Our experience with Oil Profit – The crypto exchange Oil Profit in test

Below you will find a comprehensive analysis of all Oil Profit’s features, based on our own experience with this broker’s services. Indeed, we found that its security measures have improved – as you would expect after two historic hacks – and that it generally offers a user-friendly and robust trading environment. Below, we take a look at each of these points in detail.

Oil Profit’s Offer

Oil Profit has gradually expanded its offer of cryptocurrencies and, in addition to theETF top cryptocurrencies such as Ethereum, Bitcoin, Cardano or Tether, it also offers the possibility to invest in other major cryptocurrencies such as Tron, Stellar, Chainlink or Dash, etc. So, Oil Profit’s offer of cryptocurrencies is quite good. However, the provider has not yet included other instruments such as stocks, ETFs or foreign currencies in its offer. This is a significant disadvantage compared to other platforms like eToro that allow investing in these types of assets.

Features & Trading Tools at Oil Profit

Oil Profit has a good selection of trading tools on its platform, although it is worth noting that its interface does not have a German version. So, you will have to choose other languages like English to use it. Some of the main features of Oil Profit are:

  • Different types of orders: Oil Profit allows you to use different types of orders, including limit, stop, stop-limit, trailing stop, fill or kill orders, and of course, market orders.
  • Comprehensive charts: Oil Profit’s charts include more than 60 indicators to help you determine the best time to trade, including Bollinger Bands, Chaikin Oscillator, Double EMA, Keltner Channels, Moving Average and many others.
  • Leverage up to 10x: If you want to trade CFDs, Oil Profit lets you use leverage of up to 10 for most cryptocurrencies, so you can open much larger positions than if you simply put your own capital directly to work.

Signing up with Oil Profit – step-by-step instructions.

Setting up an account to trade on Oil Profit is relatively easy, although you will need to set up a number of mandatory security mechanisms, which will take a bit more time than usual. However, you will be able to create a Oil Profit account and start trading in about 15 to 20 minutes if you follow the steps below:

Step 1: Sign up

To register an account with Oil Profit, visit the provider’s registration page and fill out the form there with your username, email address and password. Oil Profit will then send you a confirmation email with a code that you need to enter in order to proceed.

You will then have access to the Oil Profit trading platform, but you cannot start trading yet. Before you do, Oil Profit will ask you to activate the two-step verification to protect your account. To do this, you will need to install a separate app on your smartphone. In our case, we chose Google Authenticator.