UPDATE 25 April 2020: This exchange has closed down (as of 15 May 2020). The exchange released the following message in connection with their closure: To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.

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.

General Information

OpenLedger DEX is a so called “decentralized trading platform”, with its headquarters in Denmark.

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).

White Label Solution

Open Ledger DEX also offers its trading platform as a white label, meaning that you can use their technology to create your own trading platform (subject to certain terms and conditions). The benefits of doing this is that you will have “zero-cost” investments in development. You will also have a high-end, flexible and scalable technical solution.

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 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 is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. However, among the exchanges charing a percentage based withdrawal fee, 5.00% is roughly ten times the average and the - by far - highest percentage based withdrawal fee we have ever heard of.

With the fee model that this exchange has, when you withdraw small amounts, it can be beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.0005 BTC (quite reasonable and in line with industry average). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.5 BTC (which is absolutely ridiculous). Please consider whether this withdrawal fee suits your own trading or not.

Deposit Methods

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/.

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Finally, as mentioned above, this is a DEX. DEXs 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: