OVEX Interest Accounts


The South African cryptocurrency exchange OVEX has been operational since February 2019. It is one of the best platforms to purchase, sell, store, and earn cryptocurrency online in South Africa. This is due to the user-friendly UX, excellent service, affordable prices, varied funding alternatives, and strict security standards. The platform provides trading in ZAR fiat currency and 26 different cryptocurrencies.

Products and services

OVEX offers various services on its platform that incorporate South African cryptocurrency traders. They include:

  • Over the Counter (OTC) exchange – It executes trades privately and outside the OVEX Exchange order books. The platform helps institutions and high-net-worth individuals who need to place large orders by providing deeper liquidity and a more individualized private service.
  • Interest Accounts – Account holders at OVEX are eligible to earn interest payments of up to 20% per year. It is appealing for cryptocurrency HODLers hoping to use their dormant cryptocurrencies. Traditional investors also seek yields that beat what is offered in conventional finance institutions.
  • OVEX Forex Service – A comprehensive Forex solution called OVEX FX fills the gap separating conventional finance and the cryptocurrency sector. It trades in all major currencies and is made possible with the narrowest spreads and quick execution.

OVEX Interest Accounts: How it works

Users who have cryptocurrency that is sitting idle can earn yield via OVEX’s interest accounts. Many platform users deposit stablecoins like USDC in OVEX’s interest-bearing accounts to earn rates new in conventional finance. These interest-bearing accounts have become so well-liked that the amount of money managed has surpassed R1 billion.

The use of OVEX’s Bitcoin interest accounts is relatively straightforward. Users take their cryptocurrency and put it into their interest-bearing accounts. The accounts will then accrue interest, which is paid each day at 17:00. All OVEX interest accounts have 30-day notice requirements for withdrawals. Depending on the account, users could earn up to 20% annually. Accounts are accessible for well-known non-tethered cryptocurrencies like Bitcoin and stablecoins like Binance USD and TrueUSD. Access to these stablecoins benefits investing in US dollars without all the paperwork. It is crucial since South Africa’s low-interest rates and high inflation rates contaminate the majority of assets dependent on the local Rand. A minimum balance is the only prerequisite for accessing an OVEX interest account.

Features of Interest accounts at OVEX

OVEX Interest is available on OVEX Corporate Accounts; this refers to jointly opened accounts by an institution or other parties as an investment opportunity. APRs (Annual Percentage Rates) of up to 20% are available for deposits over ZAR 500,000. APRs are bargained based on the size of the deposit. The yield produced is inversely correlated with the amount deposited. There is a 15-day notice of withdrawal period. After requesting a withdrawal, users no longer earn interest.    

The interest can be generated in two ways:

  1. Staking or putting a cryptocurrency to work on the blockchain where it can earn rewards; simple lending of cryptocurrencies.
  2. The difference between Bitcoin spot and futures prices can range from 0% to 6%. By purchasing Bitcoin on the spot market and then selling it on the futures market, one can lock in this profit (and holding the futures contract to maturity), referred to as Arbitrage.

The first Rand stablecoin in the world, ZARP, has also been introduced to OVEX’s lineup of Interest Account products. The highest rate of all OVEX’s Interest Accounts, the annualized interest rate for users who invest in a ZARP Interest Account is 11%. This account type is a good choice for any investor because it just needs a 30-day withdrawal notice period and has a minimum balance of 5,000 ZARP, equal to R5,000.

Getting started with an Interest account at OVEX

To begin trading and participating in an Interest account, users must register for an account and get verified up to at least level three. Users trade around the clock by simply pinging their exclusive OVEX WhatsApp group with the details of their order. The trade finalizes, and the specified asset will be credited to the trader’s OVEX account once the user has given their consent. Users will get an email confirmation of the transaction once the OVEX OTC team is permitted to execute the deal. Users on the OVEX Trade History dashboard may see a complete history of every trade executed over the desk.

Deposits and withdrawals

A user must first sell their cryptocurrency holdings for ZAR using the OVEX RFQ (Request for Quotation) mechanism to withdraw cryptocurrencies into a personal bank account in ZAR. Users can then process the withdrawal by selecting Wallets from the Withdraw section. Only withdrawals performed using Bitcoin or ERC20 will be successful. Any other withdrawals decline.

Withdrawals from OVEX accounts have been capped to four levels of account verification. These levels include:

  • Level l: Users are not permitted to remove anything from the account
  • Level 2: Users are only permitted to withdraw R5000 at a time in small amounts. However, the total of all withdrawals is limited to R5000.
  • Level 3: Users may withdraw up to R50 million at level three (essentially unlimited).
  • Level 4: Allows for limitless withdrawals

Users have to withdraw or deposit more than R50 million to be eligible. Then the status will be automatically upgraded from level 3 to level 4.

Users can deposit fiat money, ZAR, to the OVEX platform and to cryptocurrencies. However, only a wire transfer is allowed, credit or debit card deposits are not allowed. Deposits in fiat currency are allowed on the trading platform. 

Fees and trading limits

 The makers and the takers must pay the same flat price while using OVEX. The charge in this instance is 0.50 percent. These flat costs are far higher than the averages for centralized exchanges worldwide. OVEX’s trading fees are far higher than the old or current industry averages. For each Bitcoin withdrawal, OVEX levies a fee of 0.0004 BTC. These withdrawals depend on the level of verification.


The OVEX team comprises skilled engineers who have developed several cutting-edge safeguards for clients’ money and information. Beyond these safeguards, OVEX provides financial stability as a reputable custodial exchange, with full reserves, strong banking ties, and the strictest levels of legal compliance.

Fireblocks, a leader in digital asset security, and OVEX have teamed up. The platform guarantees that the confidentiality of customer funds will never be compromised. The exchange has been able to use MPC (multi-party computation) security thanks to Fireblocks. MPC has emerged as the industry standard for organizations wishing to protect their assets while maintaining quick and simple access to them.

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