Topic: OKPay. Be careful! - page 2. (Read 4641 times)

Hello Open4Lies

Thanks for the reply.

Oh, i agree entirely that my last point is entirely speculative, and possibly a little paranoid. But their reluctance to provide me with any sort of explanation beyond repeating the 1 line `We didnt have enough BTC` filled me with suspicion. Why not just provide me with a cogent explanation rather than trying to fob me off with just a few words?

I have asked repeatedly for an explanation - it is quite beyond me why they didnt just explain properly.

LAK

I agree, but they as well can have shitty software and not rejecting your 500 btc order immediately because they dont have enought USD at mtgox to buy the 500 btc

Hello everyone!

Be careful!

3q

Thanks for your information.

Thanks for your information.

thanks for the info! 

3q 

Thanks for your information.

thanks for the info!

careful!

Be careful!

Thanks for your information.

Thanks for your information.

Thanks

Thanks for your information.

Hi

I have been having problems with OK Pay too. I just posted about it actually:

https://bitcointalksearch.org/topic/m.2436884

I requested a withdrawal of 500BTC on Sunday and they quoted me a USD exchange rate and everything looked OK - at first. Then I noted the payment was still pending 2 hours on and the BTC hadnt arrived in the wallet as i ordered. So i open a ticket and wait.

18 hours later I get an email telling me the transaction has been reversed with this rather non-sensical `explanation:`

Reason:
not enough btc to complete your request

So i chase the ticket and though I have now had 3 replies from OK Pay, each is about 1 line offering the same odd explanation.

Although the USD has been credited back to my wallet now, i had several problems with this

1. Why they accepted the order in the first place if somehow they `didnt have enough bitcoin` to fill it
2. Why they took 18 hours to notify me of it, preventing me from taking alternative action
3. the USD in my Wallet were unavailable for that time preventing me from taking alternative action
4. Bitcoin has now moved against me so when i do make the transaction it will cost me 12% more - so a 6k loss.
5. I have received no sufficient cogent explanation about why they couldnt make the order they accepted. They use the Mt Gox exchange dont they to transact bitcoin to flll customer`s orders? Isnt that why their exchange rates are so uncompetitive? Because they need to meet their own costs and the exchanges costs and have a margin to protect against volatility? Otherwise are their uncompetitive rates just profiteering?
6. It seems to me this sort of action could be the cover for a scam. If they take orders, then delay actioning them for days, if BTC moves against the customer then they just complete the order late, and he has little to complain about. If BTC moves with the customer then they just reverse the transaction with some lame explanation (not enough bitcoin)  and keep the transaction on their own account, thereby making 6k risk free effectively with my capital.

So much for their strap line that money paid is money paid! This is the 3rd transaction of mine they have reversed and I have only made 5 or 6 transactions with them in total!

LAK

Thanks for the warning, they looked ok to me at first glance and i opened an account yesterday, and was ready to deposit some money, gladly i made
a search here on this forum before proceeding with the deposit... i'll skip them

Thanks, I was about to sign up with them.