Questions & Answers regarding withdrawals on OVEX.
Are there any withdrawal fees?
There is a small withdrawal fee dependant on what you are withdrawing. You can see all OVEX fees on this page.
I have USDC and BTC how do I now withdraw these to my personal bank account in local FIAT?
To withdraw your cryptocurrencies into your personal bank account in local FIAT you must first sell your crypto holdings for FIAT using the OVEX Instant Buy & Sell trading tool. You can then process your withdrawal by clicking Wallets in the nav bar and then selecting Withdraw from the drop down. Follow these prompts for a breakdown of how to action FIAT withdrawals on OVEX.
My withdrawal won’t clear?
If you require assistance with troubleshooting your withdrawals; please email support@ovex.io
What are the daily/monthly withdrawal limits?
There is a daily withdrawal limit of $3,000,000 for level 3 verified OVEX exchange users.
Is there a limit to the number of times I can withdraw?
There is no limit to the number of times you can withdraw for level 3 verified exchange users.
How much can I withdraw if I am not level 3 (KYC) verified?
There is a lifetime dollar equivalent withdrawal limit of $300 for users who have yet to FICA/KYC their accounts. This applies to both FIAT and CRYPTO withdrawals.
Withdrawals and verification levels?
You are restricted to withdrawing a maximum of $300 if your account is not verified. You can verify your account on your OVEX dashboard. See these prompts for a breakdown of the account verification process.
What is the minimum of each supported asset on OVEX that I can withdraw?
OVEX supports a wide array of assets on its platform. There are minimum amounts that apply when withdrawing these assets from OVEX. Withdrawal minimums for OVEX supported assets can be found here: https://www.ovex.io/fees in the tile labeled; Minimums.
How much do I pay to transfer from crypto to fiat before withdrawing?
Because OVEX is a market maker, we wage a small spread when selling your cryptocurrency for FIAT. The reason being is the fact that we enable market takers (you) to execute your market orders (trades) instantaneously at the prevailing market price. The fee waged by OVEX on every trade can be seen in your Trade History:
- Once logged in – click on History in the nav bar.
- Select Trade History in the drop down.
- Here you will find an account of every trade you have executed through the OVEX portal along with the market maker fee (spread) waged by OVEX and whether you have settled the trade or not.
- Please note: These spreads are indicative as well as variable - dependent on volume traded.
Can I withdraw from an account managed by a broker?
You can indeed withdraw your funds from your broker-managed account. But so can your broker for the purpose of executing trades on your behalf. This is why it is important you trust the broker managing your account.
Can a broker withdraw funds from my account without my permission?
Your broker can indeed withdraw funds from your account without your permission. In fact – if they are doing manual arbitrage on your behalf – withdrawing your funds from your account is part and parcel of the arb process. Therefore, it is imperative that you trust your broker and undertake all the necessary due diligence before granting a broker access to your OVEX account.
How can I get an update on the status of my OVEX withdrawal?
If you are concerned about the status of a withdrawal - please email support@ovex.io
What do I put for the 'withdrawal address' when withdrawing crypto?
If you are withdrawing your cryptocurrency from OVEX your Withdrawal Address is the Wallet Address to which you are sending your crypto assets. It is imperative that you use the correct address or your crypto will get lost.
What chains does OVEX support?
Your withdrawal will only clear if it is processed on Bitcoin or ERC20. All other withdrawals will be rejected. Stay tuned as we add more chains for your convenience.