Decentralized Exchange

OpenLedger DEX Review 2019

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Overview

Legal NameOpenLedger DEX
HeadquartersPandrup, Denmark
CEORonny Boesing.
Year Founded2014
Exchange TypeDecentralized
Trading FeesMaker: 0.20%/ Taker: 0.20%
Deposit MethodsWire transfer
Supported Cryptos50+ popular currencies including Bitcoin, Ethereum, Ripple, NEO, Steem, Litecoin and more
FiatUS Dollars, Euro, Chinese Yuan,  Japanese Yen
Customer ServiceEmail, Phone
Trading OptionsSpot Trading

Decentralization enables users to be in full control of their coins and does not involve a third-party service to keep your coins safe. The exchange does not prohibit governmental and non-governmental organizations from certain jurisdictions

OpenLedger DEX is one of the first exchanges with innovative blockchain solutions and a decentralized trading platform.

This article provides readers with a complete review of the OpenLedger DEX and gets to know its features, trading, fees, and much more. Let us look into this OpenLedger review now, 

What is OpenLedger DEX?

OpenLedger is a decentralized cryptocurrency exchange (or DEX) based on the BitShares network. OpenLedger offers a custom blockchain-based service, which is highly popular with traders. The platform has a convenient interface that helps both experienced and new traders

OpenLedger is a Danish cryptocurrency exchange founded by CCEDK and Cryptonomex. Other partners include Banx Capital, Bunkershares, the Beyond Bitcoin Show, Peertracks, Idantabit, Follow My Vote, etc. The CEO of the company is Ronny Boesing.

OpenLedger developers are constantly improving blockchain algorithms, providing an additional level of security through decentralization, which makes it possible for data to be stored in different places.

OpenLedger DEX Features

  1. Nice trading platform: The way you interact with this exchange is visually appealing. The entire layout is very intuitive and the charting is very nice. Similar to the TradingView, it also provides the analytical capability
  2.  Decentralized exchange: Trading on such a platform is safer than dealing with most centralized exchange. This is due to the fact you have control of your actual coins, instead of sending them to a company
  3. Many altcoins: One of the main features of Openledger DEX is the availability of assets. The most popular coins at OpenLedger are BTC, EOS, KRM and ZEN, etc. In addition, a lot more other coins are available.
  4. Lifetime Membership available: This exchange offers membership for the price of 694.70219 BTS (approximately $175) This will allow you to refer other users to the platform and get an 80% cashback on the trading fees.

OpenLedger DEX Fees and Limits

This trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. OpenLedger DEX offers a flat trading fee of 0.20%. This fee is slightly below the industry average

OpenLedger DEX has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 5.00%. This cryptocurrency trading platform offers wire transfer as a deposit method and you cannot deposit via credit card.

OpenLedger DEX Supported Currencies

The OpenLedger DEX supports more than 50+ of the most popular currencies based on other blockchains including Bitcoin, Ethereum, Ripple, NEO, Steem, Litecoin, Dash and EOS, as well as fiat currencies

The most popular coins at OpenLedger in terms of trading volumes are BTC, EOS, KRM, and ZEN, etc many others also being available. Trading is done against the system’s representative tokens namely: open.BTC, open.ETH, open.EOS, CNY, USD, BTS, and OBITS

OpenLedger DEX Mobile App

To provide the DEX users with access to their assets anytime on the go, The OpenLedger team has created and developed a mobile wallet app for Android and iOS.

OpenLedger-DEX-Mobile-App

How to register on OpenLedger DEX? 

Step 1: Visit the Official Openledger Website. Click on the “Create Account” Option

Step 2: You will see two options namely: “Use the wallet model” and “Use the account model”. Choose and click one among them accordingly

Step 3: Now enter your Account Name, Choose a strong password and confirm it once again

Step 4: Then click on the “Create Account” Option

Step 5: Then log in to your Openledger account with your username and password to get started

How to recover the OpenLedger DEX password?     

In cases, where you have to recover the Openledger password, Visit the Official Website and then Go to the Login Page and then click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

recover-OpenLedger-DEX-password

How to deposit on OpenLedger DEX?    

Step 1: Log in to your account

Step 2: Click on the “Deposit” option on the top of the screen

Step 3: Once you click, a new page opens up showing the list of currencies available

Step 4: Click on “Find an Asset” Option.

Step 5: Select the desired coin to be deposited and then click on the ‘Deposit’ Option

Step 6: Now copy the address generated. If it is not available, then click on the “Get new address“ Option

Step 7: Now Go to MyEtherWallet. Paste the address and the amount and click on ‘Generate Transaction’ Option to complete the order

Step 8: You can view your transaction details by clicking the Verify Transaction Option

How to withdraw on OpenLedger DEX?    

Step 1: Log in to your account

Step 2: Click on the “Withdraw” option on the top of the screen

Step 3: Once you click, a new page opens up showing the list of currencies available

Step 4: Click on “Find an Asset” Option.

Step 5: Select the desired coin to be withdrawn and then click on the ‘Withdraw’ Option

Step 6: Now copy the address generated. If it is not available, then click on the “Get new address“ Option

Step 7: Now Go to MyEtherWallet. Paste the address and the amount and click on ‘Generate Transaction’ Option to complete the order

Step 8: You can view your transaction details by clicking the Verify Transaction Option

How to buy cryptocurrencies on OpenLedger DEX?

Step 1: Log in to your account. Go to the “Exchange” Option

Step 2: Click on the Filter Option, Then choose the currency you want to buy from the column list

Step 3: Then click on the desired currency. A new page opens up.

Step 4: In this page, Different parameters will appear like “Price”, “Quantity”, “Total” and “Fee” fields.

Step 6: Enter your price, total, quantity, and the fee you wish to buy accordingly, and then click on “Buy” Option

Step 7: You will see a confirmation page. Review your details and click on the Confirm Option

Step 8: Once the order has been completed you will be met with a confirmation popup.

How to sell cryptocurrencies on OpenLedger DEX? 

Step 1: Log in to your account. Go to the “Exchange” Option

Step 2: Click on the Filter Option, Then choose the currency you want to sell from the column list

Step 3: Then click on the desired currency. A new page opens up.

Step 4: In this page, Different parameters will appear like “Price”, “Quantity”, “Total” and “Fee” fields.

Step 6: Enter your price, total, quantity, and the fee you wish to sell accordingly, and then click on “Sell” Option

Step 7: You will see a confirmation page. Review your details and click on the Confirm Option

Step 8: Once the order has been completed you will be met with a confirmation popup.

OpenLedger DEX Pros and Cons

Pros

  • Simple registration
  • A wide selection of payment systems
  • Real money withdrawals
  • High-speed operations
  • Monthly revenue report
  • “Tether” tokens supported

Cons

  • No leverage trading provided
  • low exchange operation speed
  • Blockchain-based programs development
  • Approximately $15 withdrawal fee for USDT
  • Reliant on BitShares

Conclusion    

OpenLedger DEX prides itself on having an intuitive interface to help both newcomers and professionals make the most of their trading platform. They also state on their website that they have a BitShares-based system that handles as much as 100,000 transactions per second

To sum up, OpenLedger is a decentralized exchange, built on the scalable and secure BitShares Blockchain which is worth recommending

Recent Updates  

  • On Jan 25, 2020, OpenLedger to Hit the List of Top Blockchain Companies on Clutch
  • On March 22, 2020, OpenLedger to Attend Hypermotion
  • On June 11, 2020, OpenLedger Partners with Etisalat to Expand Blockchain Services to the Middle East
  • On June 30, 2020, OpenLedger Participated in Blockchain Governance Accelerator

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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