OpenLedger DEX is one of the first exchanges with innovative blockchain solutions and “decentralized trading platform”. This article provides readers with tips on how to use the platform and succeed with its benefits.
OpenLedger DEX Platform Review
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 platform’s main significant feature is “fiat smartcoins”, that are market-pegged to fiat currencies and are available for trading in the system of private digital currencies. The website integrates BitShares-based system, which operates through peer-to-peer file sharing. The system handles 100,000 transactions per second, which is grossly beyond the capacity of Bitcoin and Ethereum.
The exchange does not prohibit governmental and non-governmental organizations from certain jurisdictions, as opposed to the US. Moreover, OpenLedger offers a custom blockchain-based service, which is highly popular with traders. The platform has a convenient interface that helps both experienced and novice traders understand what the Forex market is about and make the most money. 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. Such professional approach meets the needs of traders who wish to have effective and secure technical solutions.
How Does OpenLedger Exchange Work
Apart from SmartCoins feature, the OpenLedger.io exchange is configured to trade cryptocurrency, fiduciary funds, and stocks. The most popular altcoins at OpenLedger are BTC, EOS, KRM and ZEN. The trading is executed “against the system’s representative tokens”. As mentioned above, users can convert their BTC to real-world assets, which are then cashed out via PayPal, Ripple gateway, or CCEDK’s NanoCard.
What is OBITS?
OBTS is a native OpenLedger’s token. Its holders get rewards, proportionate to their profit, through an advanced reward program. The rewarding of OBITS from various ecosystems implies ownership of shares or interest in the authorized capital. The implementation of ICOO made it possible to form a separate ecosystem and trade little-known and entirely new coins.
How To Trade On OpenLedger Exchange
The website supports purchasing Bitcoins and the process is instant. To do this, go to the OpenLedger.io DEX page, then click on Find Markets section. Further, select the desired asset and make a request. If you want to trade coins that are not specified in the listing, go to the Add Coin section. This option is presented by the link at the bottom of the site pages.
Withdrawing of funds from OpenLedger DEX is simple and fast. The minimum amount for withdrawal is $100. You can use all of the above-mentioned payment systems: Ripple gateway, NanoCard network, Paypal, and bank transfers. Note that in case of loss of password you get a withdrawal ban.
Withdrawal and Trading fees
OpenLedger DEX charges a withdrawal fee in the amount of 0,0009 when you withdraw in BTC. The account replenishment procedure undergoes a different fee policy. When the amount is less than 50 dollars, a fee is 2%. If you deposit a large amount into the account, you are free of charge. If you withdraw in fiat, then you will be charged with 3% of the withdrawal amount.
There are no fees or limits for cryptocurrency deposits.
Pros of the OpenLedger exchange:
- simple registration
- no account verification needed
- high-speed operations
- new coins and tokens are available for trading
- real money withdrawals
- monthly revenue report
- native token
- wide selection of payment systems
- one of the best decentralized services
Cons of the OpenLedger exchange:
- blockchain-based programs development
- no leverage trading provided
- low exchange operation speed
- English interface
To sum up, OpenLedger is a decentralized exchange, built on the scalable and secure BitShares Blockchain. It has both pros and cons, such as increased security, but slow exchange operation speed. The review provided does not cover important issues that many inexperienced traders meet on their trading journey. Finally, DEXs have not established themselves in this market yet, with centralized exchanges still dominating due to better liquidity.