OKX is headquartered in Hong Kong, with over 350 cryptocurrencies listed on the platform and 500+ trading pairs.
Every OKX review echoes an appreciative tone for the platform as it goes beyond its sister company, OKCoin, by providing options, spots, derivatives, and leverage trading. OKX is considered to be one of the best platforms for beginners. The UI is simple to use and simple to understand. Multiple payment options like wire transfer, card payment, and Google Pay make it a good contestant for experienced traders.
OKX experienced issues with its hardware due to over-dependence on a single cloud service provider. As a result, customers could not deposit and withdraw their tokens on the platform. The service has been rectified with steps planned for the future. Customers will be able to deposit and trade ETH, BTC, USDT, TRX, USDC, and other TRC20 & ERC20 tokens on December 19, 2022, at 4 am UTC.
Services were down for hours longer than expected. It caused inconvenience to people who had their orders open for execution. A positive note is that funds are completely safe. If they notice any discrepancy, users can get in touch with the support team to report the issue. The team is currently resolving such issues on priority.
OKX has announced a 20-minute pre-order window before the regular trading hours. Users will be able to place or cancel pre-orders and add margin funds. Regular trading hours will follow the pre-order window, allowing all the users to deposit and withdraw their tokens. There is no announcement on the revision of trading hours.
Furthermore, the issues have mainly occurred due to single cloud usage. However, multi-cloud usage must occur so that the discrepancies do not occur again. However, it is to be ensured that the core services are deployed across multiple stages. Furthermore, it will ensure that the chances of the issues are reduced greatly. Consequently, any issues at any single cloud service provider will not affect the core services and OKX, and the overall service will take place effectively. Furthermore, the multi-cloud deployment plan awaits to be announced officially through the channels of OKX.
Users experiencing connection issues when canceling their order, or performing any other activity, are suggested to open a help desk. However, this is subject only to the loss suffered due to the connection issue. Details shared will enable the team to look into the matter. If necessary, the platform will take full responsibility for the loss incurred by a customer.
The outage did not affect the OKX Web3 wallet and other related services. Dependency on a single cloud service provider proved inefficient for the platform. The team is, therefore, considering expanding its cloud base by implementing a multi-cloud deployment strategy.
As the name suggests, all the core services will be spread across different cloud service providers so that a technical issue faced by one does not affect others. The objective is to ensure the long-term sustainability of services. More details on the deployment of the Multi-Cloud strategy are awaited.
Customer service, currently deployed by OKX on priority, is available 24/7. Deposit and withdrawal services resume on December 19, 2022. Select tokens will go live at 4 am UTC, while others will take 3 more hours. The transition to a multi-cloud strategy will take time, and the team is on its toes to ensure no discrepancies arise.