UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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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 OOOBTC consists of four parts: general information, fees, deposit methods and security.
OOOBTC’s domicile country is unclear. This is not a red flag per se, but we recommend all visitors to be careful and form their own opinion on whether OOOBTC is a legitimate exchange our not.
We have not been able to find any information stating that US-investors can’t trade at this exchange. That doesn’t necessarily mean that they can though. We urge any US-investors interested in trading here to form their own opinion on any issues arising from their citizenship or residency.
OOOBTC also has a referral program. Their are four steps in this referral program. Step 1: Get your link. This step is ordinary. Step 2: Invite friends. Also this step is ordinary. Step 3: Get OBX (the exchange’s own token) as a reward. Now this is where it become a bit unusual. There are number of exchanges out there that provide their referral rewards in cryptocurrencies. That’s quite common. But to only provide referral rewards in the form of the exchange’s own tokens is very uncommon. Step 4 is even more uncommon: You have to do some form of trading to “unlock” the rewards. To summarize, the referral program at OOOBTC is not very impressive at all. Don’t make it the reason to why you choose to trade here instead of at any other exchange.
OOOBTC 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. The below is a picture of the trading view at OOOBTC:
OOOBTC Trading fees
This trading venue doesn’t charge different fees between takers and makers. Their fee model is something we normally call a “flat fee model”. Their flat fee is 0.15%. This means that if you’re a taker in an order, you pay 0.15%. If you’re a maker in an order, you also pay 0.15%. 0.15% is generally lower than the global industry average.
OOOBTC Withdrawal fees
OOOBTC has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 0.50%.
This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): FatBTC (0.05%), BitINKA (0.15%), RippleFox (0.20%), DOBI Trade (0.50%), iCE3 (0.50%) and Trustdex (1.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00005 BTC (very low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.05 BTC (absurdly high). Please consider whether this withdrawal fee suits your own trading or not.
OOOBTC does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!