How not to be Mistaken in Choosing an Exchange and not to be Deceived?

Introduction

When it comes to business, then care should be taken in the choice of a partner. We were sure we did the right thing. Nevertheless, the events that followed this choice provided us an important lesson. This cruel little life experience is a gift that not everyone likes to receive. But first things first.

How it All Started

OKEx asked us to add their exchange to our platform and hold a tournament in January 2021. Equite is open to cooperation and we make all efforts that our activity is as much as possible useful to traders. We said yes. The reputation of the platform emerged as the main decisive factor. We had to spend a considerable amount of time adding the exchange and preparing for the tournament.

As the organizer, OKEx set the difficult conditions under which users had to participate. We managed to remove some of them, but the main part remained. We are talking about:

  • Registration by the link;
  • KYC;
  • deposit - $300;
  • trade volume - $ 2000.

According to the terms we agreed, OKEx had to provide marketing support. But when push comes to shove, the true nature of a company emerges. Keep reading to understand what we mean.

How the Story Went On

The representatives of the exchange were unwilling to answer our questions. Replies took from several days to a week. The tournament was originally planned for February, but was postponed to a later date. A deafening silence on the part of the exchange members is to blame.

After that, they gave us the runaround. They delayed the publication of marketing materials and posts from influencers. In the end, there was nothing for us to do but to invest a lot of money in publishing (it wasn't part of the agreement though). But that's not the most terrifying thing about OKEx. A little later, we heard rumors that the exchange mistreated the participants of the tournaments.

Punchline

The day before the contest, the team made 2 posts on Twitter and reposts on Telegram. In our experience, posts are updated with great speed and only a few people notice them. There were no influencers. This is hardly a marketing company. That wasn't the deal, guys.

OKEx violated its obligations. For our part, we did our utmost to contribute to reaching the main goal. Nevertheless, we didn't receive the desired response from users. Due to the difficult conditions, we managed to attract a small number of traders. Things happen, right?

The refusal to provide prizes to participants - was just icing on the cake. The reason: a minimum number of participants (10) wasn’t reached. OKEx offered a $20 commission discount instead. We don't know what you think, but for us, that offer is a loser. And that is why you and so many others have been deceived. It's disrespectful to the high standards people have come to expect from the crypto exchange. 

The grand takeaway here? We don't recommend using this platform. OKEx can take your money and disappear any second. Don't believe them. We put an embargo on functional update related to OKEx for 6 months.

Our special words of appreciation go to:

  • our community of members. We are definitely sorry about all of that stuff. Three finalists will receive memorable medals. All participants will be provided with a PRO subscription for 6 months. Stay PRO!
  • our partners who sustained or even expanded support for the tournament.

Final Words

Without a reliable partner you won't be able to enjoy your business at all. Only a few are able to provide a complete production cycle as well as market positioning of products all alone. A business partner is a stakeholder in the common endeavour. He is capable of delivering solutions of any complexity and successfully undertaking projects of any ambition. It’s important not to go wrong and choose your partner correctly. 

But we don't give up. Let's put this whole messy business behind us. Failure is the fog through which we glimpse triumph. We are planning another tournament in the future. We think you'll be very impressed! Evidently learning from our error, we will make the best contest we can. Stay tuned!


Don’t forget to follow us on social media: Twitter, Facebook, or Telegram