With the active development of the digital asset market, many people are thinking about how to start trading on the cryptocurrency exchange. At the same time, neophyte traders or those whose experience is still insufficient, in most cases give preference to well-known trading platforms, which are familiar to everybody. Such people put in question small and brand new platforms reliability. There may also be questions about the principles of bidding. Not many folks know that the large cryptocurrency exchanges with a large daily turnover are most often subjected to hacking.
EtherMium is one of the recent and at the same time, a viable exchange that has made a good showing. The trading platform is decentralized and based on the Ethereum blockchain. It’s worth noting the crypto exchange works with Ethereum trading pairs, as well as ERC-20 based tokens. This platform is characterized by reliability, user data security and by an opportunity to update account balance and Order Book online.
Please Note: This is a Press Release
EtherMium fees and limits
There are no any fees for market makers. The Market makers are those who increase liquidity by creating new orders in the exchange Order book. The fee rate is 0.2% for takers using liquidity and executing orders placed in the respective section. It is worth mentioning the takers, in particular, are responsible for paying Gas fees.
In the course of Ethereum based token exchange, the amount of subtractive ETH is equal to the Gas fee. In case of exchange ETH for ERC20 tokens, EtherMium charges the equivalent amount of tokens depending on the asset value in ETH. This price is calculated using the average of the latest ten transactions.
The cost of the ETH gas expenses is often greater than a trading platform fee. In connection with the high gas prices, the exchange set a minimum size of an order ad hoc to reduce users spendings.
Where to start?
Like on other cryptocurrency exchanges, the EtherMium working is connected with the use of smart contracts. Management of your funds is carried out through this contract. After saving the funds in the smart contract nothing will happen with them, because no trade executes or any other operation without the user’s specific signature. Do not share your private key with third parties.
In order to get started, you need to create a user account. If you already use cryptocurrency wallets, e.g. Metamask or Ledger Nano S, they can be integrated. Here everything is clear. To register and integrate a wallet just click ‘Connect’ on the main webpage of ethermium.com.
After you will see registration and integration forms of the cryptocurrency wallet.
Upon completing the registration process it is necessary to authorize.
Once signed in to your account, you will immediately notice that everything you need to trade is in front of you:
- Your crypto wallet balance
- Bidding schedule
- Order Books
- Available trading pairs
Firstly you may be a little bit surprised by the fact that everything you need for trading is grouped together. But in fact, it is very convenient.
To get started, you should deposit funds to EtherMium. When depositing funds you are sending your money to a smart contract. If you decide to create a new cryptocurrency wallet, the trading platform will issue a private key, as well as a KeyStore file. No matter how you decide to start working on the exchange, you will have four main ways to open your crypto-wallet:
- Directly upload your private key with the use of KeyStore file.
- Manual private key entry.
- The use of MetaMask. You can unlock the wallet and access it by dint of the trading platform.
- The use of the Ledger Nano S. For you there are provided Ledger Nano S integration and transfer of funds.
A hardware wallet integration is one of the EtherMium advantages. Using Ledger Nano S, you are protected against risks such as viruses and phishing attacks. This once again enables novice traders to be confident in the reliability of the chosen trading platform.
Apart from that, there is the possibility of using MetaMask. The usage protects against phishing attacks, but not against malware.
To replenish your wallet through the exchange, you need to go to a special tab on the site. Here you can set up a determined gas cost of a transaction. After the funds are on the exchange, you can start trading. It stands to mention EtherMium allows you to create orders by limit and by the market. In contrast to other decentralized trading platforms, it is possible to cancel transactions and not to pay Gas fee. The fact is that all trading operations are executed directly by the exchange itself.
Market Order: buy & sell instantaneously
A user is given an opportunity to analyze the Market Depth, particularly, the other traders’ bids as well as current cryptocurrency volumes that can be bought or sold immediately on the exchange.
Thus, if trader wants to buy Omisego (omg) for Ethereum (ETH), he or she can choose the best bid (with the lowest Ask price) in the Order Book:
Limit Order: buy & sell at a better price
In addition to the instant cryptocurrency purchase, the user can leave his/her trade request (pending “limit” order) pre-specifying the transaction volume and the Bid price. As a result, cryptocurrencies can be bought at better prices.
How does it work? For example, when you look at an OMG/ETH quotes and see the market is in correction (the price is falling) and most likely may fall even more, there is no sense to buy cryptocurrency at the current market price. It is better to wait until it finally falls. Well, in order not to wait for the maximal declines, just place the order to buy OMG at the price, you consider, it may be sold. In other words, to get by the lowest and favorable rate.
After filling in the Limit Order form, your trade request will be automatically placed in the Order Book.
A palatable affiliate program is offered for users. It is more profitable than on other decentralized cryptocurrency exchanges. In particular, you may get 50% of the users trading fees registered on your referral link. To learn more about the EtherMium affiliate program plus get your referral link, please visit the relevant webpage.
EtherMium cryptocurrency exchange is one of the recent and at the same time, viable and really interesting project. The platform is a real catch for both newcomers and seasoned traders.