Olymp Trade Deposits (Common Problems and Questions)
Having trouble making your first deposit on Olymp Trade? Not sure what’s the best way to deposit money? Wondering how bonuses work?
From solutions/answers to commonly faced issues to a step-by-step guide on making deposits the right way, here’s your one-stop guide for deposits on Olymp Trade.
Let’s jump straight into it.
For More Information on Olymp Trade, read our article: What is Olymp Trade and How to Use it from South Africa?
Methods to Make Deposits on Olymp Trade
Making deposits on Olymp Trade is easy peasy mainly because you have multiple modes to do so. These include:
- JCB (Japan Credit Bureau)
- China UnionPay
Electronic Payment Systems
- Perfect Money
VIrtual Bank Cards
- AstroPay Card
- Tether (erc-20)
Visa, MasterCard, Net Banking are good options by my preferred methods are electronic payment methods like Neteller and Skrill. Here’s why.
Neteller and Skrill are in direct partnership with Olymp Trade which means your deposits and withdrawals get priority making the process quicker.
In case you do not have any of those, you can even go with cryptocurrencies like Bitcoin. Such flexibility, convenience, and safety aren’t something other platforms offer allowing Olymp Trade to stand out.
If you are using Olymp Trade for the first time, make sure you read this stepwise guide to ensure you deposit the money the right way.
How to Make Deposits on Olymp Trade - A Stepwise Guide
How to Deposit Using Bank Cards?
To deposit money on Olymp Trade via Bank Cards follow these steps:
On the platform page, you’ll find the Payment option in the top right-hand corner. Click on it and select Deposit.
Here you can either choose the deposit amount from the given options or enter one manually.
Select Bank Cards
You can also enter any available promo codes. Finding promo codes is easy peasy as active promo codes are listed by Olymp Trade itself (so you don’t waste them finding them online).
Once you have selected the promo codes, payment methods, and amount, hit Next
Enter your card details like the number, CVV, etc. and click Pay
You will then be redirected to your bank page to complete the payment.
You also have the option of saving the card. This makes making deposits even easier as you can it with a couple of clicks.
How to Deposit on Olymp Trade Using Skrill or Neteller?
If you do not prefer to use bank cards or net banking for Olymp Trade, Skrill and Neteller are the way to go. Here’s how they work.
Sign up on Skrill or Neteller. Creating an account on either should take you no more than 5-6 minutes as the process is straightforward.
Once you are done, top-up the wallet either using bank cards or other payment modes available.
on the deposit page rather than selecting bank cards as the Payment Method, scroll down. There you will find Skrill or Neteller under the heading Electronic Payment Systems.
Login to your Skrill or Neteller, approve the payment and you are good to go.
Note: Irrespective of the method you opt for, depositing money from the smartphone app is equally easy as it is pretty much the same process.
Deposit Money Using Net Banking
To use net banking as your payment method, follow the steps below:
On the deposit page, click on Payment Method.
There, you’ll find a list of banks under the heading Net Banking. Click on the bank you prefer
Click on the Pay button and don’t forget to add the promo code.
You will be redirected to the bank page where you will need to enter your internet banking details
If successful, you get a confirmation message from the bank and the amount should be visible on Olymp Trade within minutes.
Does Olymp Trade Charge a Fee on Deposits?
Olymp Trade does not charge any commission or fee when you make a deposit. Any charges are covered by Olymp Trade itself.
Although, if you leave your account inactive with balance i.e. make no trade, deposits, or withdrawals then Olymp Trade charges $10 as Inactivity Fee.
This is as per the non-trading regulations and KYC/AML Policy and thus not refundable. In case you do less than $10 in your Olymp Trade account, the fee is equivalent to the balance.
To avoid this make sure you perform some trading or non-trading activity on your account. Another thing you can do is keep a zero balance account as they are not charged any fee.
You can view the amount cut for inactivity fees in the transactions section which is also available via the Payment option on the top right-hand side of the platform window.
What is the Minimum Deposit to Start Trading?
Here’s a list of the minimum deposit amount based on the various payment methods.
Minimum Deposit Amount
Bank cards (Visa/Mastercard, JCB, China UnionPay)
$10 - Perfect Money may charge a transfer fee (0.5% - 1.99%)
How Long Does a Deposit Take?
Deposits are almost instant on Olymp Trade especially if you use electronic payment systems like Skrill or Neteller.
In rare cases, Net banking, bank card transfers, etc. can take between 2-5 business days. Make sure you check the account an hour after making the deposit. If not, wait for a few more hours.
If the deposit doesn’t get credited even after a day or two and you do not feel comfortable waiting for 5 days, get in touch with the Olymp trade customer care.
And in case the problem isn’t at their end, you’ll have to contact your bank. Sometimes banks restrict payment to sources they don’t trust and thus, require your intervention for approval.
What Are Bonuses on Olymp Trade?
Bonus is the money given to you by Olymp Trade as a gift for depositing money on their platform. While you can profit from the bonus amount, it does not impact your deposited balance in case you lose it.
Also, you cannot withdraw the bonus and if you apply for a withdrawal the bonus amount is subtracted. It cannot be used for Market features either and is only meant for trading.
How to Receive a Bonus?
To receive the bonus, you’ll need to apply the promo code BonusOnPay.
This promo code is a 50% bonus on the deposited amount. Though keep in mind that you need to deposit at least $500 to avail the bonus.
The more you deposit, the more bonus money you get. But remember, the deposit limit is decided by the account status which means expert accounts can make the most of the bonus.
Plus, it works with all payment methods so you can use any wallet or bank card you want.
Other active promo codes that might be available can be seen on the deposit page when you click on Promo Codes. You can apply them directly from there.
You’ll also win similar bonuses on deposits as you progress on the Trader’s Way as well. Learn more about account status and Trader’s way on our account status guide.
Common Problems Users Face With Deposits on Olymp Trade
There’s everything you need to know to make deposits on Olymp Trade and using Promo Codes.
As I mentioned above, Skrill and Neteller are the best modes of deposit and not just because your deposit comes in quickly but also because you get withdrawals faster.
For more information on Olymp Trade Withdrawal, read our article: Olymp Trade Withdrawal (process, limits and methods).
But in case you prefer cards or net banking but aren’t sure if your bank allows payments to and from Olymp Trade then start small by depositing $10.
Yes, $10 is all it takes to start trading on Olymp Trade so what are you waiting for? And if you are worried about losing that as you are a newbie, start with the no-risk, $10,000 demo account.
Understand the platform and trading, check out training videos, and only trade with real money once you are confident.
If you have any more questions, you can drop them in the comments below. For more serious and pressing issues get in touch with the Olymp Trade customer team.