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OEX Review - is it scam or safe?

OEX Review - Is oex.com scam or safe cryptocurrency exchange?

RATING: 2.3 / 2 REVIEWS OEX

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard N/A 0.20% 0.20% Free


OEX is a Chinese Cryptocurrency exchange, which offers some rather exotic altcoins. Their offer has strong and weak sides, which we will explore in this review.


OEX Advantages



A lot of coins available – there are over 15 trading pairs available at OEX. This is by no means as impressive at the offering available at other venues, like Bittrex, but is still quite solid. Furthermore some of the coins are rather exotic.


Relatively nice trading platform
– two views of the trading software are available at OEX. The first is rather simple and only offers the relatively straightforward view of the best bids and asks. The second one provides more details and more importantly decent charting, although the volumes are not that high as can be seen on the second screenshot below.




The simple layout. Click to zoom
 

 


The more advanced trading platform. Click to zoom in



 
Competitive trading fees – with a 0.20% fee for both the market makers and takers, this exchange is in-line with the rest of the industry.

No deposit and withdrawal fees – this is a factor, by which OEX is even better than some of the top crypto-to-crypto exchanges. While deposit fees (on coins) aren’t that common, withdrawals are often charged beyond the usual mining fee.

 

OEX Disadvantages


 
Chinese exchange – the fact this exchange is based and focused towards China is only a negative due to the disturbing news/rumors which come out of the country. Speculations on them banning cryptocurrency websites altogether pop up once every few months.


>>US cryptocurrency exchanges<<


Very alternative coins – other than Bitcoin, Ethereum and EOS, most of the other coins supported at OEX aren’t very well known. This is a double-edged sword. While they can potentially appreciate in value, the downside potential is even greater.



CNY Tether supported – the Yuan is represented by the CNY Tether token. This is a coin which is supposedly backed by real Renminbi. That being said there is enough controversy with the more popular USDT equivalent, to warrant caution with doing.



Best suited for Chinese clients – although an English version of the website is available, this is still an exchange best suited for Chinese clients. We are not certain if the customer support will be able to handle more complicated enquiries in English, if something occurs.


Low volumes – as the chart from the section above illustrates, not a lot of activity actually takes place at OEX. This can be a concern, especially for bigger traders.



Leverage not available – this is not surprising, given the focus on altcoins, but is still a negative for some traders. Those of you who are interested in trading the main coins more aggressively, may appreciate some leverage. This sort of trading is supported by some forex brokers.



 >>Trade Bitcoin with leverage<<




Such companies (which we cover more frequently) provide the so called Contracts for Difference or CFDs. This instrument is not actually a coin, but a thing which only follows the price dynamics of a given asset. This is a common way to trade other things, like crude oil and gold. Some forex brokers have committed to developing such systems for Bitcoin. Be sure to read our guide for more information.


 
Conclusion

 

OEX is a Chinese cryptocurrency exchange, which provides access to some interesting altcoins. Some of them are not that popular in the west and may pose a higher than usual level of risk. This also goes for the CNYT (CNY Tether) – a digital asset which is supposed to be backed by fiat currency. Those of you who follow the cryptospace know about the situation surrounding USDT. Expecting something similar is quite reasonable.


The main risk involved with all crypto-exchanges is security in general. While two factor authentication (2FA) helps a lot, the exchange itself can be hacked. This has happened in the past and will likely happen again in the future. That being said some of the forex brokers, which support Bitcoin trading, offer much higher protection. However, in order to find the best ones, you must look for well-regulated ones.


>>Trusted Bitcoin brokers<<

 


 
The strong and weak sides of OEX can be summarized as follows:

 

Pros Cons
A lot of coins available Chinese exchange
Relatively nice trading platform Very alternative coins
Competitive trading fees CNY Tether supported
No deposit and withdrawal fees Best suited for Chinese clients
  Low volumes
  Leverage not available

 

Latest news about OEX
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Traders` reviews for OEX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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OEX officialy stole money from BitBay

Hey so BitBay paid 3 BTC to list their coin and was met with delay after delay and after 6 months, OEX decided to simply steal the 3 Bitcoins. Can submit all the evidence if required. Stay away from OEX, they will ban anyone who mentions BitBay on their Telegram. This includes the lead dev and project manger. They will eventually exit scam. Also we heard they list coins and then delist them keeping the listing fees. They are greedy monsters. Avoid at all costs.

David 05/23/2019

Definitely a scam exchange

I deposited 1 BTC to their exchange deposit address for my account. The transaction was confirmed on the blockchain but never reached my account.I spoke with admin via Facebook chat and was informed to correct the problem I need to send 1 more BTC. Definitely a scam exchange to some degree. Stay away! You have been warned!

Russel 11/06/2018
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