A crypto guide must provide reviews of all the exchanges out there, so that you can find the right one for you. This review of OmniTrade consists of four parts: general info, fees, deposit methods and security.
UPDATE 7 April 2020: This exchange has closed down its operations according to a message on its website. The message is very simple, and reads as follows:
We have moved OmniTrade to our Exchange Graveyard.
OmniTrade is a crypto exchange from Brazil. The land of samba and football (“soccer” for you Americans) is actually also a wasp nest of crypto exchanges. The list of exchanges from Brazil featured in our Exchange List includes – in addition to OmniTrade – NovaDAX, Negocie Coins, BitcoinTrade, MercadoBitcoin, BitcoinToYou, Braziliex, FlowBTC and Foxbit.
There are 11 supported cryptos at this platform, as follows:
As the main advantages of the platform, OmniTrade lists six things. First, that they have a referral program. Second, you can integrate with their API. Three, they have “the best” secure infrastructure and, fourth, the “highest collection” of altcoins. Fifth, they have “the best, most capable and most experienced engineering team in Brazil”. Sixth and finally, they have a fiat on-ramp. Here at Cryptowisser, we generally don’t prefer exchanges that use superlatives too much. Doing that is more of a red flag than a comforting statement. But we’ll let you decide for yourselves.
As far as we can tell, US-investors can trade at this trading platform. US-investors should however always try to figure out themselves whether there are any problems arising from their trading at one or several international crypto exchanges. Sometimes, state laws stand in the way for certain US-investors’ international crypto trading.
OmniTrade 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at OmniTrade:
OmniTrade Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. Crypto exchanges often put the parties in a trade in these two groups: takers and makers. Both takers and makers can be buyers and both takers and makers can be sellers. Often, makers receive a discount on the fees in order to promote liquidity on the platform.
At this exchange, they don’t divide between takers and makers. Instead, they divide between buyers and sellers. OmniTrade’s trading fees for buyers are 0.50%. This fee is double the industry average, which is arguably around 0.25%. Sellers only pay 0.25% which is in line with the industry average trading fees.
When assessing the above fees, it might be worth noting that the trading fees are generally higher in South America than they are in the rest of the world.
OmniTrade Withdrawal fees
OmniTrade charges a withdrawal fee amounting to 0.0006 BTC when you withdraw BTC. This fee is around 30% lower than the industry average.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. Also, the wire transfers are only possible for BRL-deposits. For those of you out there who needs a platform where you can deposit fiat currency via credit card, or wire transfer another fiat currency than the BRL, just use our Exchange Finder or the filters in our Exchange List and we’ll help you find your way to an appropriate trading platform for you.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. OmniTrade received a score of B in this test. This is a very good score, and actually better than 90% of all other exchanges in our Exchange List.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):