Olymp Trade is an international Forex broker with millions of clients worldwide. The company is a licensed provider of services with its own terms and conditions. When traders break those rules, they may be blocked on the digital platform. Despite what some disgruntled traders say, this does not happen because they start making huge profits. There are seven perfectly valid reasons for the Olymp Trade block. Discover them below.
No, Olymp Trade does not block its clients when they try to withdraw their fair earnings. This is always due to some breach of the company’s terms of service on their part. Before looking at the exact reasons, let’s dispel the persistent myth of blocking due to profits.
No, It Is Not Because You Are Successful
If you trade successfully, so the ROI is high, good for you! This does not prompt the broker to block you. For the company, it is important to foster customer loyalty and reputation. A high level of client activity and success is good for its image. Otherwise, they would be sawing off the branch they are sitting on.
The broker plays by the rules of the Forex industry. It is a category A member of the International Finance Commission (FinaCom), which it joined in 2016. This monitoring organization was established for the purpose of protecting the rights of retail traders. Thus, the broker must have a valid reason to block you.
Olymp Trade is an officially registered broker, and it complies with the industry norms. In comparison, brokers without a license may (and are likely to) block your account unfairly. Such companies are scammers. With Olymp Trade, there are seven possibilities.
1. You Are Too Young
Obviously, you have to be old enough to work in the largest financial market. Minors are not allowed to trade on the platform. They do get blocked automatically without a chance to restore access to the account. If they get caught, this is not the end of the world. The company will allow them to create a new account later. Try again after you reach the age of maturity and legal capacity.
Why is age so important for a trader? Those who are too young according to their local laws are not of legal age. Any reputable broker considers this crucial for a live account, as it is used for real money. Do not worry, though — you can use the waiting time to learn the fundamentals of trading, read books, watch tutorials, and join online webinars. This preparation will give you a head start when you are finally accepted as a financial trader.
2. Trading From Multiple Accounts
One account per user is a rule without exceptions. A trader is not allowed to have more than one live account. The system will inevitably detect violations. When several accounts are registered for the same name, Olymp Trade are also blocked automatically. All of them!
However, motivation may be innocuous. For instance, one may decide to open an account in another currency. This is a perfectly valid reason, but you must know the acceptable way to do it. Start by blocking your current account with assistance from the support team. Only then you are entitled to create a new one.
3. Trading Outside Olymp Trade’s Geographic Reach
Olymp Trade is a local broker, and it does not render services in countries whose laws do not allow them. You can find the full list of these locations below. Even if you are based elsewhere, but access the account while travelling, blocking is inevitable.
Of course, we are travelling less due to the pandemic, so this rule may be less important than others at the moment. Refrain from trading while abroad, use a VPN, or contact the support team to inform them of your plans first. Here is an alphabetized list of countries where Olymp Trade does not operate.
If access is detected, any action in a trading account results in blocking. Sounds inconvenient? This measure is designed to protect both the trader and the broker from legal implications.
- The Czech Republic,
- The Isle of Man,
- The Netherlands,
- New Zealand,
- The UK,
- The USA.
4. Using Someone Else’s Credit Card or Other Means of Payment
Naturally, you may only use cards and wallets registered in your name. Whether you are topping up your Live account or withdrawing the profits, make sure you follow this rule. Even if it is a credit card of your spouse, relative, or friend, this goes against the law. Minors also try to use their parents’ credit cards. What if the card has been stolen? The broker will protect the cardholder.
If the broker suspects foul play, it will ask you to show proof of being the cardholder or the owner of the wallet. Unless you are able to provide solid evidence, the account is blocked immediately. As a licensed broker, Olymp Trade makes sure all payments are clean. Thus, do not even think of using a payment instrument with someone else’s name on it.
5. Exploiting Tech Vulnerabilities
All users of the platform must not use any third-party extensions, plugins, or Forex robots. Any such ‘enhancers’ are out of the question. Installation of any unofficial software may get you banned for good. This is done as a means of prevention. Such unreliable software extras are often the culprit when traders lose their funds.
Therefore, stick to what you have. The official Olymp Trade platform is packed with analytical tools for both fundamental and technical trading. Steer clear of shady tools of dubious origin. Rely on official information from the broker, not some shady ads of infallible robots (which do not exist).
6. Attempts to Circumvent Terms of Service
If the broker suspects you have been trying to violate the terms, it will open an internal investigation. Your account will definitely be blocked for an indefinite period of time. Thus, use only real documents, official software, and your own payment instruments.
All too often, traders lose access because they fail to read the terms and conditions. Unfortunately, people make the same mistake whether they are applying for a loan or subscribing to a service. Study the document carefully to make sure there are no reasons for Olymp Trade blocking. However, an account may also be blocked through no fault of yours. It is our reason number seven.
7. Your Account Has Been Hijacked
These days, hacking is rampant. Traders are an attractive target, as they fund live accounts with real money. Unfortunately, hackers are increasingly creative in devising ways to drain other people’s financial accounts.
The company is aware of the risks. Its internal security service monitors account activity and detects any suspicious moves. The broker usually reacts quickly, so your money stays intact — the hacker does not have enough time to bilk you.
So, are hacked accounts blocked forever? Of course not — after all, the misuse was not your fault. Communicate to the broker. The KYC department must establish the identity of the account owner. After a positive result of the check, it should be unlocked.
When Blocks Mislead?
When Blocks Mislead
Scammers have learned to exploit the company’s rigorous blocking policies. Some traders have reported getting fishy messages or emails sent from strange addresses. Remember that if you really have been blocked, the email will come from the official email address used by the broker. The Olymp Trade policy is to notify clients through email, describing the actions that caused the block.
Therefore, if you receive a message that seems dubious, never click on any links in it. Instead, go to the broker’s website and check the status of your account. It will tell you if you have been banished from the system for real. Stay calm: if the block was an error, you can restore access if you just communicate to the broker.
What to do if I am blocked by Olymp Trade
Whatever the reason for the block, contact the support team. In some cases, you may be able to recover the account. The company will ask you to provide the necessary documents or other verifications. In some cases, a phone conversation is required. To conclude, if you feel there has been a mistake, reach out to the company immediately.