Owing to a wide variety of cryptocurrency exchange in the market, traders usually get confused as to which exchange be preferred. We at Coinpedia understand your concern and strive hard to bring to you pros and cons of each exchange. This article will be a detailed OpenLedger DEX guide. We hope that this OpenLedger review would be beneficial to you.
OpenLedger DEX Guide contents:
- About OpenLedger DEX
- How the DEX works?
- Fees Structure
- Why OpenLedger DEX?
OpenLedger is a Bitshares Dex based in Denmark. You do not require registration or KYC to run an account there. Currently, the exchange has a volume of around $1,406,530 and therefore doing really well. It allows trading, storage and sending off about 125 cryptocurrencies. You are also able to trade about 63 pairs.
In addition to this, the company runs an advertising technology called HubDSP, tokens called OBITS, and a crowdfunding system called ICOO. Thus, it consists of an ecosystem (“OpenLedger DC”) and the bases of the ecosystem are BitShares platform powered by Graphene. DC stands for Decentralized Conglomerate comprising of reward-based tokens, equity-based investments, and individual ecosystems.
Using HubDSP, buyers of digital advertising inventory can manage multiple ad exchange and data exchange accounts through a single interface. OBITS serve as the official tokens of the OpenLedger DC. With it, multiple organizations can join hands and directly invest in each other’s successes.
The crowdfunding platform, as the name suggests, has equity-based investing that allows people to launch and manage new coins or tokens.
The platform’s own token allows anyone to invest in the company initiatives.
How the dex works and benefits
Basically, it serves as a Bitshares web wallet with an inbuilt dex. The dex is accessible on the web browser. Account opening is done online on the website and is free where you choose a username and password.
The platform provides access to deposit, withdrawal and storing of both crypto and fiat funds. You deposit fiat or crypto by sending to an OPENLEDGER bank account and this amount appears in your OPEN.USD or OPEN.EUR account. The balance is same so long as no costs accrue from your side through the bank or other intermediaries. Minimum fiat deposits are $50 USD or 50 EUR for free but you pay 2 percent to deposit lesser to a minimum of $2 USD/2EUR/15 CNY.
Any withdraw of fiat-pegged assets — OPEN.USD and OPEN.EUR — to USD or EUR fiat attracts a commission of 3 percent based on a minimum of $100.
Trading happens as in any DEX where people create orders for clients to fill up. Creation fee is in BTS or other currencies. To sell, select the desired crypto on the OpenLedger DEX’s ‘Find Markets’ tab. It displays a currency pair exchange and you see all buy and sell offers on this page. You can also withdraw the new currency to other exchanges under DEPOSIT/WITHDRAW option.
Besides trading the company also suggest business solutions to all who wants to go to blockchain
The exchange platform has its own Mobile application.
The fees depend on the cryptocurrency and appear in detail here. Basically, the minimum ETH to deposit and withdraw is 0.01 and this attracts fees of 0.005 ETH.
The minimum of Bitcoin to deposit and withdraw is 0.0018 and that attracts a fee of 0.0009 BTC. It allows access of tablecoins (SmartCoins) including bitUSD, bitEUR, bitGBP, and Rubles – plus other OpenLedger tokens such as OBITS, BTC, and ETH.
Besides, you can also use it to purchase items at any store that accepts international payment cards.
Why OpenLedger DEX?
The OpenLedger DEX guide provides you key features of OpenLedger DEX
Easy to use
OpenLedger DEX is a decentralized trading platform with a simple, intuitive interface.
No personal accounts, no verification required.
Super-responsive support team
A dedicated support team ready to assist OpenLedger DEX users with any issues that may arise.
More Reasons to Choose OpenLedger DEX
- Trade on OpenLedger DEX 24/7 from any corner of the world.
- Numerous coins
50+ cryptocurrencies: Bitcoin, Ethereum, Ripple, NEO, Litecoin, Dash, EOS, and many more, including price-stable coins like bitCNY.
- Low trading fees
A trading fee of just 0.2% for any transaction.
- Great Customer Support
- Aug 6, 2019: OpenLedger DEX launched a referral program with 80% rewards.
- Apr 2019: OpenLedger is planning to develop a debit card
OpenLedger Review concludes that using the BitShares network has some inherit pros and cons, like the greater security, but possibly slower transfers. OpenLedger faces this too. Overall, the exchange is facourable for users.