OOOBTC Review - is it scam or safe?

OOOBTC is a cryptocurrency exchange that offers trading in cryptocurrencies only, and some very obscure, at that.

There are not many details about where the company is located or when it was established, but we are of the impression that it is a relatively new exchange.

OOOBTC advantages

Lots of (obscure) altcoins. OOOBTC offers trading in a lot of quite obscure altcoins like Golem, Zilika, Status, Rchain, etc. In fact, the most recognizable coin in OOOBTC’s portfolio is Ether. They can only be exchanged for each other, but not for fiat currencies.

Low trading fees. OOOBTC has a relatively low trading fee of 0.25%, which is quite favorable.

Transfer fees. OOOBTC says it does not charge deposit fees for cryptocurrencies and only charges the miners’ fee for crypto withdrawals. In fact, this is more or less a standard practice for most exchanges, when it comes to cryptocurrency deposits.

Nice platform. OOOBTC offers a proper trading platform with charts, some indicators and some charting and analysis tools, which can be quite useful for more advanced traders.

Wallet. OOOBTC has provided wallets for the supported altcoins, which can be very convenient, particularly for the more obscure altcoins, for which there are not many wallets available.

Good safety. OOOBTC offers 2-factor authentication and encryption of the users’ information. Funds are stored in offline cold storage, which makes them inaccessible to hackers and quite secure.

OOOBTC disadvantages

No fiat accepted. OOOBTC only offers the option to exchange the supported cryptocurrencies for each other. They cannot be sold or bought for fiat currencies.

No leverage. Despite having a nice trading platform, OOOBTC does not offer leveraged trading. Those who are interested in this type of trading and do not care about owning the coins, but speculating on their prices, should rather sign up with a regulated forex broker that offers CFDs on cryptocurrencies. There the clients can trade on margin.

>> See our list of regulated bitcoin forex brokers <<

No anonymity. OOBTC does not allow anonymous trading and clients are required to verify themselves. However, we could not find the link for verification, even though we signed up with OOOBTC. We only found information that the exchange requires a copy of an ID document and a selfie. Apparently OOOBTC works with the verification services provider Jumio.

Withdrawal limits. OOOBTC says it has set withdrawal limits in order to prevent fraud and theft. New unverified accounts cannot withdraw at all. Accounts with basic verification can withdraw 0.4 (or equivalent) BTC per day. The so-called “enhanced accounts” can withdraw up to 100 (or equivalent) BTC per day with two-factor enabled.

Low liquidity. Judging by the order book of OOOBTC, there is not much trading going on its platform and the liquidity is quite low.

Conclusion

OOOBTC has an interesting selection of rare altcoins and a nice trading platform with some advanced features, which makes it quite attractive. We also like the low trading and withdrawal fees that make trading on the exchange fairly advantageous.

What we dislike about OOOBTC is the lack of opportunity to buy and sell cryptos for fiat currencies and leveraged trading. We also did not like the fact that we could not find the user verification link and the low liquidity. The limits are also a thing we generally dislike, but in reality the “enhanced” accounts have a really high daily withdrawal limit.

For more information, find more here
Website: https://www.ooobtc.com/trading
Twitter: https://twitter.com/ooobtcExchange
Telegram: https://t.me/ooobtcExchange
Whitepaper: https://www.ooobtc.com/assets/whitepaper/obx.pdf
Username : erwin_ibrahim
Bitcointalk profile link : https://bitcointalk.org/index.php?action=profile;u=1061924
Telegram : @erwinibrahim
OBX Address : 0x4a4c861c1e5f20b4a276f4f24fa3cd70c2630f60
Email : erwinrohadi87@gmail.com