To those who haven’t yet wet their toes in the cryptocurrency fountain, the entire scene might seem daunting and overwhelming. Listening to two crypto fundis talking industry jargon is guaranteed to make even the most interested of people suddenly turn away in utter confusion.
But one company has opened the doors to cryptocurrency trading wide open to all South Africans, and without the industry jargon or complexities. That company is OVEX, a cryptocurrency exchange that was started in 2018 and has its headquarters in Cape Town.
Cryptocurrency trading with a difference
OVEX entered a market that was mired in confusion. Into this confusion, the company introduced multiple revolutionary tools, including its one-of-a-kind arbitrage service that regularly brings investors a 4.6% return per week, as well as a high-interest-earning savings account that offers returns far in excess of any traditional bank in all of South Africa.
What makes each of these services unique is that both don’t require actually trading cryptocurrencies. OVEX developed these services to give people guaranteed returns without entering into much risk.
Unique request for quote service
For people entirely new to cryptocurrency and investing, the first thing they see when trying to trade is something called an “open order book”. This confusing piece of technology represents all the currently open orders for a particular currency trading pair, such as bitcoin/rands, or BTC/ZAR.
In simple terms, think of a bunch of people trying to sell their BTC for ZAR. Each person asks for a certain price, and then buyers (bidders) will bid on the price they’re willing to pay. Eventually, a match is made — or not. This is what drives the market price up or down.
All these bids and asks are usually displayed on a screen with tons of numbers — that’s the open order book. It’s really very confusing for newcomers to investing. A person new to crypto just wants to buy some cryptocurrency and know what they’re paying, like ordering in a store.
Well, this is where OVEX stepped in. Instead of the traditional open order book system, OVEX developed the far more intuitive RFQ (request for quote) system where someone can simply type in how much ZAR (or any other currency) they want to spend, and get an immediate quote for what that will give them in terms of bitcoin or some other cryptocurrency.
White-glove over-the-counter service
For those more familiar with trading and who would like a personal touch when trading cryptocurrency, OVEX offers another unique service in the world of cryptocurrency exchanges: a white-glove, personalised over-the-counter (OTC) trading desk that carries out its trades off the open books. This is the perfect choice for private individuals who wish to invest large amounts privately, and who want to benefit from the tightest possible spreads and other benefits available only to high-worth investors.
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