How to trade on Etherdelta

How to trade on Etherdelta / ForkDelta

How to trade on Etherdelta

Etherdelta is a fully decentralized trading platform. It was its first in his kind and any ERC-20 token can be traded there. Even before it hits any market. ForkDelta is a faster copy acting on the same smart contract. Manual works for both versions.

Etherdelta (ED) is a strange place. The user interface looks crap. Mistakes could happen easy and it’s not always clear what is what.

Since I had fallen in love with Sift I had to acquire more, but only tradable on ED so I had to learn. I also noticed at some tokens had asking prices were higher than sell prices at some points.. What the….. I had to learn now.

I do recommend storing your tokens in a Nano Ledger S. I also do recommend it because you can use it to connect to Etherdelta and since you have to confirm everything with pressing a button on the device you are less vulnerable to make the classic Etherdelta mistakes.

 

Connecting a wallet to Etherdelta

Open Etherdelta in your browser it, most likely will refresh with https://etherdelta.com/#KNC-ETH or another token (mostly) regardless what url you use. I don’t like this “feature” but we all have to live with it (allthough it looks like this feature is solved)

ed-selectaccount This displayed token is the token with the most daily volume or so (you can see a list in the left bottom corner ordered by daily volume in ethers). To connect your wallet ED go to the right upper corner. You see a menu item “Select account”

ed-forgetaccountIf there is something like in the right upper corner, you already have created or imported an account. You can use “Forget Account” if you are no longer using that account (be sure to save privates keys and stuff if you have funds on it). If you press “Forget Account” your private key will be shown in a popup window). By the way… it also works fine if you do not use “Forget account”.. after connecting you will be able to select from several accounts.

ed-selectaccount There are 3 ways to connect to ED, create “New Account” You will receive an ETH address and a Private Key in a pop up window. Same as you create new address in Myetherwallet. Also your private key is not send over the internet. Its entirely handled by the browser at your computer.

You can also import an account where you have to provide an ETH address and your private key to that address (let’s say your MEW account).

And last but not the least you can connect with your nano ledger click “Select account” and click “Ledger Nano S”. I use ED with my ledger, but all the steps work the same without, but it gives more security and also less vulnerable for mistakes, because you have to confirm everything with the device. (see more on how to store your tokens article)

After clicking “Ledger Nano S” an instruction will pop up. Follow that instruction.

ed-selectaccount When you have entered your Ledger Nano pin-code and selected the ETH app and refreshed (F5) your browser go back to the upper right corner, your ledger ETH address and ETH value will appear when you click “Select account”. Click on your Ledger account, screen will refresh (and most likely again with the wrong token) ….. Go to the left upper corner and select the token you want to buy or sell.

Congrats… You have connected your wallet to ED!

Your Balance

Now go to the left upper corner next to the Etherdelta logo and select SIFT (or any coin you like, but I use SIFT as an examplpe) in the pull down menu. We are going to look at our balances.

The screen will refresh and loading your wallet and transaction info. In the left upper corner (below the logo) you will see your balance.

The number 2974.000 in the middle below wallet is the SIFT I'm holding in my private wallet (my ledger). The 13.000 on the right are SIFT I bought on ED earlier and are in Etherdelta wallet. The 0.055 are my Ethers on my Ledger wallet (with those I pay for all the transactions) and the 0.306 are my remaining Ethers already on ED (with those I can buy coins or that number increases if I sell something).

That 2794 SIFT I can not trade at the moment they are still in my private wallet. The 13 I can sell if I want

 

Deposit the easy way

Before you can buy anything you have to deposit Ethereum to your Etherdelta part. And before you can sell anything you have to deposit your tokens.

Click on the “Deposit” tab (not the blue button but the gray part under the word Balance, if you just refreshed it’s the default). You see two white input fields both with the word “Amount”. Use the top one if you want to deposit tokens and the bottom one it you want to deposit Ether.

Always leave some Ether in your private wallet. You have to pay transaction fees with it. It’s recommended to leave at least 0.05 ETH.

ed-selectaccountIf you are not in a hurry you can also lower the gas price to 0.1 or 0.5 GWEI (standard on ED it’s 4 GWEI). To lower the gas price go back to the upper right corner were you have selected your account and select “Gas price” and adjust according to your wishes. More about gas limits and gas prices in this article

Also be aware if you are depositing tokens like SIFT and you deposit ALL your SIFT you can’t do it with this function. Read to next block how to to that.

When you want to deposit either Ether or tokens, enter the amount and press the blue “Deposit button”. If you are connected with your ledger you have to confirm it with your device. If you are connected with your private key, the transaction starts as soon as you press the blue button.

When you deposit a token you will see two transactions (you have to confirm both with the ledger) one to interact with the token contract and one to transfer your tokens to ED.

 
Deposit the hard way
Deposit the hard way

ED has a 250,000 maximum gas limit. If you want to send all your SIFT to ED you need a 4,00,000 gas limit. Have not seen other tokens yet requiring a huge gas limit. But the more complex the smart contract behind a token is the more gas it requires and we will see more in the future.

1. Go to MyEtherWallet.com

2. Navigate to the Contracts tab

3. Enter the EtherDelta contract address of 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819

4. Press “Access”

5. When “Read/Write Contract” section appears select “depositToken” from the dropdown labelled “Select a function”

6. In “Token Address” enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 (the address identifying SIFT itself Use any other address if you want to deposit another token)

7. In “Amount” enter the balance of SIFT you want to send to Etherdelta

8. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)

9. Complete any actions in the right hand side that appear to unlock your wallet (clicking Connect to TREZOR, Connect to Ledger Wallet, Connect to MetaMask, selecting a wallet file, entering your private key, entering a mnemonic phrase, etc.)

10. At the top right of the screen there are three drop downs – one of them says “Gas Price: XX Gwei” (where XX is the current number). I recommend changing this to 0.1 till 0.5 to reduce the transaction cost.

11. Click “Write”

12. A popup will appear. When prompted enter “5,000,000” for the gas limit and leave “Amount to Send” as 0.

13. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.

14. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes with low GWEI gas price) you will see the SIFT in the ED part of the wallet.

Buying tokens
ED-orderbook

There are two ways you can buy tokens on ED. You can place an order yourself or you can execute an order from someone willing to sell from the orderbook. If you look at the SIFT orderbook (right next to your balance) you already see why Etherdelta can be so confusing. The red ones are the sell orders. The lowest sell price in this image is 0.00749000 ETH/SIFT but the highest buy order (the green ones) is 0.00749999. Etherdelta does not match your orders. If you think heee lets buy that 162 one and sell 150 I made instant profit. It could be. Most likely that buy order is already taken, but ether network is slow at the moment this image was taken and that transaction has not been confirmed and or orderbook has not updated yet.











ed-buyorder If you want to buy that 162 SIFT click that order and a window pops up. If you want this order than click the blue “Buy” button. Be aware if you have not logged in with a ledger the moment you click that button the order will be executed. With a ledger you have to confirm the transaction on your device. If you do not enough Ether in your wallet you can execute the order but you only receive for the total amount of Ether you have. You can also change the amount of sift if you only want 100.



ed-buyorder Now let’s do a complete new buy order. Below the order book you see a section called “New Order”.. I entered a stupid Sift/ETH price you will get some sort of warning, but if you press buy and sign (with your ledger) … the order will be placed!!!!! And if you do not use a ledger, pressing that green button has cost many people cost money because they entered the SIFT/ETH (0.006) price where you have to put the amount you want to buy and the enter the number they want to buy (6) at the price. You are now buying 0.006 sift for a price of 6 ethers a SIFT!!!!! DON’T DO THIS (like so many before you did). So If want to buy 6 sift for 0.006 I have to do it the other way around. This confusing most likely comes from the fact that in the orderbook starts with the token/ETH price and then the amount. And new orders start with the amount and then the token/eth price. Be warned and pay attention!

After some time you will see your order marked with a cyan background in the orderbook. Placing an order is free for executing an order you have to pay a fee and transaction cost. Transaction cost are taken from your private wallet, so leave ETH there.

I let it expire in 10000 blocks (about 33 hours, if you want to cancel an order it's an eth transaction and cost you money!!!

You can also have up to 5 buy orders at the same time (and you don't even have to cover it with enough ether)

ed-buyorder Here is one example from a dude paying almost 22 ETH for 0.001 whatever token at a price of 3750 ETH per token. When you create a new order put the amount of tokens you want in the field right to the token and fill in the token/ ETH price in that field….You have been warned, pay attention!

If you see an order like this not executed.. You have to use huge gas prices over 1000 GWEI is not on common. It there are more people who want that order… first confirmation got is, and the higher the gas price the faster it gets… but it is not without risk, If you are not the fastest you will run out of gas and paid a lot for nothing!

 
Withdraw the easy way
 ed-withdraw

After you bought some tokens and want to send it back to your wallet, or if you have sold some and want to send the Ethers back to your wallet you have to withdraw. Withdraw back from ED is basically the same as a deposit, but the other way around.

Click on the “Withdraw” tab (under the word Balance a but to the right. You see two white input fields both with the word “Amount”. Use the top one if you want to withdraw tokens and the bottom one it you want to withdraw Ether.

Always have some Ether in your private wallet. You have to pay transaction fees with it. It’s recommended to leave at least 0.05 ETH.

Enter the amount and press the blue “Withdraw” button. If you are connected with your ledger you have to confirm it with your device. If you are connected with your private key, the transaction starts as soon as you press the blue button. And don’t forget to set the gas price lower like we did doing a deposit.

 
Withdraw the hard way

ED has a 250,000 maximum gas limit. If you want to withdraw your SIFT from ED to an empty wallet (not having SIFT on it) you need a 750,000 gas limit. For BCF tokens you need 400,000. Have not seen other tokens yet requiring a huge gas limit. But the more complex the smart contract behind a token the more gas it requires and we will see more in the future.

1. Go to MyEtherWallet.com

2. Navigate to the Contracts tab

3. Enter the EtherDelta contract address of 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819

4. Press “Access”

5. When “Read/Write Contract” section appears select “WithdrawToken” from the dropdown labelled “Select a function”

6. In “Token Address” enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 (the address identifying SIFT itself, use another address if you want to withdraw anoter token, BCF: 0x739a3c89ee7827a6e49cc0bfca8dab228b4d0bf3)

7. In “Amount” enter the balance of SIFT you want to withdraw from Etherdelta

8. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)

9. Complete any actions in the right hand side that appear to unlock your wallet (clicking Connect to TREZOR, Connect to Ledger Wallet, Connect to MetaMask, selecting a wallet file, entering your private key, entering a mnemonic phrase, etc.)

10. At the top right of the screen there are three drop downs – one of them says “Gas Price: XX Gwei” (where XX is the current number). We recommend changing this to 0.5 to reduce the transaction cost.

11. Click “Write”

12. A popup will appear. When prompted enter “750000” for the gas limit and leave “Amount to Send” as 0.

13. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.

14. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes or even a couple of hours with 1GWei price) you will be credited SIFT in your wallet.

Selling tokens


Selling is basically the same as buying, just the other way around. If you want to sell tokens you can click a green (buy) order, and press the blue “Sell” button.

Or you can place a sell order same way you do as a buy order. Again pay attention you put the amount you want to sell at the correct place as well as the token/ETH price.

Transfer tokens

Useless confusing option. But you can send tokens or Ether from one private wallet to another. I always use MEW if I want send tokens from one address to another

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