Reasons Why Olymp Trade Accounts Get Blocked and How to Unblock Them
Maybe you want to create an account on Olymp Trade and want to prevent getting blocked.
Or maybe, you login to your Olymp Trade account, and bam, it has been blocked. You check your email and there’s confirmation about it.
Well, don’t panic.
In this article, I am going to cover all the reasons that can get you blocked and what you can do to unblock your account.
Olymp Trade don't just block accounts without any reason, moreover we have done a complete Olymp Trade review to make sure its a liable trading platform.
Now, Let’s jump straight into the reasons first for a blocked account.
Reasons for Olymp Trade Blocked Accounts
1. Your Age
If you are a minor creating an Olymp Trade account then you are bound to get blocked. And no, you cannot game the system since you need to verify your account with a government-issued ID and residential proof along with proof of payment (read all about verification here).
And whether you are a minor or not is dictated by the laws of your country. In South Africa, 18 was made the age of majority in 2005 from 21.
In case you are still minor and interested in trading, I would recommend you continue learning by reading books, attending webinars, following experts on Insta, Twitter, etc. So when the time comes, you hit new profit levels with every click.
2. You Have Multiple Accounts
Did you create multiple accounts by mistake? Well, then you know exactly why you got blocked.
Another reason why people create multiple accounts is to have accounts with different currencies, payment/withdrawal methods, try different strategies, etc.
In this case, it is important to interconnect each account. You are allowed a total of 5 accounts and you can learn to connect these accounts on our account settings guide.
Also, you do not need different accounts to run the demo and real accounts, you can switch between them with a single click.
3. Trading From Restricted Countries
Not all countries support Olymp Trade.
These include Gibraltar, the Isle of Man, Guernsey, Jersey, Australia, Canada, the USA, Japan, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Iceland, Italy, Israel, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom.
Even if your account was created from South Africa or other accepted countries, any activity from the above-mentioned countries can lead to a block. So beware when you travel and trade.
4. Making Deposits Using Someone Else’s Card
If you are using someone else’s net banking, wallets, or bank cards to make payments, it is a recipe for disaster.
That’s because it violates the Client Agreement, Clause 1.4.6. And that’s irrespective of whether the card, wallet, etc. are of your spouse, parent, etc.
So make sure you use payment modes that belong to you. And since you need to verify proof of payment, gaming the system isn’t possible.
In case you have used someone else’s account, you can submit their ID and bank proofs but the decision solely rests with the Olymp Trade KYC department.
5. Exploiting Technical Loophol
Are you using bots? Or maybe some plugins, add-ons, or automated trading software that Olymp Trade does not support.
Once again, you are in violation of the Terms and Conditions, and while it might have helped you in the short term, once Olymp Trade spots it, getting blocked comes as no surprise.
And yes, in such a case, unblocking your account is going to be extremely tough.
Oh, and considering that these unauthorized plugins, automation, etc. do not guarantee profits, are they really worth the risk?
Olymp Trade itself offers many different tools for forecasting and automation. You can read all about them on our detailed Olymp Trade platform review.
6. Submitting Fake Documents
Some mistakes are simply unforgivable and one of them being submitting fake documents. Olymp Trade doesn’t accept collages or photoshopped documents.
Most people turn to this when they have created profiles with fake credentials or made payments using someone else’s card and Olymp Trade has asked for verification.
7. Suspicious Login Attempts
You trust Olymp Trade to keep your deposits and profits safe until you withdraw them and they do just that.
One of the ways is by blocking the account when a hack is detected.
The one thing you want to avoid though is making too many log-in attempts as that can lead to a freeze as well. The ideal way would be to change your password but in case you didn’t and it gets blocked, getting your account back should be hassle-free.
Can Big Profits Lead to an Account Block?
No, your account won’t be blocked for making big profits. This is one of the most common misconceptions with Olymp Trade.
But why would a company want to block its loyal customers that aren’t just making profits themselves but also for Olymp Trade?
Isn’t it in their best interest to let you continue? And that’s something Olymp Trade has reiterated time and again on their trader’s community page.
But in case you still feel profits were the reason you got banned, feel free to file a complaint with Finacom, the financial organization that regulates Olymp Trades and takes care of client disputes.
You can read all about them here.
If the deposit hasn’t been credited to your Olymp Trade account, firstly, check if the money has been debited from your account and not returned. If all’s good at your end then I’d suggest you get in touch with the 24*7 customer support on Olymp Trade. Chat and phone call is my favorite methods for a quick resolution.
In some cases, the money gets credited within a day, and though rarely, the wait can go up to 5 days so don’t panic.
How Do I Know My Olymp Trade Account has Been Blocked?
Not only will you get the block notification when you try to log in but Olymp Trade also sends you an email about it.
And since these emails are only sent via the business email, make sure you do not click on other suspicious emails suggesting your Olymp Trade account has been blocked.
Another thing you can do to check the status of your account before you click any link is to get in touch with the customer support team as they will have all the latest details.
And don’t forget to report any suspicious activities and change your password immediately in case you have been scammed.
How to Unblock Olymp Trade Account?
The first step to unblock the account is to get in touch with Olymp Trade customer support and voice your concerns. They are available on both chat and phone.
- Contact by Email: email@example.com
- Contact by Phone: 27 (21) 1003880 Cape Town, South Africa
If you have a genuine reason, it will take some verification procedures and your account will be up and running again within days.
Note: In most cases, blocks are permanent as Olymp Trade only blocks accounts after thorough checks.
Olymp Trade rarely blocks accounts and it definitely isn’t because clients were earning huge profits.
Blocks are mainly implemented in case of fraudulent activities, suspicious logins, accounts of minors, or for using Olymp Trade from blocked countries.
And you get clear communication as to why the account was blocked, unlike with other trading platforms.
This makes Olymp Trade one of the safest and most transparent trading platforms on the block. Oh, and did I tell you that you don’t even need to risk real money straight away?
Yes, newbies can create a $10,000 demo account and practice trading, and learn about the tools on Olymp Trade. And this can be renewed anytime you want.
And if you haven’t violated any of the terms and conditions, you can continue depositing, money, making trades, and withdrawing profits without any hassles.
If you have further questions related to blocked accounts on Olymp Trade, get in touch with me via the comments section or the contact page.