Etherdelta is an online platform for ethereum based tokens (erc20) and based on ethereum networks.
Etherdelta is a decentralized platform provided a marketplace for bringing together buyers and sellers for digital assets without third parties storing the user funds such as centralized exchange.
ED is powered by smart contract ethereum in operation. I like decentralized exchange because i don't need to register myself and store data on the website, but etherdelta is not my favorite because the interface is very difficult for inexperience traders and too many scam tokens or scam ICO projects that are only basic to hype trading in this exchange.
When trading on etherdelta I often wait hours upto days until my order or bids can be fulfilled in low liquidity projects, but quite fast and easy to trade in etherdelta when it comes to a project that has high liquidity and volume. Apart from that the website doesn't look clean and look messy (poorly designed website, and it is not mobile responsive)
After all, I choose trading on decentralized exchanges that have better speed and better security than etherdelta and are certainly more regulated to find some certains token.
One good thing about this exchange for my experience is if we find a quality project but have not entered into a large exchange, oftenly we can buy it in the ED at a much cheaper price (can be 3-4x cheaper) and then sell it on a centralized exchange easily after entering a large exchange and after some development.
After all, the exchange is not a good exchange for high frequency traders and traders with huge capital.
This exchange is used for those who can put some amount into a risk by buying a less known projects in ED to get a cheaper price.
In December 2017 etherdelta was hacked and more than $ 200,000 of user funds were stolen. Despite the fact that decentralized exchange is known to offer better security than centralized exchange because it doesn't store the private key or funds of its users, what happens to etherdelta can happen to any exchange.
Hackers attack DNS records and replacing the domain with a fake website, through compromised etherdelta owner data, hackers make a convincing replica of the official, where hackers then record user data and emptied their wallet.
Since then many users have left Etherdelta but Etherdelta still has a large volume recorded today alone has more than $ 1 million traded on etherdelta from coinmarketcap data.
Ed has been operating since July 12, 2016 and after the hacking event, SEC charges Etherdelta founder with operating an unregistered exchange.