Deal has ended, view more crypto deals by clicking here.
The Offer
- Crypto exchange OkCoin is offering $50 in POKT when you purchase $50 in POKT
The Fine Print
- Customers must sign up to participate in the promotion. Complete the form here.
- Customers must use Okcoin’s Trade or Buy Crypto feature on app or web to purchase $50 worth of POKT by [11:59 PM PDT on February 8, 2022].
- Customers must pass or have previously passed Okcoin’s identity verification Level 2 by [11:59 PM PDT on February 8, 2022]. Check your status here.
Our Verdict
No idea if the first 1,000 cap has been hit or not. Also not sure if this is profitable or not with spreads and fees, but seems a good deal for the crypto people that already have OkCoin accounts from the previous deals.
Just got an email that I won the POKT amount, a month after I should have been notified.
Promotion is already closed, but if anyone did the STACKS wallet setup, you can check if you won one of the $5,000 prizes starting sometime this weekend here: https://stacks.org/okcoin?channelFlag=ACC01500495
If anyone else wants to try this:
Make a hardware Stellar wallet (I used Lobstr). Send at least 5 XLM (make sure to cover fees) to that wallet to allow the addition of an asset. Select USDC (I used the centre.io version). Now, you should be able to send $30+ USDC from OKCoin to your Lobstr stellar address, and then send it right back to OKCoin. Make sure to use a memo when sending to OKCoin.
Did the same. Bought the XLM on Lobstr via Moonpay since that was quicker than ACH’ing funds and then figuring out how to transfer XLM to Lobstr. I recommend buying $40 of XLM. There is a referral for Lobstr for 1000 Aqua (~$3.30) that will partially offset the fee with buying the XLM on Moonpay. Note that Moonpay is headquartered in Dublin so there will be foreign transaction fees. Then convert $31 of XLM to USDC. Use the leftover XLM to facilitate the transfer. Once you get the 1000 Aqua in a week or so, sell it to XLM and then have them transfer your XLM to another account to sell that.
My XLM purchase took about 6 hours and by that time XLM had decreased a lot and I converted too much XLM to USDC and didn’t have enough to facilitate the transfer. So I had to buy another $30 of XLM. Hopefully it and Aqua will rise quite a bit and I can get to about $45 profit.
I haven’t found any other exchanges that support Stellar-USDC yet. If anyone is interested in participating in this promotion and sending each other the $30 in USDC, let me know.
Looks like a pain in the ass deal. I found that Circle (the guys behind USDC itself) has it https://www.circle.com/en/usdc-multichain/stellar
I saw that too, but it looks like Circle is now only offering Business accounts, and I don’t feel like going through that whole process for the chance at $50. The only other exchange I found was Liquid but they don’t accept US citizens.
Ya I tried signing up for Circle and it doesn’t like individual traders. I found a site https://usdcswap.com/ that looked a little sketchy but seemed good, but OkCoin requires a memo to be added to the transaction so I have to try one of the bottom exchanges. I asked the Stellar subreddit if they knew how to do that.
Sounds good. Let me know if you want to do a swap, I don’t mind going first.
Why can’t somebody just send it to themselves?
I tried, OKC says it’s an invalid address when I try to use my external address as the destination. I think it knows that it’s going to the same account.
The problem with the USDCSwap is you will need to pay gas fees for the Eth USDC to be sent to it. If you have one with free withdrawals that could work.
I see what you’re saying now. Instead of finding another provider to send the USDC-Stellar to, you want to send it to each other. Sure DM me.
I’m all in crypto now. See you on the other side or in a ditch. Good luck everyone.
They are by far the worst crypto site. They never honor anything and withdrawals are practically impossible. Huge fees and minimums. Don’t do it.
a) limited (already gone)
b) see full terms and conditions that lockup your holding.
TL;DR skip
Reward is locked up, but initial deposit is not from what I can tell
how do you know Promo is already gone? Thanks
Promo started Jan 25. I’m guessing 1000 have probably already participated.
OkCoin is BS with their promo. Only useful to ramp into UST. Terrible USD ramp off site. DO NOT use the auto-purchase on OkCoin. They say they won’t take a fee on your automatic purchase transactions, but they take a larger spread. I’ve checked, they charged me an effective spread of 2.74% on my automatic UST purchases on average than if I just bought the UST myself.
Even with UST aren’t the fees a bit much?
The fees are nominal compared to on ramping using KuCoin. Thought I would save money on trading fees using recurring purchase of UST. Instead, I would have saved more by buying the coins myself. I tested my hypothesis. For one recurring purchase, OkCoin gave me 97.3288 UST per $100. When I bought UST myself at the same time, I got 99.1021 per $100. Ridiculous! Recurring purchase is an absolute scam
If you buy POKT and sell it right after, you’ll probably lose about $2.50. But if you get the $50 in POKT, it should definitely be profitable although the POKT will be locked for 6 months.
Hey
Davis , if you are interested in the Stellar-USDC promotion let me know. I can’t find any exchange to send the Stellar from to my OKC account