How to Withdraw Money from Olymp Trade

Account Opening First, Withdrawals Second

You cannot jump straight to the withdrawals. You need to have an account first. Here is how to set it up:

1. Head over to the Olymp Trade website and hit “registration” if you do not already have an account.
2. The registration form requires you to fill out your email ID and a strong password. After the email verification, your account should be up and running.
3. The next step takes you to the training, which I recommend you do not skip.
4. Once you are inside, you can view the dashboard. You can locate the profile icon in the left corner of the page. Against the profile icon, you will find the Payments tab for initiating deposits and withdrawals.

Sign up for Olymp Trade right now!

Existing Deposit and Withdrawal Options

Before you can even think of withdrawals, it is important to make a quick deposit. But first, you need to choose an account type. While Olymp Trade lets you have your geographical preference regarding account creation — an INR account for me, you can select other currencies like Euro, USD, and USDT to transact.

Deposit threshold for the USD account

The currency you choose determines your deposit threshold.

For USD, you can start with a minimum deposit of $10. As for the methods, you can choose between

• Crypto (Bitcoin, Ether, USDT, and more)
• Bank Cards
• E-Payment services (Skrill, Neteller, and more)

Existing payment methods: Deposits and withdrawals included

Please note that withdrawals follow the same pathway or set of avenues. The minimum withdrawal sum is $10.

All the browser-specific deposit and withdrawal options hold, even for the Olymp Trade mobile and desktop apps.

Create an account on Olymp Trade and make your first deposit.

The Role of Verification

Unlike other Binary Options brokers, Olymp Trade doesn’t require you to verify KYC credentials initially. Yes, you heard that right!

You can make deposits without requiring any verification. However, when you forward a withdrawal request, you must provide the necessary details to the platform.

Profile verification: Best Practices

You can even opt for voluntary verification by connecting with the customer support team beforehand. But in some cases, if you abruptly change your deposit method, Olymp Trade’s support team might assume an account compromise and ask for a mandatory verification even at the deposit phase.

As for the credentials, you must keep the national ID or any relevant government-registered ID handy. For address verification, you can submit the utility bills.

Create an Olymp Trade account first and then get to verification.

Withdrawal Process: How to Do the Deed?

Withdrawals on Olymp Trade is no rocket science. The process is as simple as it gets. Here are the steps:

1. Login and make your first deposit
2. Trade the asset of choice and preferably turn a profit
3. Place the verification request beforehand
4. If you do not want to re-trade or reinvest, withdraw the funds to the payment method of choice.

Note that Olymp Trade doesn’t charge any fee for withdrawals. However, you need to pay the network fee for crypto withdrawals.

Olymp Trade doesn’t ask for instant verification.

Secret Tip Related to Deposits and Withdrawals

I have been using Olymp Trade for quite some time now, so here is a secret strategy I found. As I mentioned, you can choose any currency account to work with. You can also have multiple currency accounts, depending on the regions you frequent and the fiat choices you deal with.

While withdrawing, you can transfer directly from one account to another on Olymp Trade without paying any currency conversion fee. For instance, if you want to convert 1 INR to USD, Olymp Trade charges a standard global rate of 0.01198, the mid-market rate as of May 15, 2024.

The transfer function to move funds from one account to the other

Sign up for Olymp Trade right now!

Basic Limits You Should Know About

Now that you focus on withdrawals, you must know a few things upfront.

The minimum withdrawal limit is $10, but there is no ceiling, and you can withdraw as much as you want. The timeframes can vary, with crypto withdrawals taking anywhere between a few hours and a day. Bank transfers can take over four days, whereas card-based withdrawals can take between one and five days. E-wallets never take longer than 24 hours.

I tested a $50 withdrawal via Skrill, and it took 12 hours for the funds to reflect.

Another aspect of withdrawals from Olymp Trade involves support for regional withdrawal methods. For instance, if you are in India, you can use UPI, and Kenyan folks can use Mpesa.

You can access the deposit and withdrawal requests in the “Transactions” section under Payments. Note that you must choose the date filter correctly, or the data will not appear.

Withdrawal dashboard

Comparing the Olymp Trade Withdrawal Process With Other Brokers

Have you been using other brokers? If yes, here is a quick comparison of Olymp Trade’s withdrawal mechanism with the likes of IQ Option and Binomo.

Liked Olymp Trade’s offering the most! Create an account and get to trading right away.

The flexibility to withdraw from any account of choice

Troubleshooting Basic Withdrawal Issues

Online systems can act up anytime. And Olymp Trade is no different. In case your primary focus is withdrawals, here are the issues you can expect, along with the possible solutions:

Verification Delays

If your withdrawal requests aren’t going through, you might want to email the customer support team. If not already, this email should have all your KYC credentials to verify the account.

You can easily check the status of your verification in the settings section.

Issue With the Withdrawal Method

If you plan on withdrawing using a method not initially used for making a deposit, you might experience an error. To avoid the same, stick to the withdrawal method that otherwise aligns with the deposits. For instance, if you used Skrill for the deposit, withdraw funds similarly.

Ensure that withdrawal methods align with the deposit methods

Insufficient Funds

You might notice that certain payment processors prevent you from making a withdrawal. Just glance at your account balance and see if it is under $10. Fix this honest mistake by making a quick, winning trade.

Issues with the Payment Processor

There are times when the payment processor of choice simply acts up. As you have already matched it with the deposit method, the only way around it is to contact the bank or the wallet provider to get a resolution.

Technical Glitches

It is possible for Olymp Trade’s system to encounter errors occasionally, or it could be a server issue on your end. While patience is the only fix, you can try a different browser, consider disconnecting the VPN if it is in use, or even clear browser cookies and cache to speed up the process.

Inactivity Fee

If you aren’t active even once every 180 days, Olymp Trade will charge a $10 fee. This might lower the account balance. Therefore, ensure that you keep making trades occasionally to avoid additional overheads.

The inactivity fee can eat into your account balance.

If none of the solutions help, you can always contact the customer support team, who will resolve each issue quickly.

Final Thoughts

I had the opportunity to try out multiple Binary Options brokers. However, I feel Olymp Trade is one of the most accommodating, especially regarding the withdrawal options, a manageable threshold, and a more balanced stance towards verifications.