I've lost $10 when depositing to OKX (formerly OKEx)

[BayekSmith]

This is the story ...

OKX's suddenly raised the minimum deposit amount of BTC to 0.0002 without any informing and I have 2 transaction sending to my account, one is confirmed and one is in pending on the network. They're both 0.00019xxx (around $5), which is less than the current minimum deposit amount of BTC now so they refused to make the transactions credited to my account.

The matter is they've never sent email to inform their customers about this raising since April (I still got deposit transactions credited which was also 0.00019xxx in April so I believe they've just changed it recently).

After this case I am considering to switch over to another exchange as I think what they've done is not fair. Anyone still using OKX should take caution about this new minimum deposit amount as once it happens they are not willing to help you to get your funds back (I have tried to contact their support).

June 13th 2023 Updated: Eventually no one on OKX is willing to help and they don't combine depositing 2 payments which sum is over 0.0002 so beware of the minimum amount, 0.0002 BTC is around $5 not a very small amount.

[1714513197]

1714513197

[Oshosondy]

It is clearly stated if you click on the deposit address, but it is one of the ways to scam in my opinion:



The mistake people that are using exchanges are doing is that they did not think that it is not their own keys. If you want to deposit on exchangs, make sure you check the address because it could have been changed. Make sure you also check the minimum deposit because it could have been changed too.

After this case I am considering to switch over to another exchange as I think what they've done is not fair. Anyone still using OKX should take caution about this new minimum deposit amount as once it happens they are not willing to help you to get your funds back (I have tried to contact their support).

This can happen on all other exchanges. It is not your keys.

This is just one of the ways exchanges are scamming people. Not only on OKX. If it is your noncustodial wallet, you will see your money even if you send less than that amount.

[Wiwo]

I guess the mistake is on your part just like what Oshoshondi have said, users of third-party exchanges should always make sure to check manually for possible changes in both address and deposits amounts, because I have received several updates such as a change in wallets from the exchange I used but I haven't received deposited limits updates before but I think it posiblenfornokex to have sent out updates and you could have missed it.

[hosseinimr93]

OKX's suddenly raised the minimum deposit amount of BTC to 0.0002 without any informing and I have 2 transaction sending to my account, one is confirmed and one is in pending on the network. They're both 0.00019xxx (around $5), which is less than the current minimum deposit amount of BTC now so they refused to make the transactions credited to my account.

Where did you send the the transactions from?
If you made the transaction which is still unconfirmed from a non-custodial wallet and it has been flagged as RBF, you can replace it with a new one paying higher fee and send the fund to yourself.

[khaled0111]

Where did you send the the transactions from?
If you made the transaction which is still unconfirmed from a non-custodial wallet and it has been flagged as RBF, you can replace it with a new one paying higher fee and send the fund to yourself.

This may work but, tbh, it's not worth the hassle. He sent $5 and to cancel the unconfirmed transaction (send the coins back to his wallet), assuming his transaction is flagged as rbf, he will need to spend ~3-4 dollars minimum in fees.
Some may argue that 1-2$ is better than nothing, but what I would do is to contact customer support and see if they can help in crediting the sent amounts to my account balance, even if it's less than the minimum required.

[DaveF]

I know some other exchanges will credit you once you hit that minimum deposit. So if your minimum deposit is .001 and then send another .0005 and then another .0005 you will get full credit  for the .001.
Can't speak to the policy of OKX, but it might be worth an e-mail to support to find out.
The other one it's still pending according to your post, you might get both credited once the other one hits. Or not, let's face it most exchanges are trying to suck every last penny out of their customers & don't care if they lose some customers along the way.

There will always be more customers willing to give them money, because nobody pays attention to most of these threads showing how bad some of these exchanges are really are.

-Dave

[JeromeTash]

Try contacting their support regarding the matter. Since they are 2 transactions whose total is above the minimum deposit, they might actually credit your account. Next time, you might want to check the deposit page before sending the transaction. Especially the terms such as minimum deposit, confirmation, and deposit address. Exchanges change such things periodically and can make an announcement on their platform, but won't email you about the changes.

[tabas]

I guess we're just looking for someone to blame with our negligence of checking everything first before doing a transaction. This is a norm for most exchanges that we check first the minimum deposit/withdrawal amount before doing anything just to make things comfortable for ourselves.

After this case I am considering to switch over to another exchange as I think what they've done is not fair. Anyone still using OKX should take caution about this new minimum deposit amount as once it happens they are not willing to help you to get your funds back (I have tried to contact their support).

There's a bunch of exchanges out there and I think if the same situation is being experienced again, you'll be ending up finding another one. So, if ever you find one, always make sure how much the minimum amounts for deposits and withdrawals to simply avoid this problem.

[Darker45]

This is the story of OKX, but this isn't a story exclusive to OKX. This is also the story of Binance, KuCoin, Huobi, and the rest of the centralized exchanges. Therefore, switching to another exchange which is also centralized might not really be of help.


https://www.okx.com/support/hc/en-us/articles/360021813691-Terms-of-Service

Above is OKX's terms of service. All other centralized exchanges must have terms similar to this.

Regardless, however, you contact the exchange's support and provide details. They might help you.

I guess we're just looking for someone to blame with our negligence of checking everything first before doing a transaction. This is a norm for most exchanges that we check first the minimum deposit/withdrawal amount before doing anything just to make things comfortable for ourselves.

I don't know if it's still negligence on the part of the user not to "frequently review" the terms for certain changes. OKX's terms of service was last updated 2 weeks ago. It might again be updated a couple of weeks later, and then another couple of weeks later, and so on. Is it fair to expect users to read the kilometric terms of service every once in a while? Have you done it?

OP checked the limits but then it changed, and there was no communication whatsoever informing him/her of that. But the terms say that it is enough that OKX change the "last updated" date in providing notice of the changes. To me, this isn't fair.

[rat03gopoh]

(I have tried to contact their support).

I think they're too dismissive of small errors, moreover it is the customer's fault.

I know some other exchanges will credit you once you hit that minimum deposit. So if your minimum deposit is .001 and then send another .0005 and then another .0005 you will get full credit  for the .001.
Can't speak to the policy of OKX, but it might be worth an e-mail to support to find out.

Okex have a special terms about combined deposits^[1],

Combined deposits
When you want to do a deposit, make sure you submit only one deposit request each time. If you submit multiple requests into a single deposit transaction, you'll not receive your deposit. In such a case, you can reach out to our customer support for assistance.

I think it also refers to deposits with more than one transaction input with the aim of accumulating. From my perspective the OP actually deserves support assistance to help credit his balance.

1. https://www.okx.com/help-center/4427507851661

[Oshosondy]

Where did you send the the transactions from?
If you made the transaction which is still unconfirmed from a non-custodial wallet and it has been flagged as RBF, you can replace it with a new one paying higher fee and send the fund to yourself.

What would most probably happened is that he sent the money to OKX exchange, the money not confirmed, waited and the money later got confirmed but not able to see the money on his account on OKX exchange. What I am saying is that the transaction was likely to have been confirmed before he came to make this thread.

[Potato Chips]

Let me clarify something op. Did you check the 'minimum deposit amount' right before you made a deposit? or you just assumed it was still the same as April and just went for it?

If it's the latter, I wouldn't blame it on OKX. Truthfully, not paying attention on your deposit page 'right before' you deposit will likely expose you to mistakes such as this therefore jumping ships may not help much unless you fix this habit.

For an entirely different reason though, better switch/lessen your usage on OKX if you do not want to KYC with them because they are one step away from implementing mandatory verification and who knows if they'll be nice enough to let KYC1 people to withdraw first.

[tabas]

I guess we're just looking for someone to blame with our negligence of checking everything first before doing a transaction. This is a norm for most exchanges that we check first the minimum deposit/withdrawal amount before doing anything just to make things comfortable for ourselves.

I don't know if it's still negligence on the part of the user not to "frequently review" the terms for certain changes. OKX's terms of service was last updated 2 weeks ago. It might again be updated a couple of weeks later, and then another couple of weeks later, and so on. Is it fair to expect users to read the kilometric terms of service every once in a while? Have you done it?

OP checked the limits but then it changed, and there was no communication whatsoever informing him/her of that. But the terms say that it is enough that OKX change the "last updated" date in providing notice of the changes. To me, this isn't fair.

Not about the TOS but just the typical words that we see when we're about to withdraw or deposit. There usually those amounts posted there before we do any of those. But, I could also be wrong that it's not a negligence on his part and it should really be blamed to OKX for changing terms without informing anyone with a blast email of the terms for these amounts have changed. Because if he just did checked it out first and read a bit, not the TOS or updates but the notes that's there before doing the transaction of depositing of how much the minimum amount is, I doubt it that he'll proceed with the deposit.

[LoyceV]

If it's any consolation: sending such small amounts to your own wallet also means you'll lose a significant part of it when you want to send it. Transaction fees are still quite high, and you're basically sending dust.

It's best to avoid receiving such small amounts in Bitcoin, and I don't mind if exchanges try to discourage it. A better solution would be to charge a fee for small deposits, although one could argue the current fee is up to 0.0002 BTC.

[hugeblack]

This scenario is very strange, you can reuse the address and therefore there is no meaning that they prevent adding the balance if it is below the minimum amount required. My personal analysis of this matter is that it may cost them more fees when they transfer that transaction to cold storage, so they set this rule, but I think that contacting The support team^[1] will solve the problem.
For small amounts, I recommend using ----> Instant exchanges.

[1] support@okx.com

[hosseinimr93]

For small amounts, I recommend using ----> Instant exchanges.

Instant exchanges usually have a minimum trade amount.
I just checked the first three exchanges listed on OmegaStarScream's topic.
In Godex, the minimum value for bitcoin is 0.003 BTC which is much higher than the minimum deposit in OkEx. In ZigZag and FixedFloat, the minimum trade amount for bitcoin is 0.0003 BTC and 0.00046 BTC, respectively.

[LoyceV]

the minimum trade amount for bitcoin is 0.0003 BTC and 0.00046 BTC, respectively.

BestChange has a few instant exchanges that accept smaller amounts, but you can expect a lower exchange rate. It's much better to ask for Bitcoin LN for small amounts.

[Wrathofcoins]

This is the story ...

OKX's suddenly raised the minimum deposit amount of BTC to 0.0002 without any informing and I have 2 transaction sending to my account, one is confirmed and one is in pending on the network. They're both 0.00019xxx (around $5), which is less than the current minimum deposit amount of BTC now so they refused to make the transactions credited to my account.

The matter is they've never sent email to inform their customers about this raising since April (I still got deposit transactions credited which was also 0.00019xxx in April so I believe they've just changed it recently).

After this case I am considering to switch over to another exchange as I think what they've done is not fair. Anyone still using OKX should take caution about this new minimum deposit amount as once it happens they are not willing to help you to get your funds back (I have tried to contact their support).

Man i really think better than come here and cry its learn for your OWN fault, you cant blame the exchange saying "SUDDENLY change", when its your fault.

Another thing i dont fully understand its why you do two transactions instead of only one, do you want to spend more on fees?, i can believe that if it was a betting page and you lose the initial ammount and you need a fast refill for X bet.

And last, when you said without informing, EVERY single page always said something like "we reserve the right to change this XXXX whatever......" so yes its better if they inform you but dont think that always gonna happen.

[BitMaxz]

Some exchanges have their own minimum deposit the bad thing you did was you didn't see the minimum deposit before you send it.

Have you tried to contact them and ask to a refund or send your funds back to the wallet of yours minus the transaction fee? But the problem is the network is pretty congested and the amount you deposit might not be enough to cover fees.

Why not try to ask them what should you do to credit them to your account?
Maybe they let you send another transaction higher than the minimum and then they will also credit the previous transaction? Try to ask support because I have had some problems before on that exchange that were always resolved.

[SirLancelot]

OKX's suddenly raised the minimum deposit amount of BTC to 0.0002 without any informing and I have 2 transaction sending to my account, one is confirmed and one is in pending on the network. They're both 0.00019xxx (around $5), which is less than the current minimum deposit amount of BTC now so they refused to make the transactions credited to my account.

The matter is they've never sent email to inform their customers about this raising since April (I still got deposit transactions credited which was also 0.00019xxx in April so I believe they've just changed it recently).

After this case I am considering to switch over to another exchange as I think what they've done is not fair. Anyone still using OKX should take caution about this new minimum deposit amount as once it happens they are not willing to help you to get your funds back (I have tried to contact their support).

They probably should have informed their customers about the change but even if they didn't, you should always double check the address and minimum deposit amount before making a deposit in an exchange because things change every now and then and you should understand that they can miss a thing or two and we will need to take care of our money ourselves as they wouldn't care about it much.

You should first try contacting their customer support and see what they have to say about this, they should either add your deposits for this one time or refund the money if the transactions have been confirmed from your end already.