OpenOcean is a multi-chain exchange that works as a centralized and decentralized finance aggregator. It supports both DEX and CEX, where traders can take advantage of competitive pricing and lower slippages. The product is free to use for the traders, and they have their OOE governance and liquidity token.
OpenOcean has some benefits and flaws discussed in the given table.
|The platform is free to use||There are no user reviews on a trusted website like TrustPilot|
|It has easy to use interface||It lacks vendor transparency|
|The system is compatible with only one CEX, i.e. Binance|
Key features OpenOcean
The main characteristics of trading with OpenOcean are as follows:
- The platform supports multiple decentralized exchanges.
- They have their utility token, OOE.
- It includes over seventy aggregated sources and 11 supported chains.
- It promises wealth management by following CTA strategies and arbitrage opportunities.
- Traders can trade on multiple chains through DEX and CEX aggregators.
The vendor claims that several companies have invested in the platform like Binance, Multicoin, Altonomy, Tron, Huobi global, Polkastarter, CMS, and Kenetic. They have more than seventy aggregated sources and total liquidity of over $66.81b. Total volume trade is over 1.4 million with 390k+ users.
What countries does OpenOcean support buying and selling in?
Although OpenOcean claims to be global, it lacks information on its availability in different countries. We do not know where it can be used and vice versa. Usually, it depends on the legality of cryptocurrencies in other countries.
How does OpenOcean work?
OpenOcean scans several DEX/CEX exchanges for reasonable prices and liquidity by splitting the order into different routes for trading. It uses protocol algorithms by sourcing, optimizing, and splitting liquidity routes across decentralized exchanges. The prices are communicated with the buyer, and the order is placed.
OpenOcean does not charge any hidden fees from its users. Decentralized exchanges have no fees, while centralized exchanges deduct taker/maker fees.
What can you buy on OpeanOcean?
OpenOcean should work on the number of supported exchanges and trading pairs. Currently, it is compatible with only one CEX and a few more DEX. The platform supports 61 tokens, which should be improved for a better trading experience.
Some of the significant tokens supported by the platform are:
- Cardano coin
- Burger swap token
- Binance coin
- 1inch token
Is OpenOcean safe?
OpenOcean claims to have passed the security audit from certik in 2021 and slow mist in Feb 2022. They have mentioned the reports on their platform that talk about the exchange’s safety. It seems to be a legit website and safe to use.
OpenOcean fees, compatible wallets, and transactions
OpenOcean is free to use and does not charge fees from DEX users. The platform operates on these systems: Windows, macOS, iOS, and Android. Traders can access the mobile web version from their phones.
What are the ways to trade on OpenOcean?
Traders can buy and sell their tokens on OpenOcean by following these steps:
- Register for the Pro version in the upper right corner
- Activate the account and verify your details
- Log in to the platform and select the trading pair. CEX does not require the selection of networks, while DEX does
- Click to buy/sell the amount and confirm your order
- Transaction history is available in the spot order option
A live chat option on the website usually replies within a few hours. Documentation and tutorials are provided for traders. There are no customer reviews for this platform on trusted third-party websites like TrustPilot that raises eyes on the working experience of the exchange.
Should you trade with OpenOcean?
Is it worth buying crypto with OpenOcean?
OpenOcean lacks customer reviews on trusted platforms, and they support a few crypto coins. The platform is compatible with a few centralized and decentralized brokers. Investors are recommended to invest at their own risk.
OpenOcean summaryOpenOcean summary
- As mentioned above, the platform has a strong layer of security for traders' investments
- OpenOcean supports 13 different wallets: Coinbase, BSC, Trust, Safepal, Coin98, Math, Phantom, Xdefi, Cyano, Tronlink, Sollet Tokenpocket, Imtoken, and Bitkeep
- The platform supports only Binance as a centralized exchange
- The exchange developer is anonymous, which makes it suspicious and not trustable
- OpenOcean does not have a good number of tokens for trading in contrast with other exchanges
- The lack of transparency raises concerns for users