What does it mean when a "trade error" has occurred?
Trade errors are any incorrect trades that were made in good faith, for instance mistaking one user's trade for another when dealing with multiple counterparties at the same time. If price action is in the other direction shortly after a trade or there were not adequate checks before executing, a trade error is not deemed to have occurred. We expect users of Block Trading by OKX to be experienced and sophisticated and that they will therefore take the time to understand how to properly use the platform and products, taking reasonable care and performing checks when submitting and accepting quotes.
OKX is not liable or financially responsible for trade errors.
How should I respond when I've made a trade error?
The best thing to do is to reach out to your counterparty to start discussing a resolution as soon as you can. OKX cannot invalidate any trades done OTC with another user, the only way to solve a trade error is to agree with your counterparty about how to best proceed. We encourage our users to exhibit professional courtesy in discussing and attempting to resolve these matters in order to foster an environment of trust and respect between parties on the platform.
What happens if I've made a trade error and my counterparty is anonymous?
In this case, please reach out to your account manager or our support team on your preferred platform. We will then explain your situation on your behalf to the counterparty while respecting their desire to remain anonymous and work towards a solution.