More problems with OK Pay

[lak]

I posted a couple of months ago about 2 reversed transactions I had with OK Pay. Basically 2 payments I made of 800BTC or so to OK Pay from my bitcoin wallets were `reversed` but i neither received the USD value in my OK Pay Wallet nor the BTC back in my Blockchain wallets. The money just vanished into the ether..... somewhat unnervingly! Well, after a week or so OK Pay replied to the tickets i raised about this and rectified the transactions, so i was at least satisfied with that.

Now I have had a further problem.

I placed a withdrawal order with OK Pay for 500BTC or so (which was amply covered by clearer USD funds they had of mine on account.) They quoted a price of 93USD but the transaction remained `pending` for some hours. I raised a support ticket but no answer.

Then I get an email 18 hours or so later saying this transaction has been reversed too! It is probably only my 5th transaction with OK Pay. Do they reverse EVERY transaction? There were 7 words of explanation - that they didnt have enough BTC - whatever that meant. Surely they buy BTC to cover the transfers through exchanges like Mt Gox? And they poor exchange rate (always higher than the exchanges) i assumed reflected their costs for hedging the risk and other charges.

So i chased the ticket but still no explanation.

It is difficult to escape the feeling that as the price has moved up since i placed the order, that i am being `reversed` so the order can be on their account, not mine, and they can close out the trade. If the market had moved in the other direction and BTC was down further, then my transaction would have been completed and actioned and the BTC with a current lower USD value would be handed to me.

The whole thing smacks of either 1. incredibly bad service compounded by treating their customers with contempt or 2. a scam

I have now had 3 problem transactions out of maybe 5 transactions in total with them. Has anyone else had a similar experience?

LAK

[lak]

I have now had 3 replies from OK PAY and each one is around 1 line long and just repeats that they had insufficient BTC to make my payment.

They seem entirely unwilling to explain what this means - i thought they used Mt Gox or some other exchange to make conversions.

I seem to be unable to get any more information from them, and they seem uninterested in the fact that this will cost me 12% or so extra as the BTC price has moved against me while they effectively confiscated my USD for a transaction they now claim they couldn`t fulfill and knew they couldnt fulfill even when they quoted me a price and left me waiting for 18 hours for a reply or any notification at all.

I am not very pleased, and am awaiting a better explanation and response.

Is it just me who keeps having problems with OK PAY?

LAK

[acne]

OKPay is great for me lots of people complain bout it..

[lak]

Hello Acne

so you haven`t had any similar problems to me? I am pleased for you as it is pretty frustrating, and extremely expensive. This latest event has cost me 6k or so.

I can see many complaints on the inter-web about OK Pay not actioning requests for withdrawals and not crediting accounts with funds transferred in, but I cant see anything like this bizarre and rather agrammatical message i received below:

Reason:
not enough btc to complete your request

And their unwillingness to provide a more full explanation (by which i mean anything more than a sentence smacks, as I said, of either contempt for their customers or them hiding something.

Hope you dont have any problems like I have had. You might not be so sanguine when a transaction of yours gets reverse after 24hrs. Anyone else run into any problems with OK Pay?

LAK

[lak]

I have finally had a further reply:

We will update the withdrawal form and introduce a withdrawal limit (limited to the amount of available reserves), once again we apologize for the inconvenience

Still no meaningful explanation.

As i said, i have either been treated with contempt or exploited to provide risk-free profit for them. I guess i will never know as they seem incapable or unwilling to provide a response of more than 25 words.

A friend suggested that if they are no longer dealing with Mt Gox, maybe they are restricting themselves to using `clean` mined ie freshly minted bitcoins, and therefore have a very modest  and limited supply. Or that is just an excuse to rip off customers.

Good luck if you continue to use them!

LAK