Withdrawing from OlympTrade
You can select any withdraw method but only if you use it as deposit before!
Note: Money will be withdrawn only to the bank card or the wallet from which you already replenished your account on our trading platform.
It is possible to make profits on the OlympTrade platform if the right trading strategies are applied. The platform is easy to use and can be accessed with a web browser or the app. Making withdrawals from an Olymp Trade account does however have its challenges, even for successful traders. The platform’s FAQ leaves many questions regarding withdrawals unanswered and many traders post complaints and questions on third party blogs and forums as a result. This article attempts to answer most of the unresolved questions regarding withdrawals from Olymp Trade.
How can withdrawals be made from OlympTrade?
The main payment trades offered by Olymp Trade include debit and credit cards, bank transfers and online payment systems like Skrill. For traders in Vietnam, payments from a Bao Kim eWallet and prominent Vietnam banks including ACB and the Vitecombank is accepted. Olymp Trade will only allow traders to withdraw funds to the payment system that was used to make a deposit. There are however special circumstances where this is not possible, like banks refusing to accept a withdrawal. In these cases, the Olymp Trade technical support team can be contacted and they will arrange to transfer funds to another payment system.
What are the fees and minimum withdrawal amounts?
The minimum amount that can be withdrawn from an Olymp Trade account is $10 and Olymp Trade does not charge any fees for this. Third party payment processors do however normally deduct currency conversion and processing fees. This means that in most cases, the amount deposited into an account will be less than what was withdrawn from the trading account.
How long does it take to receive the money?
Olymp Trade tries to process of withdrawal requests within 24 to 48 hours and manages to do this 90% of the time. It could however take up to 5 working days for to process a withdrawal. VIP account holders’ get processed first, resulting in their withdrawal requests being completed faster than others. This does however no mean that the money will immediately show in your account after Olymp Trade has processed it, and it normally takes slightly longer for the funds to show in the destination account. When using wire transfer to make a withdrawal, this is certainly the case. It is therefore worthwhile selecting the preferred payment method carefully when opening a trading account.
Will I receive the funds withdrawn?
If the trading account contains enough funds to cater for the withdrawal, the money should be received. There are however cases where payment systems (normally banks) reject withdrawals. OlympTrade advises that in such cases, the payment system’s support team should be contacted to obtain the reason for the rejection or why funds take longer than normal to reflect. Olymp Trade’s technical team can also be contacted and they will assist in finding an alternative method through which withdrawals can be made easily.
What bonus will I receive when making a deposit?
Olymp Trade deposits are as low as $10, but only deposits of more than $30 attract a bonus. The bonus amount depends on the size of the deposit and is between 10% and 50% of the amount deposited. The bonus offered by Olymp Trade when a deposit is made may however be rejected.
Can a bonus be withdrawn and how is it used?
Bonuses are to be used for trading and can’t be withdrawn. Profits generated from trading with a bonus may however be withdrawn. An Olymp Trade bonus does not affect the ability to withdraw the amount deposited, i.e. the deposit can be withdrawn even if the bonus amount has not been used to make trades.
Must an account be verified before a withdrawal is made?
An account must be first verified before a withdrawal can be made. Account verification is done by contacting Olymp Trade’s support via email, text, or making a phone call.
What is the procedure to withdraw?
Withdrawing from Olymp Trade can be done once the trading account contains more than $10 by following the steps below:
1. Log into the system.
2. Select the ‘Make a Deposit’ option, then click on the ‘Withdraw’ option on the payments page.
3. Complete the required information, making sure the amount equals or exceeds $10.
4. Select the payment option, making sure it is the same one with which money was deposited.
Fill in the rest of the details and complete the transaction. The withdrawal request should be processed between 24 hours and 5 working days.
An Olymp Trade demo account can be reloaded with virtual cash to continue practicing trading strategies. Sign up for the demo account with $10000 virtual cash.