Want to Trade that New Token You Got from an ICO? A Dex is a Good Choice (Although here in 2019 You’ll Want to Choose an Ether Delta Alternative)
UPDATE NOV 2018: Please be aware, the SEC charged EtherDelta with operating an unregistered securities exchange (exchanges that allow ICO tokens to be traded need to file with SEC, even decentralized exchanges). The exchange founder settled, but it looks like EtherDelta is currently down and will likely be down permanently. As an alternative, you can use an Ether Delta fork called “Fork Delta,” or other DEXs like Kyber, IDEX, and Bancor.
EtherDelta isn’t pretty, but it is a decentralized peer-to-peer exchange (a DEX) that lists just about every ethereum-based token the week it launches… and that is hard to beat.
If you just got a token from an ICO, and you want to trade out of that token for any reason, or if you missed an ICO, and you want to buy tokens on the market, then EtherDelta is not only a great choice… but often one of the only, if not the only, choice (until the token gets listed on other DEXs or eventually on a major exchange).
Unlike some other more polished and established exchanges, EtherDelta is a bit rough around the edges.
When you use the site, make sure to follow the directions very, very carefully.
Decentralized and peer-to-peer means that its just a platform for you to trade with others. There is no central entity who can correct your mistakes for you. If you make the wrong moves, or you aren’t patient and get click happy (there can be a rather long lag sometimes with no warning), you could end up making mistakes.
Sometimes transactions are slow, sometimes the site is a little wonky, the interface isn’t always pretty, but at the end of the day, you can trade tokens for ETH as soon as they launch. Thus, yay EtherDelta.
How to deposit and trade tokens / ETH in EtherDelta: see Reddit’s How to deposit, withdraw, and transfer from EtherDelta or follow the video-based guide below. Please note you’ll need to click “new account” in the top right corner of EtherDelta and write down your public address (to send tokens to) and private key (don’t share). You’ll also need to have an existing ERC-20 friendly wallet like MyEtherWallet so you can send tokens / ETH to the public address created in EtherDelta. You’ll also need a way to interface with it, for example MetaMask. See more details below.
NOTE: Try using a service like Coinbase Wallet to access DEXs like EtherDelta. Coinbase Wallet replaces the need to use MyEtherWallet + Metamask.
NOTE: With Ethereum you need to pay “gas” for transactions. Thus, you always need at least a little Ether in your wallet so “gas” (transaction fees) can be paid.
A Beginners Guide to EtherDelta.
- To use EtherDelta you’ll need to use something that let’s you interface with it. One solution is MetaMask. To get an idea of how you can use MetaMask to trade on EtherDelta (and to get an idea of what I mean when I say EtherDelta can be a little wonky), see: Using MetaMask (dapp for chrome) with EtherDelta (decentralized exchange).
- Use the help menu and chat for insight, but always be wary of anyone in chat who isn’t a moderator.
- You may have to “add a token” to whatever wallet you use (if you are transferring tokens). See a quick and simple guide to adding tokens (so tokens you own will display in the wallet).
- A public ether address looks like this: 0xf902fd8B2AEE76AE81bBA106d667cCF368C2f9A1 … private keys look like… I’m not going to show you, because no one ever shows anyone their private keys ever. 😉
- EtherDelta is the sort of thing you need to use at your own risk. We take no responsibility for your actions on the site. Please be cautious and don’t go pushing buttons you don’t understand! If the site disappears tomorrow, it wouldn’t be the first time this has happened in the crypto space… with all that said, EtherDelta has proved itself legit so far.
WARNING: Exchanges have inherent risks. They can get go down for a while, they can get shut down, they can get hacked, the owners can go rogue. It isn’t common, but problems like that aren’t unheard of. Realize you are taking that risk and try not to leave all your funds on an exchange (especially those you aren’t actively trading).