29. November 2022

One of the world’s best-known cryptocurrency platforms is Oil Profit, but not so much for its cryptocurrency trading services as for its devastating hack in 2016, when a group of hackers stole 119,756 BTC from the platform’s accounts – an amount equivalent to about $5 billion USD according to the current exchange rate.

Oil Profit survived that hack and has managed to continue trading and improve its security systems since then, but the truth is that many investors have avoided the platform since then due to concerns about the safety of their funds. Oil Profit has failed to grow at the same rate as other platforms like eToro, which are considered much more secure and popular.

Nevertheless, Oil Profit has continued to improve its platform services and now offers access to trading more than 40 different cryptocurrencies. Security has also been significantly improved to prevent hacks like the one in 2016. Oil Profit’s user interface and app have also become much more comprehensive and user-friendly, so it can be considered an interesting option for investing in the cryptocurrency market.

Below, we will take a closer look at the main features of Oil Profit, including its fees, the variety of cryptocurrencies it offers to its users, the security of its platform and the performance of its app, as well as other aspects. Moreover, we will compare Oil Profit with other similar trading platforms to see to what extent it is a good choice for trading cryptocurrencies.

Advantages & Disadvantages of Oil Profit

Pros:

Oil Profit is a platform with a very simple and user-friendly trading environment. Furthermore, it can be mentioned as an advantage that the security of the provider has improved after the hack in 2016. Moreover, Oil Profit offers reasonable fees that are within the average of the cryptocurrency market.

Disadvantages:

A clear disadvantage of the platform is that it only allows investments in cryptocurrencies and does not have other investment options. Furthermore, it should be noted that security – although it has improved – remains questionable due to the huge scale of the hack it fell victim to a few years ago.

What is Oil Profit?

Oil Profit is a Hong Kong-based cryptocurrency platform that has been operating in the cryptocurrency market since 2012, making it one of the longest-running platforms in the industry. In its early years, Oil Profit was supposed to become one of the most important cryptocurrency platforms in the world, but a severe hack in 2016 caused most users to leave the platform and turn to other, safer brokers like eToro, Coinbase or Binance.

Is Oil Profit reputable? The history of the broker

The history of Oil Profit was fundamentally shaped by the hack in 2016, whichETF News Icon4 represented a turning point for the platform. The scale of the hack was such that the stolen Bitcoin is now worth around $5 billion, so Oil Profit really struggled to survive as an exchange. Eventually, the provider succeeded and it has significantly improved its security measures since then. However, this has not changed the fact that it holds a minor position in the cryptocurrency market.

The company was founded in Hong Kong in 2012. In 2015, a first hack of the platform took place, during which 1500 BTC were captured. Then, in 2016, a second, much larger hack took place, during which 119,756 BTC were lost from users’ accounts, worth USD 72 million at the time and equivalent to about USD 5 billion today.