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Author Topic: Do you consider OKpay to be trustworthy? Why or why not?  (Read 31376 times)
mpfrank
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December 29, 2012, 10:16:17 PM
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I'm considering switching to OKpay (from Dwolla) for executing USD monetary transfers between my bank and exchanges like Mt. Gox.  I noticed, however, that to avoid the low 300 EUR limit for daily withdrawals on OKpay, you first have to verify your account, which requires giving OKpay all your personal details including photo IDs, etc.  I'm generally leery about giving this much information to an institution unless it is highly reputable; you don't want to risk that at some point they might cut and run after selling all of their customers' ID info to identity thieves.  If your identity gets stolen, it can be a huge hassle and take you a long time to recover from that event.

So my question is, do you personally think that OKpay can be trusted well enough to give your photo IDs etc. to them.  If so, why?  Do you know for sure that the individuals who run the site could be held accountable by some government if some event such as mass identity theft of their customers were to happen?  Or if not, why not?  Do you have any reasons to be suspicious of them?

Thanks very much for any opinions...

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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Stephen Gornick
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December 29, 2012, 10:29:40 PM
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I'm considering switching to OKpay (from Dwolla) for executing USD monetary transfers between my bank and exchanges like Mt. Gox.  I noticed, however, that to avoid the low 300 EUR limit for daily withdrawals on OKpay, you first have to verify your account, which requires giving OKpay all your personal details including photo IDs, etc.  I'm generally leery about giving this much information to an institution unless it is highly reputable; you don't want to risk that at some point they might cut and run after selling all of their customers' ID info to identity thieves.  If your identity gets stolen, it can be a huge hassle and take you a long time to recover from that event.

So my question is, do you personally think that OKpay can be trusted well enough to give your photo IDs etc. to them.  If so, why?  Do you know for sure that the individuals who run the site could be held accountable by some government if some event such as mass identity theft of their customers were to happen?  Or if not, why not?  Do you have any reasons to be suspicious of them?

Thanks very much for any opinions...

Risk of OKPay scamming you / being irresponsible with either your money or your identity?  Relatively low.  
  OKPAY Inc - Founded 2007 by industry veterans.  Based out of the British Virgin Islands.

Risk of your identity provided to OKPay being accessible as part of standard reporting to financial regulators, or ending up in the hands of auditors, staff, janitor who happens to be very fond of a laptop that was left unsecured overnight?  Very high.   [Edit: Well, high for the "reporting to regulators".  Hopefuly the risk of the janitor getting your records is low.]

If you do not want your identity and your associated transaction history to some day end up in the hands of others (or "out in the wild" if the result of a hack) then don't use the banking system.   There's just no other way to say it.  There is no "safe"  method of using the banking without the risk that your identity will be exposed.

If you are willing to "chance it" by using them without providing identity, and then for whatever reason they lock your account until you provide AML documents, then that's something you can do.  But know that with every additional transaction you make through them comes an increase in the likelihood that you will be asked given the option to either provide identity or abandon the account and any funds held.

Unichange.me

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mpfrank
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December 29, 2012, 11:09:14 PM
 #3

Thanks for your perspective, that is helpful.  I also found this review:  http://www.ptc-investigation.com/pages/okpay.aspx

P.S.  I did also see a couple of reports online from people saying they got locked out of their merchant accounts after building up large balances... So maybe they are not trustworthy to hold large amounts.

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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OKPAY
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January 17, 2013, 11:32:42 AM
 #4

P.S.  I did also see a couple of reports online from people saying they got locked out of their merchant accounts after building up large balances... So maybe they are not trustworthy to hold large amounts.

Hi guys, let me assure you that the only ones complaining are real scammers that got busted by our security dept. As you know such people will do anything possible to discrete our name except providing required documents/proof/etc. Nothing to do with bitcoin thought. You can stay unverified as long as you use your 300 EUR monlthy limit or approve your account and get full access.
Don't understand what's the deal with http://www.ptc-investigation.com/pages/okpay.aspx website anyway. Does it look legit? Nope! haha. most of the info is outdated there and why even trust such resources? When you can get all the information from the first source.
Stephen Gornick is right, identification is required if you are going to use bank or related services.
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January 25, 2013, 11:37:29 PM
 #5

I'm thinking of using OKPay as it seems to have the only debit card available that is loadable by BTC.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 03, 2013, 04:32:07 AM
 #6

Hi
Just wanted to say I m disappointed with OKpay.
They advised me to reupload different documents to get my account validated. No problem. I did
Weeks passed and I received no replies to my support tickets.
So I removed my docs and gave up.

Regards
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May 04, 2013, 12:49:16 AM
 #7

OKPay is pretty cheap and works great sending to BTC-E (trigger from BTC-e side)

mt gox to OKPay was slow since Mt Gox needed to put money in reserve so it was a hassle.. but that might be the case with all exhanges with $$ leaving them.

I didn't try the other way around..  I was making money on the 10$ arbitrage that was around for a while but the gap closed which means everyone is using it


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May 06, 2013, 08:58:08 AM
 #8

I have two tickets about my $20000 hold since April 24th, and verified document, now I have prepared all but this ticket is not responced, please give an explanation today, and I have paied $10 for fast verification, why it delayed so many days? This is not a small problem.

SR13040032435 Apr 29, 2013
by OKPAY Support i have send 2 wire transfer to OKPAY Funding

SR13040037860 Apr 29, 2013
by OKPAY Support OKPAY Account Verification * Account Paid
joesmoe2012
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May 06, 2013, 03:23:09 PM
 #9

I've been moving six figures around okpay for months without issue. They're picky when it comes to verification but. Once you've been verified things seem smooth enough.

Please do note that these guys are semi-located in Cyprus.

DAN444
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May 06, 2013, 09:39:04 PM
 #10

I've been moving six figures around okpay for months without issue. They're picky when it comes to verification but. Once you've been verified things seem smooth enough.

Please do note that these guys are semi-located in Cyprus.

Yes I read they were affected by the confiscation/capital controls

https://www.okpay.com/en/company/news/cyprus-bailout-impact.html

Also, I dont mind them being picky. I do mind being totally ignored though.
I ll skip this site
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May 06, 2013, 10:42:13 PM
 #11

I dont think Okpay is "okay" AT ALL!


Coins are loved by many because they are private P2P, Photo ID?

Where is the anonymity in that?
joesmoe2012
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May 06, 2013, 10:56:29 PM
 #12

I dont think Okpay is "okay" AT ALL!


Coins are loved by many because they are private P2P, Photo ID?

Where is the anonymity in that?

Unfortunately due to the reversibility of most payment methods for fiat currencies, I'd verification must be taken very seriously - this is good for us and them.

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May 06, 2013, 11:05:27 PM
 #13

I dont think Okpay is "okay" AT ALL!


Coins are loved by many because they are private P2P, Photo ID?

Where is the anonymity in that?

Unfortunately due to the reversibility of most payment methods for fiat currencies, I'd verification must be taken very seriously - this is good for us and them.


 If ye love wealth better than liberty, the tranquillity of servitude than the animating contest of freedom—go from us in peace.
 We ask not your counsels or arms.
 Crouch down and lick the hands which feed you.
 May your chains sit lightly upon you, and may posterity forget that ye were our countrymen!- Sam Adams
DPoS
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May 07, 2013, 12:01:11 AM
 #14

Use bitinstant and pay higher fees for your annomity then use localbitcoins to get cash back if you need but you'll pay more each way

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May 13, 2013, 01:30:55 PM
 #15

Thanks for your perspective, that is helpful.  I also found this review:  http://www.ptc-investigation.com/pages/okpay.aspx

P.S.  I did also see a couple of reports online from people saying they got locked out of their merchant accounts after building up large balances... So maybe they are not trustworthy to hold large amounts.
All I can say about OKPAY is really OK! Like it, already using more than 2 years without any problem. Even they improved the support that was a little slow in the start.
joesmoe2012
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May 15, 2013, 04:52:25 AM
 #16

Only problem is I can't send funds to BTC-e now.

Where you guys buying coins with OkPayUSD now?

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May 15, 2013, 04:55:47 AM
 #17

be careful with the verification docs, these guys are the pickiest swines out there on what they accept....o and there slower to verify than mtgox...

after many a support argument, i gave up....mostly because I dont see why they need to see how much I pay for my gas supply, when everything else they needed was on the scan.....which was fine for everywhere else

So...ill not be using okpay....ever, life is too short

joesmoe2012
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May 15, 2013, 04:57:40 AM
 #18

be careful with the verification docs, these guys are the pickiest swines out there on what they accept....o and there slower to verify than mtgox...

after many a support argument, i gave up....mostly because I dont see why they need to see how much I pay for my gas supply, when everything else they needed was on the scan.....which was fine for everywhere else

So...ill not be using okpay....ever, life is too short

I too found them to be a bit picky, but once your up and verified (multiple times) they seem to leave ya alone for good. Not to mention the limits are 1,000,000 EUR/month.

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May 15, 2013, 06:18:53 AM
 #19

i've been using okpay for several weeks now without problems at gox and btce.

btce okpay deposits will be back next week, promised for may 20th.

there's a withdrawal delay sometimes when gox is out of reserves, though, while btce okpay deposits are usually instant.

wire transfer in to okpay usually also ok, sometimes takes longer if details not exactly correct -- had one that went through an intermediary bank that somehow changed the transfer details (amount, comment), and that took some time for support to track down. all other wire transfers (10+) arrived at the expected (bank delayed) time.

okpay support is ok, not the fastest, but much better than gox itself.

i've found the okpay verification process much quicker and easier than on gox (with the same documents)... just be sure not to edit the scans/copies in any way.

there's also a nice debit card option for getting money out of okpay again.

tip jar referral signup link for okpay if someone feels like it Wink

https://www.okpay.com/?rbp=okp4815162342
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May 15, 2013, 02:43:24 PM
 #20

btce okpay deposits will be back next week, promised for may 20th.


Thanks for the info. Is there a link to this announcement? I don't want to go through the hassle of verification if -->btc-e isn't available.

Funding btc-e seems to require MacGyver like creativity.

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