TradeOgre is a new exchange launched last year, that caters exclusively to crypto-to-crypto trading. The location of the company or where it is registered is not available in their Terms of Service. There is also no information regarding its team of developers, CEOs or who is the legal entity behind the exchange. Also, none of its adopted security measures are posted anywhere.
TradeOgre is available to all users, as there are no stipulations regarding global restrictions. US residents apparently have no interdiction to trade on the platform, as nothing is mentioned on the exchange’s website.
Interface
TradeOgre’s web-based trading platform does not seem very intuitive at first glance. It displays a lot of information and a wide number of useful and effective functions, which might seem overwhelming or complicated for first-time users. The charting is very basic, featuring a few spikes here and there, making it quite useless.
Supported cryptocurrencies
TradeOgre supports a long list of 56 different cryptocurrencies which includes Bitcoin, Ethereum, Litecoin,
Monero, Verge, Dash, and some rare altcoins, such as Aeon, Alloy, BitCoal, Bytecoin, Civitas, Electroneum, FreelaBit, IntenseCoin, Karbo, PeepCoin, Stellite, Strayacoin, Sumokoin, Turtlecoin, and others.
But be careful when investing in some of these exotic altcoins, as most of them had a trading value of 0.00000001 BTC in the first quarter of 2018.
Image source:ELEVENEWS
Registration Process
The registration process requires only a valid email address. Trading can be done after you have set up your account and linked your crypto wallet. The exchange platform does not provide any information regarding any different verification levels or their trading limits.
Issues
Customer support: There is no email or phone number through which customers can contact the exchange. The only way users can contact the support team to communicate their problems or questions is via the Twitter page of the exchange.
Also, users should be careful as a fake support email address claims to be TradeOgre Support: [email protected], which should not be contacted under any circumstance. It is probably a scam looking to gain access to user passwords and funds.
Possible price manipulation: Unusual trading activity (common to “Pump and dump” schemes) has been speculated to take place on TradeOgre. Many users have noticed that several less popular coins have had some impressive price swings.
Negative reviews: Users have complained about long withdrawal times, and have been accused of using bots and stealing funds from their wallets.
Security
Not much is known about the security implementations of the TradeOgre platform. The only recommendation they have given on their Twitter to the users is to enable the two-factor authentication option available via Google Authenticator.
Payment methods
The platform does not accept any fiat payments. Only the supported cryptos can be used as a method of funding your account. This means that methods, such as bank transfers or credit card, are not available. The lack of any fiat options makes TradeOgre an unsuitable platform for first-time traders, as they would have to go to another exchange in order to make their first crypto purchase.
Image source: Coinpedia
Trade Ogre Fees
TradeOgre charges a 0.2% trading fee on all orders, which means that both market “makers” and “takers” are subjected to the same charges. Deposits do not incur any fees.
The website states that withdrawal fees are dynamically calculated depending on the technology of the coin you want to withdraw. If you want to withdraw BTC for example, this would lead to a withdrawal fee of 0.00009416.
As TradeOgre does not support any fiat deposits, there are obviously no wire or credit card fees.
Summary
TradeOgre is a trading platform which only deals with cryptocurrencies, supporting a wide and interesting selection of altcoins. But most of them are low capped coins which are not available for trade on other platforms, that makes it a very risky investment.
The lack of any kind of information regarding its location, registration, team or security measures, is a warning sign for those who are interested in using this service.
Featured image: Bitcoin Exchange Guide
The Review
PROS
- No deposit fees
- List of exotic altcoins
- Competitive fees
- Easy registration process
CONS
- No information about the team or its security
- Possible price manipulation in the past
- Customer complaints
- No fiat options
- Very risky coins listed
- No margin trading
- Weak customer support
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