With the constant development of the digital asset market, many people want to start trading on a cryptocurrency exchange but don’t know how. At the same time, neophyte traders or those whose experience is still insufficient, in most cases, give preference to well-known trading platforms familiar to everybody. Such people put in question small and brand new platforms reliability. Many may also be unaware of the principles of bidding. However, not many folks know that the renowned cryptocurrency exchanges that have a large daily turnover are most often subjected to hacking.
EtherMium is a new and at the same time viable exchange that has made a good showing. The trading platform is decentralized and based on the Ethereum blockchain. It’s worth noting that 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 provides the opportunity to update the account balance and Order Book online.
EtherMium fees and Limits
There are no 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 that 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. When exchanging ETH for ERC20 tokens, EtherMium charges the equivalent amount of tokens depending on the asset value in ETH and the 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’s fee. In connection with the high gas prices, the exchange sets a minimum size of an order ad hoc to reduce users’ spendings.
Where to Start?
Like other cryptocurrency exchanges, EtherMium is based on smart contracts which carry out the management of your funds. After saving the funds in the smart contract, no trade execution or any other operation can be made without the user’s specific signature. However, it is crucial not to share your private key with third parties.
In order to get started, you need to create a user account. In case you already use another wallet – such as Metamask or Ledger Nano S – it can be easily integrated with Ethermium. To create a new wallet or import your current wallet just click ‘Connect’ on the main webpage of ethermium.com.
After that, you will see the 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
You will notice that everything you need for trading is grouped together, which in fact, is very convenient.
Get started by depositing funds to EtherMium. This way 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 together with a KeyStore file. Regardless of the way you decide to start using the exchange, you will be given four main options to open your crypto-wallet:
- You can directly upload your private key with the use of a KeyStore file
- You can manually enter your private key
- Through MetaMask; you can unlock the wallet and access it by dint of the trading platform
- Through Ledger Nano S; an integration for Ledger Nano S and the transfer of funds will be available.
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 also the possibility of using MetaMask which protects against phishing attacks. However, it does not protect against malware.
To replenish your wallet through the exchange, you need to go to a specific tab on the site. There, 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 that EtherMium allows you to create orders by limit and by market. In contrast to other decentralized trading platforms, it is possible to cancel a transaction without having to pay a Gas fee. In fact, all trading operations are executed directly by the exchange itself.
Market Order: Buy & sell Instantaneously
A user is given the opportunity to analyze the Market Depth, particularly, the other traders’ bids as well as the current cryptocurrency volumes that can be bought or sold immediately on the exchange.
Thus, if the trader wants to buy Omisego (omg) for Ethereum (ETH), they 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 their 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 quote and see that the market is in correction (the price is falling) and is most likely fall lower, there is no sense to buy cryptocurrency at the current market price but rather wait for the price to stabilize. Therefore, if you don’t want to wait for the maximal decline of OMG’s price, 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 favourable rate.
After filling in the Limit Order form, your trade request will be automatically placed in the Order Book.
Users are provided with a palatable affiliate program that is more profitable in comparison to other decentralized cryptocurrency exchanges. In fact, you may get 50% of the users’ trading fees registered on your referral link. To learn more about the EtherMium affiliate program and get your referral link, please visit the relevant webpage.
EtherMium cryptocurrency exchange platform is one of the newest, viable and really interesting projects, and a real catch for both newcomers and seasoned traders.
Disclaimer: This is a sponsored post. We advise all readers to conduct careful due diligence before investing in any digital asset, company or other product. Tokens24 is not accountable for any damage or loss incurred, alleged or otherwise, in connection to the publication of sponsored content.