Ether Delta Cryptocurrency Exchange Overview
EtherDelta is a decentralized exchange for trading Ethereum tokens without intermediaries. She works on Ethereum’s smart contracts. Its uniqueness is that users themselves can add a token that is not on the exchange list, so you can buy even the rarest coins here. He founded the Zack Coburn Exchange in 2017. He is also known as the creator of the e-sports project FirstBlood.
The developers decided to create a decentralized platform, which, unlike 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 website is etherdelta.com.
The site interface works in English, French, Spanish, Chinese and Japanese. There is no Russian language on the site.
Users can contact technical support on Twitter, Reddit or on the website through the feedback form.
Registration and Verification
To work with the exchange, you do not need to enter any personal data. There is no verification process. Just log in and create an account or import an existing one. You can also enter the exchange using the Ledger Nano S. key. You can immediately set the price of gas.
For work, you will need cryptocurrency wallets, for example, MetaMask or Parity. Read more in the article Wallets for Ethereum. You just need to install the extension and save the access code for these wallets. Their address appears in the account automatically. An existing Ethereum account is also suitable for work. If there is none, you can create a new one by clicking on the “New account” button.
Methods of depositing and withdrawing funds
It is possible to deposit funds through MetaMask, Parity or Ethereum wallets. It’s very easy to add Ether to the Balance. You need to go to the Deposit tab and enter the amount of replenishment. There should be a margin in your wallet to pay transaction fees. Usually leave about 0.07 ETH. A transaction confirmation window will then appear. It is important to understand that the lower the gas price you set, the longer the process of confirming the transaction will take longer.
When replenishing the balance with tokens, the transfer occurs in several consecutive transactions. They can be tracked at Etherscan. After confirmation, funds are transferred to the EtherDelta column.
Withdrawals move the currency from the EtherDelta column to Wallet. Upon withdrawal, the commission for gas is removed. To withdraw money from a smart wallet contract, you need to click on “Withdraw”. To transfer money to a wallet that is not specified during authorization on the exchange, you need to go to ‘Transfer’. This tab is designed to withdraw funds to other addresses.
The commission for withdrawing funds on the exchange is minimal (from 0.0001 to 0.0003 ETH). The exchange takes 0.3% from each order, but does not charge a commission for depositing and withdrawing funds.
What cryptocurrencies does it support
The exchange supports a huge number of ERC20 tokens issued as part of the ICO. The uniqueness of this exchange is that in order to start trading in coins you do not need to wait until they appear in the listing of the exchange.
On the exchange, trading pairs of both tokens with Ether and token token are created. Here are all the most popular and little-known cryptocurrencies.
The user can add any cryptocurrency that is not in the listing. There is a “Other” button in the token list below. Here you can enter any name of the coin, a contract and add a token to the site.
- Before buying tokens, coins are transferred to a smart-contract. To do this, just go to BALANCE and enter the required amount in the ETH field. Then click the Deposit button.
- After that, you need to wait for the transaction confirmation.
- To purchase a token, you need to select it in the token drop-down list. If you cannot find the token you need, you can follow the link and enter the contract address of the token you need in the search line.
- To sell existing coins, you need to bring them to the exchange. Select the desired coin from the listing and enter the amount you are selling in the Amount field. Then click the Deposit button. Coins should appear under EtherDelta.
- After that, you can place an order or sell your coins immediately.
- They place a sell order in the new order section by opening the Sell tab. In this tab you need to enter the following data: the number of coins sold and their value. In the same way, a token purchase order is formed.
- To carry out a transaction without an order, you need to go to the order book tab and select the order you need by clicking on the sell or buy buttons.
- After the transaction is completed, the ether is credited to the balance of the exchange. Funds are displayed in the Withdraw tab.
Initially, it may seem that the trading process on this exchange is slightly confused. But on this exchange, like any centralized one, there are main tabs for working with it:
- At the top is a tab with a traded pair.
- The BALANCE tab has three main buttons: Deposit – replenish the wallet of the exchange, Withdraw – withdraw funds and Transfer – transfer from your wallet to a specific address.
- Order book – information about all orders placed on the exchange. Their quantity and cost are indicated here.
- The My transaction window stores the history of all your transactions.
The benefits of working on EtherDelta are:
- A large number of tokens;
- The ability to add your token;
- Lack of registration and verification;
- Import an existing wallet;
- There is no exchange commission for depositing and withdrawing funds.
Speaking of cons, they are as follows:
- Lack of Russian language;
- Not supported by all browsers;
- The exchange often “freezes”;
- Funds are withdrawn to the wallet balance for a long time;
- Not a convenient interface.
The exchange, which we describe today in this article, provides a unique service for ICO participants buying tokens of blockchain projects. EtherDelta is a lifesaver for a grief of investors who unsuccessfully invested in ICOs and want to sell their stake as quickly as possible. But, on the interface, and more precisely on its convenience, the development team would need to work a little more. For the first time visiting the official etherdelta.com website, I immediately want to leave it. From a technical point of view, the exchange also has many shortcomings, this is confirmed by constant freezes and the difficulty of entering it.
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