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First Ledger Review 2026: An XRPL DEX With a 1% Fee

First Ledger is a decentralized exchange built on the XRP Ledger for trading XRPL tokens. It has real usage, but charges a 1% trading fee and does not publish audits or team details.

XRP Ledger

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.8/10

Mixed

Visit First Ledger

Our verdict on First Ledger

5.8/10

First Ledger suits XRP holders who want to trade XRPL tokens from their own wallet and accept the risk of small, fast-moving markets. Its main strengths are native XRPL liquidity, a documented fee split and project-reported usage of 275K+ users. The main caveats are the 1% trading fee, variable pool yields and no published audits or team details. Treat it as a high-risk trading venue, size positions carefully and verify the site address before connecting a wallet.

Score breakdown

How First Ledger scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: 6.0/10
Features: 6.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is First Ledger?

First Ledger is a decentralized exchange built on the XRP Ledger (XRPL). It lets users buy and sell XRP and XRPL-issued tokens from a self-custody wallet, with price charts and holder data for each token.

The project says it passed two years of operation with more than 400M XRP in trading volume, over 275K users, 30M+ transactions and more than $1M returned through its referral program. These figures come from the project itself. It also promotes Stay-to-Earn pools for XRP holders.

The name causes confusion. First Ledger is a different product from hardware wallets sold under the Ledger name, and a community discussion points out that it is a third-party platform rather than the XRP Ledger itself. The team, audits and legal structure are not described in the material reviewed.

How First Ledger works

First Ledger sits on top of the XRP Ledger, a public blockchain with a built-in order book exchange and automated market maker (AMM) pools. Users connect a wallet and swap XRP for other XRPL tokens, or the reverse, with prices drawn from that on-ledger liquidity.

A decentralized exchange does not hold your account the way a centralized exchange does. You sign trades from your own wallet, and settlement happens on the ledger. The platform adds a front end with token pages, charts and holder data, and it takes a 1% fee on token trades.

The project also promotes Stay-to-Earn pools, where XRP holders stake into pools and earn rewards over fixed epochs. How those rewards are funded and the exact terms are not detailed in the material reviewed, so readers should check the Pools page directly.

6 features

Key features

XRPL token trading

Trade XRP and tokens issued on the XRP Ledger through the network's DEX and AMM liquidity.

Token charts and data

Token pages show live prices, charts, holders and trade history for XRPL assets.

Self-custody model

The platform is described as self-custody, so you trade from your own wallet rather than depositing with an exchange.

Embedded wallet option

A support FAQ mentions an embedded First Ledger wallet and Joey Wallet, with no platform fees for deposits or removals.

Stay-to-Earn pools

The Pools page promotes Stay-to-Earn epochs that reward XRP holders who stake instead of leaving XRP idle.

Referral program

The fee documentation lists a referral share, and the project says it has paid out over $1M through referrals.

Pros and cons

What we like

Built directly on the XRP Ledger's native DEX and AMM liquidity
Self-custody approach means funds stay in the user's own wallet
Fee structure is documented, including how the 1% is split
No platform fees for deposits or removals with the embedded wallet or Joey Wallet
Project-reported traction of 275K+ users and 400M+ XRP in volume
Offers pools for earning on XRP alongside trading

Watch out for

Charges a 1% fee on token trades, which is high next to many major DEXs
Team, audits and legal entity are not described in the material reviewed
Many tokens on XRPL DEXs are new and thinly traded, so price swings and rug-pull risk are high
Advertised pool APRs are variable and tied to epochs, so they can drop quickly
Easily confused with the Ledger hardware wallet brand and with the XRP Ledger itself
Community discussions raise doubts about legitimacy and note that it is a third-party platform, not part of the XRP Ledger protocol

First Ledger fees

The documentation says First Ledger takes a 1% transaction fee when trading tokens. It breaks that fee down into shares for the referral program (20%), the team (25%), infrastructure and other items.

A support FAQ updated in March 2026 says there are no platform fees for depositing or removing funds when using the First Ledger embedded wallet or Joey Wallet. Normal XRP Ledger network fees and price slippage on thin markets are separate and are not quantified in the material reviewed.

Is First Ledger safe?

First Ledger is non-custodial by design, so the main risks are smart-contract and platform risk, phishing, and the quality of the tokens traded. The project does not publish audits, team names or a regulatory status in the material reviewed.

XRPL tokens can be created by anyone, so a listing on the platform is not an endorsement. Check token issuers, liquidity and holder concentration, and be wary of lookalike sites. A community thread questions whether the platform is a scam, which is a reason to start small and do your own checks.

6 steps

How to get started with First Ledger

1
Confirm you are on the correct First Ledger site, as lookalike and phishing sites are common in crypto.
2
Set up an XRPL-compatible wallet, such as the embedded wallet or Joey Wallet mentioned in the FAQ.
3
Fund the wallet with XRP, checking whether your sending exchange requires a destination tag, and send a small test amount first.
4
Search for a token and check its page for price, holders and liquidity before trading.
5
Place a small trade and note the 1% fee and slippage.
6
If you try a pool, read the epoch rules and remember that APR is variable.

Open First Ledger

Who First Ledger is for

First Ledger is for XRP holders and active XRPL traders who want to swap tokens on-chain without handing funds to a centralized exchange. It is less suited to beginners who cannot judge token risk, or to users who need audited, regulated infrastructure.

First Ledger FAQs

Is First Ledger the same as the Ledger hardware wallet?

No. First Ledger is a decentralized exchange built on the XRP Ledger, used to trade tokens and XRP. It is a different product from hardware wallets sold under the Ledger name, and it is not the XRP Ledger network itself.

What fees does First Ledger charge?

Its documentation lists a 1% transaction fee when trading tokens. A support FAQ says that using the First Ledger embedded wallet or Joey Wallet carries no platform fees for depositing or removing funds. Network fees on XRPL still apply.

What is First Ledger?

It is a decentralized exchange on the XRP Ledger. Search listings describe self-custody trading of XRPL tokens through the network's DEX and AMM, with prices, charts and holder data for each token.

Does First Ledger offer staking or yield?

The site promotes Stay-to-Earn pools where XRP holders earn rewards over set epochs. One promotional post cited a 71.22% APR, but such figures change from epoch to epoch and are not guaranteed.

How big is First Ledger?

The project says it has passed 400M XRP in trading volume, 275K users and 30M transactions over two years. Those are the project's own numbers and are not independently verified here.

Is First Ledger safe?

No audits or team details appear in the material reviewed, and some community members have questioned whether the platform is legitimate. Self-custody lowers some risks, but trading small tokens is high risk. Start with small amounts and verify token details yourself.

Do I need a destination tag to send XRP to it?

Memo or destination tag requirements depend on the wallet and exchange involved. A community thread shows users asking about this when sending XRP from an exchange. Check the deposit instructions and send a small test amount first.

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