Let me to show you how easy it is to use this decentralized exchange once you get over the fact that the user interface isn’t exactly friendly.
EtherDelta is a decentralized exchange for the Ethereum Network. The Ethereum Network is that thing that keeps pumping out all of the ICOs that are creating a bunch of new tokens. A lot of these tokens are available to buy or trade on EtherDelta before they reach the more popular exchanges like Poloniex or Bittrex. So this allows you to still “get in early” before the tokens are released to the more general public.
In case you don’t know what exactly you should be looking for in a coin, or you don’t know how to identify it as a potential scam,
This one will show you what to look for to find a good quality coin to invest in.
For this example I’ll be using my wallet on MetaMask to connect with EtherDelta, but please know that you can also import a wallet that you’ve generated via myetherwallet.com, the only difference is that you won’t get the secondary notifications to submit the transaction that MetaMask provides.
So to begin:
I want to deposit Ether from my MetaMask wallet onto EtherDelta so that I can then trade it for some EOS.
MetaMask will then give you a form basically giving you the chance to look over what you’re sending and how much the fee will be
You’ll see a pop up box that gives you the chance to view the transaction on Etherscan, so you’ll know right away when it gets confirmations or if there was a problem.
It’ll take a few moments, when it goes through you’ll see your balance move from the wallet column into the Etherdelta column.
Select the pair of coins/tokens that you want to trade and go check out the Orders book.
There are red orders and green orders, since I am purchasing EOS I’ll be using the RED SECTION.
You can also check out the Trades section to see the prices of recent trades so you can know what to expect to pay.
I like to check out a few orders before I select one so I know I’m getting a good price.
If you’ve been waiting for a long time for the trade to go through, check out the transaction on Etherscan, if you see a sentence in red color, then you’ll know that there was a problem with the trade and it didn’t approve, so you’ll need to try again.
Now that the trade has gone through I want to get these tokens off of the EtherDelta exchange and onto my MetaMask wallet.
Do this by:
One last time you’ll be prompted to submit this transaction and after a few more moments of waiting you’ll see the balance move from the EtherDelta exchange and onto your wallet.
Once it’s been moved you can always be sure of this by going to myetherwallet.com and under the Send Ether/ Tokens tab, import your private key of the MetaMask account that was used to purchase the tokens.
Once you’re all through with your trades you can lock your MetaMask wallet and then go to EtherDelta and forget any accounts that you’ve imported to essentially log out and disconnect your information from ether delta.
Stay tuned for my next video from Vietnam!