OKX KYC is a joke

[jaaiyce]

Recently, OKX requested additional verification documents (not related to ID) concerning my trading activity and investment returns. I’ve been a trader since the platform was known as OKCoin back in 2014, and they already have access to my trading and investment records. Nevertheless, I submitted statements from Coinbase, Deribit, and my bank — but they keep rejecting them without providing any explanation. The responses feel automated, and it’s nearly impossible to contact anyone directly, as their customer support team doesn’t have access to KYC matters.

Honestly, it's frustrating — centralized exchanges (CEXs) continue to be a painful experience, even when you follow all their rules. That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.

[alani123]

Perhaps it's a message, intentional or unintentional.

Either they really don't want you to trade there or they're so disorganized that you should rather pack up your stuff and let them be.
Often extensive KYC checks are used as an excuse by banks and exchanges to quitely tell a customer he's not wanted.

For instance if you're overusing a free service the exchange offers, they're probably losing money on you. Or if you use their API too well to make profit for yourself, maybe you're starving their market making operations which are a revenue source for them. etc.

But also lack of proper communication is a sign that a company is in disarray so you might as well never use OKX again if they're like that.

[OmegaStarScream]

I'm not sure for how long have you been trying to communicate with them, but if it's been a couple of weeks or so, and you're still allowed to withdraw funds, and close your positions and orders, I would recommend you simply do that and switch to another platform.

[jaaiyce]

I only use their platform occasionally, mainly to exchange crypto for fiat. I keep a very small amount of funds on the exchange, as I primarily trade on DEXs. I no longer trust centralized exchanges (CEXs).

[OmegaStarScream]

I only use their platform occasionally, mainly to exchange crypto for fiat. I keep a very small amount of funds on the exchange, as I primarily trade on DEXs. I no longer trust centralized exchanges (CEXs).

First time I hear of someone using OKX as a fiat exchange to be honest, but if you're already using Coinbase, then I would imagine you're from UK, EU or the U.S? If so, then maybe you should look into Kraken.

[tabas]

I only use their platform occasionally, mainly to exchange crypto for fiat. I keep a very small amount of funds on the exchange, as I primarily trade on DEXs. I no longer trust centralized exchanges (CEXs).

Are you trading with a large amount of funds in them? because if that's the sole purpose of your trade then just using them as an outlet of your trade to fiat, maybe they don't like that behavior. No one knows about that in actuality but if they're looking for more docs that you're providing and not letting you to continue, the problem is on them, and I doubt it that they're going to disclose that to you, and alani might be right that they just don't want you to use them anymore.

[goldkingcoiner]

Recently, OKX requested additional verification documents (not related to ID) concerning my trading activity and investment returns. I’ve been a trader since the platform was known as OKCoin back in 2014, and they already have access to my trading and investment records. Nevertheless, I submitted statements from Coinbase, Deribit, and my bank — but they keep rejecting them without providing any explanation. The responses feel automated, and it’s nearly impossible to contact anyone directly, as their customer support team doesn’t have access to KYC matters.

Honestly, it's frustrating — centralized exchanges (CEXs) continue to be a painful experience, even when you follow all their rules. That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.

So many exchanges are doing their KYC all willy-nilly and I think many are abusing the KYC system to keep funds locked up on their exchange. I wonder if they profit from this?

There should be strict regulation around the whole KYC process, since as it is now is completely unacceptable. What or who is keeping exchanges from abusing/exploiting their users under the guise of "additional" KYC? Either you pass KYC or you do not, what additional KYC can there possibly be? At some point the exchanges are going to be asking for DNA samples and first-born children...

It really is ridiculous. I am 100% against CEX but unfortunately DEX and other decentralized ways to trade are complicated and expensive... Hopefully that will change sometime in the near future. Can't wait.

[Z-tight]

That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.

The thing with centralized exchanges is that for the ones you think were smooth for you, there are a 100 or more people out there who think the exchange team was a disappointment to them at one point or the other. Cex can be frustrating, irrespective of the one used sometimes.

[BitMaxz]

First time I hear of someone using OKX as a fiat exchange to be honest, but if you're already using Coinbase, then I would imagine you're from UK, EU or the U.S? If so, then maybe you should look into Kraken.

I guess what he means is he exchange coins into USDT and then use the P2P on OKX to exchange it into local currency.

@OP, I haven't experienced that thing. I am trading on OKX and also have an old account from them since 2015 that I recently migrated to a new account because there are several hacking attempts on my old account that's why I decided to contact them via email and ask if I can make a new account and migrate my old account to the new one. I just don't want to waste my history and activity on my old account; I might need those data in the future.

If you want to talk to their real support, they also reply on Twitter/X: https://x.com/OKXHelpDesk

Are you living in a much more restricted country?
They might detect something suspicious to you that triggers additional verification, like maybe using VPN or receive mixed/unclean coins.

[jaaiyce]

I exchange only small amounts. They do have crypto to Fiat in the UAE.

[tabas]

I exchange only small amounts. They do have crypto to Fiat in the UAE.

That's odd, there must be something on your transaction or there is actually none and it' just them that's trying to delay you. AFAIK, UAE is an open and supportive country to crypto and so, there should be no troubles if you're withdrawing your crypto into fiat there. I am seeing too many sponsored videos of OKX and having this, it looks like they're troublesome than being convenient if more stories like this comes out.

[JeromeTash]

If they have not blocked any of your withdrawals or funds, and you have an option to withdraw them uninterrupted, then I suggest you do exactly that! Withdraw all your funds and look for an alternative that won't give you headache with KYC. I assume there are more alternatives out there that can work in your jurisdiction.

[OpenMonero]

There are other more secure exchanges like p2p platforms without a middlemen, without kyc and even without registration for buying

https://kycnot.me/?categories=exchange&verification=community&networks=onion

[Darker45]

Did OKX give you the reason/s why they have to do that? Since they're asking about ROI, is it possible this has something to do with your tax responsibilities?

By the way, do you declare your cryptocurrency investments and pay their taxes accordingly?

Regardless, it's probably closing time. You've had your great moments with the exchange for more than a decade. It's probably not entirely a bitter goodbye.

The thing with centralized exchanges is that for the ones you think were smooth for you, there are a 100 or more people out there who think the exchange team was a disappointment to them at one point or the other. Cex can be frustrating, irrespective of the one used sometimes.

Exactly. And vice versa. OP might have a bad experience with OKX now, but others probably think OKX is the best exchange out here.

First time I hear of someone using OKX as a fiat exchange to be honest, but if you're already using Coinbase, then I would imagine you're from UK, EU or the U.S? If so, then maybe you should look into Kraken.

I guess what he means is he exchange coins into USDT and then use the P2P on OKX to exchange it into local currency.

Most likely, but doesn't have to convert to USDT to trade with fiat via P2P. Could be BTC, ETH, or XRP directly to fiat and vice versa.

[joniboini]

Exactly. And vice versa. OP might have a bad experience with OKX now, but others probably think OKX is the best exchange out here.

I've had my own experiences dealing with customer support from various exchanges, and some of them are painful at times. Even those from the same company might respond differently, which led me to suspect their CS is short-staffed and they put priorities on inquiries from a group of users whose criteria are unknown to us. Sounds like we're dealing with a lottery box sometimes, which unfortunately happens to any centralized service out there as far as my experience goes.

[BitMaxz]

Most likely, but doesn't have to convert to USDT to trade with fiat via P2P. Could be BTC, ETH, or XRP directly to fiat and vice versa.

I tried that before in OKX direct exchange BTC and ETH but my problem is the rate is a bit far if you don't converted it first to USDT. That's why I suggested to exchange it first to USDT before going to P2P to exchange it into fiat.
The only cons of this you would need to pay trading fees after converting them into USDT.

If you see a good offer on P2P with direct exchange of BTC/ETH/XRP higher than  USDT then why not you can trade it into fiat. We are not the same I guess but for me, even it's a small amount I always coverted them into USDT for a better offers/rates.

[Darker45]

Exactly. And vice versa. OP might have a bad experience with OKX now, but others probably think OKX is the best exchange out here.

I've had my own experiences dealing with customer support from various exchanges, and some of them are painful at times. Even those from the same company might respond differently, which led me to suspect their CS is short-staffed and they put priorities on inquiries from a group of users whose criteria are unknown to us. Sounds like we're dealing with a lottery box sometimes, which unfortunately happens to any centralized service out there as far as my experience goes.

Painful, annoying, irritating, frustrating, confusing, and more. That's what you feel communicating with a centralized exchange's support. And, yeah, submitting the same concern twice might produce different responses and results.

CS in majority of exchanges I assume aren't only short-staffed, the staff are also most likely overworked, underpaid, clueless, and don't really care. They're mostly cheap, nocturnal, dropout virtual assistants hired from a depressed community somewhere.

Most likely, but doesn't have to convert to USDT to trade with fiat via P2P. Could be BTC, ETH, or XRP directly to fiat and vice versa.

If you see a good offer on P2P with direct exchange of BTC/ETH/XRP higher than  USDT then why not you can trade it into fiat. We are not the same I guess but for me, even it's a small amount I always coverted them into USDT for a better offers/rates.

Same here. And the same rules generally apply whether you're using OKX, Binance, ByBit, and others.

[coolcoinz]

I've noticed that in the EU exchanges have started to delay transactions by a lot due to some strange KYC requirements.

It used to be that when you requested a bitcoin transfer the money would get sent immediately (within an hour). Now transactions get delayed, put on hold for verification. It takes many hours before they get released and the strangest thing is they ask you for the purpose of transaction and you have to specify why you're sending it and who the recipient is, like your private wallet, a member of the family, another exchange, if it's a business you have to say what business and if it's a wallet they want to know its name... It's really getting ridiculous.

Get your money out of centralized exchanges before they stop you from withdrawing just because they did not like the company you're sending it to.

[Asiska02]

That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.

The thing with centralized exchanges is that for the ones you think were smooth for you, there are a 100 or more people out there who think the exchange team was a disappointment to them at one point or the other. Cex can be frustrating, irrespective of the one used sometimes.

All of these platforms have their flaws and when you’ve not experienced them yourself, you’ll always want to be in support of them which is fine but may have the thought that the complainants has done something wrong that he doesn’t want to disclose. Every exchange has their worst moments with them and it happens mostly when it comes to resolving issues like this that needs urgent and attentive customer service that will have the time to help sort the issue out amicably. It is advisable he doesn’t use them, withdraw his funds and try another CEX.