Olymp Trade Blocked Accounts: Reasons and How to Unblock them?
Did you login to your Olymp Trade account and realise it was blocked? Or are you facing restrictions when accessing your trading history or making new transactions?
Or perhaps you're creating an account on Olymp Trade and want to know how to prevent being blocked.
In any case, read on to find out why you might have been blocked and how you can unblock your account to get back to trading.
Before trying any recommended solution, check if you have received an email stating your account has been blocked. Remember, Olymp Trade always sends a confirmation of a block on the account's registered email. That being said, they only use their business email to send these notices.
Make sure not to click on any suspicious emails, which may lead to your account getting blocked. Even worse, such fishy emails can be an attempt to hack into your funds and tamper with your trading setups.
Keep in mind that Olymp Trade doesn't block accounts without a valid reason. It is a widely trusted and reliable platform for investors looking to earn money in the forex trading market. Moreover, they serve a considerably massive user base, and such security practices are a must to keep scammers at bay.
To ensure a clean trading environment, Olymp Trade only blocks accounts that have violated their client agreement in some way or the other.
Let's understand common reasons why your account may have come under the list of Olymp Trade blocked accounts.
Reasons for Olymp Trade Blocked Accounts
Here are seven listed reasons why an Olymp Trade account could get blocked. All these reasons are direct violations of the platform’s policies.
1. Your Age
Olymp Trade isn't meant for minors since they cannot legally enter into a contract with a stockbroker to purchase or sell any assets on the platform.
Therefore, if you are a minor creating an Olymp Trade account, it will get blocked. And before you think about cheating the systems, know that every account needs to undergo comprehensive verification with government-issued identification, residential proof, and evidence of payment.
Note that whether or not you are considered a minor on the platform is determined by the laws prevalent in your country.
In India, the age of being considered an adult is 18 years. Thus, Indians who are 18 or above are eligible to create an account with Olymp Trade. But any prospective forex trading investor below the age of 18 would be categorised as an illegal trader.
If you are still a minor, you can spend your time learning more about the market. Doing your homework will help a lot in the long run. Learn about trading by reading books, attending webinars, and going through blogs. What's best, Olymp Trade has a tonne of trading instruments and study materials to simplify your trading experience.
You can also create a demo account on the platform to use Olymp Trade's beneficial paper trading feature. Making a demo account doesn't require anything other than a Gmail ID and password.
This will give you valuable insights and access to charts, indicators, and other suggestive trading tools. Thus, you understand how to leverage the facilities and prepare yourself for once you're of the legal age. Point being, when the moment comes, you'll be able to earn right off the bat.
2. You Have Multiple Accounts
If you created multiple accounts accidentally, Olymp Trade would block your accounts.
Make no mistake, Olymp Trade does allow its users to have multiple accounts (up to 5!), but you must ensure to interconnect all the accounts through a feature called Multi-Accounts. Not to forget, Olymp Trade will consider it abuse against their client agreement if you fail to do so.
Many have more than one account for reasons such as:
- Using different currencies
- Varying payment/withdrawal methods
- Practicing with personalised interfaces
- Trying multiple strategies.
Keeping this in mind, feel free to create more for yourself as well!
In Multi-Accounts, you still only have one Trading account or Trader ID, but up to 5 live accounts connected to it to store your money.
Here’s a small guide on how to create a trading account in Multi-Accounts:
3. Trading from Restricted Countries
Olymp Trade provides constant monetary value to its 60 million user accounts from countless countries all across the globe.
However, there are still some countries that don't support the platform. They include Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Gibraltar, Guernsey, Hungary, Ireland, Iceland, the Isle of Man, Italy, Israel, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the USA.
Note: Olymp Trade is restricted in the European Union.
Keep in mind that even if you made your account in India or other accepted countries, if you travel and trade in the countries mentioned above, it may lead to a block. Thus, if you are travelling, confirm whether the country you visit allows Olymp Trade. If not, it's better to take some time away rather than potentially getting blocked.
If you belong to one of the countries mentioned above, stay patient as Olymp Trade is a constantly growing platform. It won’t be long till you are able to trade on there too.
4. Making Deposits Through A Payment Mode Belonging to Someone Else
According to Clause 1.4.6 of the Olymp Trade Client Agreement, you absolutely cannot use a payment made through someone else's name. This is irrespective of whether the card or payment wallet belongs to your spouse, parent, sibling, or whoever.
Investors are only allowed to use modes of payment that belong to them personally for depositing money in Olymp trade or withdrawing profit from Olymp Trade. Therefore, make sure to use the payment modes registered in your name. Moreover, tricking the system won't be a viable option since you have to provide proof of payment.
If Olymp Trade notices the payment instrument isn’t in your name, they will ask you to identify the owner. You then must provide evidence that you are the owner of the mode of payment. If you cannot do so, your account will likely be blocked.
If you have unwittingly done the same and gotten your account blocked, you can submit the owner’s ID and bank proofs to the platform. In any case, this won’t guarantee getting unblocked as the final decision rests with the Olymp Trade KYC department.
5. Exploiting Technical Vulnerabilities
Using technological loopholes such as unofficial add-ons, plugins or trading bots may end up with your account being blocked.
Olymp Trade does this in the interest of the trader and the overall security of their platform. Such extensions often lead to the loss of funds since they are often unmonitored. To prevent such happenings, Olymp Trade has banned any outhouse assistance.
It is unlikely you'll get your account reactivated if this is the reason it got blocked.
You may even be able to get some earnings off of these loopholes, but profit is not guaranteed, so why take the chance of getting your account blocked?
Olymp Trade themselves offers many different trading tools in the form of Olymp Trade extensions. These extensions can vary from helping you with trading strategies, getting help from industry experts, or changing the platform's aesthetic traits. Be sure to check them out while exploring the platform!
6. Submitting Inauthentic Documents
A mistake like this will be taken seriously. Simply put, you can be sure your account won't be unblocked. Olymp Trade doesn't accept photoshopped and hampered documents due to their immense focus on security and maintaining a safe ecosystem for online trading.
People often turn to this method when they've created accounts with phoney credentials or when Olymp Trade asks for verification for payments performed using someone else's payment medium.
Always ensure you're sending proper records when asked for, or you'll end up losing all your hard-earned forex trading funds from your balance.
7. Suspicious Account Logins
Olymp Trade is a globally trusted forex trading ecosystem. To keep up to their reputation, they provide safety to your funds by keeping your account protected from potential hackers. Although there are countless hacking methods these days, the most common one is still through direct login by brute force. If the platform spots something unusual, your assets will be prioritised and protected.
They do this by blocking your account when they detect an attack or suspicious activity. Keeping this in mind, try to avoid making too many login attempts as it may lead to a freeze. Instead of logging in multiple times, it’s best to change your password altogether to avoid a mishap. Thus, the next time you forget your password, consider resetting the password instead of trying various combinations.
If this is the reason your account is blocked, you can get it back without a hassle. All you have to do is provide proof to state you are the original owner of the account. Once the KYC department clears the evidence, your account will be unblocked.
Can Big Profits Lead to an Account Block?
No, your account won't be blocked for making large profits. It is simply a common myth about Olymp Trade.
Think about it, Olymp Trade charges 0.8% to 15% brokerage fee of the total investment value. Thus, Olymp Trade still earns money through their brokerage fee when you make a profit. This means that big profits are in their interest.
It wouldn't make sense for them to block the accounts of their loyal customers, and this is something they have mentioned heavily on their trader's community page.
But if you still think this is why you were blocked from the platform, you can file a complaint to Olymp Trade's overviewing financial organisation, Finacom. It is responsible for regulating Olymp Trade and taking care of client disputes.
How Do I Know My Olymp Trade Account Has Been Blocked?
You'll get a block notification when you try to log in to your Olymp Trade account and receive a notice from them on your registered email.
The best part is that Olymp Trade will themselves tell you the reason they blocked the account for. This makes it easy for you to realise what action can be taken and keeps the process transparent.
These emails will come only from their business email ID, so please take care not to click on any links from suspicious emails claiming to be Olymp Trade.
If you do come across any suspicious activities, make sure to report them and change your password immediately.
How to Unblock Olymp Trade Account?
To unblock your blocked Olymp Trade account, the first step would be contacting customer service.
Olymp Trade customer service is available 24/7, so traders need not worry about time zones.
Call them on their Indian hotline at 02271279540 or email them at email@example.com. You can also chat with the online consultant on their website.
Since blocked accounts are a time-sensitive issue on your end, it's best to call or chat with them, as these options will lead to quicker solutions. On the other hand, emails take at least 1 business day to get a response.
If your reason is genuine, Olymp Trade will ask for certain documents to prove you are the owner of your account, and after verification, they’ll have it up and functioning again within a few days.
However, blocks are permanent in most cases as they are implemented only after a thorough investigation.
Final Thoughts on Olymp Trade Blocked Accounts
Olymp Trade only enforces blocks in case of defrauding activities, minor-owned accounts, suspicious logins, or using the platform from a restricted country. Considering this, the probability of your account being blocked for no reason is close to zero.
Moreover, a proper explanation for why your account was blocked is communicated to your email, keeping Olymp Trade a transparent and dependable trading platform.
If you haven't transgressed any of the agreement policies, you can consider yourself safe from blocks. Go ahead and continue to trade and earn profits on Olymp Trade!
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