WITHDRAWAL FAQs

Questions & Answers regarding withdrawals

I have TUSD and BTC how do I now withdraw these to my personal bank account in ZAR?

To withdraw your cryptocurrencies into your personal bank account in ZAR you must first sell your crypto holdings for ZAR using the OVEX RfQ system. You can then process your withdrawal by clicking Wallets Withdraw


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 withdrawal limit of ZAR50million for level 2 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 2 verified exchange users.


How much can I withdraw if I am not level 2 (KYC) verified?

There is a ZAR equivalent withdrawal limit of R20,000 for users who have yet to FICA their accounts. This applies to both FIAT and CRYPTO withdrawals.


Withdrawals and verification levels?

You are restricted to withdrawing a maximum of ZAR20,000 if your account is not verified.


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 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 ZAR. The reason being is the fact that we enable market takers (you) to execute your market orders (trades) instantaneously at the market price. The fee waged by OVEX on every trade can be seen in your Trade History:

  1. Once logged in – hover your mouse over History
  2. Select Trade History
  3. 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
  4. Please note: These spreads are variable and 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.


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?

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.