Last updated on 3/18/2019 – Personally I use the KCB (Quick serve) VISA Card to make Olymp Trade deposits. If you have the card make sure it is enabled for SMS such that when you make a successful Olymp Trade deposit you receive this message on your phone.
USD 10 transaction made on KCB Card (number) at LIMASSOL on (date) (time) available balance KES (Bal) Enquirers Call – +254711087000 (KCB Bank Contact)
Other than getting some of your forecasts wrong while trading options; what other frustrating encounters have you had to deal with online? Is it the disappointing Visa Deposit error on debit cards? Or the funds withdrawal that takes up to 3 working days?
Which is it?
Shout it loud!
And someone please tell me that deposit errors aren’t just common to African countries!
So common that first time depositors (sometimes) give up on great online opportunities which would otherwise change their lives. Big time.
To help you make your first successful deposit in Olymp Trade we will use this post to discuss all deposit errors, and provide proven fixes for each. Read on…
Possible Reasons Why Your Olymp Trade Visa Deposit Failed
1. Payment Declined By Your Banks
The number one reason why most VISA debit, credit, and VISA electron cards are declined is because your bank doesn’t trust the destination of funds.
So they send a “Do Not Honor” response to Transferwise for the transaction to be blocked.
This however should not restrict you from making your deposits. If indeed you initiated the transaction then call the bank and instruct them to allow this transaction.
Henceforth, your bank will process all transactions to Olymp Trade.
An alternative is to fund your Skrill Account using Visa, then fund your Olymp Trade using Skrill. It’s the easiest option.
2. Insufficient Funds
Sometimes VISA deposits on Olymp Trade fail because your card has insufficient balance or because you payment surpasses the per transaction limit on the card.
You can fix this by either funding your card or talking to your bank to increase your per transaction limit (if you are depositing a huge amount).
3. You Entered an Incorrect CVV2 on Payment
If you are sure that your card has enough funds for the transaction you are performing; then chances are, you entered the wrong three digit security code (CVV2) on the deposit details.
These are the three digits at the back of your card. No transaction goes through if the numbers do not match.
The only fix to this error is to confirm your CVV2 digits and reenter to allow the deposit.
4. Error Occurred Because Olymp Trade Was Maintaining The Deposit Option
Other times Olymp Trade Visa deposit error(s) do not occur because VISA has issues. Rather, they occur because there’s a system maintenance going on in Olymp Trade.
During such times, the platform will advise that deposits be made using alternative deposit options. You can try using Skrill. Or Neteller. They all work well.
Conclusion
The bottom line is, your bank is protecting you from any form of fraud that may hit your account online. And the only way they know how — is to block any funds transfer that seem unusual.
For example if you have never used your card to transact online then a first time is sometimes considered an unusual activity — which warrants a visa deposit error.
And, much as it may be you performing the transaction remotely, the bank will still need your go ahead to process the deposit.
Visit your nearest branch to let them know that it is you trying to deposit to Olymp Trade. Or just pick a different deposit option all together. Maybe Skrill or Neteller. They all work great.
Important Update
In order to make a deposit from Visa cards the following conditions must be satisfied:
1 – The card must be VISA or MasterCard.
2 – Your name must be written on the card.
3 – 3D secure system of your card must be enabled (The SMS code,which is sent by your bank to confirm the online purchase). Visit your bank to enable this.
