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Exchange Review

OpenOcean Exchange

Exchange Fees

BTC Withdrawal Fee 0.000079 Taker Fee Maker Fee

Deposit Methods

No Wire Transfer No Credit Card

OpenOcean is a multi-chain exchange that acts as an aggregator of centralized finance and decentralized finance. Since it assimilates a list of centralized exchanges and decentralized exchanges, users can benefit from competitive transaction pricing and lower slippage points. It has aggregated DEX protocols on Ethereum, Binance Smart Chain, TRON, and Ontology. Here’s an image of the supported chains by OpenOcean Exchange.

OpenOcean Review

Ever wondered why DEXs are gaining a lot of popularity? We believe it is mostly due to the following factors:

  • They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.
  • They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
  • Their servers spread out across the globe leading to a lower risk of server downtime.
  • They are essentially immune to hacker attacks.

However, DEXs normally have an order book with lower liquidity than their centralized counterparts.

In order to use OpenOcean Exchange, you need to have one of the following wallets. The platform is only possible to use if you connect your wallet to the platform.

OpenOcean Review

OpenOcean Review

OpenOcean Review

OpenOcean Review

OpenOcean Review

OpenOcean’s aggregation model gives users a wider outreach when it comes to liquidity. A post on Medium published in March claimed that the company was in plans to deploy an automated routing mechanism for traders with large orders. This mechanism will automatically choose the optimal mode, routing through centralized exchanges and DEX, giving users access to the best price offered by any of the following exchanges from time to time:

OpenOcean Review

The liquidity mining pairs will be featured on all the chains, i.e., TRON, BSC, ETH and ONT. These mining pairs are OOE/ETH, OOE/USDT, OOE/DAI, OOE/BNB, OOE/BUSD.

Why do so many exchanges prohibit US citizens from opening accounts on their portal? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

Decentralized exchanges are different beings than the abovementioned examples. They never have custody of any user assets. They normally don't accept any fiat currency. As such, they are less scary for regulating authorities and the same reasons to prohibit citizens from certain countries to use them can't be applied. Accordingly, we have marked OpenOcean Exchange as "allowing US-investors" in our database.

Every trading platform has a trading interface. The trading interface is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and its current price on the market. There are normally also buy and sell boxes, where you can place orders for the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described.

OpenOcean Exchange has two types of interface — Classic and Pro. Here’s in am image of both the interfaces at OpenOcean Exchange (with no wallet connected though):

PRO Trading Interface

OpenOcean Review

Classic Trading Interface

OpenOcean Review

It is up to you – and only you – to decide if the above trading interface is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading interface after your very own preferences.

When it comes to centralized exchanges, many of them charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.

When it comes to decentralized exchanges, many of them don't charge any trading fees at all. This is in all probability one of the biggest arguments that DEX-supporters use to explain why centralized exchanges are on their way out.

OpenOcean Exchange claims its fees are determined by a transparent pricing mechanism. Defi Users are not charged any fees for the route-finding function. Fees collections in Open Ocean are generated from institutional investors using custom-made UI’s made by Open Ocean, Primary Membership Edition — an automated SAAS feature to execute arbitrage trades between DEX’s and CEX’s, combined margin products, and Wealth Management Services.

Seeing as we have not been able to obtain a specific trading fee percentage, we can't really compare the offering from OpenOcean Exchange with any trading fee averages.

To our understanding, OpenOcean does - like most decentralized exchanges - not charge any transfer fees or withdrawal fees other than the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain and not the fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.

Generally speaking, to only have to pay the network fees should be considered as below the global industry average when it comes to fee levels for crypto withdrawals (if you include all exchanges, both DEXs and CEXs in the data set).

OpenOcean does not – like all (or at least close to all) other DEXs – accept any deposits of fiat currency. This means that crypto investors without any previous crypto holdings can’t trade at this trading platform. If you want to purchase your first cryptos, you will need a so-called entry-level exchange i.e., an exchange accepting deposits of fiat currency. Find one by using our Exchange Filters!

The servers of DEXs 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 DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network. 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 DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, you normally hold assets at that exchange. That is until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen. This is not the case when it comes to exchanges, like OpenOcean.

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