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What is EtherDelta?
EtherDelta is an exchange platform for cryptocurrency that specifically handles transactions associated with Ethereum trading pairs and ERC20 token. The Ethereum power smart contracts are used to run the exchange and at the same time manage other functions such as wallet integration, withdrawals, deposits, and general trading.
EtherDelta has a less sophisticated layout when compared to other similar platforms like Binance and Bittrex. Therefore, new users may find it difficult to use the platform considering its awkward user interface. However, the platform is like a big smart contract considering its functions.
When compared to other mainstream exchanges, EtherDelta users have more control due to its decentralized nature. Users can begin trading without creating an account and all the major features such as the price chart, order book, and the wallet are located at the same place. An Ethereum wallet account is normally used by customers to manage their funds.
Moreover, the exchange enables you to create a new account or import a pre-existing one. In this case, customers are responsible for their losses, actions, trading decisions, private keys, and funds. Centralized servers are vulnerable to hacking, and that is why this platform runs on a decentralized server.
The complicated nature of this platform can sometimes lead to a lot of coins due to user mistakes. The Ether-Delta platform allows users to trade all types of Ethereum (ERC-20) tokens. EtherDelta exchange has always received positive reviews but one cannot rule out an EtherDelta scam. This article will provide an EtherDelta review that will help potential users answer critical question such as;
- What is EtherDelta?
- Can I trust EtherDelta?
- Is EtherDelta Safe?
- Is EtherDelta legit?
- The platform is a traditional cryptocurrency exchange but the user has more control
- EtherDelta is located in Chicago, IL, USA
- The company started operating in early 2017
- The platform is supported in countries such as the United States, Canada, Australia, and the European Union
- The platform has no limitations for buying selling amounts
- The buying payments methods for EtherDelta are Ethereum and ERC20 tokens
- The selling payment methods include Ethereum and ERC20 tokens
- The available cryptocurrency is Ethereum
- A user account can only be accessed through multi-factor authentication as users are required to have usernames and passwords
- EtherDelta has some of the lowest transaction fees in the market. In fact, you can place orders, withdraw, or deposit funds free of charge when you use the Ether Delta platform. For existing orders made by someone else, one is only expected to pay a fee of 0.03% when it comes to selling or buying
- The platform has a digital wallet service as a special feature
Is EtherDelta Safe?
The platform has one of the most loyal customers despite the fact that it does not have many users. Individuals that decide to join the EtherDelta community always use the platform consistently due to its deference to user-controlled funds and enhanced security features.
EtherDelta does not attract a lot of media attention as the owners like to maintain a low profile. The platform’s owner, Zack Cobum, is an astute entrepreneur but does not like to use his impressive resume to market the platform.
As mentioned earlier, EtherDelta is one of the most secure exchange platforms in the market considering its personal wallet integration, smart contracts, and decentralized nature. User accounts are secured by multifactor authentication, usernames, and passwords. In addition, the accounts can only be accessed through private keys and individual wallet addresses. In this case, it is difficult to access the funds in a particular address without having its private keys.
Most cryptocurrency exchanges are known to have a FAQs section the EtherDelta website does not have the traditional FAQs section for customer support. However, users can always find helpful resources at the “Help” drop-down menu. A support chat is one of the helpful resources under this menu.
EtherDelta’s community members and company representatives respond to user questions via the support chat. However, postings from other customers can down user questions considering the fact that it is a public chat room.
In order to address this challenge, the company representatives are keen to ensure that all the questions are addressed directly. Apart from the support chat, the drop-down menu has some important links that direct users to useful guides. The guides have some important information on how to use the exchange and also direct users to other important resources.
The platform is good when it comes to handing speed considering the positive customer reviews when it comes to efficiency and response to customer questions. However, the platform has no instant transactions.
How to use EtherDelta?
The platform’s functions are managed by smart contracts on its interface that appears to be very compact. The following are some key guidelines when using the EtherDelta platform;
- Open an Ethereum wallet account
- Sync the exchange with the Meta mask account or Ledger Nano S
- Open an Etherscan page
- Transactions take place on exchange wallet and not the personal wallet
- You can transfer the ER20 token or Ethereum by entering the amount and clicking on the blue deposit button
- Transactions are tracked by an Etherscan address
- Users can use the exchange’s smart contracts to create a new account
EtherDelta Review Summary
EtherDelta is not your normal legacy exchange as it stands out due to its versatility and added security. Users are normally in control of their own wallets and private keys.
Some of its pros include;
- Positive customer reviews
- Enhanced security
- Many tokes
- Decentralized functions
The cons associated with the platform include;
- Non-intuitive exchange platform
- It does not have leveraged trading
- Some instruments have low liquidity
- The fees are somehow non-competitive
- Too much reliance on the Ethereum network
- Users can only trade against ETH
- There is no instant trading
- High chances of making a mistake
EtherDelta is not good for beginners as its interface is not user-friendly. The possibility of making mistakes is high due to miss-typing or miss-reading of orders.
Thank you for checking out this review for EtherDelta. Make sure to follow our website on regular bases so that you are always updated about everything crypto.