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OpenLedger Review - is it scam or safe?

OpenLedger Review - Is openledger.io scam or safe cryptocurrency exchange?

RATING: 2.4 / 2 REVIEWS OpenLedger

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard Unspecified Unspecified Unspecified Free
Member Unspecified -80% -80% Free



OpenLedger is a decentralized cryptocurrency exchange (or DEX) based on the BitShares network. We feel the need to state very early on, that we will take an active traders’ approach in this review, in essence no focusing on some of the technical specifications. The overall presentation of this exchange is a bit lacking, as a lot of the trading conditions simply aren’t mentioned.


OpenLedger Advantages


Decentralized exchange – trading on such a platform is safer than dealing with most centralized exchange. This is due to the fact you have control of your actual coins, instead of sending them to a company (which may or may not be that trustworthy). Instead, accessing OpenLedger happens via MetaMask – an extension for your web browser, which serves as a wallet.


Lifetime Membership available
– much like RuDEX, this exchange offers membership for the price of 694.70219 BTS (approximately $175, at the time of writing). This will allow you to refer other users to the platform and get an 80% cashback on the trading fees (which aren’t precisely described).



Many altcoins – one of the main benefits of such projects, connected to the BitShares network.is the availability of assets. The most popular coins (in terms of trading volumes) at OpenLedger are BTC, EOS, KRM and ZEN, but a lot more a available. Trading is done against the system’s representative tokens – open.BTC, open.ETH, open.EOS, CNY, USD, BTS and OBITS (the project’s own token).


Nice trading platform– the way you interact with this exchange is visually appealing. The entire layout is very intuitive and the charting is very nice, despite not providing as much analytical capability as TradingView, for instance. Here is a preview:



The platform at OpenLedger


Fiat payments allegedly accepted – OpenLedger claims you could deposit fiat with them, converting the appropriate tokens to USD or EUR. The system is labeled as “currently disabled”. There are other exchanges which offer a rather easier way of entering the world of crypto.


>>How can you buy Bitcoin with a credit card?<<


OpenLedger Disadvantages


Isn’t that simple – OpenLedger isn’t a beginner friendly exchange. We realized how it works, in general, but we may still be missing some details. Prior experience with cryptocurrencies, decentralized projects and MetaMask will be needed.


A lot of details aren’t specified – even considering this isn’t a typical exchange, we feel the team at OpenLedger could have done a better job at presenting their service. We didn’t find any information on the costs of trading. It is common for such projects to have a more complicated trading fee structure, but we didn’t find any info provided by this one. A “margin” section is present within the platform, but the conditions involved with it aren’t specified.


Withdrawal fees present – these are the only fees which we found clear information on. Most of them aren’t that high. Here is a preview on some, including BTC (click to zoom-in):



Approximately $15 withdrawal fee for USDT – the only shocking rate which we saw when scrolling down this table was the one for USD Tether. Here is a preview (we didn’t include the whole table, as it is simply too long):



“Tether” tokens supported – this is a natural function of the BitShares protocol. All the fiat currencies on this exchange are only representative tokens, backed by the network. While the bank transfer conversion is allegedly done at a 1:1 rate (i.e. full value), we can see a couple of apocalyptic scenarios where “Tether” tokens fall aapart.


Margin trading only mentioned
– OpenLedger’s platform has a section which leads us to believe this may be implemented in the future, but we can’t confirm it’s operational at the time of writing. Aggressive traders, who are looking for short term speculation, may be beterr off with a forex broker


>>Forex brokers, offering crypto<<


You should be aware, the service they offer is done via CFD (Contracts for Difference). This is very different than all crypto exchanges. Learn more here.


Reliant on BitShares – we simply have to mention this as a negative. In case there is an issue with this system, OpenLedger will not function. Luckily, your coins will still be in your MetaMask wallet.


Conclusion


OpenLedger is a decentralized exchange, using the BitShares network. This has some inherit pros and cons, like the greater security, but possibly slower transfers. The information provided about the entire project doesn’t cover some of the questions, which an inexperienced trader will have. While OpenLedger seems viable and the volumes on some coins are decent, you will have to read a lot before using the exchange confidently.


On the other hand, if you are only looking for a simple and secure way to speculate with Bitcoin and some of the major cryptocurrencies, the forex brokers which offer CFDs are an interesting alternative. We have to mention that some companies in that space can be quite dishonest (or outright scammers). Check the link below to learn more about the importance of financial regulation.


>>Regulated cryptocurrency forex brokers<<


Here isa summary of this review:

Pros Cons
Decentralized exchange Isn’t that simple
Lifetime Membership available A lot of details aren’t specified
Many altcoins Withdrawal fees present
Nice trading platform Approximately $15 withdrawal fee for USDT
Fiat payments allegedly accepted “Tether” tokens supported
  Margin trading only mentioned
  Reliant on BitShares

 

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Traders` reviews for OpenLedger

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OpenLedger

george, no other APPX.Warrant holders should share your total skepticism about the project. The minimum crowdfunding goal of 1mln was not achieved and that is why OpenLedger handled a reimbursement campaign https://openledger.info/services/ico/apptrade/ I'm positive you were a part of this reimbursement if you were a real investor to Apptrade project

Michael 08/22/2018

OpenLedger APPX

I sent Openledger .7 btc (at the time the min) to be a part of their APPX.Warrant "appstore for crypto) back in Feb 2017. They said they would raise a min of 1 mil dollars. In the end they failed, but out of the blue a "Chinese source" (being OL) donated 100k to put them above the min threshold. Very unethical. Nothing came of this worthless app and we have all been waiting to see when we will either get our funds back (in the States, they should have returned it anyway as deemed illegal to raise funds in the manner they did) or the actual token, which never realized. We are still waiting and I doubt we will see a dime.

george 07/11/2018
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