OceanEx Review
OceanEx is a Cayman Islands-registered exchange that debuted in November 2018. Other Cayman Islands-registered exchanges include BitMart, QBTC and Bgogo, but this review will focus on just OceanEx. This OceanEx Exchange Review will help you decide if OceanEx is a scam or not. The platform has representations in different countries, including the United States, Singapore, Luxembourg, and even China.
The trading platform promotes four specific things as its perks. These four things are customized services, AI-powered security, global support, and lightning-fast trading. These are all huge advantages of a trading platform.
Because this trading platform is relatively new, it is yet to see the massive trading volumes that market-leading exchanges have. As at April 16, 2019, OceanEx’s 24-hour trading volume was USD 4.5 million, ranking the exchange 105th on Coinmarketcap’s list of the exchanges with the highest 24-hour trading volumes worldwide. By October 8, 2019, the trading volume had increased, over tenfold, to USD 48.8 million. OceanEx was then ranked 63rd on the list as a result of its trading volume.
| Exchange platform | Oceanex |
| Website | https://oceanex.pro |
| Variety crypto | 47 |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
| Trading Platform | Web-based, Application (Android, IOS) |
| Payment Method | Credit Transfer, Wire transfer, Crypto transfer |
| Customer Support | Telegram, Email, Twitter |
What is Oceanex?
OceanEx, established in November 2018, is a highly centralized cryptocurrency exchange. The Cayman Islands houses the company’s headquarters. Some of the core members of the OceanEx team previously worked for CISCO, Baidu, Samsung Research, Morgan Stanely, and other large corporations. VeChain is one of the platform’s strategic cryptocurrency partners.
The exchange attracted substantial trading volume in its first year of operation and rose to become one of the world’s top cryptocurrency exchanges. The OceanEX exchange, according to the company’s website, offers high-level security-powered AI. The trading attributes are quite diverse, and they can accommodate seasoned traders. What’s more, because the company has representatives in the United States, Singapore, Luxembourg, and China, this platform is accessible to most countries’ residents. However, citizens of some countries are currently unable to use this exchange. OceanEx does not allow citizens of Cambodia, Congo, Iran, Iraq, Myanmar, Libya, Sudan, North Korea, Syria, Somalia, or Yemen to trade.
US investors are not barred from trading on OceanEx’s platform. In any case, if you are a US investor and want to start trading here, ensure that you determine if you are subject to any state or similar regulations that may prevent you from doing so. You can never be too certain. However, if you live in one of the disallowed countries, you are out of luck; OceanEx does not trade with Iran, Libya, Sudan, Myanmar, Congo, Cambodia, Somalia, Iraq, Syria, Yemen, or North Korea.
Users visiting other cryptocurrency exchanges may recognize the graphs and information presented to them on the Exchange page. A candlestick chart can be customized by selecting a different time-lapse or chart form (the user can alter the colors of the wicks, candles, price line, and boarders), turning on and off certain scales, and adjusting the timezone. On candlestick charts, many indicators can be added (there is a large selection of about 80 indicators, including Chaikin Oscillator, Average True Range, Relative Vigor Index and Moving Average). There are also tools for working with the graph, such as a pitchfork, a brush, text, etc.
Oceanex Trading Services
Trading fees are, of course, very important. The exchange charges you a trading fee each time you place orders. The trading fee is just a percentage of the trade order’s value. The platform does not distinguish between takers and makers. Each transaction participant pays the same fee: 0.10 percent of the order value.
0.10 percent is lower than the industry average. For a long time, the industry average was 0.25 percent, but we are now seeing a move toward lower fees; many exchanges now charge 0.10 percent or 0.15 percent.
Oceanex Fees
Oceanex charges the same trading fees to all traders, regardless of whether they are makers (users who create liquidity by placing new orders) or takers (users who receive liquidity by placing new orders). The trading fee is 0.1 percent. When compared to fees on other exchanges, it is a relatively low trading fee. Furthermore, OCE holders can sometimes pay lower fees. Occasionally, the platform reduces trading fees for specific trading pairs.
Withdrawal fees change regularly. They are affected by network load and can be adjusted at any time by the platform. The fee for withdrawing Bitcoin is 0.0005 BTC, Ether is 0.005 ETH, and Litecoin is 0.01 LTC.
OceanEx does not charge any deposit fees.
Withdrawal and Deposit Fees
When you withdraw BTC from OceanEx, you will be charged a withdrawal fee of 0.0005 BTC. This is roughly 40% less than the industry average, which is indisputably around 0.0008 Bitcoin per BTC-withdrawal. As a result, the withdrawal fee charged is quite reasonable. Overall, OceanEx’s fees are reasonable.
This exchange accepts deposits not only in cryptocurrency, but also in fiat currency. They have several Fiats on/off ramps. Deposits can be made via wire transfer, credit or debit card (via their third-party partners Banxa and Simplex), and so on.
OceanEx accepts more than 40 cryptocurrencies for deposit and withdrawal, putting it behind exchanges such as Binance and Kucoin.
Debit and credit cards and third-party providers like Banxa and Simplex can be used to purchase cryptocurrencies. Banxa accepts a variety of deposit methods, including BPAY, SEPA, PayID, and others. Transaction limits for Banxa are $30-$30,000, and Simplex has limits of $50-$20,000 via third-party services.
Oceanex API
OceanEx’s account security is quite high, due to the use of common security options such as a phone number and Google 2FA authenticator. These security options are used for password retrieval, withdrawal confirmations, and verifying when security options are changed. Another security feature implemented by OceanEX is that, the alteration of any security option, such as disabling Google Authenticator or changing the account password, will lead to the prohibition of your acount from funds withdrawal for 24 hours.
No major regulator controls OceanEx because its registration in the Cayman Islands counteracts some of the regulators’ criteria, by enabling OceanEx function without intervention for the time being.
OceanEx claims on its website that it has advanced machine learning algorithms and “bank-level SSL secure technology to detect attacks and safeguard your properties and transactions effectively.” It has a lengthy KYC process, which is optional but necessary if you want to use fiat currency deposits and withdrawals, and increase withdrawal limits. A KYC mechanism is beneficial because OceanEx is dedicated to meeting the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) criteria.
Oceanex Limits and Liquidity
OceanEx is a trading platform that provides both leverage and spot trading on a variety of cryptocurrency pairs. Spot exchange cryptocurrencies against BTC, USDT, and VET are available. With high leverage, 14 cryptocurrencies can be traded as futures against USDT. To cater to the various preferences of the many traders out there, both cross and closed margin are available. Another investment choice on OceanEx is the CryptoFarm, which allows you to lock up different cryptocurrencies and receive a return over a fixed period.
The OCE Club is another aspect. OCE is an OceanEx native token. Members of the OCE Club (the OCE holders) are entitled to exclusive benefits. Trading fee discounts of up to 90% are available to holders. The advanced referral scheme guarantees OCE club participants a reward of up to 50% of the trading fee charged by invitees. In addition, club members have exclusive access to the CryptoFarm program. The first level of membership entails having 2,000 or more OCE. There are five levels of membership based on the amount of OCE a person has. Each level offers more benefits to members.
In general, being a centralized exchange has certain disadvantages in terms of trade rights. In comparison to decentralized exchanges, centralized platforms are yet to gain much confidence. However, the exchange method it uses are ideal for everybody. Furthermore, the assistance given is very prompt. Language adaptation removes the need for an interpreter to express difficulties to the exchange.
Oceanex Portfolio
Every financial service provider differentiates itself by providing a wide range of trading options. This provides traders with a wealth of knowledge and expertise, allowing them to make more rational trading decisions. The existence of such flexible options has a significant impact on the customer’s trading experience.
Oceanex, like the other major exchanges, does not lag, in respect to its portfolios. Users can spread their funds across many portfolios by using the exchange. You can divide your funds into different portfolios based on your investment policy, risk management objectives, and profit goals.
This feature is meant for seasoned traders only, as it may be detrimental to novices and average investors. Users may use resources like this to optimize their funds and spend them as they see fit. Portfolios could help with risk management and improvement of the trading experience.
Cryptocurrencies Available on Oceanex
OceanEx trading volume averages about $100 million daily, with the most volume coming from BTCUSDT, ETHUSDT, VETUSDT, ETHBTC, VETBTC, and VETETH, as well as a few other cryptocurrency pairs that have daily volumes exceeding one million. With high leverage, 14 cryptocurrencies can be traded as futures against USDT. To cater to the various preferences of the several traders out there, both closed and cross margin are open.
Another investment choice on OceanEx is the CryptoFarm, which allows you to lock up different cryptocurrencies and receive a return over a fixed period.
Oceanex Interface
OceanEx has two trading UI variants that vary for futures and spot trading. These are fairly generic user interfaces; this is to be expected. Most trading platforms adhere to a similar logic to please traders looking for anything similar to Bitmex.
The spot trading section of OceanEx is plain, with a chart, open orders on one side, the order register, order book, and past trades. Sad to say, you will be disappointed in terms of customization, as the exchange does not enable you to customize the user interface anyhow.
The only thing that the Futures UI has in common with the Spot UI is the color scheme. It takes on a far more professional appearance and is overall better built. The trading interface for OceanEx’s Futures section is close to that of Bitmex as a whole. This may indicate that the exchange aims to offer an option for former Bitmex traders, as it is very likely that people would search for something similar elsewhere.
Although the interface includes several specialized tools for skilled traders, its simplicity makes it a breeze to use. You can trade with ease and select from the available order types – Limit, Market, or Stop. Making deposits and withdrawals on the platform is as simple as clicking a button, and you can choose a suitable transfer.
How Secure is Oceanex
The company provides several layers of security. Every action aimed at ensuring security is to be done by the customer. First and foremost, the user must create a powerful and unique password. A second important security measure is to enable the 2-factor authentication option. To enable 2FA, install Google Authenticator or another authentication app on a mobile device and scan the QR code in the Account or Verification section of the site. Scanning the QR code generates a security token in the app, which begins generating one-time passwords that are requested every time anyone attempts to access an account, withdraw funds, and so on. It is unlikely to cause any harm to an account owner, without getting access to the account owner’s mobile device (even if the login and password are obtained).
Furthermore, the user should be wary of phishing attempts. All emails sent from addresses other than marketing-noreply@oceanex.pro and noreply@oceanex.pro are unrelated to OceanEx and are most likely sent by fraudsters. On Telegram, all genuine admins have a grey “admin” badge next to their name, and none of them will ever query users for information that can be used to withdraw coins or access the account.
The exchange itself implements other security measures. For instance, money cannot be withdrawn from the account 24 hours after changing the password, using the “forgot password?” option, or turning off 2-factor authentication. So, if hacking occurs, there is more time to establish that malicious activity has occurred.
Looking from the other side of security, we can see that the site itself appears legitimate and would not necessarily pose a threat to the assets of its users. A positive sign is that there are no significant concerns about OceanEx’s work on social media. There have been some conspiracy theories about their motives, but such posts follow every cryptocurrency product.
Customer Support
Oceanex employs over a thousand people who have all been thoroughly vetted. As a result of the unwavering efforts of the dedicated team, customers receive exceptional customer service. With an ever-growing client base, the support team is always available to answer users’ questions.
Oceanex also provides trading guidance, but it is not a sign to trade or take any action. Again, the exchange offers educational materials about cryptocurrencies and other related topics. In addition, Oceanex provides phone service in the event of an emergency. For example, if users suspect that there has been a breach, they can block their accounts on their phones.
Oceanex’s support staff will never make outbound calls and texts to customers; this is part of the company’s security protocols. The exchange requests that customers report immediately any such calls. Furthermore, the exchange will never call customers to request their two-step authentication codes and password.
Affiliate Program
OceanEx will pay you 20% of the trading fees of users who sign up via your referral link. If you have many OCE Tokens in your account, you can raise the reward to 50%. It is not the most lucrative program, particularly when compared to trading platforms’ referral systems, such as PrimeXBT, which have four levels. OceanEx’s referral program is very common in the cryptocurrency industry, as most exchanges deliver a similar percentage.
Pros
- It has a high standard of security.
- The exchange has a diverse range of trading characteristics.
- It has a competent development team.
- The exchange is available in several countries.
Cons
- OceanEx has relatively low liquidity.
- There are not many supported coins.
- The website contains no information about any of the exchange’s features.
Conclusion
The OceanEx exchange gained considerable trading volume in its first year of operation and rose to become one of the world’s top 100 cryptocurrency exchanges (Coinmarketcap ranks it just below the 60th position). This exchange, according to the company’s website, offers high-level security powered by AI.
The trading features are very diverse, and they can accommodate experienced skilled traders. What’s more, the exchange has members in the United States, Singapore, Luxembourg, and China. This site is accessible to the citizens of many countries; however, citizens of certain countries are currently unable to use this exchange. People of Congo, Iraq, Cambodia, Myanmar, Somalia, North Korea, Iran, Sudan, Libya, Syria, and Yemen are currently barred from trading on OceanEx.
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