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Your Olymp Trade account is locked, what will you do? This article will share with you seven reasons and the way to unlock your account.
The banker will never block a growing, profitable investor’s account as these are their potential customers. Once you are locked out, you must have violated one of the following Olymp Trade terms.
Below are the frequently asked questions and the most common reasons. Besides, you can also find ways to recover your account.
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You have to agree on the terms and policies of Olymp Trade
The registration process is quick, does not require investors too much personal data. Therefore, it is easy to overlook two important legal issues when creating a new account on Olymp Trade :
- You are an individual of legal age, depending on your country.
- The company’s terms and policies (*) have been carefully read and agreed.
(*) You can view it at https://olymptrade.com/terms
Reason 1: Legal age
The age and legal capacity of participants in the system are the main requirements to become a trader. If you are not of legal age under the laws of the country where you live, you are not allowed to participate in the trading. Pay attention to theory, read books, and watch webinars and wait until you are old enough to be legally responsible in the country where you live.
Olymp Trade will block all accounts created by a minor. Once they discover that you are under age, Olymp Trade will lock your account. Although it is impossible to restore access to your account, Olymp Trade allows you to create a new account on the platform after reaching adulthood.
Reason 2: A Trader is not allowed to own multiple accounts
The most important thing you should keep in mind to avoid any trouble is that an individual is only allowed to have one account to trade. If you need to register an account to use the deposit/withdrawal of another currency, please first request to delete your existing account with the help of the staff, then create a new account with your information.
Guide to contact Olymp Trade support: https://traderrr.com/how-to-contact-olymp-trade-customer-service-phone-email-chat-personal-analyst/
Reason 3: Transactions from countries where Olymp Trade not allowed to operate
The laws of some countries do not allow companies to operate in their territories.
The list of countries includes Gibraltar, Isle of Man, Guernsey, Jersey, Australia, Canada, USA, Japan, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Iceland, Italy, Israel, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.
Any activity on your account in these countries may be blocked.
Reason 4: Recharge account by card/e-wallet of others
You will only be able to use the deposit method that belongs to you personally. No bank cards/e-wallets of spouses, relatives, or friends are accepted.
Reason 5: Taking advantage of technical vulnerabilities
When trading on a web platform, the use of technical vulnerabilities, browser extensions, plugins, or automated trading systems (BOT transactions) is not allowed and could result in lockout of your account.
In this regard, Olymp Trade has not taken precautions because such actions often lead to the loss of traders’ money. I recommend you use the available analytical tools on the platform, not third-party tricks.
Reason 6: Try to hide the above violations
By providing fake reasons or evidence about your use of the software, fake identity, violating regulations may also lead to your account being blocked.
Reason 7: Someone tried to hack your account
There are many ways to hack your account, but brute force is considered the most common way. This method is specifically used to hack any accounts with simple passwords. When an unusual login is detected, Olymp Trade’s security service will block your account to ensure there is no misconduct regarding the amount of money in your account.
Once your account is locked, for this reason, the KYC (Know Your Customer) department will enforce your identity verification process to help the system comply with money laundering (AML) laws and protect you from illegal acts.
The account has been blocked due to big profit
This is something that will never happen, a lie. I assure you big gains will never result in Olymp Trade locking your account. Olymp Trade is very interested in successful investors, which is often reflected in Olymp Trade’s weekly publication forums.
Olymp Trade has been a member of the International Finance Committee (FinaCom) since 2016. The main objective of this organization is to help protect the rights of traders. When there is a problem with your money on Olymp Trade, you can email proof to FinaCom for assistance.
What should I pay attention to?
After blocking an account, Olymp Trade always emails information to the registered address. This notice is only sent from the company’s official email.
If you receive messages about blocking accounts from a stranger address, via messenger, or any other source, do not click on any of the links in those messages. Please visit the Olymp Trade website and check your account status. Scammers may have been trying to hack your account.
If you have any doubts, please contact Olymp Trade support. Specialists in this department will provide you with updated information about your account status.
Guide to contact Olymp Trade support: https://traderrr.com/how-to-contact-olymp-trade-customer-service-phone-email-chat-personal-analyst/
Instructions to unlock accounts when blocked
We recommend contacting technical support for the reason for this. According to statistics, the majority of customers with blocked accounts have to go through some formal procedures to recover them. These procedures include verification or even a telephone conversation with Olymp Trade.
If you think your account has been blocked in error, please contact our support staff.
Guide to contact Olymp Trade support: https://traderrr.com/how-to-contact-olymp-trade-customer-service-phone-email-chat-personal-analyst/
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General Risk Notification: Transactions offered by Olymp Trade can be executed only by fully competent adults. Transactions with financial instruments offered on Olymp Trade involve substantial risk and trading may be very risky. If you make Transactions with the financial instruments offered on Olymp Trade, you might incur substantial losses or even lose everything in your Account. Before you decide to start Transactions with the financial instruments offered on Olymp Trade, you must review the Service Agreement and Risk Disclosure Information. Olymp Trade is operated by Saledo Global LLC; Registration number: 227 LLC 2019; Registered Office Address: First Floor, First St. Vincent Bank Ltd Building, P. O Box 1574, James Street, Kingstown, St. Vincent & the Grenadines.