Openledger Review: Is it Legit?

/Openledger Review: Is it Legit?

Openledger Review: Is it Legit? 2018-05-22T15:36:00+00:00
Openledger Review: Is it Legit?

Openledger Review

Quick inner navigation:

  1. What is Openledger?
  2. Payment methods
  3. Limitations
  4. Available cryptocurrencies
  5. OpenLedger Fees
  6. Special features
  7. Is Openledger Safe?
  8. How to use Openledger?

What is Openledger?

Openledger is a decentralized exchange built upon the MIT Graphene Technology of Bitshare 2.0. It is based in Denmark and it officially began its operations in October 2015. Its founder and director, Ronny Boesing is a man who envisions Openledger becoming as successful as Apple, Amazon, and Google other huge tech corporations.

Openledger is not just a crypto trading platform, it is much more. It is a Decentralized Conglomerate hence the name Openledger DC. The platform is not just a venue for trading, it also has the following:

  • Its own native token called OBITS.
  • An advertising platform called HubDSP
  • A crowdfunding system is known as ICOO
  • A reward-based token called BTSR, which is rewarded to users for their support of BitTeaser, a block-chain based Ad network
  • GetGame, a game development platform

So as you can see, Openledger has so much to offer and they are not stopping there. Openledger received more seed funding that will go towards the development of additional sections that will become part of Openledger. These additional sections include;

  • eDEV.one – a blockchain-based freelancing platform where clients can hire suitable freelancers.
  • Apptrade – a powerful app that can be used to create portfolios or other apps.
  • OCASH – a Bitshares token that will bring a complete payment system to the Openledger network.

Payment methods

Openledger only accepts bank transfers for fiat currency. To fund your account with cryptocoins, you can transfer them from any external wallet or exchange.

Limitations

Fiat deposits of $50/€50 or more do not attract a fee. However, if you make a deposit of less than this amount, you will be charged a 2% deposit fee. The minimum deposit limit is $2, €2, or 15CNY.

There are no withdrawal limits.

Available cryptocurrencies

Openledger supports only a handful of cryptocoins. Some of the coins listed on the platform include Litecoin, Bitcoin, BitShares, BTSR, Ethereum, Steem, Bit20, and Tether.

Fiat currencies supported include USD, EUR, and Chinese Yuan.

OpenLedger Fees

Trading fees: 0.1%

Deposit fees for deposits less than $50: 2%

Withdrawal fees: this fee varies depending on the coin you are withdrawing. For example, if you are withdrawing BTS, you are required to pay a withdrawal fee of 1BTS.

Special features

  • Openledger wallet.
  • Brainkey – a backup key which is derived deterministically.
  • OCASH– Openledger’s official payment card. With OCASH you can make instant withdrawals to POS systems or cash from Open. USD or bitUSD. You can also make instant withdrawals of Open.USD or bitUSD to payment card.
  • Multi-signature accounts – you can share accounts with your family and friends.
  • Crowdfunding feature for startups.

Is Openledger Safe?

Openledger serves to provide a wealth of services to its users and so far, it has done exactly that while still providing users with ample security. Furthermore, it is a decentralized exchange, which means accounts cannot be hacked, funds cannot be frozen and no governing authority can regulate it at will.

Community trust

Users seem satisfied with the exchange’s services and the speed at which they are able to execute trades. Since Openledger is a decentralized exchange, users are in control of their private keys as well as their funds. So it gives users managerial control over their digital assets to do as they please.

So far, Openledger has a good following on Reddit. This goes to show that people trust the exchange. Complaints have been minimal.

Security

  • Openledger uses a Proof of Stake consensus algorithm with a governance layer.
  • It is decentralized and therefore eliminates counterparty risks and other issues faced by centralized exchanges.

Customer support

For queries, you can contact the Openledger support team via email or social media (LinkedIn, Facebook, Twitter and Google Plus). However, support is only available during working days and within the normal working hours.

Expect a response within 72 hours. There are, however, unique cases that can take a month to be resolved. The reason for such long delays is the numerous external factors that impact Openledger Gateways. These external factors include technical issues with the blockchain, Bitshare lags among others. High volume of requests can also cause delays in having issues resolved quickly.

Handling speed

  • Deposits and withdrawals are quick unless there are delays owing to a network congestion.
  • The customer support team responds within 72hrs. This is a bit long considering that many exchanges usually respond within 24hrs.
  • Fiat currency deposits and withdrawals are instant.
  • Fast transaction time. Openledger is designed to handle 100,000 plus transactions per second.

How to use OPENLEDGER?

  • Register an account

Go to the Openledger’s official website and click on Register. You have two options. To create a new account using the wallet model or account model. Whichever you choose, the process is not very different. You will be required to enter your name and a strong password.

You will then be asked to create a backup, download it and keep it somewhere safe. Deposit funds in your account and start trading.

  • Fund your wallet

Navigate to “Deposit and Withdraw” and select “Deposit.” Choose the digital asset you want to deposit for the list. Click “Get new address.” Copy this address. Send the number of cryptocoins you want to the address. You should receive your coins in about 30 minutes or so unless there is a system load, then it could take a little longer.

To make a fiat deposit, please note that your account must be verified first. However, as of this writing, Openledger has shut down its Fiat deposits/withdrawal gateway.

  • Withdraw from wallet

Using the withdraw feature, you can transfer your coins from your Openledger wallet to any external exchange or blockchain. Openledger only allows the withdrawal open.assets e.g. open.BTC, open.ETH, open.STEEM etc.

To make a withdrawal, go to “Deposit and Withdraw”. Choose the open.asset you want to withdraw. Click on the “Withdraw Now” button. Fill in the details, that is:

  • Currency you wish to withdraw
  • Amount to withdraw
  • Commission fee to BTS network
  • Commission fee for using the Withdrawal Gateway (minimum 2 gate fees)
  • A valid address

Once you have filled in this information, click on the withdraw button. Confirm your password to confirm your transaction. Your transaction should take about 30 minutes to complete.

Review Summary

On the Bitshare platform, Openledger is a unique concept which was designed to increase the speed and decrease the cost of the financial share world. It is a platform with great services, which is hard to understand and is mainly complained about for hacking and fraud. Overall, using Openledger is a risky toss.

Thank you for reading our review and please check out our website to see other reviews.

Leave A Comment2 Comments on "Openledger Review: Is it Legit?"

  1. Jim beam
    Jim beam April 26, 2018 at 9:29 am

    it is a scam. deposits and withdrawals do not work

    -2
  2. OpenLedger
    OpenLedger May 23, 2018 at 10:39 am

    Dear Jim beam, I’m a part of the OpenLedger DEX team and the mentioned statement is not true. Both the deposits and withdrawals work on our exchange. If you face any difficulties during the deposit/withdrawal, we’re ready to help you. Please contact our support team here https://openledger.freshdesk.com/support/home BTW, there is a live chat function available, so we’ll be able to help you immediately.

    0