Centralized exchanges have been both a blessing and a curse upon the crypto industry. OpenLedger recently introduced some odd changes that don’t sit well with its users.
When an exchange increases withdrawal fees for no apparent reason, there will be some dismay.
What is Going on at OpenLedger?
Those fees now sit at 5% of the total withdrawal amount, at least where OpenLedger is concerned.
Interestingly enough, it appears that these changes were introduced overnight with no prior indication.
To make things worse, the amounts required to process a withdrawal are rather high as well.
Users need to withdraw at least 2 LTC, 0.1 BTC, 140 EOS, 5 ETH, and so forth.
No one really knows what is going on with OpenLedger in this regard.
Some users already cry “scam”, even though all withdrawals are honored if they meet the requirements.
Whether it is a good business practice, is a different matter.
Exuberant fees will never sit well with the customers.
High withdrawal thresholds are another bad practice in general.
For now, it remains to be seen how the OpenLedger situation evolves.
Lowering the fees and requirements would be ideal, yet that seems unlikely.
This is another crucial example as to why users should stay away from centralized exchanges unless absolutely necessary.
If one doesn’t own the private key, the coins aren’t his either.