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Octaex (out of business) Review - is it scam or safe?

Octaex Review - is octaex.com scam or good cryptocurrency exchange?

RATING: 1 / 2 REVIEWS ForexBrokerz Octaex (out of business)
Octaex (out of business) is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Withdrawal Fee

Standard

N/A

0.15%

0.15%

 

Octal Bit Exchanger or Octaex is a relatively new Chinese cryptocurrency exchange, which is quickly gaining popularity. It works with fiat currencies, but is not a pure entry-level company (like Coinbase), as they also facilitates active altcoin trading.

 


Octaex Advantages


Low trading fees

One of the biggest advantages of trading at Octaex is the fact that it has low trading fees, when compared to other exchanges. It charges both market takers and market makers with a flat fee of 0.15% while the fees of most established cryptocurrency venues are in the range of 0.20-0.25%.

 

In addition, Octaex has no deposit fees, although we suppose that the deposit of fiat currencies would involve some charges.

 

Wide range of altcoins

Octaex has listed a lot of cryptocurrencies and keeps adding new ones. They are traded against BTC, ETH, LTC, USD and CNY. Some of the other popular coins at this exchange include Dash and Maker, and there are also a number of alternative ones such as Bitcoin Private, Bitcoin Plus and Bitcoin Atom. Currently, the most actively traded pairs at Octaex are BTC/ETH and BTC/USD.

 

Fiat currency supported

Octaex works with some of the most popular fiat currencies (USD & CNY). Therefore, this exchange probably seems attractive to beginner crypto-investors, as they can directly deposit and withdraw cash. Unfortunately, we could not find information on the transfer methods supported by Octaex. We suppose that it accepts Chinese bank wire transfers.

 

Security

Allegedly, Octaex keeps all clients’ assets offline, in cold storage. Besides, like most exchanges, it uses Two-Factor Authentication (2FA), which allows you to verify logins with a mobile app. This way, even if someone knows your e-mail and password, they will need access to your smartphone in order to hack your account.


Good platform

The trading interface provided by Octaex has two layouts: a simple and intuitive one, as well as a professional layout with advanced charts and technical analysis indicators.

 


Octaex Disadvantages

 

No info about the company

The official website (the English language version) does not provide any information on the company that owns and operates the Octaex – its headquarters, the team, etc. This is a major disadvantage, as (potential) clients of this exchange have every right to know where are they sending their money or coins.

 


Chinese exchange

Despite the fact that the company behind Octaex and its location is unknown, it is obvious that the exchangeis Chinese. While China is not strictly against Bitcoin and cryptrocurrencies altogether, the country banned ICOs in 2017 and this also affected crypto-exchanges in a negative way. Besides, rumors of China banning cryptocurrencies in one way or another reappear every few weeks.


High fees on withdrawals

While trading fees are low and deposits are free at Octaex, withdrawals from the platform are charged with a fixed fee of 0.15%. Such fees are pretty salty, considering that many exchanges (for example, ZB.com) charge as little as 0.0001 BTC.


No leveraged trading

You cannot trade with leverage at Octaex. The aggressive traders among you may turn to an exchange that supports margin trading (like OKEX) 1or try trading in cryptocurrencies with forex brokers..

 


>>Trade Bitcoin with leverage<<


Trading crypto with such brokers is most often done via Contracts For Difference (CFDs). These are derivative financial instruments, designed to precisely follow the price movements of a given asset (coin). So, traders simply have to guess whether a coin’s price will go up or down, instead of buying and selling the cryptocurrency itself .

 


Conclusion

 

Launched on 1st January 2018, Octaex is a Chinese cryptocurrency exchange, which provides low costs of trading, a good platform and extensive coin offering. It also supports fiat currencies. On the other hand, important information on the deposit and withdrawal methods, headquarters of the exchange, and most importantly on the company that owns it, is not available on Octaex’ website (the English version).

 

In combination with the fact that this exchange is centralized, this involves a lot of risks. Centralized exchanges hold their clients’ coins, and some of them might be scams or might get hacked, so security is a big issue in the crypto world. If you would rather trade cryptocurencies in a safer environment, we remind you that you can also do that with forex brokers. Some of them are reliable and well-regulated.

 


>>Regulated Bitcoin forex brokers<<

 


Here are the strong and weak sides of Octaex:

 

Pros

Cons

Extensive coin offering

No info about the company

Fiat currencies supported

Chinese exchange

Low trading fees

No margin trading

No deposit fees

 

Cold storage, 2FA

 

Good platform

 

 

 

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Traders` reviews for Octaex (out of business)

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Slippage

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Requotes

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Price feed

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Summary

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Octaex stole my B2G

I had my B2G on this exchange, but I never could get any communication from them. When I tried to withdraw my 5- B2G coins, they never sent my coins or exchanged it, now the site seems to be gone with my B2G. This exchange is a scam!

Lisa Holmes 07/18/2018

OCTAEX website is closed

the website is closed I can not access my account and I can not find any contact for OCTAEX if there is any help

thank you

jegham nabil 07/17/2018

Nos estafaron a todos

Lamentablemente nos estafaron a todos. perdi una considerable cantidad de dinero. intente por todos los medios comunicarme pero sin resultados. han cerrado sus puertas y no se puede hacer nada.

Translated by Google:

Unfortunately, they scammed us all. I lost a considerable amount of money. try by all means to communicate but without results. They have closed their doors and nothing can be done.

sebastian tevez 07/08/2018

Octaex website not reachable anymore

In recent days, as of July 6, 2018 the Octaex website (https://www.octaex.com) is no longer available online. Many users still wonder what could be the reason.

But with skepticism, no one believes it's been a scam all way and most of us have been left at crossroads wondering.

Would it be possible that someone prompt whoever is behind it to tell what are the kind of gesture that could be?

Andrew 07/06/2018

Beware ! Exit scam !!!

Nobody can withdraw anything from that exchange, and it's been like that for a few weeks. They don't reply to anyone, even the coins devs, and... they just deleted their Twitter account!! DON'T EVER DEPOSIT ANYTHING ON THIS EXCHANGE ANYMORE!

Philippe 06/25/2018

Can't withdraw

Can't withdraw! No communication even kicked from telegram. I think they are SCAM they just left the site to SCAM more investors.

muhamadino 06/18/2018

scam

could not withdrawal Bismuth (BIS), tried contacting via Telegram but was kicked out of the channel, emailed their support team, and sent twitter message. all ignored.

Nick 06/06/2018

Cant withdraw

Cant withdraw any of my coins, no answer from support;
SCAM 100% SURE

Paul 06/04/2018

Impossible to get access to Octaex site and to my wallet

Hello.
I tried to get access to my wallet today to to check the eBoost airdrop of Alaris coins.

It is impossible to get access to their website, which is offline and one can only see offline pages of the website.
Does not smell good...

Did anyone have the same problem ?
Did you check if you received your airdropped Alaris coins ?

Thanks for sharing your feedbacks..

Patrick F 05/25/2018

Dishonest exchange that would not admit their mistake

Their system sent my coins to an incorrect wallet address by changing one character to uppercase even though the saved address is correct. I have tried to get them to discuss this error and refund my coins but they simply have ignored me in an attempt to avoid paying for their mistake.

They have been unhelpful, unknowledgeable and down right rude. At one point they argued that the blockchain was not character sensitive!

I have sent them the proof using the blockchain explorer which is undeniable but yet they remain silent and unwilling to return my emails.

These people do even deserve 1 star but that is the lowest I can select.

Paul29bit 05/03/2018
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