A Complete Guide to Using ForkDelta (and its Connection with Etherdelta)

https://forkdelta.app/

When it comes to trading ETH and ERC20 tokens, ForkDelta is one of the more popular decentralized exchanges out there today. This guide will cover what ForkDelta is and how to use it.

Firstly we need to setup an account, on ForkDelta and use it to trade ERC20 tokens (SXL=SuccessLife token). The first thing to know is the prerequisites to use ForkDelta.

Let’s start with the set up.

Once you go head over to the ForkDelta page, you can choose to create a new account, import an account, connect your MetaMask wallet (which I will be using for this guide), or connect your Ledger Nano S hardware wallet. These options can be found at the top right corner of the page.

 

To start trading on this exchange, you will firstly need to setup an account.  There are 3 options for you.

You can choose to create a new account, import an account, connect your MetaMask wallet (which I will be using for this guide), or connect your Ledger Nano S hardware wallet. These options can be found at the top right corner of the page.

Importing your wallet to Forkdelta

Here are 2 options for you:

If you have the intention to trade exclusively on this exchange and you want to have some tokens in this exchange. You may have some of your tokens stored in the wallet provided by the exchange.

To do so, click on “Create Account”, the site will then give you your set of Public address and Private Key.

Note: Never reveal/lose your private key.

Alternatively, For most of you, you have an existing Ethereum wallet, you can also use that using the ‘Import Account’ feature.

Fortunately, ForkDelta makes it easy for you to delete any created account, as I show below.

Once you unlock (sign in) to your MetaMask wallet and go to the ForkDelta site, it will automatically log you in using your MetaMask account.

Finding Tokens to Trade on ForkDelta

There are two options you can choose from to select tokens you want to trade.

The first is using the ‘DAI’ menu at the top left of the screen.

We will soon change it to SuccessLife.

Click on the DAI menu

Scroll all the way to the bottom and select “Other”

Add the tokens using the details below

Token Contract Address: 0x222eFe83d8cC48e422419d65Cf82D410A276499B

Token Name: SuccessLife

Token Symbol: SXL

Decimals: 4

The second option is to use the ‘Volume’ box at the bottom left of the screen.

This might be an easier option because it will also display some basic information about the token such as its bid/ask price (quoted in ETH) and daily trading volume.

Understanding the ForkDelta Order Book

In this demonstration, I have selected PowerLedger (POWR)and will show you how to buy and sell it.

Once you select a particular token from the list, you will see the interface automatically update to reflect details about the chosen token.

First, let’s understand how to read the order book.

ForkDelta uses a publicly available order book which anyone can view. The order book consists of traders who have already posted buy and sell orders and are waiting for them to be filled.

The first column shows the price per ETH for the POWR token. Red colours denote sell orders and Green colours denote buy orders. The second column shows the amount of POWR available for sale/to buy and the third column shows the equivalent in ETH. The order book is arranged from highest to lowest priced.

Keep in mind that if I want to buy POWR, I will have to fulfill one of the sell orders and vice versa. There is also the option of creating your own order to add to the order book, however because ForkDelta does not do automatic order matching, you will have to wait for a counterparty to decide to fulfill your order. Hence if it’s speed you want, it’s best to choose to fulfill an order from the order book instead.

Buying and Selling ERC20 Tokens on ForkDelta

To do this, you will have to use the ‘Balance’ box in the top left of the screen. Here I’m depositing 0.02ETH from my MetaMask wallet into the ForkDelta smart contract. If I had other ERC20 tokens in my wallet, I could opt to deposit them as well.

This will bring up a MetaMask notification asking you to confirm said deposit.

Note that the gas price was actually set a little high. You can go to ETH Gas Station to check the standard gas price and the safe low gas price. Once you click submit the following notification pops up which also gives you transaction hash ID that you can check on Etherscan.

You can now see in the ‘Balances’ box that 0.02 ETH is now in the ForkDelta smart contract and my wallet has been reduced by the corresponding amount.

Now, I’m going to select a sell order to fulfill from the order book. Keep in mind that you do not have to fulfill an entire order amount; partial fulfillment is also possible. To show that, I will select a sell order that costs more ETH than I actually have in the ForkDelta smart contract.

Once you click on the relevant sell order the below popup will appear and you can adjust the amount of POWR you want to buy. From there, MetaMask will prompt you to confirm the order, similar to the process of depositing tokens above. Finally, ForkDelta will provide you with the transaction hash ID and the link to Etherscan.

Now you can see that my ‘Balance’ box shows my new balances with less ETH and my 30 POWR tokens. You can also see the trade I just did in the ‘Trades’ box on the top right of the screen.

Now let’s sell some of the POWR tokens back on ForkDelta. In this case, I’m going to choose the highest priced buy order. Coincidentally, this time I am able to fulfill the entire order.

Once again, I had to confirm the transaction on MetaMask and I was given the Etherscan link with the transaction hash ID. Once again, my balance is updated and the completed trade is shown in the ‘Trades’ box. Note that you can also see all of your recent trades in the ‘My Transactions’ box.

And that’s pretty much all there is to it when it comes to buying and selling your tokens on ForkDelta.

IMPORTANT: Always check the market price before selecting an order!

As you will see some people are setting prices at one POWR to 196 ETH! That’s over 400,000 times more expensive than the current market rate.

Clearly, these are people didn’t even bother to check the market price beforehand.

So make sure you don’t fall for one of these absurdly priced orders. You can find such ridiculous prices at the bottom end of the buy order book as well.

Placing Your Own Order on ForkDelta

If for some reason you cannot find anything on the order book that satisfies you, you can always place your own order. In the ‘New Order’ box, enter the relevant details; in this case I am going to place a buy order for 10 POWR.

You will then have to sign the transaction on MetaMask.

My order is now listed on the order book, and is highlighted in light blue.

What if you misquoted the order or simply don’t want to wait around for someone to fulfil it? Well, you can always cancel it from the ‘Orders’ tab in the ‘My Transactions’ box. You’ll need to sign the transaction on MetaMask and it will also be reflected on Etherscan.

This means that cancelling an order will cost you gas fees.

Are There Any Fees for Using ForkDelta?

Other than the gas prices, which are applicable for all transactions on the Ethereum network, ForkDelta also charges a 0.3% fee upon execution of orders. This fee is specified as per the underlying smart contract and thus the fees actually go to the EtherDelta team. As per ForkDelta’s FAQ, they hope to change this in the future but have to balance this out with maintaining sufficient volume on the exchange.

Withdrawing and Transferring Your Tokens from ForkDelta

It is not recommended to leave funds on the exchange, so when you’re done trading, the best course of action is to withdraw the funds back to your Ethereum wallet.

The difference between withdrawing and transferring is that withdrawals can only be done to whichever wallet is connected to ForkDelta (my MetaMask) in this case, while transfers can be done to any Ethereum wallet.

Let’s do withdrawals first. I’m going to withdraw my POWR tokens into my MetaMask wallet. Again you’ll have to confirm with MetaMask and you’ll see the usual transaction hash ID.

To show the transfer process, I’m going to transfer my remaining ETH into my Nano wallet instead.

Just use the ‘Transfer’ tab and put in the amount and address. Confirm it on MetaMask and that’s it.

Conclusion

ForkDelta Has a Massive Amount of Tokens, a Supportive Team, and is very easy to use.

As you can see from this guide, don’t be intimidated, with a little know how (such as through this guide), you will be able to seamlessly navigate through it in no time at all.

Spread the Word:

Leave a Reply 0 comments

Leave a Reply: