Overview of the decentralized exchange Etherdelta: how to trade. Pros and cons
Your money belongs only to you. Let’s look at the interface of Etherdelta. We will show how to buy (or sell) a rare token before entering the popular exchanges. We will tell about the current state of the project, consider the pros and cons of using Etherdelta for trade.
The platform was launched in the summer of 2017 by Zack Coburn, a popular developer in the Ethereum community, the creator of the FirstBlood e-sports project.
The exchange includes Ethereum smart contract and a centralized list of orders. Exchangeâ€™s creators donâ€™t store users’ funds: when creating a deposit, funds are sent to the smart contact, through which all transactions are made.
Commissions and trading volumes of Etherdelta
When making transactions, a commission of 0.3% is retained + gas costs (final transaction cost ratio) – from 4 to 21 Gwei (1 Gwei â‰ˆ 0.000000001 ETH). The smaller Gwei is, the longer the transaction is conducted.
When you make a deposit or withdraw funds, the commission is not charged, you only pay for gas costs.
Trading volumes can be found here.
How to make a deposit on Etherdelta
Identification and registration on the exchange are not needed, you just have to create an account:
And to save the private key:
You use the Ether wallets to make a deposit and to withdraw money (MetaMask, Parity). The wallet is added to the exchange through your browser extension.
How to trade on Etherdelta
Letâ€™s closely look at trading on the exchange using the example of our FNTB token. To perform transactions you need a link to a trading pair: https://etherdelta.com/#0xbd4b60a138b3fce3584ea01f50c0908c18f9677a-ETH
Often, links to trading pairs are not published, but only the addresses of the smart contract are specified. For example, the address of the FNTB smart contract is: 0xbD4B60a138b3fce3584EA01f50c0908c18f9677A
In order to add the required token in the interface of the exchange, you must click on the pull-down menu to select a token, then search for the required token by name (for example, “fntb”). If the token is not found, click on â€œOtherâ€�:
After that, insert the address of the smart contract 0xbD4B60a138b3fce3584EA01f50c0908c18f9677A in the opened window and write the name of the token:
Everything is set for trading:
Transactions are made as usual:
There is no registration and verification, your funds will not be blocked when you withdraw.
There is no team and no office that an intelligence agency can visit. The smart contract functions autonomously and is not changing.
Tokens on Etherdelta can be purchased earlier than on the other exchanges.
Well thought out and user-friendly interface.
Technical support works quickly, it can be contacted through the official accounts on Twitter and Reddit and chat on GitHub.
Disadvantages are common for any decentralized project: liquidity is lower than on centralized exchanges, the entire responsibility lies with the user, the keys entered are not transmitted over the network, but stored in the browser cache. It is important to secure your PC as much as possible and desist from visiting phishing sites.
All trades are only paired with Ether.
In December 2017, Etherdelta was sold to unknown Chinese investors who unsuccessfully conducted the ICO. Since then, the listing on the exchange has been updated only once. Dissatisfied users made a fork of the exchange. This is how the Forkdelta exchange appeared, operating on the same smart contact with Etherdelta.
Now Etherdelta does not look like an abandoned project: social networks are updated, redesign was carried out. Taking into account the specifics of the smart contract functioning, we can recommend this exchange as a trading platform.
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