How to Delete Olymp Trade Account?

Why Delete When You Can Simply Stop Using Olymp Trade?

What does the account deletion email look like?

One of the most critical questions regarding account deletion is why one would want to obliterate the presence when stopping account usage is always an option. Here are some of the reasons why you should consider deleting your Olymp Trade account instead of abandoning it:

• Avoiding unwanted charges like inactivity fees
• Preventing unauthorized use of the account
• Cleaning the digital presence
• In case of a security concern
• Getting financial closure

So, if you are looking for a reason to stop using Olymp Trade and have no intention of returning, keep reading!

Olymp Trade’s credibility in numbers

Haven’t tried out the broker! Create an Olymp Trade account and get going.

What Could Be the Possible Reasons for Account Deletion?

As a trader, you might have one of the following reasons to get right of your Olymp Trade account:

• Dissatisfaction: Even though Olymp Trade is a top-notch broker, there might be reasons to be unhappy with the offerings. Personally, I am not a big fan of asset selection, as I have access to only 80+ instruments. Some members of the Tradingbiz team even experienced delays in processing withdrawals.
• Regulatory Concerns: You should terminate your account if Olymp Trade suddenly stops operating in your region due to regulatory concerns.

Regulatory Concerns might push users to delete their accounts.

• Better Picks: You want to focus on other brokers, such as eToro, which offers social trading support; IQ Option, which has a low deposit and withdrawal threshold; and Interactive Brokers, which has a better regulatory posture.

The state of Olymp Trade regulation

With the reasons and possibilities out of the way, let us now focus on the approach:

A Guide to Deleting Your Olymp Trade Account

Deleting the Olymp Trade account is a process involving many steps. Here are the ones to consider, alongside some explanation as to how you can go about the same:

1. Review the account balance: You do not want funds in your account while you process it for a shutdown. Withdraw funds beforehand, but ensure you have at least $10 to take out. If you have less than that, connect with the team and ask for a fee waiver.
2. Close pending trades: Check once if you have any orders in the pipeline, especially the limited ones—furthermore, close active orders, as that might complicate the account deletion request.
3. Download statements: If your investments are tied to tax obligations, you should download all the relevant invoices, trade proofs, and other documents before proceeding to the next step.
4. Request deletion: Once you log into your Olymp Trade account, head over to the Settings section, which you can access by clicking the profile tab. At this point, you can take care of the verified documents and other elements just to cover all the elements before requesting deletion. Once everything else is sorted, you can send a “delete account” email to [email protected] from your registered email ID.

Account deletion process

You should wait seven to ten days before your account is deleted. Ensure you do not log in once the process is active, or you must start from scratch.

Log in and see the status of your Olymp Trade account.

Secret Hack: Using Mobile Apps for Direct Deletion

You can delete your account directly if you use the Android or iOS mobile app. To do so, head over to the user interface, click on the profile tab to open Settings, and locate the “Delete Profile” section at the bottom to get right to the account.

Having a mobile app simplifies the process. However, the deletion process still takes 5 to 7 days.

Account deletion option for mobile users

Note that mobile-based account deletion doesn’t ask for your password, which might be where you can change your decision. This is an account-specific misstep, which Olymp Trade might consider changing.

Deletion requirements

Post-Deletion Strategy

Requesting a deletion isn’t the end of the way. Here are the additional steps to follow if you seek complete closure:

1. Check if you have received a confirmation email from Olymp Trade. If not, consider raising the concern with the team.
2. If the email has come in, consider saving it to resolve any legal or regulatory issues that may arise.
3. Also, try logging into your account to see if it is active.
4. Connect with the email provided earlier to recover your account if you change your mind about deletion.

If you had requested account deletion via email, you might need to provide additional details, depending on which ones the team asks for. Keep the invoices, tax reports, recent passwords, and other information handy.

5. If you still need to remove the saved payment details, send another email to customer support and have the issue handled.
6. If you previously installed browser extensions to simplify the trading experience, consider removing them by this time.

Note that despite deletion, Olymp Trade might keep your details handy for a few days, maybe months, to address any regulatory concerns.

Message displayed once the profile is deleted.

Still trying to figure out what Olymp Trade offers? Try the Demo account and decide if you want to delete it. 

Alternatives to Account Deletion

Every broker wants you to stay. Especially if you are a high-value trader. Therefore, if even you are second-guessing account deletion, here are a few relatable alternatives:

• Temporary deactivation: If you want to return in the future but are still unwilling to pay the inactivity fee, Olymp Trade supports temporary account deactivation. However, you can only request this feature by email.

Note: Deactivation preserves your data and payment methods, so you need not set everything up from scratch.

Log in and reactivate your Olymp Trade account.

• Contacting the team: If you are leaving Olymp Trade for better deals, bonuses, offers, and more, it is always advisable to connect with the team. They can help you with fee adjustments, provided they are realistic, account customization, tweaking the withdrawal options, and more. However, all this is mainly offered to high-value traders or those with VIP accounts.

Connecting with customer support to re-acquire the deleted account

Final Thoughts: Delete or Not Delete

There is nothing I can do to change your mind if you want to leave Olymp Trade to give trading a break. However, if you are looking at better options, try out all the features of this binary options broker before taking such a step.