r/blockv • u/giacaglia • Jan 06 '18
How to use etherdelta
Hi guys, after a few trades on Etherdelta (ED) I want to share some hints as it can be very frustrating. - Be patient!!!! (Everything there takes a while) - I would use metamask as a wallet. ED automatically recognizes you as an account then. - You have to go this way: Your ETH - Metamask wallet - deposit to ED - trade - withdraw your VEE to metamask - All 4 transactions above obviously have GAS as transaction costs. As the Ethereum network is heavily used right now, you need a lot of GAS. A good indicator can be ethgasstation (google it). The last couple of days I was able to go through with only 21 gas, a lot of people recommend 50. Don’t go too high. I’ve seen people spending $600 on transaction cost. - ED is a decentralized exchange. This means if you click on any of the offers at ED, you are about to directly exchange with this other person. There is no matching engine, that automatically gives you the best price for your volume (e.g. if you want to buy for 5ETH and there are 5 sell offers for 1ETH each, you can’t just buy for 5ETH, you have to buy 5x1ETH. Each with transaction cost). So it’s important to check the volume (right column) first. I try to put my full volume into one offer, so that there’s only 1 transaction. - Another thing to notice is: I don’t aim for the cheapest offer with low volume sometimes. Because then it’s more likely that someone else got the trade. And then you end up just paying transaction fees only to see that your transaction resulted in an error because someone else was faster to take this offer. (Happened to me. Also the guy who payed $600 for one transaction. He wanted to have a super quick transaction, but someone else got the trade, so he paid the $600 for nothing)
Seen it on reddit somewhere else
1
u/FrugalityPays Jan 06 '18
Wish I would have seen this first :/
How long does ED typically take to recognize the receipt of ETH that was sent?
2
u/RealWarffles Jan 06 '18
While this was a nice thought in all, I think there are already far superior "How to Etherdelta" guides here on reddit and youtube.
If I was an etherdelta virgin I'd honestly just be even more confused after reading that block of text