IDEX was launched by a group of cryptocurrency traders in late 2012 as an enhanced and upgraded version of the existing decentralized exchanges. It is an Ethereum-driven decentralized exchange that supports Ethereum and ERC20 token trading pairs. It leverages the advantages of smart contracts that can be used by users for the management of their private keys and by those who enjoy trading in a peer-to-peer (P2P) and secure environment.
The trading platform also comes integrated with Ledger Nano S and Meta Mask wallets, which helps in securely managing the funds of those connected to the platform. This also works better than the manual entering of the private key. This exchange does not allow the trading of certain popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin. However, it does allow you to trade in:
IDEX is headquartered in the U.S. and is registered as a company in Panama. Owned by AuroraDAO, it allows trading from any country. Unlike EtherDelta, IDEX exploits its smart contracts for the management of transactions for its users; you can still sign off on a transaction with your private key.
However, the exchange makes broadcasts of these transactions on the Ethereum blockchain for its users. This way, it instantly updates the account balances and order books, and perfectly manages the flow of network transactions to reduce friction. By using it, crypto traders can have the experience of a centralized exchange without jeopardizing the security and user control of a decentralized exchange.
Overall, this platform is suitable for you if you don’t want to give up security and user control while trading digital assets. It is a hybrid of a centralized exchange and decentralized one. As a result, it gives the efficiency and speed of a centralized exchange and the ironclad security of a decentralized trading ecosystem.
Now, here is a quick rundown of the key features of this trading platform – more detail will be given in the subsequent part of this review.
- Its fund limitations.
- Buying methods.
- Its fees.
- Types of orders.
- Its verification processes.
- Its security and safety capability.
- Its processing speed.
- Customer support.
- And more.
As IDEX remains focused around Ethereum-based cryptocurrencies, it does not accept cryptocurrencies built from scratch. Besides, it doesn’t allow for fiat currencies, and if you wish to trade them via this exchange, you must have Ethereum or other ERC20 tokens in a personal wallet.
Buying payment methods
IDEX primarily allows you to buy cryptocurrencies only using Ethereum. It is therefore mandatory that you have a certain number of Ether coins in a personal wallet prior to trading on this exchange. If you wish to sell coins, just click the tokens you are looking to sell.
IDEX employs a maker versus taker fee-charging system. It charges 0.2% fees from the taker for every trade he/she makes and a 0.1% fee from the maker for the same. In addition, when it comes to broadcasting a transaction on the Ethereum network, it requires traders to pay gas fees. The exchange has fixed a gas fee of 140K, which is more than other decentralized exchanges. But this higher charge makes the exchange stand apart from other competitors in the crypto-trading market.
What are makers and takers?
While a market maker places new orders (they can be buys or sells) on the books and waits for another user to match them, a market taker finds available orders on the books and fills them, that way, he/she takes orders off the books.
Types of orders
There are several types of orders supported by IDEX. For instance, it supports market order and limit order. You don’t even get to wait for the order to settle as they are immediately and respectively filled according to the conditions.
Like Etherdelta, IDEX allows everyone to trade through its exchange. However, you must own either the MetaMask Wallet or the Ledger Nano S to access this exchange platform. In case you don’t have either of the wallets, you can use its online wallet. Most users choose to go with the MetaMask wallet because it is free to access and has the capability to store your coins offline. The wallet can also be linked to the Ledger Nano S.
Is IDEX safe?
Decentralized exchanges allow you to exchange cryptocurrencies without being too involved in the process. Because of the simple nature of these exchanges, they become hack-proof and provide you with a more secure way of exchanging cryptocurrencies as opposed to a centralized exchange. However, in view of the previous experiences of hacking with Etherdelta and other decentralized exchanges, crypto exchanges are still more prone to hacking attacks. This is certainly because there is nothing completely foolproof. The only option is to take every possible measure to stand firm against such hacks.
So, on the security front, this exchange provides you with better security against hackers as it is secured by the HTTPS technology. Besides the exchange recommends you own its in-house wallet otherwise it cannot hold your tokens. It only provides you with your private keys that can only be used by you to access your tokens. This way, the exchange completely eliminates the need for a third party and provides you with a highly secure cryptocurrency exchange.
The IDEX customer support team offers their services using platforms such as the official telegram channel and Reddit. They will answer all your queries and resolve all your questions through the popular IDEX exchange review sites. However, the exchange recently disabled its live chat box which disturbed its community members.
This exchange conducts several confirmations of a deposit before processing it. It does not let the transaction or coins details become visible on the exchange. However, it normally takes one minute to complete a trade. This exchange hardly takes half a minute when it processes an order, but it does take more than a minute to complete a transaction. Unlike other exchanges, this exchange works faster, thus allowing you to perform multiple trades per second.
How to use IDEX?
There is no registration, instead, access is through a personal wallet. Therefore, the first thing we need to do is create a wallet for this platform. Account creation on IDEX is very easy. It does not require you to register with its website. The only thing it requires for you to have access to its platform is to create a personal wallet. As you reach the website, you will find the following pop up window:
How to set up a wallet with IDEX?
It offers its own online wallet to new members that can be accessed by them on the exchange’s navigation bar. It is to be noted that you must save all details (password and private key) of this wallet in a secure place otherwise you won’t be able to recover your coins. The exchange also offers the options of choosing between MetaMask wallet or the Ledger Nano S wallets.
The MetaMask wallet functions as a Firefox or Chrome plugin. The company does not charge a fee to use this wallet.
To unlock your wallet, all you need to do is just copy your MetaMask private key and paste it into the unlock wallet section.
Follow the image below:
If you don’t feel at ease when using your private key, you can use your wallet’s keystroke. To do so, first click “Select Wallet File” and find the keystore file.
When this is done, you will need to enter your password and click “Unlock.”
Check the image below:
So, the best way to access and store your tokens on this platform is by clicking the ‘unlock wallet’ and link your MetaMask wallet.
Four other ways that you can use to unlock the wallet are as follows:
- A private key.
- Purse ledger.
- Key file.
Congratulations! You are now signed into IDEX and can now deposit tokens. Once you have deposited, you can start trading!
How to deposit funds with IDEX
Depositing funds with IDEX is not difficult. All you need to do is just scroll your mouse to reach the crypto exchange option, now move your cursor to the right-hand corner, on the person icon. You will notice an address for the wallet that you just connected to.
This is the address that you need to use to add funds to your IDEX account. Now keep the right click pressed to copy the address and left-click to paste the copied address in the balances category, noticeable just right below the deposit funds.
Now click the “Confirm” button for payment and make payment for gas fees.
How to buy and sell tokens with IDEX
Similar to other activities on IDEX, trading onto this exchange is also not difficult. All you need to do is just have access to the tokens you are interested in buying and selling. Set the order parameters by determining the maximum and minimum limits and confirm the transaction. The transaction will first show ‘pending’ status and then ‘processing’ status. Once mined, your coins will be completed, and you will be successful in making a trade on IDEX.
How to withdraw funds with IDEX
When withdrawing funds with IDEX, go to the ‘Full Balances’ section and click onto the tokens you wish to withdraw. Now type the amount of coins you wish to withdraw and then hit “confirm the transaction”. You will notice a pop up appearing that requires you to reconfirm the transaction. Now within just few minutes, you will notice funds the appear in your personal wallet.
Overall analysis of IDEX
IDEX comes with its own major advantages when compared when other crypto-trading exchanges in the crypto space. Some of the key features are as follows:
- Its interface is pleasant and appealing. It does not look so busy that you feel that you are reading the Bitfinex’s interface.
- Searches are already done and available on the site, so you don’t need to search for them in the list.
- It works faster with orders. Makers and traders don’t have to wait for long.
- It works as the best mechanism when it comes to displaying balances and orders.
- It has the best charts to show as it uses TradingView data.
- It provides you with detailed information.
If you are looking for a decentralized exchange that handles ERC20 tokens, choosing IDEX may be a wise decision. The exchange is perfectly suited for those who don’t have much experience in conducting day trading. Though relatively new, this Ethereum-enabled decentralized trading platform facilitates trading through hundreds of tokens.
Unlike several other exchanges, it allows trading in real time and works as fast as you can trade. It is in fact a proper trading platform, best suited to serious traders, rather than the occasional trader who simply wishes to try his/her hand at cryptocurrency exchanging and merely wishes to purchase some Bitcoins.
IDEX does not aim at this type of crypto traders and therefore it allows its users to trade for fiat currencies such as USD, EUR and others. Finally, yet importantly, the exchange offers funds security, speed, and ease of use.’