ForkDelta Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ForkDelta Review.
ForkDelta is a newly-launched decentralized exchange that offers many ERC20 tokens for trade and keeps adding new ones (free of charge).
As the name suggests, this exchange is a fork of EtherDelta and uses the smart contract of the latter. That is why the 0.3% fee is going to the EtherDelta team. Nonetheless, it works on a new token listing system, order book, API, and front-end UI all of which are at different stages of development and can be tracked on GitHub.
A decentralized exchange
ForkDelta is a decentralized exchange that lets you trade Ether and Ethereum-based tokens directly with other users. It doesn’t rely on a centralized party to store user’s funds and facilitate trades. Trades on such exchanges occur directly between users using the same smart contract.
Many ERC-20 tokens available
The altcoin market keeps growing excessively and ForkDelta tries to embrace it all. Almost every ERC-20 token is traded on ForkDelta and new tokens are being listed every day.
By the time of writing this, there are more than 40 altcoins actively traded on ForkDelta, and it launched some weeks ago.
Token listing option
Any member of the ForkDelta community that participated in an ICO can request a token to be listed on ForkDelta. The procedure is easy and free of charge. In fact, some investors claim that because EtherDelta started charging fees for listing new cryptocurrencies, the members of the community decided to fork it.
If you already have an Ethereum wallet, you don’t need to register at ForkDelta.Simply link your wallet using either MetaMask, Ledger, or importing your account directly using the dropdown in the top right of the trading view of the platform.
Lack of information
We could not find any information on ForkDelta’s website regarding the company that operates the exchange, its headquarters, etc. We also could not find what are the withdrawal fees, as almost all exchanges charge such. This adds a layer of uncertainty to ForkDelta.
Trading only against ETH, fiat not accepted
Trading at ForkDelta is done solely against Ethereum and the exchange supports only ERC-20 tokens. You will not find Bitcoin, Litecoin, USDT or any other non-ERC-20 token on this exchange
Dependent on the Ethereum network
ForkDelta depends on a smart contract hosted on the Ethereum network, so if that network is clogged, transactions on the exchange will be delayed too.
Platform not so good
Th platform of ForkDelta looks the same as trading interface of EtherDelta – it is not user-friendly and its charting is really basic, lacking any advanced features. The token selection comes from a single field, which doesn’t even have a search option.
Trading is not instant
As every deal at ForkDelta is done with the help of the smart contract behind it, tradinmg at this exchange (and any other decentralized one) is not instant.
No margin trading
As most exchanges, ForkDelta does not offer leveraged trading. Nonetheless, some investors might need some leverage to gear up their trading, all the more so if they have been trading with forex brokers. That being said, some of these brokers offer trading in Ethereum (in the form of CFDs).
Slightly non-competitive fees
Trading on ForkDelta involves 0.3% fee on execution of orders plus a small fee for signing transactions to the Ethereum network. This is slightly above the average in the crypto sector. Allegedly, the trading fees go to EtherDelta, as the trades happen on their contract.
Forked of EtherDelta, ForkDelta is a new decentralized exchange that offers a plethora of ERC-20 tokens for trade. It can be easily accessed by anyone with an Ethereum wallet (with no registration) and also offers an easy and free-of charge token listing option.
While it seems that many investors have moved to this new exchange from EtherDelta (ED), which currently has some problems, there are several things about ForkDelta that bother us. First of all, the lack of information on the company operating the exchange, its background, headquarters, etc. Besides, just like ED, ForkDelta is dependent on the Ethereum network; trading on the exchange is done solely against ETH and is not instant; the platform is not so good and margin trading is not available.
In case you’d rather trade in cryptocurrencies with a regulated entity, forex brokers are a nice alternative. Many of them have added Bitcoin and Ethereum CFDs to their product portfolios, and we have made a list that includes only those licensed by the respective financial authorities.
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
ForkDelta Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about ForkDelta Review.