Today I bring you a review where you will know if Etherdelta is good? Learn how to use Etherdelta » Step by step guide
What is Etherdelta and how does it work?
Good, Etherdelta is one of the best exchanges of decentralized cryptocurrencies specializing in Ethereum and ERC-20 tokens, the site acts as a marketplace that facilitates the trading of ETH for virtually any token compatible with the Ethereum network.
Etherdelta is a decentralized trading platform that has become a hub for traders of Ethereum and any ERC-20 tokens. The exchange uses smart contracts that are responsible for managing deposits, transactions, and withdrawals once a user has successfully integrated a personal wallet with the site.
Much of the exchange’s early success was due to it being the first access point for many ERC-20 tokens that were released shortly after ICOs. Traders often went to EtherDelta to sell or buy airdrops before they were listed on other, more popular exchanges.
How to trade on Etherdelta?
One of the features that sets this platform apart from other exchanges is the use of smart contracts. Therefore, users do not need to create an account on the platform, as trading, depositing, and withdrawing functions are performed through smart contracts that only require a user to integrate a wallet on the platform.
EtherDelta is a decentralized platform that uses a rather complicated interface that requires some time to get used to. The homepage contains all the relevant features such as the wallet, order book, and price chart, and users do not need to go to other pages to execute their trades.
The platform has a “Select Account” button that allows customers to sync an existing Ethereum account or create a new one with EtherDelta. Users can also link an existing Ethereum account to Ledger Nano S or Meta Mask and manage an account. You can import or connect any cryptocurrency wallets or keys with the site after that.
EtherDelta Fees
EtherDelta charges a 0.3% fee for each trade. This is the only fee charged.
Is EtherDelta safe or reliable?
Theoretically, EtherDelta’s use of smart contracts and personal wallet integration should make it one of the most secure exchanges operating today. Furthermore, it uses a number of servers and does not require users to set up accounts or maintain their balance on the exchange. Balances are transferred from existing wallets and held in an account based on the exchange’s network. As a result, EtherDelta is technically more secure than centralized exchanges. However, in December 2017, an individual managed to hack the EtherDelta domain name and performed a phishing attack on its DNS server. The hacker compromised the EtherDelta website and swapped it for a fake version of the exchange where he managed to steal around 305 ETH, worth over $244,000 at the time. Several strong security measures have been implemented to prevent a similar situation from occurring in the future.
The lack of user trust in the Etherdelta exchange has led many users to look for better alternatives such as Mercatox, Cryptopia to trade buy or sell several new interesting altcoins that are being added to these exchanges and that are not available in Best exchanges
Therefore, we do not recommend EtherDelta as an ideal option for new traders while there are more efficient and safer options available above.
However, experienced traders who still want to trade on the platform should create a new account through Metamask and make sure it does not contain more than the funds needed to complete a specific transaction.