I accidentally deposited BTC on OKX without checking the minimum limit.

[BitMaxz]

OMG OKX took my BTC I accidentally deposited a BTC below the minimum I requested for a refund and it seems there's no way to recover it.
I already tried to contact the support but they said they don't have control that is why I requested to talk to their devs who handle the exchange wallet or my wallet from the exchange but they refused.

My mistake is that I froze some UTXO on Electrum mobile to avoid other UTXO being included when sending BTC and to reduce the fee. Sadly I thought I unfreeze a few UTXO during sending I only sent around 0.0002BTC I've waited for almost hours but it wasn't credited to my OKX account until I realized the minimum amount.

Anyway, it's not a big deal for now but how about in the future if BTC price become more expensive?
Anyone here who have similar case with OKX?

[_act_]

It is a scam.

It affected my friend just this year also. 0.0005 BTC as the minimum deposit is too high. That is more than $29 if bitcoin is $58000.

But I noticed that the exchange is using multisig addressees that start from 3 and bc1q which will have higher transaction fee but that huge amount is too much for minimum withdrawal.

[BitMaxz]

It is a scam.

It affected my friend just this year also. 0.0005 BTC as the minimum deposit is too high. That is more than $29 if bitcoin is $58000.

But I noticed that the exchange is using multisig addressees that start from 3 and bc1q which will have higher transaction fee but that huge amount is too much for minimum withdrawal.

I feel moving to another exchange because of this issue I haven't experienced this on Binance the minimum deposit is 2 sats and if I experience some issue related to a deposit or any transaction made from Binance there's a self-recovery option where you can able to fix the issue like a stuck transaction or deposited crypto with no memo.
OKX doesn't have this option I just using their service because the rate on their p2p is better than other exchange.

This will be my last to use their service again and going to Bitget instead.

[Aanuoluwatofunmi]

Same thing also happened to me, i once made a deposit on OKX exchange and till now, am unable to recover back my asset from them, which i see as scam because you cant expect someone to make nothing less than $50 as deposit and those that fall below this range automatically looses their asset with them, which is unprofessional to me enough, at least we are having exchanges that can accepts below $10 as minimum deposits.

[ABCbits]

I don't use OKX, but unfortunately it's common behavior on few exchange. But their minimum deposit amount is clearly too high compared with other exchange which also impose minimum deposit. For example,
1. Kraken set minimum 0.0001 BTC.
2. Binance.com set minimum >0.000006 BTC.

With that amount, it's clear the reason behind the decision isn't to avoid dust UTXO.

[BitMaxz]

I don't use OKX, but unfortunately it's common behavior on few exchange. But their minimum deposit amount is clearly too high compared with other exchange which also impose minimum deposit. For example,
1. Kraken set minimum 0.0001 BTC.
2. Binance.com set minimum >0.000006 BTC.

With that amount, it's clear the reason behind the decision isn't to avoid dust UTXO.

I'm fine with 10k sats it's around $5 unlike on OKX it's 0.0005 or 50k sats it's around $30 which is pretty high I hope if they don't have recovery service or anything to refund just like on the Binance where you can able to solve this using the self recovery. Since they don't have this self recovery they should decrease this instead I think even just 15k sats should be fine it's not a dust UTXO unless if it's below 10k sats.

[joniboini]

Since they don't have this self recovery they should decrease this instead I think even just 15k sats should be fine it's not a dust UTXO unless if it's below 10k sats.

Unfortunately I don't think it will change unless they lose a lot of user because of this. I don't recall any exchange change their rules significantly after small complaints. I wonder if their lack of ability to compete with Binance or other big teams are the one that cause this rule to be implemented, or vice versa. It's clear that most exchange really don't want to spend a lot of money for transaction fees, hence why they put the burden on their customer. CMIIW.

[BitMaxz]

Unfortunately I don't think it will change unless they lose a lot of user because of this. I don't recall any exchange change their rules significantly after small complaints. I wonder if their lack of ability to compete with Binance or other big teams are the one that cause this rule to be implemented, or vice versa. It's clear that most exchange really don't want to spend a lot of money for transaction fees, hence why they put the burden on their customer. CMIIW.

Well, I realized something about the fees it seems they didn't change or reduce the minimum deposit its because of multisig the deposit address is similar to multisig wallet that starts with 3... this might be the reason why they can't able to drop the minimum amount so the only solution that I could think they should switch to segwit it can help reduce the fees but it seems they don't have a plan to support it unlike Binance that has multiple network supported including segwit.

Well, I don't know if I'm going to use their service again but I move to Binance again atleast Binance still accessible even it's banned by our local internet provider.