Created by OKCoin, Savings is a digital asset value-added service that allows you to deposit and withdraw your digital assets anytime. You may transfer your balance into Savings to enjoy profit every day. This service is characterized by depositing and withdrawal freedom, daily interest earning, and no minimum deposit requirement. The Savings guarantees high security of your assets with OKCoin's sophisticated risk management system.
Rules for Product
The assets of Savings are used for OKCoin's margin loan services. Savings only supports the digital assets available for OKCoin margin trading.
Rules for Depositing and Withdrawal
- Users may deposit and withdraw their digital assets anytime with real-time transfer.
- No interest will be paid for the day an asset is deposited into Savings. The interest will be counted from the 2nd day and paid on the 3rd The interest paid will be automatically transferred to the user's Savings account.
- No interest will be paid for the day the asset is withdrawn.
- Users may activate the "Auto Balance Transfer to Savings at 00:00" function. After activation, the available balance (of the assets supported in margin trading) in your wallet will be automatically transferred to Savings. Due to system processing, the actual transfer time may have a short delay.
Rules for Limits
Please see below table for the limits of tokens transferring in. Currently, there is no limits for tokens transferring out. We will monitor the market situation and adjust the limits again when deemed necessary.
Rules for Interest Distribution
The interest income from margin loans will be used for the interest distribution for Savings. OKCoin will take 15% of daily distributable interest as the platform's income. Currently, this income is totally injected to the insurance fund for margin trading, which is used for compensating for any margin call loss. OKCoin reserves the right to determine the use of such income in the future. The remaining 85% of daily distributable interest will be distributed to users based on their proportion of Savings balance.
7-day annualized rate of return
- Daily rate of return = distributable interest of the day / total interest-bearing asset amount of all users on the day
- The 7-day annualized rate of return = sum of the past 7 days' rates of return / 7 * 365
Rules for Clawback for Margin Call Loss
In case the margin trading insurance fund cannot cover a margin call loss, the daily distributable interest will be clawed back to cover the outstanding loss. (Only maximum 50% of the daily interest income will be clawed back so as to ensure users receive interest income every day.) The outstanding loss not covered by the clawback amount will be covered in advance by OKCoin and the amount will be set off against the insurance fund and daily distributable interest gradually in the future.
Minimum interest calculation
Interest will not be calculated for token less than 0.0001 unit in the Savings.