Why do I need to pass the Olymp Trade verification? What benefits can I get after completing it? What documents are necessary to verify an Olymp Trade account in India? Finally, why verification may fail, and how to prevent this situation. These are the typical concerns of newbies who may see this procedure as a major stumbling block.
As often happens, the Olymp Trade verification process is simpler than it looks. This article will get you all the way through this process.
Why is Olymp Trade Verification Necessary?
Verification on the platform is necessary because:
- Olymp Trade has to comply with Indian laws
Most countries, India included, have created laws for banking and other financial institutions to monitor and prevent money laundering, fraud, and securities trading manipulation. Olymp Trade, as a legitimate business, complies with such laws in every country of its operation.
- Verification gives users additional confidence in the platform
A broker wanting to know its customers is unlikely to onboard people involved in illegal or shady practices. With Olymp Trade, you can be sure that your and everyone else’s personal data is taken seriously. Conversely, if a broker ignores Anti-money Laundering (AML) and Know Your Customer (KYC) principles, you probably shouldn’t trust them with your money. Read more about the signs of a good broker in this article.
- Olymp Trade verification ensures the safety of your funds
This procedure protects you from unwanted access to your account and funds and all the attendant risks. Don’t have a trading account yet? Go to Olymp Trade to create it and complete verification.
How to Verify Your Olymp Trade Account
You have opened a free account on Olymp Trade and now want to verify it. To start the procedure, go to Help -> Support -> Open chat and request verification. You will receive an email with a link and instructions to follow.
During the Olymp Trade verification process, the platform may request you to provide your ID, payment details, a selfie, proof of address, and proof of the source of funds. For each verification stage, you will need a set of documents. To make things faster, it is best to have them at hand when you start the procedure.
User Identity Verification
To confirm your identity, take a photo or scan of the identification document. You may provide any of the following documents:
- ID card
- Passport
- Driving license
- Aadhar card
- Voter’s ID card
- PAN card
For a passport, the identity page, along with the top page when opened, should be included. For ID cards and driving licenses, both the front and back of the card should be included in separate images.
Important:
- The whole document, including all corners, should be visible.
- Make sure that the text in the image is legible.
- No image alterations using Photoshop or other editing software are allowed.
Proof of Address
This stage of the Olymp Trade verification process serves to confirm the place of your residence. Please be ready to present any of the following documents:
- ID Card with your address
- Bank statement
- Insurance statement
- Utility bill (for internet, cable TV, landline, or mobile phone)
- Tax declaration or tax return
- Work visa for another country+ a document with your name and address on it
- Government-issued certificate of residence
- Residence permit+ a document with your name and address on it
Important:
Make sure the provided statements, agreements, utility bills, etc. include your name and address and are no older than 3 months.
Proof of Payment
At this stage of the Olymp Trade verification process, you confirm that the deposit is made from a legitimate account that belongs to you. Olymp Trade accepts deposits from a variety of sources. They include bank cards, e-wallets, crypto wallets, bank transfers, and UPI.
For your convenience, we will cover a few methods in detail below.
Bank Transfers
Provide a bank statement or a screenshot of your deposit to Olymp Trade from your online bank. The screenshot should clearly display the account holder’s name+ the transaction date and amount.
If a single screenshot isn’t possible, make two screenshots. In this case, one of them should include the account holder’s name+ account number, and the second should contain the transaction date and amount+ the account number. Both screenshots should be relatable to one another. If necessary, add a photo of your bank book with your name and account number to screenshots of the transaction.
Bank Card
You need to provide a photo of the front of the card. The backside isn’t necessary
Important:
The first 6 digits and last 4 digits of the card number, the expiration date, and the owner’s name should be visible in the image. If the deposit was made from an unnamed card, Olymp Trade allows you to provide any of the following documents for verification:
- a transaction statement for this card or the bank account linked to it
- screenshots from your online bank displaying the card number and the holder’s name
E-wallet
In this case, a client sends a screenshot of the deposit transaction. The wallet owner’s name and the wallet number or address should also be visible in the same image. Again, if the required information doesn’t fit in one screenshot, you can send additional screenshots, provided they are relatable.
For example, one with the e-wallet number/address and the owner’s name, and a second with the e-wallet number/address and the transaction. Olymp Trade accepts deposits from many different e-wallets, including Globepay, WebMoney, Skrill, and AstroPay.
Please check the Olymp Trade Help Center for the verification procedure specific to the wallet of your choice.
How Long Does This Procedure Take?
Usually, it takes no more than 24 hours to complete Olymp Trade account verification. However, the process may take up to 5 days due to some unforeseen challenges or errors.
In rare cases, Olymp Trade may also send you an Origin of Funds request. It’s made to protect the customer’s account and to abide by Indian laws regarding financial transactions.
In either case, the platform may ask you to present additional documents. The required docs may include bank or income statements, agreements for the sale of property, loan agreements, etc.
If Olymp Trade requires you to complete account verification, it’s a mandatory procedure.
The broker wants to make it as convenient for clients as possible. If this article hasn’t answered some of your questions, you can find more details in Help Center -> Verification. You can also check the Q&A section that provides some extra info.
Olymp Trade Verification Questions & Answers
— Is it necessary to pass Olymp Trade verification in India?
Yes. The procedure is necessary when a verification request comes from the platform. It’s needed to comply with regulatory requirements.
— How do I verify an Olymp Trade account?
You send a verification request to Support and then submit a set of documents and a selfie to confirm your identity, residence, payment methods, etc.
— What documents do I need for ID verification on Olymp Trade?
To verify your identity, you should provide any of the following docs: passport, driving license, Aadhar card, Voter’s ID card, or PAN card.
— Why may verification fail?
The submitted documents may be rejected because they don’t meet Olymp Trade’s requirements. For details, see the email notifying you of the verification failure. If the platform needs additional documents during the verification process, you will get an email and a push notification about your verification status update. You can see details in your Profile.
— Can I withdraw money from Olymp Trade without verification?
If the platform requires verification after you submit a withdrawal request, you need to complete the verification process to be able to withdraw funds.
— Is my personal data safe with Olymp Trade?
Yes. The company guarantees the confidentiality of a client’s personal data.
Hopefully, this information was useful!
