Stay Awav From BKEX ( Warning ) | Bitcointalksearch.org

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Quote from: Eternad on May 27, 2023, 10:51:25 AM

I'm well aware of the funding fee because I'm using it to get a micro profit based on the trend. What I don't understand is why in the hell they will charge 2000% every 8 hours. It's like you already owed the exchange with these charges because beyond your capital. Maybe you are confused about your unrealized PnL resulting from your high-leverage trading losses because sometimes the funding rate can give a huge impact on your position if you are at lose with high leverage.

I think you misunderstood him. He says the increased the funding rate by 2000% from the "normal rate" most exchanges charge

What I know is, an exchange gains nothing from the funding rate and I always knew that it keeps fluctuating depending on the market conditions. So I do see any point why they would keep theirs high unless if of course they have open positions against traders which is unknown to us

Eternad

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Quote from: Tony.waxx on May 24, 2023, 06:49:39 AM

Hello everyone
BKEX.com using various tactics to defraud users' assets in 2023. they manipulated Future contract funding fee, As most of you know you have to pay funding fee every 8 hour But Bkex has increased fundiing fee up to 2000% EVERY 8 Hours, they also banned me from their telegram chat. Here is an example:
Binance Normal funding fee is 0.01% every 8 hours But Bkex increased it to 0.1 % every 8 hour or even more. Difference between 0.01 and 0.1 is 1000%

Example if you open 9000$ a long position on binance with 5x Leverge, you pay 4$ every 8 hour = 12 $ perday. Normal
If you opened the same amount on BKEX they take 40 $ every 8 hour = 120$ per day, somedays even more.
Stay Away from this exchange.

I'm well aware of the funding fee because I'm using it to get a micro profit based on the trend. What I don't understand is why in the hell they will charge 2000% every 8 hours. It's like you already owed the exchange with these charges because beyond your capital. Maybe you are confused about your unrealized PnL resulting from your high-leverage trading losses because sometimes the funding rate can give a huge impact on your position if you are at lose with high leverage.

I'm not familiar with BKEX which normally I agree with your accusation but your percentage figure doesn't make sense at all because your position will automatically liquidated when they charge that kind of fee.

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Quote from: CryptSafe on May 24, 2023, 08:54:22 AM

This accusation is grave mate. Although I have not tried it at your exchange but binance fee is normal and ok to go by but bkex charges seems too exorbitant and outrageous for such a fee payment.

If am to use an exchange at all, i try to make comparisons from more than two exchanges and see what they offer in their transaction charges, i also considers many other factors along the line before arriving at my conclusion because exchanges cannot be trusted in some aspects as well especially when dealing with money and fee rates.

Quote from: CryptSafe on May 24, 2023, 08:54:22 AM

However, your proof is not factual mate. What you have uploaded is not feasible for a proof to hold unto. I will advise you get good proof may screenshot it wherever it is written on their site then upload it here so we could see.

Users must consider the first thing before making an accusation about anyone, website or exchanges, which is the evidence and i believe that's the most vital part of every accusation made related to scam, giving a proper referencing is as well encouraged for proper understandings.

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First of all Thing That I know is the funding fee is keep changing, so people who long the contract made a positive funding rate and when a lot of people do short it made a negative funding rate.

Maybe what happen on bkex is only small trade who trade there so the funding rate is easily get changed.

And what is actually your reason trade futures on BKEX I mean this CEX is not even top 10 on futures contracts according to the coingecko coingecko.com/en/exchanges/derivatives

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Quote from: Tony.waxx on May 24, 2023, 06:49:39 AM

Hello everyone
BKEX.com using various tactics to defraud users' assets in 2023. they manipulated Future contract funding fee, As most of you know you have to pay funding fee every 8 hour But Bkex has increased fundiing fee up to 2000% EVERY 8 Hours, they also banned me from their telegram chat.

This indicates that this exchange platform is unsuitable for Future Contract traders because of these high funding fees. I find no reason to see that the fees have reached 0.1 compared to other well-known exchanges. If we look at the ratings and reviews about the BKEX platform on Trustpilot, we will find that it is a platform that has bad ratings, There are many clients whose accounts have been frozen without BKEX mentioning specific reasons for that and there are those who have not been able to withdraw their assets for years, and there are those who complain about their poor customer service and bad smart contracts practice, and they charge high fees, these are things that make us avoid this platform completely.

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Thats insane and predatory. Almost illegal. This is why the United States dosen't allow futures and such without regulations because of the inherent risk and predatory practices of exchanges like this. Crazy. We don't have futures or leverage but we offer instant cross chain swaps of over 850+ token pairs on a non-custodial exchange. No sign-up required and all our fee's are transparent so you see exactly what your spending and what your getting.

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Quote from: Tony.waxx on May 24, 2023, 06:49:39 AM

If you opened the same amount on BKEX they take 40 $ every 8 hour = 120$ per day, somedays even more.
Stay Away from this exchange.

Fortunately we fully understand the fraudulent acts committed by the BKEX exchange against its customers, maybe the accusations against the BKEX exchange have been the umpteenth time I have seen in this forum.
For example:
1. Topic: BKEX EXCHANGE ASK 500 FOR "HANDLING FEES" TOTAL SCAMMERS
2. Topic: BKEX scam site
3. Topic: Beware! BKEX.COM blocks withdrawal of users funds

User one:

Quote

BKEX is operated by Liars
BKEX is operated by Liars, Cheaters and Thieves!!!
DO NOT place any funds on Bkex! You will be robbed.
Bkex has no honor whatsoever.

User two:

Quote

BKEX froze my account and accused me of…
BKEX froze my account and accused me of money laundering 😂 They have access to all the information they requested, but still have my money. I asked them to report me to the authorities as per their AML statement on their website - BKEX Global OTC Trading User Service Agreement, but after 3 months my account remains frozen. Don’t use BKEX!

For that we, really know which exchanges are worth using and not worth using, maybe we are here for the BKEX exchange, we have included it in the black book, so there is no single reason for us to use BKEX exchange, no worthless crypto assets to give them.

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I thought by funding rate, It means the bulls pay the bears and the bears pay the bulls depending on the market conditions. So even if it's so high, sometimes you will find your account getting funded.

But that aside, I think you should look for good alternative exchanges. I have never used BKEX, and it seems to be a low level kind of exchange.

Tony.waxx

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Quote from: CryptSafe on May 24, 2023, 08:54:22 AM

This accusation is grave mate. Although I have not tried it at your exchange but binance fee is normal and ok to go by but bkex charges seems too exorbitant and outrageous for such a fee payment.

However, your proof is not factual mate. What you have uploaded is not feasible for a proof to hold unto. I will advise you get good proof may screenshot it wherever it is written on their site then upload it here so we could see.

It is nice you did call the attention of members here so everyone could take caution but it would be ok for a better proof to be seen.

Why Screenshot When you can see their funding fee hiistory and also Live??

Here Full history of their funding fee:
https://swap.bkex.com/rate/ltc_usdt
Check last 20 page in that link,
Keep in Mind Diffrenence Between 0.01 and 0.02 is 100% and Difference between 0.01 and 0.1 is 1000%

not only LTC, but in other assets like BTC, XRP, DOGE also their funding fee is too high .

CryptSafe

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This accusation is grave mate. Although I have not tried it at your exchange but binance fee is normal and ok to go by but bkex charges seems too exorbitant and outrageous for such a fee payment.

However, your proof is not factual mate. What you have uploaded is not feasible for a proof to hold unto. I will advise you get good proof may screenshot it wherever it is written on their site then upload it here so we could see.

It is nice you did call the attention of members here so everyone could take caution but it would be ok for a better proof to be seen.

Tony.waxx

newbie

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Hello everyone
BKEX.com using various tactics to defraud users' assets in 2023. they manipulated Future contract funding fee, As most of you know you have to pay funding fee every 8 hour But Bkex has increased fundiing fee up to 2000% EVERY 8 Hours, they also banned me from their telegram chat. Here is an example:
Binance Normal funding fee is 0.01% every 8 hours But Bkex increased it to 0.1 % every 8 hour or even more. Difference between 0.01 and 0.1 is 1000%
https://i.ibb.co/kgD6xg1/Untitled.png

Example if you open 9000$ a long position on binance with 5x Leverge, you pay 4$ every 8 hour = 12 $ perday. Normal
If you opened the same amount on BKEX they take 40 $ every 8 hour = 120$ per day, somedays even more.
Stay Away from this exchange.

Topic: Stay Awav From BKEX ( Warning ) (Read 140 times)