If you apply the right trading strategies, you’re bound to make profits on the OlympTrade platform. The platform is quite simple to use and easily accessible via web browser or mobile app.
However, even for successful traders, making withdrawals from their Olymp Trade account comes with its challenges.
Many questions regarding withdrawals remain unaddressed on the platform’s FAQ.
The result is many traders posting complaints and questions on third party forums and blogs all over the internet.
After reviewing most of these, I’ve tried to answer most of the questions regarding withdrawing from your Olymp Trade account in the following FAQs.
- What withdrawal options are available at Olymp Trade?
- What is the minimum withdrawal amount and are there any fees or commissions?
- How long will it take to receive my money?
- Am I guaranteed that I will receive my withdrawn funds?
- How much bonus will I receive on my deposit?
- How do I use the bonus and can I withdraw it?
- Do I need to verify my account before making a withdrawal?
- What is the withdrawal procedure?
What withdrawal options are available at Olymp Trade?
Olymp Trade offers credit/debit card, online payment systems like Skrill and bank transfers as their main payment options.
For Vietnamese traders, the platform also accepts the Bao Kim eWallet as well as prominent Vietnam based banks like the Vitecombank and ACB.
It’s worth noting that Olymp Trade only allows you to withdraw funds to the payment system you used to deposit money
However in special circumstances like a bank refusing to accept your withdrawal, you can contact the Olymp Trade technical support team and have funds transferred to an alternative payment system.
What is the minimum withdrawal amount and are there any fees or commissions?
The minimum you can withdraw from your Olymp Trade account is $10. Withdrawals will not attract any fees.
However, you should remember that third party payment processors usually deduct processing and currency conversion fees.
As such, in most cases you’ll find that the amount you receive in your account is less than the amount you withdrew from your trading account.
How long will it take to receive my money?
Olymp Trade says that 90% of withdrawal requests are processed within 24 to 48 hours. However, it might take up to 5 working days for a withdrawal to be processed.
It’s also worth noting that VIP account holders get priority processing meaning their withdrawal requests are processed faster than other account holders.
Processing time however isn’t the same as the time it will take for your money to reflect in your account.
In many instances, it will take slightly longer for your funds to reflect in your account.
This is certainly the case when making your withdrawal using wire transfer. It’s therefore important that you carefully consider your preferred payment method when opening a real account.
Am I guaranteed that I will receive my withdrawn funds?
Provided that your account has enough money to facilitate the withdrawal request, you should receive your money.
However, there are instances where the payment system (usually banks) will reject your withdrawal.
In such instances, OlympTrade advises you contact the payment system’s support team and get the reason why your funds were rejected (or taking longer than usual to reflect).
You can also contact the Olymp Trade technical team. They will help you find an alternative payment method through which you can withdraw your funds easily.
How much bonus will I receive on my deposit?
Although Olymp Trade accepts deposits as low as $10, only deposits of $30 and above attract bonuses.
The bonus amount you’ll receive will depend on how much you deposit and ranges between 10% and 50% of the deposited amount.
It’s worth noting that you can choose to reject the bonus offered by Olimp Trade when making your deposit.
How do I use the bonus and can I withdraw it?
Bonuses can be used to trade. However, they cannot be withdrawn. Profits generated from bonuses can however be withdrawn.
One great thing about Olymp Trade bonuses is that they do not affect your ability to withdraw your deposited amount.
That is, you can still withdraw your deposit even if you haven’t made trades using your bonus amount.
Do I need to verify my account before making a withdrawal?
Yes. It’s required that your account be first verified before you’re allowed to make a withdrawal. The account verification process is done by contacting one of their support staff via text, email or phone call.
What is the withdrawal procedure?
Withdrawing from your Olymp Trade account is simple. Once your account accumulates an amount exceeding $10, follow these steps:
1. Log in to your trading account.
2. Click on ‘Make a Deposit’ button. On the payments page, click on the ‘Withdraw’ option.
3. Fill in the requested information. As mentioned, the amount you want to withdraw must be equal to or exceed $10.
4. Choose the payment option. Note that Olymp Trade will only allow you to withdraw funds through the payment system used to deposit cash into your trading account.
Once done, fill in the requested information before completing the transaction. Your withdrawal request will then be processed within 24 hours to 5 working days.
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