Take a closer look at this decentralized Ethereum token exchange.
Orderbook is a cryptocurrency trading platform for ICO tokens based on the Ethereum network. Launched in August 2017 by blockchain startup Ambisafe, Orderbook is a smart-contract-based platform designed to offer secure and transparent trading opportunities.
We’ve brought together everything you need to know about using Orderbook to buy and sell cryptocurrency. Keep reading to find out how Orderbook works, its pros and cons, and to get the information you need to decide whether it’s right for your needs.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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What is Orderbook?
Orderbook is a decentralized platform that offers three main features to its customers:
A cryptocurrency exchange. Users can trade ERC20 tokens on the Ethereum network directly with one another.
An ICO platform. ICO projects can offer token sales to customers through Orderbook. At the time of writing in February 2018, the platform has hosted more than 15 ICOs.
A multi-currency token wallet. Asset storage on Orderbook is implemented on-chain, allowing you to store any ERC20 token listed on the site.
What is an ICO?
An initial coin offering (ICO) is usually when cryptocurrency tokens are first sold to the public prior to being listed on an exchange. It’s a lot like an initial public offering (IPO), but for cryptocurrencies.
Before you consider participating in any ICO, however, it’s important you fully understand the risks involved.
Orderbook allows you to trade the following assets on the Ethereum blockchain:
BitBoost Token (BBT)
Orocrypt Token (OROC)
Cryptocurrencies you can store on Orderbook
Orderbook also supports tokens which can be stored but not traded in its platform. In addition to the above list of tradeable tokens, you can also store the following tokens:
iBuildApp Network Token (IBA)
Orderbook Profit Share (OB)
ESR Wallet (ESR)
Orderbook offers its exchange and ICO platform to users around the world, including Canadians.
However, it does not allow users from the following countries:
Crimea Region of Ukraine
Which payment methods are accepted?
Orderbook accepts payment in the following currencies:
US dollars (USD) via wire transfer
How much will it cost me to use Orderbook?
The trading fee when using Orderbook is 0.2%, which is paid by the taker. Deposit and withdrawal fees also apply and are charged in the same currency as the transaction, which is outlined in the table below.
$15 USD 0.01 ETH 0.0015 OBTC (Orderbook BTC)
$65 USD 0.01 ETH 0.0015 OBTC (Orderbook BTC) 1.5 TAAS 0.05 GNO 2 ANT 15 1ST 5 PRO 100 ICO 100 IBA 2 HKN 15 BBT 3 ASTRO 50 WRC 1 ESR 10 RFR 20 AMM 3.5 SRG 5 OROC 5 INSP 10 CHSB 15 0B 15 GLBX 0 RSN 15 REM 250 BENJA
How fast will my funds be available?
The time it takes for your currency to be available in your wallet usually varies by country and payment method. If you’re sending a USD wire transfer, most deposits clear within 2 to 7 working days, but in some cases can take as long as 10 working days.
The time it takes for crypto deposits to arrive depends on the confirmation time of the network.
Are there any limits?
If depositing USD, the following limits apply:
Minimum deposit amount is US$20
Maximum deposit amount is US$10,000
Is it safe to use Orderbook?
The Orderbook platform is implemented as a smart contract, which means the entire trade history is available for anyone to audit and cannot be manipulated. All assets are stored on-chain, ensuring that Orderbook never has access to its customers’ funds, with customers trading directly with one another.
The assets you hold on the platform are managed by a user contract and access to the contract is controlled by three private keys. Any two of those keys are needed at a time to perform transactions, so if one of the keyholders (Orderbook, you or the access recovery company) is hacked, the hacker won’t be able to access your assets.
Orderbook also supports two-factor authentication, and you’ll need to supply your name, address, contact information and proof of ID to satisfy Know Your Customer (KYC) regulations.
If you need help with your Orderbook account or a particular transaction, you can contact live online chat support. There’s also an online knowledge centre with a number of frequently asked questions and guides to help you get started with your account.
Pros and cons
Simple and straightforward interface
Strong security features
All tradable assets maintained “on-chain” for transparency
Isn’t as well established as other options
Other exchanges offer a wider range of coins and tokens
No mobile trading app available
Added risks associated with participating in an ICO
If you’d like to register for an account with Orderbook and start trading, click on one of the green buttons on this page. You’ll be securely redirected to the Orderbook website, where you will need to provide your name, email address, date of birth and country of residence to create an account.
Remember to also enable two-factor authentication for increased security.
At the time of writing in February 2018, only USD wire transfers are accepted. If you try to deposit another currency, your bank may charge you an additional fee to convert your funds to USD.
No. Orderbook only accepts payments from customers verified on its site, so your verified identity must match the details attached to the sending account.
Bitcoin deposits are converted into an equivalent amount of corresponding ERC20 tokens, known as Orderbook BTC (OBTC). When you make a withdrawal, those tokens are converted back to the original currency.
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