With the inception of Bitcoin back in 2009, the doors for cryptocurrency opened, and the world is now full of new cryptocurrencies, ICO tokens and decentralized application development platforms that have revolutionized the present-day technology like nothing else.
Ethereum was the first ever platform that was created to allow developers to develop decentralized applications (DAPP) and create smart contracts on it. The platform was so popular instantly, that it grew to become the second largest cryptocurrency of the world after Bitcoin. Recently, Ethereum crossed the thousand-dollar mark, making it one of the most anticipated and demanding cryptocurrencies of the current time.
With so many applications being developed, and subsequently, so many tokens being created to fuel those applications and networks, there also exists a need to have a platform where all those new tokens can be bought or sold. Trading of popular tokens exists at many popular exchanges like Coinbase, Poloniex, Binance, Bitfinex etc. but new tokens are rarely available.
Review of EtherDelta
One exchange is EtherDelta where all ERC20 tokens, developed on Ethereum platform can be traded. The interface of EtherDelta looks a bit complicated for newbies, but it becomes relatively easier and simple to use, as the investor spends enough time around it, getting familiar. Many potentially influential ERC20 powered tokens are not available on popular exchanges due to various reasons, but EtherDelta exchange lists them all, so that users who are interested in investing in them, can do that, before the tokens get too popular and hence, expensive!
The best part of EtherDelta is that you do not need to make an account using your email-ID or personal information. EtherDelta will provide you an account on its own, and give you a private key that you need to remember, to access the account later. You do not need to link your private accounts or social media accounts to EtherDelta, and that way, your information remains anonymous and secure.
So, how to use Etherdelta?
Here is how the opening screen of EtherDelta looks like –
A very consolidated and neatly aligned platform, with all the information packed in limited space.
- On the top-right corner, you can see the ‘Select Account’ button. Once you click that, a drop-down menu opens up with various options.
- You can either create a new account instantly or import your already existing Ethereum account.
- You can also sync your Ledger Nano S with EtherDelta to manage your Ethereum or ERC20 powered tokens.
- Lastly, you can also manually set the Gas Price to get your transactions validated.
Once you create a new account, it will give you an Ethereum account address and a private key to remember your account credentials.
If you choose to import an account, you will need to add the address and the private key associated with that already existing account, that you wish to import.
To sync your Ledger Nano S, you will need to follow a set of instructions that will ensure, that you have synced it properly and accurately without losing out on your funds.
Lastly, you can manually set the Gas Price that you wish to pay for the transaction to get validated on the network, and written on the blockchain.
Is Etherdelta safe?
The most important feature of this exchange is – it is decentralized in the truest form. It follows the core principle of cryptocurrency, that is decentralization, and it writes all the transactions directly to the blockchain, because of which it might be time-consuming to get one transaction validated on the network.
But unlike other exchanges, it does not involve middlemen to get a transaction validated. Other popular cryptocurrency exchanges quickly validate a transaction and ‘display’ the result on your screen, but actually, it takes a lot of time on the back-end to get one transaction approved. With other cryptocurrency exchanges, high liquidity and already available supply is one major reason, behind the quickly happening transactions, but again – they are not decentralized.
It is so transparent that the users can also see the smart contracts it is following. The previously used smart contracts are also listed in the drop-down menu, but users are advised not to use them as they are old, and do not comply with the newly introduced changes in the blockchain.
In a very simple and understandable manner, you can see all the ERC20 powered ICO tokens, listed in the drop-down menu in an alphabetical order. These tokens are the ones that are supported by EtherDelta, and the user can trade in these tokens on this platform without any hassle. Most of them might not be available on other popular exchanges right now, and that is what makes EtherDelta different from other exchanges out there.
The best part of this exchange is the extended support and robust service provided right on the website itself. Users are free to choose the platform they like, to seek assistance, and volunteers will always be ready to extend a hand of help.
You can also click on the yellow ‘chat’ box on the top left side of the menu if you wish to chat immediately. Once you do that, this is what you will see –
You need to ‘sign-in’ to start chatting. If you click on ‘start chatting’, it will take you to another pop-up window, that will ask you to sign-in to Gitter-
After signing-in on Gitter, or using any other media for assistance, you will be able to get help from experts of EtherDelta immediately. Their customer support team is quick and responsive in nature.
The order book is color-coded, hence easy to understand. The red digits depict the number of coins sold and the green ones depict the ones bought on the network.
Just below the order book, you can see the new order panel, where you can place a new order for yourself. The current window shows ICO of PPT. Using your Ether value, you can buy or sell PPT token here.
Any token or ICO that you need to buy on EtherDelta exchange can be done with Ethereum because it only deals with ERC20 tokens, hence they are converted to Ethereum and then bought or sold.
At the end, you can see ‘Expires’, in which you can state the number of Ethereum blocks after which the current order will expire. It means that if your order does not execute in the next 10,000 blocks, it will expire. Execution of your order further depends upon the Gas Price that you set. If you set a higher Gas Price your order will be executed immediately, and a lower Gas Price will naturally take some time to get your order processed.
You can now see how manually dependent and decentralized this platform is, and that is why it is the most popular choice among experts and developers across the globe to trade in new ICOs and tokens.
Here you can see the price chart, that displays candle-chart which is the standard being followed in the world since decades now. It displays time on one axis and price on another. There is also ‘depth’ chart, right next to it, which shows the potential bids and offers that were set on this platform for trading.
Furthermore, you can also see the ‘Deposit’ and ‘Withdraw’ tabs on the top-left corner. In these tabs, you can enter the ‘TOKEN’ first that you want to trade, and then the amount that you are willing to pay to buy that token, or the amount that you are expecting to get from selling that token. Once you are satisfied with the details, you can click on the ‘deposit’ or ‘withdraw’ buttons to execute the transaction.
As soon as the transactions get verified from the miners’ side, the funds will reflect in your Ethereum wallet. The Ethereum wallet can be any – either your imported wallet or your Ledger Nano S that you synced.
You can change the token that you want to trade in – from the drop-down menu, right next to the site’s logo.
EtherDelta exchange also comes in another color theme, apart from solid-grey, and that is ‘white’. You can change the color from the top-left corner of the page, right next to the logo.
What makes EtherDelta different, and better than traditional exchanges?
The thing that makes it better is that it provides the private key to the users. It has no information of your private key, which means it is only available to you and no-one else. This makes it more secure, safe and encoded as compared to other exchanges, that hold your private key for you, in exchange for your private information like your email-ID or your phone number.
Mt. Gox is a popular example that the crypto-world swears by, and the unforgettable hacking that took-away so much cryptocurrency is still fresh in the minds of those who lost their money in the heist. That is why, now is the time we need exchanges that are reliable, safer and cryptographically secure. EtherDelta is best for those who are planning to keep their funds online for long-term. Or simply those, who do not want to risk even a fraction of their investment, by trading on an unsecured or potentially dangerous exchange.
It might be a little complex to trade in for beginners or first-timers, but the fact that it does not compromise on security is what makes it popular and unswerving than all others.
EtherDelta Review 2
The emergence of cryptocurrencies brought to light the impact of a decentralized economy on the market. Through this platform, people could now easily benefit from the removal of financial intermediaries from the picture and instead take charge of their personal transactional life.
The forerunner of this process was Bitcoin – the first cryptocurrency created by Satoshi Nakamoto – which provided an elaborate method in which the financial system could both be decentralized as well as made more transparent. This took place shortly after the 2008/9 financial crisis, a time when the world through the worst of banks courtesy of the greed that was seen running through the financial system.
However, it didn’t take long before developers realized some of the shortcomings of this currency. Despite the possibility of making smart transactions having already been handled by the Bitcoin cryptocurrency, people could still not make contracts using cryptocurrencies.
This gave rise to Ethereum.
Ethereum cryptocurrency allowed for smart contracts – the ability of a participant to carry out a transaction using a specific cryptocurrency and receive payment if certain specific conditions detailed in the contract are met.
Using Ethereum, people could now better carry out transactions, especially those that dealt with digital assets. The platform was an advancement to the Bitcoin platform as it better defined some of the issues left hanging by Bitcoin’s founders while bringing a lot more value to the aforementioned smart contracts.
Ethereum also went ahead to bring forth the notion of Ethereum tokens as well as decentralized applications – applications which were not governed by any central body or company and which would allow the developers the rights to benefit directly from the application’s download and use. These also played a key role in the new ICOs (Initial Coin Offerings) that took place within this space times later.
These new coin offerings were the reason behind the emergence of EtherDelta, a platform which we have discussed in detail in the next section.
New coin offerings have since been developed and brought to market. Many developers are currently seeking solutions to different industries – be it in health, music or the financial sector – to ensure these industries are more transparent, streamlined and secured.
These new ICOs need first to be brought to and accepted by the market after which the market can then trade them. However, due to their size, large exchanges cannot transact them as their traded volumes coupled with their low price do not meet the criteria stipulated by these exchanges. As such, they need a different platform from which they can be traded, and EtherDelta serves this purpose.
EtherDelta is quite similar to an over-the-counter platform – an exchange whereby stocks which are regarded as small based on their market capitalization stocks can be traded by market participants.
EtherDelta’s proposition to the market is that they can now trade altcoins – defined basically as alternative currencies or currencies other than Bitcoin – as well as Ethereum tokens.
Given that these new Ethereum tokens are currently the foundations for most new technologies that are currently in development – such as EOS (which is a faster and more efficient version of Ethereum) or Golem (which allows for people to tap into the unused computer space of computers within the network) – their valuation was and still is of importance to market participants.
However, given that they are new to the market – with some still under development – and numerous tokens have been created, making it a very large list for exchanges to choose from, some of these tokens cannot be traded on a larger exchange, therefore, necessitating the creation of a new platform that is less restrictive on their trading.
EtherDelta brought to the market lower barriers to entry into trading cryptocurrencies, therefore, making it easier for people to trade these new tokens on the platform. The platform, unlike centralized exchanges, allowed for any token to be traded and didn’t go deeper into the intricacies of listing as is common with most exchanges. Some of these coins, moreover, have surprised the market by bringing in as high as tens of thousands of dollars in volumes.
With the objective of ensuring that all tokens have a level field on which they can get to the market and benefit from being a listed token and that everyone in the market is able to trade ICO tokens in addition to the stronger cryptocurrencies, EtherDelta is already on course to being one of the largest token trading platforms in the world.
First, to access the exchange protocol, one has to download it from GitHub. However, if accessed for trading, the online site provides the best platform from which to carry out the trades.
When on it, one can create different forms of accounts. However, if you wish to create a new account, click on a new account as below.
An address with your private key will pop up as follows:
With this done, one can then begin to trade on this platform by first purchasing Ethereum then purchasing any of its tokens after that.
To receive their services, however, there are fees in place – this is similar to most cryptocurrency exchanges in the world.
Their fees stand at 0.3%. However, this is a fixed fee after which the trader can then conduct withdrawals, deposits, and other transactions are carried out free of charge.
As previously alluded to, the trades require the user to have Ethereum before trading as this currency is used to purchase the tokens on the platform. Currently, the site does not accept fiat as it is a purely crypto to a crypto trading platform.
Over time, scalability has become a concern for most cryptocurrencies. However, this is not the case for EtherDelta.
The cryptocurrency has one main benefit in that most people obtain it from the Github platform and therefore have it loaded on their machines. As such, the platform remains to be complete in itself, unlike the server based networks which currently exist.
The exchange has not only allowed people to trade but also been itself traded.
Coinmarketcap currently holds the price of EtherDelta exchange at $9,798,071 or 867.79 Bitcoin. This is expected to be based on the total number of tokens traded on the platform coupled with their respective transaction volumes and prices.
There, however, currently exists an EtherDelta token which is trading on Coinmarketcap. The token is currently trading at $0.081997 or 0.00008011 ETH.
This token began trading in January this year, therefore, has little technical analysis on its price. Furthermore, given the price trends that rocked the cryptocurrency market over the period since January, the bearish trends that the coin has exhibited over the past week are expected.
However, with an over $645,000 traded volume during its peak period back in 21st January, there is little that goes against the fact that this token will soon be one of the largest players within the token space.
EtherDelta is on course to be one of the largest altcoin exchanges in the world. Their venture into the tokens space has allowed them a much larger market size which is constantly increasing daily. This, coupled with their low barriers to entry, is about to see them become a formidable force among players within this industry.