There are seven reasons why accounts are blocked on the Olymp Trade’s platform. I must say that the common myths that accounts are closed because traders are earning too much, or when they try to withdraw their money are just that myths. When an account is blocked it is usually because the trader breached their agreement with Olymp Trade.

As a broker, Olymp Trade is obligated to close accounts if they break their terms of service. The seven reasons an investor could lose their account explained in this article.

The Myth: Blocking due to large profits

But first, let’s look at the myth. Earning large profits cannot lead to your account being blocked. Olymp Trade is interested in maintaining both a high level of client activity and success.

Olymp Trade has been a category A member of the International Finance Commission (FinaCom) since 2016. The main goal of this organization is to help protect the traders’ rights.

Reason 1: Age

Olymp Trade blocks every account created by a minor. It is impossible to restore access to it, but the client can create a new account on the platform after reaching the age of maturity.

The age of maturity and legal capacity are key requirements in becoming a trader. If you are not of legal age according to the laws of your country, you are not allowed to trade, especially on a live account with real money. Take time to learn the basics of trading, read books, and watch webinars.

Reason 2: A single trader has more than one account

It is crucial that all Olymp Traders understand, one person can only have one trading account. Multiple accounts under the same name there are flagged in the system, and all accounts in question may be blocked.

If for some reason you need to register an account in another currency, first, block your current account with the help of the OT support team, then create a new one.

Reason 3: Trading from the countries where Olymp Trade doesn’t operate

Unfortunately, the laws of some countries do not allow Olymp Trade to operate in their territory. Though you may have registered in a country where OT’s services are allowed and you could be visiting another country where they do not permit trading through OT, using your account can get it blocked.

The list of these countries 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.

Any activity in your account in these countries may lead to a block. This action is taken to protect both the trader and OT.

Reason 4: Using a card/e-wallet/other means of payment that is not yours

Investors are only permitted to use means of payment that belong to them personally. For topping up your trading account, and withdrawing from the platform. Using the bank cards (electronic wallets) of your spouse, relatives or friends is not allowed.

If Olymp Trade asked you to identify the cardholder or the owner of an electronic wallet, you must provide evidence that you are the owner of the payment instrument. If a trader fails to do so, the account will be blocked.

Reason 5: Using technical vulnerabilities

The exploitation of any technical vulnerabilities, use of unofficial extensions, plugins or automated trading systems (trading bots) may also result in your account being blocked.

Olymp Trade created this rule as a preventive measure, as such actions often resulted in the loss of the trader’s funds. Stick to the analysis tools available on the platform and do not resort to attempting to use various schemes and tricks to try and be more successful.

Reason 6: Attempting to get around the above-mentioned reasons

Suspicion of any of the 5 previous reasons could result in your account being blocked pending an investigation. Using false documents, unofficial extensions, another person’s finances, or any other violation of the terms of service could result in your account being blocked.

Reason 7: Someone tried to hack into your account

Olymp Trade’s security service can block your account if there is suspicious activity. There are plenty of hacking techniques, yet brute force is still the most common option. If there is an attack on your account it will be blocked to protect your assets.

In my experience, if your account has been frozen due to an attack, it can be unlocked after the KYC department identifies you as the owner of the account.

What to watch out for?

After an account is blocked, Olymp Trade sends an e-mail to the registered address with information pertaining to the account activity that got the account blocked. These notifications are sent only from the official business e-mail of the company.

If you have received a message about being blocked from a suspicious address or via messenger, do not click any links they provide. Visit the Olymp Trade website and check the status of your account. You may have been targeted by scammers.

What should I do if my account has been blocked?

I recommend contacting the technical support team to know the reasons for this. The majority of customers whose accounts have been blocked, have to go through a few formal procedures to recover them. These processes could include different verifications or even a phone conversation with an Olymp Trade employee.

If you think your account has been blocked by mistake, here’s my advice: contact Olymp Trade support team.