Bitcoin Forum

Hello, today I registered on the website and find out that OKex offers you to store cryptocurrencies with interest gain.
The ROI is around 1-5% on BTC, ETH, EOS and so on.
More in the article: https://medium.com/okex-blog/ok-piggybank-gain-extra-with-your-spare-coins-1efe3c9b37cd
Do you know about some other platforms that offers something similiar.
Would you trust OKex to store your cryptocurrencies forever?

sometimes i trade on okex mate and i have no issue with this exchange,
about piggybanks , i just know about this from you, so i can't say anything about this  ;)

It is a big exchange that works since 2014. But in the world of cryptocurrencies live the phrase: your private keys, your cryptocurrencies.
So, it worths the risk?

Not only exchanges offer some rewards for holding.
There also wallets, for example Cobo wallet that offer many cryptocurrencies to stake in one place. You can stake also Bitcoin here with ROI around 6-9%! But I also see this option little bit shady.

OKEX is not only a cryptocurrency exchange but also like a bank now. I wonder how will they pay for those interest? Will they be lending those stored cryptocurrencies?

Lending platforms?

Forever? No. It's never a good idea to store cryptos on exchanges for a long term.

I have checked the website and they claim to pay dividends from their income from margin trading.
You can currently store in PiggyBank these cryptocurrencies: BTC, ETH, EOS, XRP, USDT, LTC, ETC, TRX.

Nexo.io I think offers something the same.
Earn 8% Interest 100% Asset-Backed Guarantee (https://nexo.io/earn-interest)

Thanks. Did you find any data on what will they do with the cryptos stored in their platform? Like for example use it for lending? It would not make any sense to just store someone else's assets and pay them right?

Exactly, that's why I find it very strange. If that is the case then I would rather hold my coins in my own wallet and not to trust on some exchange. There is supposed to be a profit, but it the end I would take care of my coins.

I'm not familiar with other exchanges doing some services. And the way I see things, it's not that popular though because there are still risk involved here.

Yes, this one is probably more safe, but they offer interest only for stable coins. And if cryptocurrencies grow over the year, you probably loose more profit.  :'(

If they get hacked you will most likely be left with nothing. So if yo get 1% a year that will take 100 years to earn back what you lost.

Piggybankis part of OKEx that support several tokens only (mostly they are top 20 tokens with great volume). In OK Piggybank, your principal is safe enough and not going for losing your tokens or without market volatility consideration).
Personally, we believe that OKEx is a trusted exchange with high trading volume and it has been listed on CMC.
So far, no bad issues are in OKEx.

I would skip any other platform that offers such things, for example Yobit is offering the same stuff, but it is a shitty exchange. But Okex is one of the greatest exchanges on the market and it seems like a good opportunity to earn some extra money.

That is true, but if you look in to the history, almost all cryptoexchanges withstood attacks and sponsored money from their reserves.
And if you get around 4-5% interest on BTC, ETH, it is better than 0 on your personal wallet.

So far I'm still trust them to store my money even if you ask 'forever' I still answer yes it just because I haven't found any problem when I using it. More than that the OKEx platform has gave me a profit when I taken part OKEx jumpstart (the IEO platform such as binance launchpad) for twice.

I guess OKex owns the piggyback right?
The questions you should ask are "what is the OKex piggybank doing with investors funds?"    and "Is the interest guaranteed?"
I honestly would be careful handing my coins to centralized exchanges especially the unregulated ones.

I love the idea though. Someone could build thesame service on decentralized platform and just make money from fees

Then we have such idea, it is called staking, you earn money from the transaction fees. So only what we need is to create a coin for decentralized exchange. But on the other hand probably they will not be able to pay such high returns due to low trading volume on DEXs.

Despite the rumeration OkEx is offering for storage of tokens on their exchange, I would advice you store your tokens in a wallet you have the private keys or access to. Hacks can happen on exchange thereby making you vulnerable to loss of funds.

Okex is huge, no reason not to trust and plus why "forever" we can get the money back whenever we want.

Recently, okex had a promotional campaign that whoever will deposit certain amount on their piggybank account it will profit certain percentage and obviously many had lure and the campaign was somehow successful.

However, I didn't know that they'll use the fund for lending until now. So ideally, if this the case storing coins just for the sake of few ROI is ridiculous. I mean we don't need those as our coins/tokens is volatile and eventually ( hope so ) increase the value.

Well since OKEx is run more than years many users is trusting them but I think using as piggyback of your assets I think it's not right to store it there just gain a profit. But of course its up to every user if they want to invest it not just store it to  exchange forever. Because you don't know what will happen even the exchange is trusted and good security support much better to store your profit immediately in a hard wallet to be safe.

right . exchanges are online and expose to many risk . they can be hacked or worst they can turn into scam one day but im not totally saying they are  ,  i just only found simillar cases that happend on the past  . the idea of storing fund to earn interest is cool and yes you can treat it as a piggy bank because a piggy bank only means that you only put small or excess funds ( not your whole liftime saving ) so for me , its not a big deal overall  .