ForkDelta is a decentralized Ethereum Token Exchange that functions in about the same way as EtherDelta functions. It was created at the beginning of 2018 right after there was a change in the ownership of EtherDelta. Although the change in the ownership of EtherDelta did not lead to any technical changes, a handful of cryptocurrency enthusiasts became doubtful of the EtherDelta platform and, therefore, decided to launch a new platform that functions in just the same way as EtherDelta. Basically, the only pronounced difference between these two platforms is that of ownership.
ForkDelta is a decentralized exchange. This implies that it does not store funds. Also, its users are not required to go through a KYC on-boarding procedure. At the moment, the major use of ForkDelta is to provide a platform on which small-cap ICO tokens that are not yet listed on a larger exchange can be traded. It is also made use of by traders that want to keep their transactions unidentified.
How Does ForkDelta Differ from EtherDelta?
When access to the ForkDelta interface is made, one thing that easily gets noticed is the fact that the interfaces of ForkDelta and that of EtherDelta are very similar. Now, whilst these two platforms are basically similar, there are lots of anticipated differences. This is because they are owned by different people. At the moment, some of the changes that are expected on the Fork Delta platform are a different smart contract, as well as a fresh front-end UI.
What is the Process of Trading on ForkDelta
The first thing that should be done prior to trading on ForkDelta is the installation of the MetaMask Ethereum client. With the MetaMask Ethereum client, it becomes possible to receive tokens from the exchange as well as send tokens to the exchange.
The process of installing MetaMask is a very simple one. All you need to do is add the browser extension. As soon as this is done, the next thing is to establish the client with a password. After setting up Ethereum client, it becomes easy to make an account on ForkDelta. All you need to do is select “Select Account”, followed by “New Account”. With this, you can have access to your private key and your ForkDelta Ethereum address. Ensure your private key and ForkDelta Ethereum address are carefully written down.
As soon as you are done setting up your account, the deposition of Ether or tokens can be done. To deposit tokens or Ether, simply send them to your ForkDelta smart contact address. With this, the tokens become visible in the balance section of the user interface of the platform.
When looking to trade on ForkDelta, simply put in your order in the order book and trade at whatever price that suits you. Also, when trying to place an order, put in the amount and the price of the token that you have decided to trade in the New Order panel and then click on either Sell or Buy. This, of course, is dependent on what exactly you intend to do.