Frequently Asked Questions (FAQs)

Cointorox Platform & OROX Token

Can't find your question? Email us at [email protected]

What is Cointorox?

Cointorox is a comprehensive cryptocurrency ecosystem consisting of a digital piggy-bank, token exchange, token faucet, merchandise store, airdrop-central, and a blockchain gaming platform.

What is Cointorox Token (OROX)?

Cointorox Token (OROX) is a utility token primarily used to activate and deactivate features of the digital piggy-bank. OROX is an ERC20 token build on the Ethereum blockchain. For more information about Cointorox Token (OROX), please read: https://medium.com/@cointorox/what-is-cointorox-orox-token-80dbadb73593

How is Cointorox Token (OROX) used?

Cointorox Token (OROX) is a utility token primarily used to activate and deactivate features of the digital piggy-bank.

All tokens used on the platform as such are paid to us & we burn them on a daily basis.

This ensures that the total supply of OROX continuously decreases.

Cointorox Token (OROX) is a requirement in all savings portfolios. Meaning, when a user purchases a savings package, 10% will always be allocated to acquire OROX on the markets. This is to ensure that the user does not have to acquire OROX later on as he/she activates and deactivates a feature.

OROX is also used as a form of payment for token listings on the exchange & the faucet.

Additionally, OROX is used as a form of loyalty points and in-game currency on the merchandise store and the blockchain gaming platform.

What are the main features of the digital piggy-bank?

There are 9 main features of the digital piggy-bank.

1. Ability to instantly withdraw all coin savings to external wallets
2. Ability to withdraw all savings in USD (for KYC verified users only)
3. Ability to automatically sell coins should values go below actual saving amounts (e.g. If you saved $10 in USD and your automatically converted coin values go below $10, it simply gets sold and converted into USD until you re-authorize for an automatic conversion)
4. Live-time coin balance check in USD (estimated conversion price)
5. Users can lock their savings for a specified period *powerful feature to prevent the number 1 enemy of your money — yourself — from using them*
6. Gift-your-savings feature (digital voucher for friends & family)
7. Portfolio reassemble feature (reallocate your distribution %)
8. Add new coins feature (add new coins on your portfolio as you desire)
9. Ability to cancel recurring monthly savings & resume anytime

More information can be found on: https://medium.com/@cointorox/9-powerful-features-of-your-digital-piggy-bank-68f9cae8f03

What are the fees involved with using Cointorox?

When a user purchases a savings package, the average fiat-cryptocurrency conversion rates are automatically fetched and recorded from multiple different APIs (blockfolio, coingecko, coinlib, coinmarketcap). There’s no markup conversion fees involved.

However, there are fees involved when a user decides to withdraw his/her savings (fiat or cryptocurrency).

There is a flat withdrawal fee of 2.5% on all withdrawals.

What coins & tokens does Cointorox support?

Pre-selected portfolio (default portfolio) is currently set at BTC, ETH, LTC, XMR, OROX.

Any coins/tokens on the TOP-100 of coinmarketcap.com are available for addition into portfolios.

Please note that 10% OROX is a requirement for all portfolios as you will be required to use OROX for feature activation & deactivation.

How are user funds automatically converted and stored?

When a user purchases a savings package, they are paying in fiat currencies (e.g. USD). Cointorox platform validates this payment and automatically records the value of coins – at time of purchase – and our team is notified. Our team will then allocate coins on our hot/cold wallets accordingly and provide you the addresses of your coins (for you to track them on coin blockchain explorers).

Please note that no coins are ever transferred out of our wallets when a user purchases a savings package. We simply allocate the coins we already have (pre-acquired) into new addresses on our own wallets. Your coins are therefore kept safe by us on our hot & cold wallets accordingly. We transfer the coins out of our wallets, should you decide to withdraw your savings in coins to your own external wallets.

How are user funds secured/protected?

1. Cointorox has implemented industry-standard security features to better protect and store your data, including your funds.
2. It must be noted that any funds you convert, send, and receive via your account are mere data on the platform.
3. No actual money or coins are stored on the server. All coins are safely stored in hot (30%) and cold (70%) wallets.
4. All withdrawals are manually checked and approved by our withdrawals team on 24/7 standby.
5. All data will be encrypted and stored in multiple different servers with 3 different live data back-up systems.
6. When a user purchases a savings package & savings get converted into coins, the user also receives coin addresses to allow users to publicly track their funds.

More information can be found on:
https://medium.com/@cointorox/how-are-user-funds-protected-secured-1f7d3b53fde3

What are the advantages of acquiring cryptocurrencies using cointorox rather than through exchanges?

– save time looking for exchange supporting fiat currency deposits
– save your time and effort on bank transfers
– risk less with the pre-selected portfolio of top-tier coins (or) simply assemble your own
– save the efforts of understanding the whole industry and filtering solid projects
– save and grow your money effortlessly with recurring saving packages and risk less by activating the auto-sell feature should your coin values go below your actual saving amounts
– intuitive dashboard indicating your total savings, saving habits, and risk type to help you understand yourself better when it comes to financial management
– enjoy powerful features available only on cointorox: periodical lock-in, auto-sell, one-click conversion and portfolio re-assemble, and digital voucher gifts ++

Does the fixed portfolio recommended by cointorox include only the high market cap coins?

The pre-selected portfolio is a custom selection made by the Cointorox team to ensure that you are relatively risking less. It is a selection of relatively less volatile yet highly regarded projects within the industry. This selection is subject to change according to the changing market/industry status.

What are the differences between basic packages and advanced packages?

It’s simple.

Basic packages are monthly recurring packages. Meaning, you will be automatically saving those amounts you have set on a monthly basis. We will be setting up a monthly automatic payment on PayPal or your credit/debit card with your pre-authorization.

Advanced packages are one-off packages. Meaning, if you have some extra cash in your hand and would like to put it in your digital piggy-bank instantly, you can choose the advanced packages to do so.

What is the mission and objective of Cointorox?

Our mission is simple. To simplify the world of cryptocurrencies (by offering comprehensive saving packages which decreases the overall time and effort required and spent in acquiring and understanding cryptocurrencies).

Company & Investors

Can't find your question? Email us at [email protected]

Where is Cointorox registered in?

Cointorox is registered in Tallinn, Estonia, with 2 main cryptocurrency licenses – Cryptocurrency Exchanges Service and Cryptocurrency Wallets Service. Cointorox is powered by xToken OU.

Where is Cointorox operated?

Due to the nature of team members living all around the world, Cointorox operates globally on the internet. Although, the main office is located in Queensland, Australia.

Who is the founder of Cointorox?

Cointorox was founded by Leon Song ([email protected]) https://www.linkedin.com/in/leon-yong-wan-song/

What is the mission of Cointorox?

Our mission is simple. To simplify the world of cryptocurrencies (by offering comprehensive saving packages which decreases the overall time and effort required and spent in acquiring and understanding cryptocurrencies).

What sort of partnerships will Cointorox be working on?

Cointorox is a cryptocurrency savings solution provider. Therefore, the potentials are limitless. Cointorox will initially focus on establishing partnerships with (i) banks (ii) universities (iii) insurance companies

How many OROX tokens were allocated for the team & advisers?

20% of the total initial supply which equates to 2,000,000 OROX.

When will team tokens be distributed and how will they be used?

Team tokens are distributed as soon as the token sale ends. There’s no particular locked-in periods.

On a side note, majority of leon’s tokens will be used to fund user portfolios during the initial stages. (NOTE: All packages include 10% OROX as a permanent & fixed portfolio).

This ensures that the company does not have to spend on acquiring OROX on the market with the initially accumulated funds, further stabilizing finances of the company. Essentially, the company is earning 10% fees on all saving packages sold until leon’s tokens are fully distributed/used.

How will Cointorox earn revenues?

– Flat 2.5% withdrawal fees on all savings packages
– 25% of ITO funds are used to pre-acquire top-tier coins (assuming the value of coins will rise steadily, this can be seen as an investment from the company)

Who can I contact for business & partnership inquiries?

Please contact leon at [email protected]

What are the terms & conditions of joining Cointorox?

Please refer to https://cointorox.com/terms-and-conditions/

What privacy policies does cointorox guarantee?

Please refer to https://cointorox.com/privacy-policy/

CURIOUS TO LEARN MORE?

Email us at [email protected] or use the form below.

By using this form you consent to Cointorox.com handling your data.