[Resolved] Olymp Trade — They blocked my account without Valid reason

[Resolved] Olymp Trade — They blocked my account without Valid reason

S Shreyaskb Jul 27, 2021

I would like to raise a dispute against olymptrade as they have blocked my trading account on 26-08-21 on accusation of having multiple trading account on their platform. My previous account has been closed by olymptrade as there was a lot of issues regarding OTP and after that I have access only to the new account 78506365. I do have an email from olymptrade stating that my old account has been closed and I can continue using the above account. If my account was black listed they had to block me during verification and not with false accusations. When asked for proof of having multiple accounts, they denied to furnish proof of any kind. I also asked the team to contact me via a phone call and they promised to do so but didn’t bother to call. I have also requested a withdrawal of $250 on 24-08-21 which had been deducted from my trading account but hasn’t reached my bank. When I asked the company about the same, I did not get any response. Along the withdrawal amount of $250, I had an account balance of $384. Total amount stuck $634. Out of which the company is willing to give me only $80 dollars which is very unfair for a situation which is not based on proof of any sort. I will be attracting email from Olymptrade stating this is my only account and also screenshots of my withdrawal requests . +2 photos Was this information helpful? No (1) Yes (10)
Oct 29, 2021 Complaint marked as Resolved Olymp Trade customer support has been notified about the posted complaint. Verified Support Jul 28, 2021 Olymp Trade Customer Care's response Hello, dear Shreyaskb! Thank you for contacting us. We are sorry to hear that you received no feedback after the requested callback. We have passed the information to our support team. Our specialist will reach out to you at the earliest convenience to provide you with full assistance on the mentioned withdrawal issue. Indeed, during the verification of your trading account, it was discovered that you have several accounts on the platform. As specified in Clause 2.32 of the service agreement: "The Customer has the right to have only one Customer account." The Company reserves the right to block any other accounts and all the funds in them upon discovering that you are trading on more than one account. Blocking access to the Olymp Trade trading terminal is a very serious measure that is taken only when trader breaches the service agreement terms. If you disagree with the company's decision, you can forward a complaint to an independent department: [protected]@olymptrade.com In your email kindly describe the situation in full detail and specify your account ID number. Please, send the email from the same address that you used during the registration of an account. Best regards, Olymp Trade team. Jul 30, 2021 Updated by Shreyaskb Even after contacting them I have no proper solution to this issue. During verification I got a email from you guys saying I can use this account even the account number is mentioned only after that I started trading from that account and soon after I made money you guys blocked me and frooze all the money Verified Support Sep 23, 2021 Olymp Trade Customer Care's response Hello there, Shreyaskb! We are sincerely sorry that you have received a negative experience on our platform. If you do not agree with the decision of the complaints department, then you can appeal it. To do this, you should contact our regulator - the Financial Commission. This can be done through the "File a Complaint" form on the page https://financialcommission.org/ru/olymp-trade/ The Financial Commission will consider your claim and the Company's arguments, and then make a decision that our Company will be obliged to follow. Best regards, Olymp Trade team. Sep 23, 2021 Updated by Shreyaskb This is a big scam and waste of time even the financial commission gave the same response as olymp trade and this looks like they are working together to scam people don’t not use the app Verified Support Sep 24, 2021 Olymp Trade Customer Care's response Hello dear, Shreyaskb! Thank you for reaching out. We conduct legal activities according to the Service Agreement. You always have the opportunity to get acquainted with this document in free access: https://olymptrade.com/en-us/terms We comply with the strict requirements of our regulator, all the rules are created so that we can fulfill our obligations to traders in order to secure our trader's accounts as much as possible. An independent regulator acts as a mediator in disputes between a trader and a company. The Financial Commission is a self-regulatory organization, it resolves disputes in an unbiased manner. In addition to Olymp Trade, this organization is engaged in the control of other financial organizations. You can find the full list on their official website: https://financialcommission.org/ru/participating-members-of-the-financial-commission/ Unfortunately, if you violate the rules of operation on the platform, your account will be blocked. We are sorry that this situation has caused you such negative emotions. Best regards, Olymp Trade team. Sep 24, 2021 Updated by Shreyaskb I completely agree but I don’t think I have voilated anything beacuse you guys only have given permission and deleted my first account and even trader is mention if I was violating you should’ve blocked me during the kyc process only why block me immediately after I made profits ? Please check the mail I’ve attached from olymp trade which clearly states that I was given permission to use the account Verified Support Sep 27, 2021 Olymp Trade Customer Care's response Hello dear, Shreyaskb! Thank you for the additional information. This will help us in our investigation. Please send us a full-screen screenshot of this email, where the sender will be indicated. Best regards, Olymp Trade team. Sep 27, 2021 Updated by Shreyaskb Here you go it’s very clear that you guys are at fault here by giving me the permission and then blocking me when I have made profits Verified Support Sep 28, 2021 Olymp Trade Customer Care's response Hello there, Shreyaskb! Thank you for the information provided! As we have checked, this email was actually sent to you. Unfortunately, after successful verification, we discovered repeated violations of the service agreement. During the dispute, we provided the Financial Commission with proof that you had other accounts after verification since we can only disclose such information to our regulator. The Financial Commission considered your claim and the Company's arguments, and then made a decision that our Company is obliged to follow. Thus, your account has been blocked. We are sorry that it gave you such negative emotions. Best regards, Olymp Trade team.
2 Comments	Share
Submit Close

Related Olymp Trade reviews

View all 1551 Olymp Trade Reviews

Comments

Shreyaskb

Jul 28, 2021

All olymp trade is telling is this is our final decision I’ve contacted them several times.

Tajuddin sheik

Apr 3, 2022

The same situation happened to me, they are playing with peoples emotions and money only, when you loose your money they will not ask any proofs, when you started earing they blocked my account with 300000 INR and they are saying violation, and it was a big scam indian govt need to stop this trading platform in india, otherwise they are earning huge money with this platform…