How many of you have missed ICOs and then waited long for the coin to be listed on popular exchanges like Bittrex? Many times, you might have seen the coins hit EtherDelta exchange first, and the price is considerably low. But due to EtherDelta not being user-friendly, most of us wait till it hits Bittrex or Poloniex, and by then the price goes up.
Hence, we are doing this tutorial to learn how you can buy cryptocurrencies from EtherDelta. But before we do that, let us learn something about EtherDelta:
Facts about EtherDelta
- EtherDelta is a decentralized trading platform.
- It supports Ethereum based tokens only.
- The correct URL is : etherdelta.github.io or etherdelta.com
How to buy cryptocurrency from EtherDelta? Step by Step Guide
There are many ways to use Etherdelta but I found this method to be very easy.
To use Etherdelta to buy any coin, you need to have an Ethereum wallet. If you do not have one, read this guide and set up your first Ethereum Wallet – MyEtherWallet
Step by Step Guide to using EtherDelta
This is how the EtherDelta UI looks like:
On the right corner, click on select account.
And click on import account from the drop-down.
You should see a pop up asking for your wallet private key and public key.
Enter your public and private keys and click on import account.
You should now be able to see your Ethereum and wallet address on the top right of the UI.
If you have come this far and able to see your wallet details, congrats you have successfully imported your MyEtherDelta and get ready for some coin flipping.
Trading between tokens: How to trade between tokens in EtherDelta
First, you need to choose the coin you want to buy or sell from the drop down coins list located beside Etherdelta logo.
In this guide, I have chosen Monetha (MTH)
Once you click on the token in drop-down you should be able to see the token specific trading charts and other stats.
The above image shows how much amount of tokens you have in your Ether wallet and how much you have on EtherDelta.
Here you can see that I have 2080.935 MTH and 0.305 ETH on MyEthereumWallet and 0 Mth and 0 ETH in Ether delta. (You can clearly see this as wallet tab)
Suppose now you want to deposit some Ethereum to my EherDelta account.
To do so, click on the deposit button on the left corner
Now, enter the amount of ETH you want to transfer to Etherdelta and click on Deposit.
You should now see a popup with a transaction id
You should now be able to see the ETH amount under Etherdelta
In this case, it is 0.001 ETH.
Now that you have successfully funded your Etherdelta you can buy any coin with same denomination and sell it (vice versa)
Buying and selling coins in EtherDelta
Buying and selling coins in EtherDelta is similar to other exchanges
The order book looks some thing like this
You can fill the BUY/SELL form with your custom bidding
Or click on any of the queued orders on the order book if you like the rates.
It feels lot complicated but trust me it is so convenient and easy.
Warning: Before entering your private key, cross verify the URL. Make sure you are on the right website, and not a phising site.
Author: This guide on how to use Etherdelta to buy and sell coins is written by Rama Srikanth Jakkam