OVEX review: FSCA licence, USDT fees and African currencies

Who runs OVEX

OVEX’s former address, ovex.io, now redirects to ovex.com. Its terms of service (version 1.9, last updated 15 June 2026) say the company you contract with depends on where you live: Ovex (Pty) Ltd in South Africa if you are resident in a Common Monetary Area country or trade pairs in South African rand, and Chameleon Capital Canada if you live outside the Common Monetary Area or trade pairs in other currencies. The website footer is in the Canadian company’s name. All facts in this review were checked on 28 October 2026 on OVEX’s pages, help centre and documents, and in the registers of the FSCA and the National Credit Regulator.

Licences and registrations

• Ovex (Pty) Ltd is an authorised financial services provider, FSP 53922, and “operates as a crypto asset service provider”. The FSCA register shows it as authorised since 14 August 2024. It is also registered with the National Credit Regulator as a credit provider (NCRCP15552), which the NCR register confirms.
• Ovex FSP (Pty) Ltd holds FSP licence 50776 (authorised since 10 November 2020, according to the FSCA register). It is a forex intermediary that the South African Reserve Bank has approved as a treasury outsourcing company, and it runs the OVEX FX service, which the terms say is not part of the crypto exchange.
• Chameleon Capital Canada (formerly Paygle Inc) is registered with FINTRAC in Canada as a money services business (C100001157), including for virtual currency dealing. This is a registration, not a licence, so we list it that way. We could not reach FINTRAC’s online register to check it, and the terms call the company “Ltd” in one place and “Inc” in another.

The fees page shows the banner “Regulated · FSCA · FCA · MSB”, but no OVEX page or document names a company registered with the UK Financial Conduct Authority, and the FCA register showed a security check, so we do not list one.

Fees

OVEX charges no direct trading fee: “Pricing is built into a transparent spread.” Buying and selling works by request for quote, and the spread is variable and depends on volume. Deposits are free on all rails. Each withdrawal has a flat fee per asset, whatever the amount: R60 for rand (minimum R100), 4,500 for Central African CFA francs (XAF), and nothing for West African CFA francs (XOF), naira, or Tanzanian and Ugandan shillings.

USDT and other crypto withdrawals

OVEX only accepts crypto withdrawals on TRC20, ERC20 and Bitcoin. Its fee table on 28 October 2026:

• USDT on Tron (TRC20): 5 USDT fee, minimum 10 USDT
• USDT on Ethereum (ERC20): 8 USDT fee, minimum 10 USDT
• USDC on Ethereum (ERC20): 8 USDC fee, minimum 10 USDC
• Bitcoin: 0.00015 BTC fee, minimum 0.0003 BTC

Choose the same network as the receiving wallet: OVEX warns that the wrong network risks a loss of funds.

Deposits and local currencies

In South Africa you deposit rand by regular bank transfer (EFT) with your personal reference and withdraw to your own bank account. OVEX’s help centre lists XOF, XAF, NGN, ZAR, KES, GHS, TZS and UGX among its supported currencies. OVEX has pages for Senegal, Côte d’Ivoire, Togo, Benin, Cameroon, Tanzania and Uganda saying you can withdraw the local currency to a bank account, and naira withdrawals go to a published list of Nigerian banks. Those pages do not name the deposit method, and the home page mentions mobile money without naming a provider. The Benin page writes the CFA franc as “XPF”, while the fee table uses XOF.

Interest Account

Ovex (Pty) Ltd offers an Interest Account that pays “up to 8.5% per annum” on stablecoins and up to 2% on bitcoin and ether, as simple interest from OVEX’s own balance sheet. The rate depends on the asset and the amount, and withdrawals need 14 days’ notice. The terms stress that OVEX “is not a bank” and that the deposits are not specifically insured: if OVEX runs into trouble, you can lose what you put in.

We found no futures, no P2P service and no proof-of-reserves page on OVEX’s site.

Before you open an account

• Check which OVEX company you will contract with and what it is licensed or registered for.
• Ask for a quote and compare the price with another platform; the spread is your cost.
• Confirm the network and the 10 USDT minimum before withdrawing.

We have not tested OVEX with our own account yet; this review will be updated when we do.