Tokok Review
This Tokok exchange review will let you know why we view Tokok as a safe place for you to operate your crypto investment business. We will examine the safety features of the exchange. We will also compare it with current best practices in the industry. We will then discuss, in detail, how easy (or difficult) it is to trade on the exchange. We will do this by discussing some of the exchange’s features, product offering, and standings. Without further ado, let us dive in fast:
| Exchange | Tokok |
| Registered? | Yes |
| Form of trade | Spot |
| Assets | Bitcoins, Ethereum, LiteCoin, Sushi, Uniswap and 81 more. |
| Learning materials | Nil |
| Trading tools | price charts and indicators. |
| Fiat currency | USDT |
| Trading platform | iOS, Android, Desktop and web. |
| Extra fees? | No |
| Customer support | Email, social media and ticketing system |
| Website | https://www.TOKOK.com |
| Headquarter location | Uk |
| Interface | Simple and intuitive |
Introduction to Tokok Exchange
Tokok (not to be confused with the social media app Tiktok) is a professional exchange platform that makes use of the most sophisticated technology to make cryptocurrency buying and selling accessible to a global user base. The company seems to be affiliated with a British Virgin Company, named Rekeep Network Technology Limited (probably a subsidiary of the home management firm, Rekeep S.p.a).
Tokok is run and managed by a professional team spread across different locations on the globe. According to them, the platform’s main goal is to build a top-notch system for swapping digital assets that also promises robust security and protection services for clients’ data and funds.As per web data, Tokok is located in the British Virgin Islands.
Liquidity on Tokoks Exchange
The liquidity of an asset trading platform is one critical factor to assess, especially if you plan on investing long-term with such an exchange. The liquidity of an asset measures the ease with which it can be converted or swapped to another asset. But, when it comes to crypto exchanges, the term takes on a slightly different meaning. The liquidity of a crypto exchange refers both to the ease with which an asset can be traded and the eventual final effect on the asset’s price. You risk paying more for an asset than its actual worth if you trade on a crypto exchange with little or poor liquidity.
One easy way to determine the liquidity of a crypto exchange is to compare the two different sections for the opened long and short positions. That tells you which assets have the highest transaction volume and the speed with which they are being traded. The higher the transaction volume, the bigger the liquidity available for that asset. Another quick way you can determine a token’s liquidity on the Tokok exchange is to calculate the price difference between the Ask and Bid tables of one of its markets.
However, there is an even better way to determine Tokok’s overall liquidity; that is the daily trade volume. As of the time of writing, Tokok has a 24-hour trade volume of over $405 million. While that might not seem a huge figure, considering that industry giants such as Binance and OKEx record billion dollars’ worth of trade volume daily, it is still a remarkable figure. There are only 86 coins listed on the Tokok exchange; they are actively traded across 120 markets.
Trading fee on Tokok exchange
The platform uses a tier-based system for computing the transaction cost for each trader. But this is only for discounts. The exchange maintains a flat trading fee of 0.2%. That is, there is a 0.2% deductible part in every selling or purchase. Note: if you have TOK tokens in your wallet, you can use them to pay for your trades and reduce the flat fee rate by 50%. That is to say, only 0.1% of your traded volume will be deducted as the transaction cost.
It’s worth stating here that the industrial average is 0.25%. Some exchanges charge as high as 0.75% per trade. Also, unlike some exchanges, Tokok doesn’t use the “discriminatory” makertaker model that is dominant today. You will find the full details of Tokok’s trading fee structure for the VIPs outlined on a table under the FAQ section.
How the VIP levels are calculated:
Each VIP level is based on the trade volume of each investor as seen in the last 30 days. The aforementioned table shows the volume in the BTC; but, the calculation applies irrespective of the token(s) traded. The level upgrading process is automated so that a user gets leveled up when the trade volume reaches the next threshold. However, a user may only retain his position two months after the climb, after which the system reevaluates their traded volume within the monthly timeframe. This became effective in August 2019 and it happens at 09:00 am UTC+8.
Tokok extra rewards for VIPs
VIP users, based on the table, will enjoy, among other things, the following privileges on the Tokok ecosystem:
- A rate increase in the supernodes program.
- Exclusive access to the special token sale on Tokok Feature (the exchange launchpad).
- VIP airdrops.
- Value-added services such as welfare coverage.
Tokok’s regulatory compliance
It is no news that the blockchain industry has been mercilessly attacked by cybercriminals in different ways. However, cybercrimes are not the only safety concern in space. Sometimes, the hacks are due to outright lack of diligence leading to programming mistakes, or project owners rug pulling with investors’ funds. This highlights how regulation is very much needed in the space.
Having said that, investors and prospective traders can derive confidence in the fact that Tokok is currently registered as a legal entity in three separate countries.
First, the platform has been able to obtain an operational license from the UK Financial Authority. FCA is the world’s oldest financial center and is presently the country with the most comprehensive financial services and time-tested institutions built on a robust framework. As a registered body, Tokok is regulated under the Financial Market Conduct Authority.
Secondly, Tokok was able to secure the Estonian EU MTR license for digital corporations. A little history to amplify the significance of this feat: after joining the World Trade Organization in 1999 and the European Union in 2004, Estonia currently boasts one of the fastest-growing economies in the world and looks determined to rapidly grow its information technology sector. In another economically impactful move, Estonia became the 17th country in the eurozone. Also worth stating is the Digital Citizen Program created in 2017. Indeed, all these are certain to bring new economic growth to the country, and with the country being one of the active supporters of blockchain tech, Tokok has secured itself an enviable position.
Lastly, Tokok’s exchange was able to win the Singaporean Digital Currency Exchange provisioned under the Payment Services Law announced in 2020. The government demands 100% compliance from every entity registered under this law. It is worth adding that one of the crimes the law seeks to discourage is market manipulation through wash trades.
With all these, we believe Tokok to be a reliable crypto exchange site. Now, let us take a look at the technologies used in securing clients’ funds on the platform.
Security and Safety concern on Tokok exchange
Tokok launched in 2018, and since then (till now) there have been no reported cases of funds theft, identity compromise, or any sort of cyberattacks. That probably suggests the platform’s use of complex security protocols and firewalls that have made it difficult for hackers to penetrate. Hence, we will give it a 100% score in terms of security.
Still, there is an article on the FAQ section, unequivocally instructing users to guide against phishing attacks via links posted on social media or received via mail. The most common strategy used in phishing is the use of enticing methods to redirect unsuspecting users to a fake website designed to mirror the original website. The main goal is to obtain the log-in information.
There are also articles provided to aid users enable security measures, such as the use of SMS OTPs for verification as well as procedures for activating a security software like the Google 2FA authenticator. We strongly recommend using all the options.
Tokok’s exchange tokens: TOK and TPS
These days, both centralized and decentralized crypto exchanges build the functionalities of their platform around native tokens issued on their separate networks. Tokok is no different. TOK is the exchange utility token ticker and is currently being traded in one market against Ethereum. According to Tokok, there will be a total supply of 1 Billion TOK tokens launched on the Ethereum Virtual Machine as a standard ERC-20 token. The team also confirmed there will not be any future increment to the supply. TPS, on the other hand, are points earned through Tokok’s reward system for gaming and other activities.
Functions of Tokok token
The following utility programs are planned for TOK tokens:
- Trading fee incentivization
Like most exchange native tokens, TOK holders can use the token to slash the transaction fee by 50%. For example, if a transaction would cost 10 USDT, using TOK tokens to pay for the transaction automatically reduces the amount to 5 USDT.
- Token deflation program to increase TOK value
Token burn events is a common trend in the blockchain industry used for creating scarcity that increases the market value of a coin. In other words, it is a supply deflation mechanism.
According to Tokok, 100% of TOK tokens accumulated from the 50% discounted trading fee will be removed from the total supply quarterly. That is, if 10 million tokens were collected within a quarter as a transaction fee, all 10 million TOKs will be burnt. This is scheduled to continue until there are only 100 million TOK coins available.
In the last burn event, 3758643.36 TOKs were destroyed, leaving the total amount left to be 871,058,759 TOKs.
- Token buy-back program
Initially, Tokok shared 25% of its quarterly profit to users in the form of Bitcoin, Ethereum, and other coins.
However, starting from April 1st, 2019, the exchange decided to review the dividend sharing initiative. Rather than distributing the 25% profits, the funds will be used to finance the quarterly repurchase of its tokens. While that might seem somewhat unfair, it would help increase scarcity and TOK tokens value as a result.
- Prerequisite to qualify for free token airdrops
Centralized exchanges such as Binance, OKEx, and even Tokok enter into various partnerships with crypto-based projects with the strategic intent of increasing their revenue. The earnings are usually in the form of project tokens.
However, while some of the exchanges share the earnings among their stakeholders, Tokok takes a different approach by sharing the obtained tokens equally among TOK holders.
- Financing Tokok ecosystem construction
TOK tokens are also envisioned as a critical aspect of all future undertakings on the exchange.
- TOK Trading pairs
The exchange also intends to make TOK tokens tradable against all other coins listed on the exchange. If achieved, it will increase the total trade volume of TOK coins and give its price more stability.
- Exclusive benefits for TOK holders
Users will also get to enjoy exclusive perks such as IPFS Mining, Special Fund, etc., depending on each investor’s TOK holdings.
How TPS work on Tokok exchange
To get some points, you will be required to register on the exchange and then participate in various official launch programs. The points can then be used to participate in gaming activities like the lucky draw, or swapped for other commodities on credit mall. There are terms, conditions, and guidelines attached to each activity. Note: TPS cannot be traded.
Token Deposit and withdrawal Process on Tokok
As of the time of writing, Tokok provided support for only wallet-to-wallet transactions, both for deposits and withdrawals.
Here is how to withdraw on Tokok Exchange:
- After logging in, click the “Account Center” button on the main page.
- On the next page, scroll to find the token you wish to withdraw and click on it.
- Next, select the withdrawal account.
- You will be presented with an open field to enter the withdrawal address and narration for referential purposes.
- Indicate the amount you want to withdraw.
- Then click the “Submit” button beneath the page. From the transaction history section, you can monitor the status of the withdrawal until it is completed.
Note: ensure to supply the appropriate wallet address for the token to avoid an irrevocable loss of funds. Also, withdrawal speed might be slow if the host network is congested with transactions.
How to deposit on Tokok exchange
- From the Official home page, go to “Account Center”.
- Find the tokens you want to deposit and tap on them.
- On the next screen, copy the deposit wallet address provided.
- Paste it to the wallet entry field of the platform you are sending the token from.
- Then confirm the transaction and wait for the network to process it.
- Note: apply due diligence to ensure you supply the correct wallet address for the deposit.
Tokok’s Customer Support Center
Not everyone is familiar with trade-related terminologies and honestly, even if you do, exchange platforms are not all the same. In addition, only a few understand the concepts of blockchain technology. Yet, all these are what one must have to experience a smooth riding trading of cryptocurrencies. It is inevitable then that there would be times when clients face perplexing issues while interacting with a site.
Tokok is committed to establishing a professional customer support unit that is always available to provide answers to users’ questions and complaints as well as receiving feedback from the community, as it relies heavily on this for improving its technology and trade system. Initially, there was only a “submit request” system on the exchange. However, due to the deficiencies, like delays in response time and overall poor turnaround times in resolving issues, Tokok decided to set up the customer service center.
Users can also find help from the “community” section, which is especially useful for sudden changes in the platform as it is the place where announcements are updated. See below the daily schedule for the customer service availability times:
9:30 – 12:30
14:00 – 18:00
19:00 – 22:00
All shift periods are according to the UK’s timezone. If you have an urgent issue during any of the one-hour breaks, you can immediately reach the team by dropping a message to the telegram admins or contact @tokok007. In addition, the customer service team works all year round, except for the holiday seasons and weekends.
Trade Anywhere with Tokok
To ensure its clients get unhinged access to the crypto market, Tokok has made its platform available across all device types such as iOS, Android, Window APP, and also on the web.
Conclusion
Though we couldn’t get the full details about the individual team members, we trust the regulatory institutions’ judgments in awarding the exchange operational licenses. Therefore, we believe Tokok is a trustworthy place for buying and selling digital assets.
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