Olymp Trade Account Settings: Common Problems and Solutions

Binoptionen Writer - Cody Walls
Cody Walls

If you're an amateur, intermediate, or expert investor, Olymp Trade's rich number of trading instruments, analytical tools, and educational content can help you build massive profits. They're reliable, regulated, and boast a large customer base consistently trading in forex assets across the Olymp Trade platform.

Does the prospect of indulging in forex trading interest you? If yes, you must learn how to keep your account secure, the types of accounts offered, and multiple additional questions that can simplify your account management journey on Olymp Trade.

How to Change Olymp Trade Account Details?

How to Change Olymp Trade Account Details

The Olymp Trade platform enables multiple options for traders from across the globe to change their account details.

Here’s a step-by-step guide on how to achieve the same:

Start on the right foot by first setting the language you want to use. Olymp Trade offers multiple languages to choose from, which can be accessed in 3 easy steps. 

If you want to set English as your primary language from an existing language, log in to your Olymp Trade account and:

  • Click on the menu button in the top left-hand corner.
  • Scroll to the bottom of the menu to locate a flag icon. If at all your account is set in Vietnamese, you’ll see the Vietnam flag.
  • Click on this icon and select the language you want to pursue your online trading experience in.

How to Change Password?

An important point to remember is that in order to get access to your trading account on any device, you need to enter your email address and password each time you log in. This is to protect your account from unauthorised subjects.

Although, if you forget your password, here’s a guide with all that you need to know:

  • Enter your email address on the login box and click on the link “change password” below that.
  • You will receive a password recovery mail from Olymp Trade on your registered account.
  • Tap on the “change password” option in the mail. This will redirect you to their website, on which you will come across an empty field. Fill in your new password twice and click on “change password” to confirm.
  • This new password is now verified and valid for you to log in at all times.

Optionally, you can change your password in the profile section on the platform anytime you want.

How to Change Email?

To keep your account safe and protected from fraud, the Olymp Trade platform doesn’t allow you to change your email via your registered user account. 

In such cases, you need to contact a consultant from the support team to help you out.

How to Change/Add Phone Number?

While registering as a trader, if you haven’t filled out your contact details and you wish to, follow these simple steps: 

  • Click on your profile icon and select settings.
  • After this, you can click on personal and select contacts.
  • You will come across a contact details section in which you can drop in your number.
  • A verification code will be sent to your number for confirmation.

If you wish to change an existing number or add a new one, you need to contact the support team for security reasons.

How to Change Currency on Your Olymp Trade Account?

Every individual account has only one currency that cannot be changed over time. Although, the best alternative is to create another account and discard the old one if not needed.

Note: There’s a limit to the number of accounts you can create and use before the Olymp Trade platform bans you from using their services, which also comes along with a set of guidelines that you need to follow.

What if you need those multiple accounts for trading in different currencies?

Look out for the guidelines given below. 

Multi-Accounts on Olymp Trade: What They Are and Benefits?

Multi-Accounts on Olymp Trade What They Are and Benefits

This unique feature allows traders to create and monitor five accounts together. These accounts are interconnected, and you can choose between multiple currencies like USD, EUR, Dollar, Rupee, etc., for each individual account. 

With complete access to the accounts, you can keep track of where and how to distribute your profits, select and store them in currencies for future endeavours, and design models for financial strategies. This also allows you to rename and archive these accounts anytime.  

Note: Multi-accounts allow you to have only one trading account (trader ID), including five live accounts, to transfer and store your money.

How to Create Multi-Accounts on Olymp Trade?

To create one or multiple live accounts, all you need to do is: 

  • Tap on the “Accounts” bar on the menu.
  • You will spot a “+” button - click on that.
  • Choose the type of currency you want to opt for.
  • Type in the name you wish to and click on create an account.

Note: Create every account with a different name to avoid confusion. Use the accounts menu to switch and track the status of all your accounts.

How to Rename, Withdraw, and Deposit into Multi-Accounts?

There are no limitations to renaming your live account. It can be done any time after its creation. Here’s what you need to do:

  • Tap open the “Accounts” bar.
  • You will see a three-dot line next to your account name.
  • Click on that and choose the option to rename.

Note: Accounts are arranged in ascending order, where the older ones are placed periodically on top, followed by the newly created ones. 

With zero complications, you can withdraw money from any live or trading account by clicking on the accounts menu and selecting the one you wish to withdraw from. After filling in the desired amount, the money will be transferred to your bank account or e-wallet within five working days.

Similarly, depositing your funds can be done by choosing the live account to which you want to consign it. Select the “deposit” option and then fill in the payment details.

How to Transfer Money Between Different Accounts?        

Considering how these accounts are interconnected, it is feasible to transfer funds between your live 

accounts as needed.

Follow these simple steps for your next transfer:

  • Click on the “transfer” tab in the “accounts” menu
  • Select the sender and the recipient account.
  • Fill in the required amount and hit the “transfer” button.

Note: There’s a payment option in the top right-hand corner, which allows you to get direct access to the transfer option. This makes it easier for traders to transfer and store profits in their alternate accounts.  

How do Bonuses work with Multi-Accounts?

If you are managing multiple live accounts and happen to receive a bonus, it will be transferred to the account that you’ve last deposited these funds to.

If you transfer the funds from one account to another after receiving the bonus, half of which will automatically be sent over to the live account. 

For example, in layman’s terms, your trading account consists of $50, and the bonus received is $20. From which you decide to transfer $30 to another account, an addition of $10 will then be transferred along with it

How to Archive an Olymp Trade Account?

How to Archive an Olymp Trade Account

Keep track of the previous trading history while planning to place a live account into archives. Make sure the account you're trying to archive:

  • Does not contain any funds.
  • End any open or current trades existing on this live account
  • It should not be the last multi-account on your profile.

With the steps mentioned above, you can successfully archive your live account.

Note: All details of your transaction history will be saved. You can revisit the trading history via your account profile.

How to Set Up Two-Factor Authentication?

How to Set Up Two-Factor Authentication

While earning through trading is exciting, authentication of your account is essential too. To ensure the best security for your account, here’s a guide to show you how to keep your account safe by setting up two-factor authentication:

  • Open the profile tab and fill in all the necessary details in the blank space
  • Scroll down and click on two-factor authentication

Now you can pick from either of the two ways of setting this up for your trading account, which can be through SMS or Google Authenticator. Given below are simple steps for both:

Via SMS:

  • Select SMS authentication and enter your contact details.
  • Keep in mind to enter the country code.
  • You will then receive an OTP that you have to enter and then click on confirm.

Every time you sign-in on the platform, the system will now send an SMS containing a code you have to use while logging in.

Note: Text messages from Olymp Trade might be fast or slow based on network connections. Since it’s an international trading platform, there’s a probability of time lag while delivering messages, which might lead to issues in accessing your live accounts. 

You will be given ten attempts before your account gets restricted, after which you will then have to wait for another 4 hours to retry. Ideally, to avoid such a situation, we suggest having a good phone network from your end.

Via Google Authenticator:

  • You need to install the Olymp Trade app on your phone.
  • Register and scroll over to settings.
  • Click on two-factor authentication from the settings menu.
  • Select the option for Google Authenticator.
  • Scan the code on the app and then click continue. 
  • A code will be sent to your smartphone. Enter the code to get started.

Note: If you face problems with the scanner, there’s also a code right below it for you to access.

Finish the setup by entering the code on the app.

End this procedure with a 6-digit OTP and a password you need for logging in.

The fact is that two-factor authentication can honestly get annoying when logging in repeatedly. But it’s always better to be safe than sorry, so we suggest activating two-factor authentication for your accounts.

What is a Segregated Account?

What is a Segregated Account

Olymp Trade creates a segregated account to store all the client's funds. It is separate from the trading and live accounts consumers have. 

This account comes with maximum transparency provided by Olymp Trade and offers uninterrupted access to the collected funds. The end goal of this account is to protect all its customers from all possible financial risks. 

Although keeping in mind the ever-changing market conditions, we've all seen recoveries from losses and poor investments. If the company goes bankrupt under any circumstance, the client’s funds are 100% safe and secure, which will be refunded at all costs.

Final Thoughts

Olymp Trade technically provides a wholesome experience when it comes to giving end-to-end solutions for all your account-related problems and more. 

Simply go through this guide for a quick fix on IDs, passwords, multi-account trading, deposits and setting up two-factor authentication.

The experience on the platform only keeps getting better, considering you get to experiment with multiple currencies, manage funds seamlessly, and structure finances using the platform's multi-accounts feature. 

Also, if you feel lost at any point in this unique trading experience, their free blogs and endless training videos will give you direction. 

To top it all, you also get to set a demo account on which you get to learn, practice and master the art of trading without risking any of your finances.