Overview of the Exchange for crypto currency EtherDelta

In general, crypto-exchange exchanges are centralized areas, the management of which is in the hands of one team. But, recently, many new decentralized platforms began to appear, which allow trading tokens without intermediaries. One of these is the EtherDelta crypto-exchange, which we will discuss in this article.

Overview of EtherDelta, pluses and minuses

The EtherDelta exchange was founded in 2017 by Zack Kobern, also known as the creator of the FirstBlood e-sports project. EtherDelta is the exchange for trading tokens Ethereum without intermediaries. She works on smart contracts Ethereum. The main feature of this exchange is that only ERC20 tokens are traded on it, so BTC, LTC and other crypto currency, you will not find here.

The ERC20 (Ethereum request for comments) standard is the standard of the Ethereum network, which can be used to create new unique tokens for any project, economic model, legal binding, with unique conditions. Examples of ERC20 tokens: OmiseGO, RChain, 0x, TRON and others. The undisputed advantage of this exchange is that it is possible to add a token on your list, which is not on the list of exchanges, so you can buy even the rarest coins and sell ERC20 tokens before they enter the stock exchange.

The developers decided to create a decentralized platform, which, unlike the centralized exchanges, is not subject to hacking. All funds are not transferred to a single center, but are managed by smart contracts, that is, they are available only to contract owners.
The official site is etherdelta.com. The site interface works in English, French, Spanish, Chinese and Japanese. The Russian interface is missing. Users can contact technical support in Tweeter, Reddite or on the site through the feedback form.

The advantages of working on EtherDelta are:

  • Decentralization;
  • A large number of tokens;
  • Possibility to add your token;
  • Lack of registration and verification;
  • Importing an already existing wallet;
  • There is no commission on the input and output of funds.

Speaking of cons, they are as follows:

  • Lack of Russian;
  • Not supported by all browsers;
  • The exchange often “hangs”;
  • The funds are deducted for a long time to the balance of the wallet;
  • Not a convenient interface.


Registration and verification on EtherDelta

Another feature of this trading platform is the lack of registration as such. To work on the site will require third-party software – an extension for the browser or crypto-currency wallets. For these purposes are suitable:

The MetaMask wallet exists as a plug-in for Firefox and Chrome browsers. Installing the extension, be sure to save the phrase to restore access in a safe place. We authorize and update the EtherDelta page. The address of the MetaMask account will automatically appear in the account of the exchange. A similar procedure with the Parity client, only before installing the extension, it is necessary to install the application itself and wait until the entire chain of blocking is synchronized.

You can also use your Ethereum account. To do this, select the option “Import account” in the drop-down menu of the exchange. Enter the address and private key in the appropriate fields. It is worth noting that the private key is not stored on the exchange, it is stored in your browser.
If you do not have an account, you can create one here. To do this, select “New account”, the system generated the address and private key save and go inside. Verification directly on the exchange is not provided. The service does not require documents to verify the identity or address of residence.


How to use EtherDelta?

The interface of the exchange is quite complicated, especially for beginners. Let’s take a look at the main tabs for working with EtherDelta:

  • At the top is the tab with the pair being traded.
  • In the BALANCE tab there are three main buttons: Deposit – replenishment of the purse of the exchange, Withdraw – withdrawal of funds and Transfer –
  • transfer from your wallet to a specific address.
  • Order book – information about all orders placed on the exchange. Their number and cost are indicated here.
  • The My transaction window stores the history of all your transactions.

To start trading, you need to select a token from the drop-down list. From the bottom, the exchange will show orders for purchase and sale. There is also a form for creating your application. Nearby are displayed open orders. You can trade on the stock exchange by various combinations of tokens – coins to Ethereum or coins to coins. On the stock exchange there are both popular Augur, Iconomi, and little-known tokens.

If there is no coin in the stock exchange, you can add it yourself. To do this, click on the “Other” at the bottom of the token selection list. In the appeared form, enter the name of the contract, coins, as well as the quantity and add the token to the pad in this way. If he is interested in someone, it is very likely that you will get a coin.

The trading volume on the stock exchange on average is more than 2.5 million dollars per day. The most popular among the users of the pair: KICK / ETH, COSS / ETH, PPT / ETH, ATM / ETH, LINK / ETH.
You can place a sell order in the new order section, by opening the Sell tab. In this tab you need to enter such data: the number of coins sold and their value. Similarly, an order for the purchase of tokens is being formed. To make a deal without a warrant, you need to go to the order book tab and select the order you need by clicking on the sell or buy buttons. Upon completion of the transaction, Ethereum is credited to the balance of the exchange.


How to replenish your wallet and withdraw funds?

You can enter funds through the wallets MetaMask, Parity or Ethereum. To make Ethereum on balance is very simple. You need to go to the Deposit tab and enter the amount of the replenishment. On the purse should be a reserve of funds to pay a commission for transactions. Typically, about 0.07 ETH is left. Then a confirmation window appears.

When you replenish the balance with tokens, the transfer occurs in several consecutive transactions. They can be tracked in Etherscan. After confirmation, the funds are moved to the “EtherDelta” column.

When you want to withdraw money from a smart contract to a purse, use the “Withdraw” tab. At the same time, we do not forget that the purse itself should have the required amount to cover the gas (gas is the fee that the miner takes for processing each transaction) for the transaction being conducted. If the funds need to be transferred to any other purse, not the one with which you authorized the exchange, use the “Transfer” tab.

Commission on EtherDelta

The commission at input and output of means makes from 0.0001 ETH to 0.0003 ETH and goes on payment of work of miners. The exchange itself charges only 0.3% of the orders of the takeers. All other operations on the site are free of charge.

Reviews about the crypto exchange EtherDelta

Ether Delta has many fans solely because of its security and versatility compared to traditional exchanges. Control over your personal keys is a big plus, there is an opportunity to integrate several wallets into smart contracts Ether Delta, which simplifies the transfer of funds.

Also the decentralized nature of Ether Delta, smart contracts and integration with a personal purse make it one of the safest exchangers. With Ether Delta, all of your accounts used to manage funds exist outside the exchange. To enable users to access them, Ether Delta smart contracts integrate third-party purse addresses and private keys.

If we talk about negative feedback from users, then most of the user’s complaints cause errors in the site, which periodically arise. The service does not load from time to time, most often it happens to users from the CIS countries. Also often the site is very slow, the funds are deducted for a long time to the balance of the wallet.

Beginners will find it difficult to learn all the subtleties of working with smart contracts, and popular exchanges offer an extremely simple service. The trading pairs of the exchanger are limited to ERC20 tokens, which makes the site unique in its kind – it does not support bitcoins.

Post Author: MizOne

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