EtherDelta is a cryptocurrency exchanger designed for the ERC20 token. It uses the smart contracts of Ethereum, for the functionality of trading, deposit, withdrawal and integration within the wallet.
The interface is very compact, it is all the main functions are in the main screen.
- Balance.
- Order book.
- Grafico del prezzo.
- I trades.
- Sales volumes.
- New orders.
- Transactions.
4 easy steps to buy on Etherdelta.
- Associate an Ethereum wallet with Etherdelta.
- Choose the token to purchase.
- Move the ethereum from your wallet to the Etherdelta platform.
- Buy the token and move it to your ethereum wallet.
STEP 1
Associate an Ethereum wallet with Etherdelta.
To operate on Etherdelta we must associate a wallet ethereum, there are two ways to do this:
- Use an ERC20 wallet that you already have available, such as Myetherwallet (which I strongly recommend).
- Or create a new ERC20 Ethereum wallet directly on Etherdelta by clicking New account from the drop-down menu at the top right.
In my opinion the best method is to associate an already existing wallet. For example, an excellent wallet ethereum is Myethewallet, free and very easy to use. If you do not have it I suggest you go to Myetherwallet and create a new account.
If you have decided to create a new wallet (for example on myetherwallet) it is essential that you print the paperwallet and keep it in a very safe place.
In the forums you can read of users who print more than one copy of the paper wallet and keep them in different places to avoid losing the private key.
Be very careful, you must hide and secret the private key. The person who owns the private key has complete control of the your wallet.
Associate a MyEtherWallet wallet with Etherdelta.
Below I will show you how to connect your ERC20 wallet to etherdelta. Go to the menu at the top right and choose “Import account”.
When you click on Import account, will automatically open a pop-up in which you will have to enter the address of your wallet in field 1 and the private key in field 2.
You can retrieve these two information from the MyEtherWallet wallet main screen, (otherwise called MEW).
When you open the MyEtherWallet wallet the private key is covered with asterisks. If you want to read and copy the private key you must disable the obscuration of the characters by pressing the button in circle 3.
If the association of your wallet is successful you will see in the upper right part (see image below) the amount of ethereum and part of the address of your wallet.
STEP 2
Choose the token to purchase.
Once you've associated your wallet, you need to set the token that you want to buy. Let's go to the drop-down menu indicated by the red arrow and choose the token of your interest.
The symbol of the token that you have chosen will be highlighted both in position "6" and in position "4". In automatic Etherdelta checks if we already have tokens in our wallet that we have associated.
In this tutorial I simulated the purchase of KIN tokens. As soon as the token is selected, Etherdelta automatically checks if there are other kin tokens in your wallet. In my case I do not have one and therefore rightly is displayed the value zero in position 5.
It is possible that the token we want to buy does not appear in the drop down list. In this case we need to manually add the token address.
To manually enter the token, select the Other option in the drop-down menu.
Immediately after, a pop-up will open in which we must add:
- Address: (token address, position 7).
- Name: (Name of token, position 8).
- Decimal: (Number of decimals of the token value, position 9).
In this case I want to add the Jesus coin token, which in this moment that I write, is not present in the etherdelta drop down menu.
First I have to recover the token address that is generally available on the official website of the currency. Andiamo sul sito ufficiale di Jesus coin e copiamo l’indirizzo del token che troviamo in fondo alla pagina.
We paste the address into the “7” field and enter the token identifier in the “8” field. Finally we have to indicate the decimal numbers of the token value in the “9” field which are usually 18.
Once the correct token is set, Etherdelta automatically checks if there are other JC tokens in the associated wallet. In this case, in my wallet there were already JC tokens (4100) and etherdelta correctly displays them in the count.
STEP 3
Move the ethereum token from your wallet to the Etherdelta platform.
You cannot trade directly from your Ethereum account. To use Ethedelta, you will therefore need to transfer funds from your personal wallet to the platform Etherdelta.
In order to carry out any operation you will need to have a minimum ETH budget on your wallet in order to be able to pay the GAS needed to make the transfer.
- Click on the Amount (10) and enter the value in ethereum that you want to use to purchase the token.
- Now click on the button of confirmation Deposit "11" to start the transaction.
- At the end of the transaction you can check the value transferred to position "12", this is the value you can use to buy the tokens available on etherdelta.
If the transaction has been registered, the platform will notify you with a pop-up message, and will indicate the details of the transaction that you can use to track it down on the blockchain network.
The waiting time of this operation depends on some factors such as: setting the GAS, congestion of the blockchain and the Etherdelta platform.
NOTE: The platform is very slow, I advise do not click repeatedly and wait a several seconds before judging whether the transaction has taken place or not. If you accidentally press twice, you could pay the GAS twice for the same transaction.
NOTE: one of the most common mistakes made when making the first order on etherdelta is to not leave ETH on the wallet. Do not transfer the entire amount you have on the wallet, otherwise after purchasing the tokens you will not be able to transfer them to the wallet. For example, if you have 0.07ETH, move 0.05ETH, the one that remains on the wallet will be used to pay the GAS to transfer the tokens.
STEP 4
Buy the token and move it to your ethereum wallet.
Before doing anything, check carefully that the token you have selected is exactly what you want to buy. The abbreviations can sometimes be confusing and sometimes it can happen by mistake to buy the wrong token.
To buy on etherdelta there are 2 methods:
- First method: A simple and fast method that allows you to buy at the price indicated in the "ORDER BOOK".
- Second method: A more complex method that allows you to "place" a purchase order at a price lower than those present in the "ORDER BOOK" saving money.
First method
Once you have verified that the token you have selected is the right one, proceed as follows to purchase it.
In the order book section we can see the purchase orders in green and the sales orders in red. The coins that we can buy at the sales value that the seller has established are listed in red.
To make a purchase, choose the lowest value and click on it. In the example I chose the value of 0.000001 ETH field "13". In field “14” the maximum token quantity available at that price is specified.
As soon as you have clicked on the value with which you would like to purchase your tokens, a pop-out window will open. The maximum number of tokens that can be purchased is declared in the “15” field. Field “16” specifies the price in ethereum of the token.
To purchase the desired quantity you must enter in the “17” field the amount of tokens you want to buy. In my example I decided to buy a quantity of 30,000 Jesus coin.
The field “18” specifies the sum in ETH that you have to pay to purchase the number of tokens entered in the "17" field.
Once you have completed all the fields in the popout you must press the “19” button to end the purchase.
Second method
Once you have verified that the token you have selected is the right one, proceed as follows to purchase it.
This second method is very useful if you want to buy the token at a lower price than those indicated in the ORDER BOOK.
To purchase press the tab "tab “21”.
- Enter the amount of tokens you want to buy in the “22” field, in my case I'm going to buy 30000JC.
- Enter the price with which you intend to purchase the token in the “23” field.
For example, in the image below the minimum price in the ORDER BOOK “field 21” is 0.000001ETH. In my example instead I want to buy the token at a lower price 0.000000300ETH.
This purchase order will be "placed" in the ORDER BOOK and if the token price drops to that price automatically my purchase order will be processed.
- Automatically, in the “24”, you can see the cost in ethereum necessary to purchase the 30000JC entered in the "22" field is calculated.
- In the “25” Espires" field, by default, the value 10000 is set, which represents the number of blocks for which the transaction remains active until the automatic expiry of the order. The default value, 10,000, is about two days. If you want your order to last forever, enter 1000000000, which is approximately 400 years.
- After setting all the fields, all that remains is to press the BUY “26” key.
Pay a lot of attention to insert the price of the coin at point 23 because if you make a mistake to write the price of the token you will pay more than the minimum value available wasting money.
How to move tokens from etherdelta into your wallet
After the transaction is successful, you can check the quantity you have purchased under the etherdelta“30” column.
To transfer tokens to your personal wallet, follow the steps below:
- Go to the "Withdraw" section of the balance by pressing the "Withdraw tab 27".
- Write in the field "28" the value of the tokens that you want to transfer, in my case i want to transfer all the 30000JC that I have purchased.
- Press the "29" to start the transfer.
This will transfer your tokens from the Etherdelta platform to your ERC20 wallet.
Etherdelta Commissions
The commissions on etherdelta are very low, when you issue an order to buy or sell it is sufficient to pay a commission of 0.03%.
This fee is charged specifically for the exchange. In addition, it is also necessary to pay a tax in gas for each transaction that is paid directly to the miners for the processing of each individual transaction.
Users can set their own gas price in the drop-down menu in the upper right corner under the "Gas Price" section. A higher gas price will result in a faster transaction, while a lower gas price will be a slower transaction.
The default gas price is set at 4 gwei for each transaction, which therefore has the following commissions:
- Deposit ETH ~ 0.0003 ET
- Withdraw ETH ~ 0,0001 ETH
- Token Deposit ~ 0,0001 ETH
- Withdrawal Token ~ 0.0002 ETH
- Exchange ~ 0.0003 ET
- Order cancellation ~ 0.0002 ETH
To get a confirmation of the commissions that etherdelta requires you can refer to this questa pagina.
Warnings
- The high volatility of cryptocurrencies defines them as high-risk investments. You absolutely do not have to invest more money than you can afford. You must have to invest only that part of the money that you can afford to lose and which you do not use for live.
- This tutorial is not intended to promote any type of currency. The tokens I used in this tutorial are for demonstration purposes only and not for promotional purposes.
- The contents of the site are periodically updated and modified, also errors and / or omissions can still occur which may in some way alter the correctness of the information provided.
Not having control of the etherdelta platform, the author of this guide do not assumes any responsibility for any malfunctions or errors related to the operation of Etherdelta.
The author of this tutorial is not in any way responsible for any damage done to what was published. The use of the Etherdelta platform is under your complete responsibility.
Not having control of the etherdelta platform, the author of this guide do not assumes any responsibility for any malfunctions or errors related to the operation of Etherdelta.
This tutorial, even if cured with scrupulous attention, can not involve specific responsibilities for involuntary errors or inaccuracies. We remind you that this site does not represent a newspaper and is updated without any periodicity.
Since the updates to this tutorial are occasional, we can not in any way consider our site as an editorial product as provided for by Law n. 62 of 07.03.2001.
