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Olymp Trade Verification - Everything You Need to Know

By: OlympTrade Posted Nov 24, 2020 General 379 Views
(Updated 30 days ago)

How to Verify Your Account and Why It is Important

If you’re wondering about Olymp Trade account verification, why it is necessary, and unsure how to go about completing it on the popular online trading platform, this article has you covered with everything you need to know. Olymp Trade’s account verification process is not only required by Indian law, but it also serves to help protect traders from potential risks.

Is My Information on Olymp Trade Safe?

Olymp Trade can be found here: https://rebrand.ly/otpolymp and is one of the most popular and successful online trading platforms in India and the world, but with so much uncertainty with internet security nowadays, it is only natural for traders to be wary of giving out personal information.

However, most countries in the world, India included, have created laws for banking and other financial institutions to monitor and discourage money laundering, fraud, and securities trading manipulation. Olymp Trade, just like your local bank, is required to comply with these laws in every country in which they operate.

Consequently, traders in India have to complete this account verification process in order to trade on Olymp Trade or with any legitimate broker for that matter. The good news is that not only is verification fairly easy, but it also serves two additional purposes that benefit traders - account security and trust.

While the account verification process may be inconvenient, going through the steps on Olymp Trade will provide you with a more secure account such as two-factor authentication that reduces the risk of outside hacking or account theft. You will also be comfortable knowing that your investments with Olymp Trade are compliant with Indian laws.

Additionally, if a broker, online or otherwise, isn’t following India’s Anti-money Laundering (AML) and Know Your Customer (KYC) laws, you probably shouldn’t trust them with your money.

How to Verify Your Olymp Trade Account

If you’ve already opened your Olymp Trade account, the trading platform has an extremely helpful FAQ regarding the entire verification process that will walk you through it step-by-step.

For those of you who haven’t got around to setting up your free account on Olymp Trade, you can check out the popular Olymp Trade blog can be found here: https://cutt.ly/eh6cmPr and has a great article detailing all the account verification process steps as well. They even have a great YouTube video in English here: https://youtube.com/watch?v=LM42pe3s060&feature=youtu.be that details every part of the process to make it as simple and pain-free as possible.

The verification process may seem daunting at first, but armed with a good camera or scanner and these documents that you likely have at your fingertips already, you’ll be done with the process quickly.

Here is a list of the documents that you will need to complete Olymp Trade’s verification process, all of which you probably have on hand already or can get with very little effort.

Identification - One of the following identification documents:

- ID card

- Passport

- Driver’s license

- Aadhar card

- Voter ID card

- PAN card

You will need to take a photo or scan of the identification document. For a passport, the identity page along with the top page when opened should be included. For ID cards and driver’s licenses, both the front and back of the card will need to be included in separate images.

Be sure to include the full document including all corners and that the text in the image is legible. Do not alter the image in any way with Photoshop or other editing software.

Proof of Address - One of the following documents verifying your address and should include your address and name in one image:

1. ID Card (if it wasn’t used for the Identification portion of verification),

2. Bank Statement that includes your name and address that is no older than 3 months.

3. Utility bill that includes your name and address that is no older than 3 months.

4. Tax declaration that includes your name and address that is no older than 3 months.

5. Student or work visa for another country.

Proof of Payment - You will need to verify that you made a deposit to your Olymp Trade account from an account that belongs to you. Olymp Trade accepts deposits from a variety of sources including bank cards, online banks, e-wallets, Bitcoin, and bank transfers. We will go into the detailed steps for a few of these here, but the process is much the same for each.

Here is what you’ll need for various deposit methods:

Online Banking

A screenshot of your deposit from your online bank that clearly displays both the account holder’s name and the transaction to the Olymp Trade platform.

If a single screenshot isn’t possible then two screenshots can be made provided that one includes the account holder’s name and account number, and the second includes the transaction to the platform and the account number. Both screenshots should be relatable to one another.

If necessary, a photo of a bank book with the name and account number may be included with screenshots of the transaction.

Bank Card

1. The client will need to provide a photo of the front of the card. The backside isn’t necessary.

2. The first 6 digits and the last 4 digits of the card number, the expiration date, and the owner’s name should be visible in the image.

E-wallet

1. The client will need to send a screenshot of the deposit transaction to the platform where the wallet owner’s name and account number are also visible in one image.

2. If the required information can’t be included in one screenshot, the client can send additional screenshots provided they are relatable. For example, one with the e-wallet number and the owner’s name, and a second with the e-wallet number and the transaction both visible.

Olymp Trade accepts deposits from many different e-wallets including Globepay, WebMoney, Skrill, AstroPay, and UPI. The Olymp Trade verification documents are similar to all of these, but clients should be sure to check the platform’s FAQ for the procedure specific to any one of these in particular.

Once you’ve completed the account verification procedures on the platform, your account will be ready to go usually within 24 hours. It can take up to 5 days in the event of some unforeseen challenge or any errors, but that is the exception and not the rule.

One other rare occurrence is verification for an Origin of Funds request. This request may be made by Olymp Trade for a couple of reasons. The main reason is to protect the customer’s account and the second is to abide by Indian laws regarding financial transactions.

In either case, an additional document or two may be required in the verification process, but it is usually just a formality.

Olymp Trade Withdrawal Verification

Once you’re earning profits from trading on Olymp Trade, you’ll certainly want to withdraw your funds to use for other reasons such as buy a home, take a vacation, or get that dream car.

Fortunately, getting your money out of your Olymp Trade account is just as easy as depositing it and there are no fees charged by Olymp Trade associated with withdrawing funds from your account. Just go to your Olymp Trade account here: https://rebrand.ly/otpolymp to start the process.

To protect clients from fraud, Olymp Trade has mechanics in place on the platform to verify withdrawals and keep your money safe. One of the best ways traders on Olymp Trade do this is by using one of the two-factor authentication systems that can be employed such as Google Authenticator.

However, you may be requested to provide additional proof of account ownership before the withdrawal transaction is fully processed. Documents needed for this are similar to the ones you used to verify your account in the first place, so there should be little difficulty in providing them.

After all, you earned these profits and don’t want them fraudulently sent off to someone else.

Safe, Compliant, and Reliable

Olymp Trade prides itself on creating opportunities for average investors to trade the markets profitably. With 6 years in the industry and one of the most innovative online trading platforms in the world, it is no wonder that so many people have become Olymp Trade clients.

However, there is more to Olymp Trade’s success than just providing easy access to global markets. Olymp Trade makes every effort to provide a safe and secure trading environment for its clients. Trust is important and their commitment to regulatory compliance of India (and other nations) is a testament to the quality of their management.

Additionally, Olymp Trade is a Class A member of the International Financial Commission, which guarantees deposits up to 20,000 Euros for clients of Olymp Trade and other leading global financial institutions.

Olymp Trade’s account verification and withdrawal systems are one of the most impressive demonstrations of the company''s focus on generating client trust by providing a safe, compliant, and reliable platform for traders in India and throughout the world.

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