OKCOIN - simply avoid as hell

[it-zone]

Unfortunately I was stupid enough to try exchange OKCOIN.com -  the whole experience
was a nightmare.

The beginning was smooth, I have registered an account, verified my phone via
SMS, verified my ID and bank. I transferred a few BTC, sold it for the price I
wanted.

And now I wanted to withdraw my money. SMS verification magically stopped
functioning. I have contacted live support, they told me they must... verify
my account. Some Chinese girl with a hyper bad English rang me and asked for my
passport number. I have provided all details, she told me an SMS code I need to
use. The code did not work. After 20 minutes on the phone she told me she can
unblock my SMS, but I must send the passport scan again. I have sent it, the
codes started to work again.

I was able to withdraw the money!

Waiting few days, and instead of the expected amount, I have received $36 less. I
am contacing live support again and asking where my money has disappered. I'm
waiting for a few minutes and geting an answer: bank charges!

I'm going back to their web page, and it was clearly written: withdrawal
charges: "0.1% or $15 plus what your bank charges you". I have paid 3.00% and
my bank did not charge me any cent. The support says they are sorry, they
should change their web page, as it is 0.1% plus all bank charges, in my
example it was not expected $15, but... $51.

I proposed to give me back $36, as those charges were not stated on their
page. Support refused, claiming it was not their fault. I asked if it was my
fault. No, it was nobody's fault. If it was nobody's fault, where is my $36?
Bank took it.

Support says sorry and told me they will update the webpage with information
about charges. They updated it, indeed, now it says: "USD: Minimum fee of $15,
0.1% plus whatever fees charged by the bank and/or processing party."
So now it is clear, now you must pay whatever.

Summary: do not use OKCOIN until you like your money and you are not prepared
for paying whatever.

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[bounst]

actually someone were trying it

they had the impudence to cheat in fees and volumes in the first few year, more okcoin was accused of doing shady trading in 2014, according to some of china users.

[jdebunt]

Looks like they may have some issues to sort out sooner rather than later....

[CrackedLogic]

This isn't a company that went down under just yet ,but watch out of OKCoin. Those of you who follow Roger on twitter or Facebook, or even OKCoin will understand.
Read this , it's actually really amusing to read : https://imgur.com/a/DabzS

Read this. I assume you haven't heard of what's been going on.

[rammy2k2]

Well, i would never trust a chinese exchange website after all the market manipulations china did back in the days.

[Eric Mu]

I worked two months at that company last year - with the international team who had all but left. The lack of professionalism and organization was shocking on so many levels.

[Btree]

Summary: do not use OKCOIN until you like your money and you are not prepared
for paying whatever.

very different with HUOBI 0% fee support 24/7 instan WD also i can get loan and very simple

[jdebunt]

OKCoin surely has been making headlines in all areas of the field, that's for sure

[cozytrade]

It seems unavoidable unless you could specify fee-free corresponding bank and depends on the recipient bank and senders' region and currency. I recommend to ask your bank than OKcoin further about which correspondent bank to be used. And you need to specify it when you request withdrawals.

The worst case is the bank charge the fee but reject the transfer due to "compliance issue" or something.

[Amph]

it should also be removed from the first spot of those list that talk about the top 10 volume in exchange(like this http://exchangewar.info/), because if the volume is indeed fake like it is appearing, then it only look like a scam

they are just trying to steal customers from other minor exchanges

[the_reprobate]

OKCoin surely has been making headlines in all areas of the field, that's for sure

They sure does, reddit to cryptonews OKCoin is down for 12 hrs.. seems another ran away with peoples money scenario

[bitnanigans]

OKCoin looks like yet another scam waiting to happen. There's been a lot of bad press about them lately.

[tarmi]

a couple of months ago I moved something like 0.05 btc and left them there. forgot about them.

after a month or two I wanted to withdraw them, but forgot my pass. changed password, but then something peculiar happened. they were asking my passport. I refused to provide it and gave my email and name instead. I use 2FA ofc.

only after contacting support and using harsh words I was able to get my 0.05. never thought that they will create me so much hassle for something like 10 $.