OpenLedger DEX Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of OpenLedger DEX consists of four parts: general information, fees, deposit methods and security.
OpenLedger DEX is a so called “decentralized trading platform”. Decentralized trading platforms are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
Decentralized trading platforms do not require a third party to store your funds, instead, you are always directly in control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins. Decentralized trading platforms normally do not require you to give out personal information either. This makes it possible to create an account and right away be able to start trading. The servers of decentralized trading platforms spread out across the globe leading to a lower risk of server downtime. However, decentralized trading platforms as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.
As OpenLedger DEX is a decentralized trading platform, it does not prohibit investors from certain jurisdictions, such as the USA. US-investors should still do their own independent assessment of any problems arising from their residency or citizenship.
OpenLedger DEX prides itself with 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 (by far more than both Bitcoin and Ethereum).
OpenLedger DEX Trading View
Different trading platforms have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose a trading platform, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at OpenLedger DEX:
OpenLedger DEX Fees
OpenLedger DEX Trading fees
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 (arguably around 0.25%).
OpenLedger DEX Withdrawal fees
OpenLedger DEX charges a withdrawal fee amounting to 0.0009 when you withdraw BTC. This fee is below the industry average and constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
This cryptocurrency trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card.
OpenLedger DEX Security
The servers of decentralized trading platforms normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized trading platforms are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized trading platform, the trading platform itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the trading platform (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A hacker can therefore hack a centralized exchange and steal your funds held at such exchange.
As OpenLedger DEX is a decentralized trading platform, we feel that it is appropriate to award it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
Visit OpenLedger DEX here: https://dex.openledger.io/.
Finally, as mentioned above, this is a decentralized trading platform. Decentralized trading platforms are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized trading platform, you could also check out the following quite popular ones:
- Counterparty DEX
- Fcoin Exchange
- Switcheo Network