Topic: Is OKEX a good exchange? (Read 1312 times)

I had a long-running error with the UK android app -- it had stopped working entirely, so I couldn't log in.

Hundreds of messages to support only returned mostly canned text -- making me think many of their support "people" are poorly coded AI bots -- and infuriating circular answers. Dozens of requests to escalate to someone in authority only returned canned answers. I eventually wrote directly to upper management, to my surprise they responded and my account was quickly reset and I was able to use the web interface to withdraw.

Of course this resolved the day before the multisig drama, so I waited that out patiently.

There do seem to be ongoing problems,
1) fake volume being one of them (which seems a common ploy https://cryptobriefing.com/hitbtc-insolvent-scams-users-cybercrime/ and OKEx has addressed it)
2) it does appear they're using coded-by-non-English-speakers AI bots positioned as "real" tech people for English-language support. Alternatively, they're rapidly on-boarding tech personnel with specific instructions to respond quickly, if not intelligently, to placate people frustrated with wait times.
3) Their founder has, at the least, put his name on other projects of questionable ethics and "ponzi-like" structure. Could just be a quest for rapid growth and other peoples' fraud ensnaring him.

But in the end the current management seem up-front and they do seem to be trying to run a legitimate, secure exchange. On thing that lends to this conclusion: Their CEO is an American citizen. Penalties for crypto/cyber fraud there are severe, and America projects it law enforcement authority worldwide, I just can't see an educated, intelligent person taking this high-profile job if he couldn't ensure it was legit.

Okex has already resumed withdrawals. Withdrawl was possible at 2020-11-26 at 08:00 UTC. And already the next mined bitcoin block included 2,822 BTC from Okex Exchange.   And the end of this day a total amount of 24,631 bitcoins was moved from the exchange.
It seems many user doesn't trust them anymore.

Source: https://www.coindesk.com/okex-sees-biggest-bitcoin-outflow-for-6-months-soon-after-resuming-withdrawals

For the past few years i have been in the industry, i have been making use of OKex as i know is a very good exchange and has much trading volume (Liquidity) so any coin or token got listed their will be luck to get to the pick verse so that is much gain for earlier investors.

A good exchange? A good exchange doesn't stop all withdrawls all of a sudden and leave their customers in fog.
Did you even read the news of the last weeks? If yes, I don't understand your posts.

Is the definitely okex good exchange. Certainly binance and kucoin another best exchange with top in my list. binance and kucoin. If a project want to add there token in those top exchange then need a lot of dollars as a exchange fee. So it is correct to say that there is no amount of shitcoin, death, scam projects in all these top exchanges.

My answer is yes, OKEX is definitely a good exchange in the entire world. As all we know, the OKEX website is no longer in China. Before China banned exchanges, OKEX is the biggest exchange in China, better than Huobi and newbie Binance.Certainly, it wasn't called OKEX before, it was called OKCoin.

I really think this could take years to get resolved because Chinese authorities already is in control with the funds. Im just glad i stopped using this exchange yrs ago since it isnt very easy to trade because of those security features.

I used Okex before I didn't like it because I find that there are a lot of shitcoins. The use is not easy and the costs are expensive !.

You are correct, there is still no any sign when they will enable the withdraw function too until now. On twitter, they only said if their customer's money are safe and no need to worry anything. People can't wait little longer since bitcoin price has skyrocket to above $15.6k atm, how long they need to wait again?

I have some observations to add to the OKEx mystery.

In the past my Chinese friend was quite able to jump through the KYC hoops and validate his OKEx account.  https://www.okex.com has been blocked in the Mainland for a long time, but https://www.okex.me was usable as an alternative.  My friend was able to download the Android app for his smartphone and said app has worked just fine.  He could easily trade between crypto and fiat using the OKEx Android app in conjunction with whatever other payment apps he had on his phones.  Up until a few days ago all of this was working just fine, despite the withdrawal default.

Starting near the end of October, 2020, the "sell" feature to "sell" crypto in exchange for fiat stopped working.  Said feature would simply display "no records", both in the Android app and their ordinary web app.  So now he is not only unable to withdraw coins, he's not even able to "sell" the coins to the next bag-holder.

Starting near the start of November 2020, https://www.okex.me went dark.  Not visible from the Mainland and probably not visible anywhere else.

Also starting at that same time was a disturbing glitch in the matrix.  The web app displays the total approximate valuation of the spot trading account, but the detail view breaking this down by coin shows "no records."  The Android app still shows these details as well as the API.

I'm tempted to think that there's a crackdown on Chinese crypto users, but perhaps my limited observations cannot generalize so far.  I'd like to hear if anybody else is able to trade coin for RMB using any other market.

The problem is there's no ETA about when okex will be opening its withdrawal service. A lot of people from the big communities in the TG group have said that there's a chance for the one of okex custody has been getting hacked or the same case as kucoin.

More and more exchange sites problem appeared. Dex is the only solution but dex will not let us withdraw our money through use the fiat form. That looks so bad

The post you qouted said if Okex has stopped all withdrawal atm, so how can you withdraw/move your money to other exchange? The problem is resolved when Okex user be able to deposit and withdraw their money again, so once you able to do that, there is no problem on Okex too

Did you see this post ?


Also, the impact was give a big move for almost crypto currency price. Bitcoin has plunged again before its price was trying to recover and back to the uptrend market. But now, by this information the market seem like will back to the bearish again. Each exchange will certainly have a problem, I'm OKEx's user as well, I've been using this exchange for at least seven months and indeed I have no problem during the time. But after this issue, seem like I'll decide to pull my capital and use another exchange until the problem has been resolved and get a good reputation again.

OKEX is an excellent top most derivatives trading platform for their advanced technology and large trading volume. I've been using OKEX for trading for quite a while. So, I think think anyone can make a visit as it's always a fun place to trade with well balanced market profile. OKEX is a professional crypto trading platform at my end.

I don't think it matters where an exchange is based so far you can access it, register and carry out the necessary activities that took you there, also so far there is a good volume and so on, then there is no issue.
OKEx is a very good exchange and in my own opinion, probably the second top exchange after Binance, owing to the volume, customer service, users and user-friendly interface of the exchange.
However, the current suspension of withdrawals on the platform might raise questions and if not tackled as fast as possible will create panic. Just imagine you have a trade to make and your funds are on OKEx alone, it means that, you have to wait till all activities are back but if the funds is in your private wallet, you can easily send to another exchange and continue from there; this is certainly one of the good reasons not to keep assets on exchanges.
So finally, assuming OKEx isn't facing this current issue, the exchange is termed one of the best in the crypto space.

Okex has big problems. They stop all withdrawls because one custodian who are one of the holders of its private keys a currently under investigation.

https://cointelegraph.com/news/btc-and-okb-plunge-after-okex-suspends-withdrawals

https://www.okex.com/support/hc/en-us/articles/360051090391
https://twitter.com/OKEx/status/1316967394909294593


Maybe it has something to do with this:
https://cointelegraph.com/news/33-money-laundering-crypto-crims-targeted-worldwide-in-3-separate-cases

Okex is one of the best crypto exchange with good marketxap volume as per coinmarketcap.com which landed on rank 32 according to marketcap volume with 1.9 B $.

This is if you want to get a good exchange look for those exchange with volume for usually traders are in those kind of exchange and also usera will stick to a good exchange like binance.

Okex has been reviewed one of the best crypto exchange but if you will like to know more about it instead of reading the members review and their expectations you can instead try it foryourself or make your own research before engaging to a certain like this stuff.

On September 7, an online broadcast took place in which the management of the OKEx exchange took part, discussed some important points, as well as the state of the ether network https://www.youtube.com/watch?v=7hqnVXgn8Lg

It is a good trading platform with high volume, but I rely on Binance, Houbi compare to Okex.

I've heard some good feedback like as yours experience. Read few articles on OKEX, they offer decent service. Actually every single exchange poses some unique thing that's why users love to use it.