Oil Profit – Payment Methods and Security
The Oil Profit app
Oil Profit also has a mobile app that offers the same features found on the web-based trading platform. The Oil Profit app is very well designed and has a user-friendly environment.
With the app, you can access Oil Profit’s entire selection of cryptocurrencies, fund your account, and place all order types that are also available to you on the Oil Profit platform.
Oil Profit payment methods
ETF News Icon9Oil Profit accepts only three payment methods to fund your account and two of them are traditional: bank cards and SEPA or SWIFT transfers. In this respect, Oil Profit lags a step behind other trading platforms like eToro, which allow you to fund your trading account using a variety of methods such as PayPal, Skrill, Neteller, Sofort, etc. However, Oil Profit excels in the field of cryptocurrency transfers as it accepts a wide range of cryptocurrencies to fund your account balance.
Security at Oil Profit
Security is one of the points that speak most strongly against Oil Profit, as we have mentioned several times in this article. Although Oil Profit has significantly improved its security measures on the platform, it is still burdened by two consecutive hacks in 2015 and 2016.
Any platform would improve its security measures after a hack like the one in 2015 to prevent such a thing from happening again, but Oil Profit was not only unable to do so, but the hack the following year was also one of the largest in history. For this reason, most investors are suspicious of Oil Profit, even though the platform has repeatedly claimed to have improved the security of its trading environment.
Oil Profit operates from its headquarters in Hong Kong and is registered in the Virgin Islands, so it is not regulated in Europe. This loophole and the fact that Oil Profit was severely hacked in 2015 and 2016 make it inadvisable to use this platform for investing in cryptocurrencies, as Oil Profit can hardly guarantee the integrity of its users‘ funds under these conditions.
In theory, Oil Profit should protect its users‘ funds through various legal mechanisms, such as separating its own funds from users‘ funds and providing insurance to cover losses in the event of a hack. However, previous hacks of Oil Profit have made insurance more difficult to access, so we are not sure to what extent Oil Profit offers protection for its users‘ funds.
Oil Profit customer service
While other platforms, for example eToro, offer their customers a comprehensive support service including a live chat to answer questions in real time, Oil Profit only has a section for FAQs and background knowledge. In this respect, Oil Profit’s offering is surpassed by many other brokers.