Bitcoin Forum

Looks like OKEx which is one of the biggest exchanges has set up loyalty rewards programs. Do you think this is will attract new customers and will other exchanges follow?

Read article: OKEx introduces one of crypto’s largest loyalty rewards programs (https://www.worldcoinindex.com/news/okex-introduces-one-of-crypto-s-largest-loyalty-rewards-programs)

ofcourse it will attract new customer registering on Okex exchanges. this program was very interesting , with 20% from total future and perpetual swap income , user will get more benefit when they trading here and user will more loyal to stay here.                                                                                                                 

this is a good marketing strategy to attract new customers,
but for me the most important thing is security, with strong security system i believe customers will come to okex with or without loyalty program rewards

before they launched loyalty program , Okex already thinking about their security level especially about fund that will cover user fund if Okex hacked like previous case in other exch. they have several fund allocation to attract new customer that use their services, maybe in loyalty program or maybe in another feature such as trading margin feature or even security.

It's a bit too late for okex to implement this as another exchange sites have been doing the same like this before. The loyalty program will not attract a lot of new users.
There are the same platforms like kucoin rewards that have fully operated but it's good the okex users will be able to participate in the loyalty program too.

Not only OKEx is offering rewards but also Binance. They also have that "Buy $100 worth of Crypto and receive rebates and a chance to win...". Maybe they are just raking in more people that would register through them. I think it's not a bad idea plus the benefit with the invitational membership/registration. They have many different contests and activities on their exchange, but the reliability and reputation are what I'm going to go with. Basically, it's just an invitation for newbies for sure; some rewards are not applicable for those who are already registered. It's just the new users who have the capability.

I don't care about any program on every exchange.

The reason, because if you are the smallest trader you will not getting a good benefit at all. So, if you want to get a good reward from their promotion, reward program and anything you need to be whale.

As long the exchange provides a good fee trade and withdraw already enough for me.

I never really saw these loyalty programs as worth it for me,,, and I am sure most people like us hardly trade more than a few times a year (I just strictly use to exchange). Moving platforms only makes sense for pure traders who do a lot of trades or make high volume ones. But since every exchange has loyalty offers,,, does not make sense to keep moving.

Actually, this is quite a correct action from Okex's team. They locked out the users for more than a week and that greatly affected the profit making of whales, so this is a worthy compensation for users.
If they do not, Okex's reputation cannot be undone after their system failure. Either way, it's safe to have all of our money withdrawn. This is also a warning for those who have put all their money into Okex over the past few days :)

This of course greatly affects the interest of many people to trade there, even though it actually has to be done a long time ago.
I'm very happy, where we will be given some additional bonuses. regardless of whether the offer will have the same effect on small traders with under $ 1000 in capital. it might be better to pay attention to okex to attract a lot of interest from traders.

I didn't know about this loyalty program but it looks lucrative. It certainly attracts users like me but I am more concerned about security. How is it in terms of security? It is comparable to Binance?

Who cares? After they disallowed withdrawals for five weeks for internal problems and then a great deal of bitcoin got out of their platform as soon as their customers could make withdrawals again they are creating a loyalty reward program? Forget about them you never know when they will do this again and next time you may not be as lucky, move to another exchange and let the owners of the exchange know that we are not dumb and we are never going to forget about what they did.

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

It's just another promotion to increase their holders through their native token. That's how business works, they get more demand for OKEX token buyers and will give 20% of their profit?
Sounds good, right? but that's all about marketing and they need to make their token put into use and just like Binance, this is what they do.