A cryptocurrency exchange review article should be detailed enough and must provide reviews of all cryptocurrency exchanges. We at Coinpedia bring forth the different cryptocurrency exchange reviews for traders to choose the best-suited one. Today we are reviewing EtherDelta exchange. This review consists – basic EtherDelta DEX information, trading fees, and deposit.
Etherdelta DEX launched by Zack Coburn in 2017 is a place where many people trade ERC-20 compliant tokens including Iconomi, Augur, 1ST, and others.
Etherdelta exchange is a decentralized trading platform. Traders need not register in this exchange, as it is a decentralized exchange. They just have to connect their wallets with the DEX exchange and start trading.
The DEX’s smart contracts, like in any other DEX, use your private keys to access your Ethereum wallet and thus execute your transactions.
Otherwise, the use is in full control, does not need an EtherDelta account, and that they deal with the counterparty directly.
The DEX picked because it was a place people could trade tokens just coming out of ICOs before they hit major exchanges. That made it generate $10m in daily trading volumes. The volume has gone down since then as competition increased.
No Signup’s
Traders do not need to register in this exchange as it is a decentralized exchange. They just have to connect their wallet with the platform and start trading.
Easy Wallet Integration.
The exchange’s official website gives a step-by-step instruction tutorial as how to connect the wallet and exchange platform.
No Deposits
Since traders connect external wallets to the radar app, they have full custody of their tokens. Also, it reduces transaction time and fees.
Wallets supported
Currently, The account supports wallet like MetaMask, EtherDelta’s browser wallet, or Parity. It allows you to buy, sell, market orders, limit orders and share an order.
To this point, the EtherDelta review focuses on the introduction and its features. Let us now look at how to trade on EtherDelta.
The exchange has an easy to use trading platform. The answer to how to trade on Etherdelta is simple. Once the account is connected to the platform, traders can start trading.
First, you are also able to watch the daily volumes for each and every token by just accessing the website on the front page. On the bottom left hand, look for the “Volume” button and then scroll to find the volume of the desired token. You can also follow trades or recent transactions by checking the top right of the website.
Transactions including deposits, withdrawals, exchanges, and trading are done via smart contracts once one integrates a personal wallet.
Etherdelta lets users connect to wallets through MetaMask and other solutions. You do not need to open an account to do trades but only to integrate your wallet on the site.
Once you get to the site, you are able to access most buttons needed to trade: wallet, order book, and price chart.
Click the “Select Account” button on the site to link an existing Ethereum account or create one with the exchange. Alternatively, you can sync a Meta Mask account or a Ledger Nano S account and import any wallet or keys to the site. To do this, navigate to the upper right-hand corner where you see a drop-down menu allowing you to “Select Account.”
Transfer the funds from a personal wallet to the exchange to trade. This is done by clicking on the balance box on the left side of the page and selecting the Balance box. Fun balance appears under “Wallet” while funds moved to the exchange will list under “Ether Delta.”
Deposit button allows you to move funds from personal wallets to the exchange. The “New Order” feature located at the bottom center of the website allows you to input the amount of PPT you want to buy or sell. You can directly set the PPT/ETH prices for the new order and the expiration, then click on “Sell” or “Buy” to execute the trade.
You can also use public tools to track your trading activity and funds. For instance, these include:
EtherDelta Trading Fees
The Etherdelta exchange has minimal deposit or withdrawal fees. The only fees traders pay is the Gas fees once transaction occurs.
The Etherdelta fees for
Etherdelta is less costly than some other DEX, with just 0.3% taker fee while it is free to withdraw, deposit and for maker transactions.
Moreover, EtherDelta has a unique feature. Placing an order is not an Ethereum transaction. So, they do not charge this transaction with Gas fees. Gas fees are only applied if the order is executed.
Apart from being decentralized, the exchange offers a wide range of token options to trade. You can also add tokens to the site quickly and easily, simply by inputting the necessary details and tokens.
The exchange also lists tokens that are just out through ICOs before they can list on other exchanges, in addition to being an experienced DEX, and offer a wide range of token options for exchange.
Etheredelta is a safe project although there was a scam site called Etherdelta. git where one victim lost $8000 to the scam site. The project also recently forked to the ForkDelta project. This will also be offering decentralized trading and hosting, as well as a tokenized method of platform ownership.
In addition to Zach Coburn, Tina Trinh is also part of the team running the project, and they are influential people in the Ethereum community. Zach is a previous co-founder of Subvert and Profit, a social and marketplace; DormItem, which is a college classifieds site; and Madhens, an ad market.
The customer support is basic. There is a chat feature where EtherDelta DEX team responds to all the queries and issues. The website does not have a detailed FAQ section which is a drawback.
EtherDelta is dependent on the Ethereum, so the scalability of their exchange will follow the scalability of ethereum blockchain. they also launched a new API, which is using sockets, so it’s real-time.
EtherDelta exchange has stopped accepting new tokens. The traders feel that this is an outcome of the recent Ethereum Fork. Additionally, The EtherDelta UI has not updated orders and trades since Feb ’19. Moreover, some of the complaints include a complex interface, slow trades, and the fact that it supports ETH-based tokens only.
In Aug 2019, Chinese governments investigated an EtherDelta exchange exit scam. The scam is not yet proven, the investigation is still going on.
*Word of caution: EtherDelta was recently acutely compromised, so just be sure to triple check social media before transacting through the DEX. Excluding the complaints, it’s definitely a DEX to monitor.
Also read: Localbitcoins review | Coindeal review | Bitstamp review | Bitquick review
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