How To Deposit Money in Olymp Trade

Setting Up the Account for Deposits

You cannot just go and put money in your Olymp Trade account. You must set up the account first, which can be tricky if done differently. Here are the steps leading to that:

1. If you do not have an account, go to the Olymp Trade website and click the “register” tab.
2. Once you sign up, you can log in and access the dashboard using basic credentials like your email ID and a strong password.
3. You will still need to accept the terms and conditions while verifying the email ID.
4. Once you are in, you will notice the “Payments” section on the right corner of the screen, beside the profile tab.
5. This is where you find the “Deposit” option. I will get to it in a bit.
6. Once you have found the deposit option, you need to find the “Account” tab beside the Payments tab.
7. Before you plan to fund your Olymp Trade account, you must determine the currency on which it will be based.

Deposit under the “Payments” tab

Here are the choices I was given:

Different account types on offer

You can load up any account you choose using the correct deposit methods.

Create an account first and make your first deposit.

Unpacking the Deposit Methods

Depending on the account currency you choose, there are quite a few deposit methods available:

• E-payment options: Binance Pay, Neteller, and Perfect Money
• Bank Cards
• Crypto Transfers: BTC, SHIB, USDT, and more

Olymp Trade brings forth a wide range of crypto-specific payment methods. This platform even accepts meme coins like SHIB and DOGE, which differs from most other brokers. 

Olymp Trade recommends the best and easiest deposit options based on your location.

Every deposit method listed

In some cases, Olymp Trade might offer several local payment options, including UPI, for Indian users.

Sign up for Olymp Trade and test out multiple deposit methods.

Which Deposit Method Should You Choose?

You can choose any method you prefer. I tested all of them, and here are my findings:

Based on Convenience

Nothing beats the ease of bank cards. You can take them out, fill in the details, or save them for future transactions. E-wallets are useful as you can park funds in them and use instant deposits.

Based on Fees

Olymp Trade doesn’t charge any fee for deposits. Yet, this holds if you do not use third-party processors and e-wallets like Skrill. Skrill charges 1%, which might set you back if you fund a significant amount. Even for crypto deposits, you need to pay the network fees.

This is why, for USDT deposits, you should consider the TRC-20 network, as ERC-20 transfers might burn a hole in your pocket.

Based on Processing Times

Skrill and Neteller are the fastest, followed by crypto transfers. Bank cards might not work well if speed is your priority.

Also, most transactions will go through quickly if you use the same method for deposits and withdrawals.

Choosing from the available deposit methods

Create an account and make your first deposit using the method of choice!

Discussing the Key Numbers

Besides the deposit steps and methods, quite a few other elements, number-specific, can determine your deposit-specific proclivities.

Here is a quick snapshot to refer to:

As you can see, Olymp Trade lets you choose the deposit amount. While I opted for the lowest or the 700 INR amount, courtesy of my testing-specific needs, you can go as high as 50,000 INR. Depositing this sum automatically gives you the Advanced account status.

Note that the INR account type doesn’t have the deposit-led Expert account selection feature. You can get that for USDT deposits, though. While the minimum deposit amount is still $10 or 10 USD, you can go as high as 2,000 or 5,000 USDT to get the Expert rights. Holding an expert account gives you access to risk-free trades.

Green and Yellow arrows highlighting advanced and expert accounts

Olymp Trade has maximum and minimum deposit thresholds based on your account type. For instance, if you use a USD account, the maximum limit is $650. For a EUR-based account, the upper threshold is $600.

How to Make a Deposit: Steps and More

Here are the steps you need to follow to make a deposit specifically:

1. If you are on the dashboard, choose the account type, deposit option, and the amount you prefer.
2. Then comes the method selection, the basis of which I have already discussed earlier.
3. You must carefully enter the number, expiration details, and CVV for bank cards. I recommend only saving the details if you are using a secure browser. For other methods, double-check the password, crypto address, and other specifications.
4. To complete the deposit, review the summary and hit “Confirm.” If you have 2FA turned on, you must also enter the OTP received on your mobile phone or email address.
5. Once confirmed, wait for a confirmation email from Olymp Trade and eventually check the account balance.

Choosing the amount before proceeding

Create an account first, and then follow the steps I mentioned.

Final Thoughts

As mentioned, deposits are key to trading Binary Options on Olymp Trade. While methods and choices are all acceptable, it is always advisable to activate security strategies like two-factor authentication before proceeding. Furthermore, getting KYC-verified before making a sizable deposit is advisable if you are a regular trader.