What is EtherDelta Exchange? How to Use it?
Cryptocurrency investors and traders are always on the lookout for an exchange that offers better services. They explore other options with lower fees, better coin offerings, and perhaps margin trading.
Today, the majority of crypto exchanges offer relatively similar services, but recent developments in the decentralized exchange platforms have resulted in some exciting new exchanges. One such exchange is EtherDelta exchange. But, what is EtherDelta? How to use EtherDelta? Let’s find out.
Connecting your Deribit Address to ZenLedger For Your Crypto Tax Forms
As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges.
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. We support a direct API code import for many centralized exchanges, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
What is EtherDelta?
EtherDelta is a fully decentralized crypto exchange that allows you to trade Ether and Ethereum-based tokens directly with other EtherDelta users. It is known for its selection of altcoins, which are often listed on its exchange before other high-profile exchanges.
The decentralization is the main highlight of this exchange as an administrator doesn’t hold your funds. Your money is held in a smart contract where only you can deposit, withdraw, and trade. In addition, the exchange doesn’t require user verification to start trading, although it is only crypto-to-crypto.
How to Use EtherDelta?
To use EtherDelta exchange, you’ll need an ETH-compatible wallet. You can either use the MetaMask chrome extension or you can import one that you created on myetherwallet.com.
Once your wallet is ready, you can start the process of trading on the EtherDelta exchange. But first, you need to create an account.
Step 1: Create an Account.
- To create an account, go to https://etherdelta.com/
- Click on “Account” in the top right-hand corner and then click on “New Account”
- As soon as you click on “New Account,” you’ll see a pop-up window with your Ethereum “Account Number” and your “Private Key”
- Now, you are an owner of an Ethereum wallet on EtherDelta.
Also, remember not to clear your browser cache as it can delete your keys forever. Keep the back of your keys in a safe place.
Step 2: Choose the Coin You Want to Buy
On the left-hand corner, click on the coin you want to buy under “Volume”
Step 3: Deposit your Funds
This step can be a bit slow, so you have to be patient.
First, you have to deposit some ETH. You have to deposit funds into the smart contract first because coins can’t be bought from your external wallet directly. Depositing funds can take time because the exchange is known for being a tad bit slow.
Important Note: Do not clear your browser history when your assets are on the exchange. If you clear your browser history, you will lose the assets.
Step 4: Buy your Coin
Choose the token you wish to buy from the top menu bar.
You can do it two ways. Look at the order book and there are buy orders in the green and sell orders in the red. The first way is to simply accept someone else’s sell order and the second way is to post your own buy order showing how much you want to buy by stating the price. The prices are listed in Ether.
Please Note: Be careful with the decimal points while placing a buy order. Also, don’t overpay by copying and pasting an existing order. Finally, don’t spend all your Ether as you have to pay “gas fees” for using the network.
Step 5: Withdraw your Tokens
It is just the opposite of Step 3. This means that you have to get your Ether out of the smart contract and back in your wallet.
First, click on “Withdraw” and every time you click withdraw, your wallet will notify you of this activity.
Step 6. Transfer the Tokens
Finally, if you want to transfer your money, click on “Transfer” and put in the number of tokens you want to transfer. Enter the Ethereum address, next to the box and then click “Transfer.”
It is important to note that EtherDelta functions on a Blockchain network and thus, every deposit or withdrawal will have a gas fee. The user interface is very simple at the moment but it will improve over time. It is not ideal for beginners but it has a lot of potential for experienced traders.