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OVIS Review - is it scam or safe?

OVIS Review - Is ovis.com.tr scam or safe cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS OVIS

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker fee Taker Fee Deposit fee
Standard 1:1 0.20%* 0.20% Unspecified

 *hidden orders will be charged an additional 0.10%

 

OVIS is one of the many Turkish cryptocurrency exchanges which are growing rapidly, in terms of trading volumes. They offer a relatively competitive trading environment, with some unique features, which you should probably know before opening an account with them (especially the first of the negatives).

 

OVIS Advantages

 

Competitive costs of trading  – this is definitely one of the main driving factors behind the popularity of this exchange. With their “0.20% on all traders” policy, OVIS is inline with the rest of the industry. The additional fees charged for hidden orders (one which can’t be seen in the trading book) makes sense and is a rather unique feature, when it comes to cryptocurrency exchanges.

 

Several security measures – they include two-factor authentication (2FA) – a system, which allows you to verify each login through your mobile phone;  + IP restriction – not allowing your account to be accessed from other locations, malware analysis and of course an encrypted connection. These seem like good measures, while non of them are exactly groundbreaking developments.

 

Local bank transfers supported  – as with other popular players in the Turkish marker, the bank system is your way to get involved with cryptocurrencies. This is fine, but does not have the same instant transaction speed, which credit cards provide.

 

>>Exchanges accepting Credit Cards<<

 

A lot of altcoins  – OVIS offers quite a few different coins. The full list includes: BTC, ETH, DASH, LTC, DOGE, ETC, IOTA, OMG, NEO, EOS, XRP, XMR, ZEC, BCH, TRX, SNT, XLM, GVT. Obviously, the volumes on some of the more exotic ones are substantially lower than the Bitcoin one.

 

A few assets traded vs BTC and ETH – this is a rather unique feature for a Turkish exchange, as most only offer trading against the Lira. The pairs available are ETH/BTC, LTC/BTC, XRP/BTC, LTC/ETH and XRP/ETH.

 

Facilitates ICOs  – the team behind OVIS is partnering a few cryptocurrency developers to provide direct access to their Initial Coin Offerings. This does not give the exchange much credibility, but at least shows some dedication to the space. We don’t have an opinion on of the viability of these projects.

 

 

OVIS Disadvantages

 

Reference number required – by far the most unusual feature of OVIS is the fact one has to be referred by another user before opening an account. This policy is probably in place, in order to restrict spamming of the account creation systems. At the end of the day, it reminds us of a Multi-Level Marketing (MLM) scheme, which isn’t that good of a sign, although other scams in the world of crypto are much more dangerous.

 

Sadly, this rule does us no good, as we can’t show you the trading interface on the website.

 

Oriented towards Turkey – this is quite obvious, especially after learning about the previous point. Telephone support is limited to Turkish and while some portions of the website are translated, others aren’t.

 

Leverage is not provided – this shouldn’t be surprising, given how few of the exchanges actually do (basically the Japanese and Korean ones, with a few exceptions). Traders, looking to trade Bitcoin on margin, will find a better environment with some forex brokers.

 

>>Forex brokers, offering Bitcoin<<

 

These companies traditionally offer very high leverage for fiat currency trading (forex) and a lot of them have jumped on the cryptocurrency bandwagon. Their offer is a bit specific, with contracts for difference (CFD) beeing provided instead of the actual coins. This makes them a potentially beter service for short term traders, while those who are willing to “buy and hold” should go to an actual exchange. Click here for all the details.

 

No info on deposit and withdrawal fees – OVIS does not specify this part of their offering, which can be important, especially since bank transfers are involved. Obviously the bank will have separate fees, but some exchanges also charge a “transaction processing fee”.

 

Conclusion

 

OVIS is a Turkish cryptocurrency exchange, which isn’t that open to foreigners. In fact, the company isn’t that open towards most people, with the referral system. While this does not mean only the “global illuminati cabal” are trading at this exchange, such a policy seems strange in the current day and age. The more we think about it, the more it seems like a MLM scheme. On the other hand, the trading conditions at OVIS seem fine.

 

Still, when trading with a centralized crpytocurrency exchange, there are certain risks, which can’t be ignored. There is no regulation (in most jurisdictions) and even the most well-known companies have been hacked in the past. As a comparison some of the well established forex brokers provide a much safer way to trade the major coins.

 

>>Well-regulated Bitcoin forex brokers<< 

 

OVIS has the following pros and cons:

 

Pros Cons
Competitive costs of trading Reference number required
Several security measures Oriented towards Turkey
Local bank transfers supported Leverage is not provided
A lot of altcoins No info on deposit and withdrawal fees
A few assets traded vs BTC and ETH  
Facilitates ICOs  

 

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Traders` reviews for OVIS

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