself a big favor and be outright from the word go.
7. Unauthorized access to your account.
Cybersecurity is a billion-dollar industry now, thanks to black-hat hackers poking their noses where they don’t belong.
It is safe to assume that everything on the internet is not safe, not even your Olymp Trade account.
And when the company suspects that someone tried to hack into your account, they will block it.
When that happens, the only way you can get it back is by complete the KYC (Know Your Customer) report. This way, you identify yourself and prove you are the real owner of the account.
What to keep in mind when dealing with a blocked Olymp Trade account.
First, you should know that Olymp Trade will contact you through your provided email address, once your account has been blocked.
Pay attention here:
Olymp Trade will use official contact information. If you receive an email from a suspicious address, do not open or click links on the message. Because it might be a trap. Hackers use masked links to steal your data, which may include login information and bank details.
What to do to unblock the Olymp Trade account.
If your account is blocked, the first thing you should do is contact the Olymp Trade support team to understand the reasons behind the closure.
In most cases, people in your position have to go through a formal process of verification, which may including hopping on a phone call with the Olymp Trade team.
As a result, if you think your trading account was blocked by mistake, take an initiative to contact the Olymp Trade support team and begin the process to retake your account.
Otherwise, know your lanes. Understand that you cannot breach the terms of service you signed when you opened the account.