EtherDelta is a fully decentralised trading platform for ETH-based tokens. As a decentralised trading platform, this simply means that your tokens are held in a smart contract free from a third-party administrator. You’re the only one who can deposit, withdraw and trade your digital assets. If you’re a new dapp user worrying about the security of your property, the very fact that EtherDelta is a decentralised trading platform gives you an assurance that you won’t wake up one morning with all your tokens totally wiped out.
Although the UI of EtherDelta is currently a bit buggy, the developers promise that this is bound to improve over time. Barring some bumps such as the need to deal regularly with browser plugins such as Chrome, the overall experience trading on EtherDelta could be easier eve for first-time Dapp user.
To get started with EtherDelta you can either setup with or without using Metamask, a Google Chrome plugin. You can also setup your account using Parity, a Google Chrome extension. Whichever way you choose, EtherDelta is indeed a browser-based application. The website still looks good when using your smartphones though. When you have successfully performed the necessary steps, you’ll immediately see your account in the dropdown located at the upper right corner of the website.
Once you have an account, the first thing you need to do is to deposit funds into your wallet. You’ll see this funds appear in the ETH column of your account. You can also withdraw funds from your EtherDelta account back to your wallet or transfer funds from your EtherDelta wallet to another wallet address.
Transaction and Gas Fees
The good news is — the EtherDelta platform itself doesn’t change you with anything for using deposit, withdrawal and order actions. The only time you’ll be charged is when you do deposit, withdrawal and transfer transactions and this is by way of the gas fees. A gas fee is paid to miners in the Ethereum network. A 4 gwei gas fee is equivalent to ~0.0003 ETH transaction fees.
As mentioned, the strength of EtherDelta lies in the fact that it is a decentralised trading platform. As such, you don’t have to rely on an administrator to manage your digital assets. But still, the question remain is it safe and stable? Feedbacks from users vary. There are those who applaud the stability of the platform while there are those who comment that the platform is dead and no significant movement is going on. There was even a comment saying that he was robbed of digital tokens. But then again, these are subjective comments and whether they are true or not it would be best to confirm the legitimacy of the accounts.
RATING – 4/5 ★★★★☆
We’ve looked into the platform and so far we’ve seen how promising it is. The simplicity of the UI is one of the major strengths of EtherDelta. We’re looking forward to further improvements in the coming days.