A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of OceanEx consists of four parts: general information, fees, deposit methods and security.
OceanEx is an exchange registered in the Cayman Islands that launched in November 2018. Other exchanges also registered in the Cayman Islands include Bgogo, BitMart and QBTC. The platform has teams in many different parts of the world, such as USA, Luxembourg, Singapore and even China.
The trading platform promotes four things in particular as advantages with this trading platform. These four things are AI Powered Security, Tailor Made Services, Lightning Fast Trading and Global Supports. These aspects are all very powerful advantages with a trading platform.
As this trading platform is quite new, it has not yet received the huge trading volumes that the market leading exchanges has. On the date of first writing this review, 16 April 2019, OceanEx’s 24 hour trading volume was USD 4.5 million, which put the exchange at place no. 105 on Coinmarketcap's list of the exchanges with the highest 24 hour trading volumes in the world. On 8 October 2019, the trading volume had increased more than tenfold, to USD 48.8 million. This trading volume earned OceanEx place no. 63 on the list. On the date of last updating this review (23 March 2020, right in the middle of the crisis with COVID-19), the trading volume was roughly the same as in October 2019, USD 38.49 million.
To our understanding, OceanEx does not prohibit US-investors from trading on its platform. In any event, if you are a US-investor and wish to start trading here, you should perform your own analysis of whether you are subject to any state laws or similar that prohibits you from trading here. You can never be too sure. However, if you reside in any of the following countries you’re out of luck, no trading at OceanEx for you:
Libya, Iran, Myanmar, Sudan, Cambodia, Congo, Iraq, Somalia, Yeemen, Syria or North Korea.
OceanEx Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at OceanEx:
The exchange also proudly explains on its website that it has a variety of trading tools and investment products that are tailored to the needs of professional traders and other types of investors.
OceanEx Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
OceanEx Withdrawal fees
OceanEx charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is around 40% lower than the industry average, as the industry average is arguably around 0.0008 BTC per BTC-withdrawal. Accordingly, the withdrawal fee charged by this exchange is quite competitive.
All in all, the fees at OceanEx are competitive.
This exchange in not only open to cryptocurrency deposits, but also fiat currency deposits. They have several fiat on/off ramps. You can deposit through wire transfer, credit or debit cards (through their third party partners Simplex and Banxa), etc. Here are a few of the payment methods available:
OceanEx presents on its website that it has “bank-level SSL secure technology and advanced machine learning algorithms to actively detect attacks and safeguard your assets and transactions”.