What is Fork Delta? A guide for exchange users from A to Z
- 1. What is Fork Delta?
- 2. Some features of Fork Delta exchange
- 3. Some fees on Fork Delta exchange
- 4. Security on Fork Delta exchange
- 5. What are the advantages and disadvantages of Fork Delta exchange?
- 5.1 Advantages
- 5.2 Cons
- 6. Fork Delta exchange user manual
- 6.1 Register for Fork Delta Exchange
- 6.2 Token Trading on Fork Delta Exchange
- 6.2.1 How to sell Tokens on the exchange
- 6.2.2 How to buy Tokens on the exchange
- 7. Is the Fork Delta exchange reputable or not?
- 8. Should you join the Fork Delta exchange?
What is Fork Delta? To trade effectively on the cryptocurrency platform, what steps should players take? What are the advantages and disadvantages of the payment floor? Should investors participate in the activity on the exchange? Don't worry BHO Network will help you answer the above questions in the article's content below. Let's consult now!
1. What is Fork Delta?
Fork Delta is a decentralized payment exchange that specializes in supporting ERC-20 standard tokens on the Ethereum Blockchain platform founded by Zack Coburn and launched in 2017.
How the exchange trades, Fork Delta is based on intelligent contracts similar to Ether Delta. People who have a mutual agreement in Smart Contract can conduct transactions directly with each other through this platform.
Fork Delta only supports payments for ERC-20 standard Tokens. Therefore, the only Crypto users that can trade on that exchange are Tokens on the Ethereum or Ethereum Blockchain platform. Most of the Tokens from the "Initial Coin Offering/ICO" fundraising project are listed on the exchange.
2. Some features of Fork Delta exchange
Fork Delta is a Fork of Ether Delta with many advanced features. Some outstanding functions of the platform can be mentioned as follows:
Security: Since the starting point is Ether Delta, along with improvements after returning to the new owner, the security level of Fork Delta is no less, even higher than Ether Delta.
Support for a variety of ERC-20 Tokens: Although the Fork Delta exchange only supports transactions for standard ERC-20 Tokens, there are many types of ERC-20 Tokens. In addition, the business also regularly updates new Token types.
Easy access: If the user has an existing Ethereum wallet, they can log in and use the Fork Delta exchange by linking the wallet (MetaMask or Ledger) or directly entering the user account name in the menu.
Streamlined interface, easy to use: Although Fork Delta does not have a beautiful interface with a simple design and neat layout, this is a huge plus, especially for new users. Currently, Fork Delta only supports web use.
Multi-language support: Currently, there are five popular languages supported by Fork Delta: English, French, Chinese, Spanish, and Korean.
Customer care support: Fork Delta receives comments and supports customers 24/7 through various channels such as email, chatbox, or social networking platforms such as Telegram, Twitter, and Facebook.
Margin Trading: Margin trading is not currently supported by Fork Delta.
3. Some fees on Fork Delta exchange
Users will be charged transaction fees on Fork Delta exchange when performing operations such as withdrawing, depositing or paying for transactions. Specifically, the prices available on Fork Delta are:
Low-cost withdrawal and deposit fees and automatic collection.
Trading fees are calculated at 0.3% of the total trading volume of users.
4. Security on Fork Delta exchange
In order to perform transactions of transferring, receiving or buying Crypto on Fork Delta, users need to log in with their Ethereum private wallet key. However, the nature of Fork Delta is a peer-to-peer exchange, so most security technologies are not supported yet. There have been notices about not saving Private Key information.
To ensure the safety of their assets, users can apply the following two simple ways:
Use multiple Ethereum wallet accounts instead of one wallet to avoid risks. Users can put all Tokens in another wallet after using sub-accounts to perform transactions on the exchange.
Using Metamask helps ensure asset safety because investors do not need to enter Private Key information.
5. What are the advantages and disadvantages of Fork Delta exchange?
For investors in the Crypto market, one of the essential things to understand is the pros and cons of each exchange specifically. What is Fork Delta? Let's find out with BHO Network now!
Fork Delta Exchange has many outstanding advantages to attract investors and players. Specifically, the strengths of the platform can be mentioned, such as:
Support for many types of ERC-20 Tokens and Update information regularly.
Easy access to the system with Ethereum wallet or Metamask or Ledger.
Easy transaction, simple design, very suitable for newcomers.
Besides the above advantages, this cryptocurrency exchange also has some limitations. Specifically, the downside of the platform that players need to pay attention to is:
The only Crypto that is supported for trading is the ERC-20 standard token. Other types of Coins cannot be exchanged on the exchange.
User security technologies are not yet supported on the exchange. Since this is a decentralized exchange, users need to log in via their private wallet key. You need to have certain knowledge of how to use it to avoid the risk of having your wallet key copied.
The liquidity of Fork Delta exchange is relatively weak, the number of transactions is low compared to other exchanges. Part of the ICO projects are not really quality, the volatility and decline of the market are also the reasons why investors are not "satisfied" with this exchange.
6. Fork Delta exchange user manual
How to register an account on Fork Delta exchange? Let's find out more deeply about the BHO Network in the next part of the article below.
6.1 Register for Fork Delta Exchange
As mentioned above, users can use the Fork Delta exchange to log in by linking with available Ethereum storage wallets such as MetaMask or MyEtherWallet, or Ledger Nano. You can visit the website of the business and then click “Select account,” and the login methods will appear.
Import account: Users need to copy and paste the existing Ethereum storage wallet login code and wait a moment to create an account.
Ledger Nano S: Click here to connect to Ledger cold wallet.
6.2 Token Trading on Fork Delta Exchange
The transaction steps include how to buy tokens on Fork Delta exchange or sell them relatively simple. Even if you are a beginner in learning about the Crypto market, you can still participate. Specifically, the steps are as follows:
6.2.1 How to sell Tokens on the exchange
First, users need to have a little ETH in their account to pay transaction fees for Fork Delta . If there is no user, they need to transfer in to execute the Current transaction. And here are the specific steps to sell Tokens:
Step 1: Find the Token you want to sell.
Step 2: Select the type of Token to sell.
Step 3: Select “Amount” to enter the number of Tokens to sell and click “Deposit”.
Step 4: After the Token is transferred to the exchange, users need to choose one of the two selling methods below accordingly:
Sell Tokens directly on the order book: With this selling method, the selling price is the fastest and best. Here, the seller enters the number of Tokens in the "Amount to sell" field. After that, the user clicks “Sell” and completes the selling process.
Place a pending order to sell: Users go to "New order", select "Sell" then enter the number of Tokens to sell and the desired selling price, and then click "Sell" to complete.
6.2.2 How to buy Tokens on the exchange
Before buying Token transactions, buyers need to prepare enough ETH in their wallet. The steps to buying Coins on Fork Delta are as follows:
Step 1: Select the Token to buy.
Step 2: Choose the appropriate form of buying. Similar to selling, there are two following methods:
Buy at the spot price and the best in the market at the moment: Select a sell order at the Order Book, enter the required amount of Tokens Buy and click “Buy” to complete.
Buy at the order price at the New order: the buyer presses "Buy", enters the number of Tokens he wants to buy and, sets the desired purchase price, then clicks "Buy" to complete.
7. Is the Fork Delta exchange reputable or not?
First appearing, operating, and maintaining on the market in 2017 until now, Fork Delta is still considered a reputable exchange, bringing many significant benefits to projects calling for ICO capital. The floor joints and operation procedures are straightforward, fast, and have no frills.
Moreover, after more than five years of operation, Fork Delta has not recorded any hacking incidents or maintenance errors. There are only a few cases of losing Tokens and ETH in personal wallets. This is believed to stem from the user's subjective error in security.
8. Should you join the Fork Delta exchange?
According to BHO Network, participating in transactions at Fork Delta is not advisable or limited because this is an exchange with relatively weak liquidity and low transaction volume. There are many junk ICO projects, so users must consider them carefully before participating.
Besides, Fork Delta has not yet launched an application to support Vietnamese users. If there is a problem, you must use English to communicate with the support team. Currently, Fork Delta has just launched and operates as a website without a support application on the phone. Another limitation of the Fork Delta exchange is that it only supports reciprocal transactions between ETH and ERC-20 standard tokens. The conversation has not yet launched the exchange Coin and IEO feature.
Hopefully, through this article, readers have gained more information about the Fork Delta exchange and understand "What is Fork Delta?" and how it works, and the risks of joining it. If you have questions about Fork Delta, do not hesitate to contact BHO Network for support as soon as possible!
Published on May 16, 2022
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