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Ore.bz Review - is it scam or safe?

Ore.bz Review - is ore.bz scam or good cryptocurrency exchange?

RATING: 2 / 1 REVIEWS Ore.bz
Ore.bz is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Leverage Trading fee Withdrawal fee
Standard N/A 0.10% 0.0005 BTC /4.9% USD

 

Ore.bz is a comparatively small crypto-exchange that seems to originate from Russia. It offers spot crypto-to-crypto and crypto-to-fiat trading. Its trading platform is quite enjoyable and available in English and Russian.

 

Like most exchanges, this one also uses Two-factor authentication (2FA via Google) for security purposes.

 



Ore.bz Advantages

 

Low fees

Ore.bz applies a flat fee of 0.10% per trade, which is low-cost pricing. The trading fees of the majority of exchanges are in the range of 0.20% - 0.25%.

 

In addition, Ore.bz’s withdrawal fees are also low. For example, withdrawals in Bitcoin are charged with 0.0005 BTC. Besides, deposits on the platform are charged with only a network fee.

 

Fiat currencies supported

In fact, Ore.bz works only with US dollars, however, this is one of the most popular fiat currency worldwide. You can deposit or withdraw in USD via electronic payment systems AdvCash and Payeer.

 

A few altcoins listed

At this exchange users can trade in Bitcoin, Litecoin, Dash, Ethereum, Zcash, Dogecoin, Bitcoin cash, as well as exotic coins GBC Gold Coin and BriaCoin. This is a solid number of alcoins, and it seems that the most actively traded pairs are actually the ones that are available exclusively at Ore.bz: GBC/USD and BRIA/USD.

 

Oddly, we noticed that one of the most popular altcoin, Ripple, is not listed on this exchange.

 

Good trading platform

The web-based trading platform provided by Ore.bz is nicely arranged and designed. It has charting with many time frames and some technical analysis indicators. Some traders might miss a chat box, yet this is hardly an important feature of a crypto trading platform.

 

Here is a screenshot of Ore.bz’ trading interface:

 

 

Click on the image to zoom-in.

 

 

Ore.bz Disadvantages

 

Poor corporate presentation

Ore.bz does not provide any information on its website regarding the company that operates it, its headquarters, company background, etc. This does not leave a good impression, to say the least.

 

The bz extension is a domain for Belize, so we presume that the company that operates the Ore.bz exchange and website is registered there. On the other hand, judging by the payment methods and the languages in which Ore.bz website is available, this exchange must be Russian, however there is no way we can prove this.

 

Security

Yet another thing we don’t like about this exchange is that it has not specified where how are kept the clients’ assets. All major exchanges keep their users’ coins offline, in cold storage.

 

Bank transfers and credit cards not supported

As we mentioned above, fiat money transfers at Ore.bz are done solely via AdvCash and Payeer – two payment methods which are not particularly popular outside Russia. Bank wire transfers, as well as such via credit and debit cards are not available at this exchange, which is definitely a disadvantage. These two payment methods are used by the majority of people worldwide.

 

 

>>Crypto-exchanges that work with credit cards<<

 

 

No leverage available

Margin trading is not available at Ore.bz. This is not that surprising in the cryptocurrency space, yet we consider it as a weak side, since some crypto-investors might need some leverage. On the other hand, the forex brokers, offering Bitcoin trading as well as some exchanges do offer leverage. The ratios are usually much lower than the ones provided for traditional forex trading.

 

 

>>Buy Bitcoin with leverage<<

 

 

Low trading volumes on most pairs

Another disadvantage of trading at Ore.bz is that the trading volumes on all trading pairs seem poor, which means that the liquidity is low. By the time of writing the present review, this exchange is ranked 18th by trading volume on CoinMarketCap.

 

A few negative reviews

We did not find many user reviews on this exchange actually, but most of them are negative. Some users complain they had problems with the 2FA, others say that the prices at Ore.bz are not accurate when compared to those of other exchanges.

 

 

Conclusion

Overall, the offering of Ore.bz is nothing special in the crypto-world. The exchange supports trading in around 20 pairs, works with USD dollars and its fees are comparatively low. Nonetheless, considering the low trading volumes at Ore.bz and the lack of any information about the company that operates the platform, we would advise you to select among some of the popular exchanges which have already earned some good reputation.

 

We’d like to remind you once again about the other option to trade in Bitcoin and other cryptocurrencies: with a forex broker. Some of those companies are duly regulated by the respective financial watchdogs, and that is why trading with them is generally safe. Besides, as cryptocurrencies are traded as CFDs, you don’t need a wallet, private and public keys, etc.

 

>>Trade Bitcoin with a reliable forex broker<<

 

 

Pros

Cons

Low fees

Unknown company background

Fiat currency supported (USD)

Low trading volumes on many instruments

A few altcoins offered

Margin trading not available

Good trading platform

Bank transfers and credit cards not supported

 

A few negative reviews

 

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Traders` reviews for Ore.bz

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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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Ore.Bz Explanation

Hello,

About our Support:

Our support team responds to inquiries within 1 hour, but no later than within 24 hours.
The cases described above are known to us and were immediately answered. We can provide copies of sent emails with dates.
After our support team response, the user receives a message in the support team's ticket section: Personal Menu -> Support. And also a message is sent to mail that user has specified at the time of registration.
Why can users not see that they were answered?
1. Message went to the Email spam section.
2. When the user logged in to our system, incorrectly entered the email address.

Therefore, we always recommend that you first search for the support team in the ticket section: Personal Menu -> Support.

About Google 2FA:

I want to clarify what this is Google Authenticator (Two-Factor Authentication).
This is not our product, but the product of the global company Google.
Google Authenticator integrated into our exchange to ensure the safety of users funds.
There have never been any problems with the work of Google Authenticator itself.
Users were previously questioned about problems with Google Authenticator, but they found common problems for users and helped fix them.

Solution to the problem 2FA:

Probably in users gadgets do not synchronized time.

For a smartphone, you can do this in section Time Settings...
and then necessarily through the app Google Two-Factor Authentication:
1. Turn on the Two-Factor Authentication app.
2. Click on the dots in the upper right corner
3. Click Settings
4. Press on Time setting using the codes
5. Press on Synchronize now
Important: at this time, the smartphone must be connected to the Internet.

For a computer, this is done through the time settings in the control panel.

A link to the Two-Factor Authentication app and a short instruction can be found here: https://ore.bz/help.html
The two-factor authorization application for the computer (for the Chrome browser) is here: https://chrome.google.com/webstore/detail/authenticator/bhghoamapcdpbohphigoooaddinpkbai?hl=en

How to register and activate 2FA on Chrome browser shown here: https://www.youtube.com/watch?v=bLcrX5grdpA&feature=youtu.be

I apologize for my bad English.

Sincerely
Ore.Bz team

Ore.Bz 05/03/2018
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