IDEX Full Exchange Review
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The top 10 most popular cryptocurrency exchanges are all centralized. They have beginner-friendly interfaces. They are easy to use and look much less complicated than decentralized exchanges. In late 2017, a group of cryptocurrency traders launched IDEX as a better version of the existing decentralized at the time. Below is a comprehensive coverage of the IDEX exchange.
What is IDEX?
IDEX is a decentralized exchange that focuses on Ethereum and ERC20 tokens. As such, you won’t find Bitcoin on this exchange. In fact, most of the popular cryptocurrencies such as Ripple and Litecoin are unavailable on IDEX. IDEX is owned by AuroraDAO, an ethereum based application that wants to become a global, decentralized banking solution for ethereum projects. The company held an ICO in late 2017 and launched IDEX soon afterward. Although AuroraDAO is based in the US, IDEX is registered as a company in Panama. Members from any country can trade on the exchange.
Since IDEX focuses on cryptocurrencies built on the Ethereum platform, Bitcoin, Bitcoin Cash and all cryptocurrencies built from scratch are unavailable on this exchange. Additionally, IDEX does not accept fiat currency. If you want to trade on the exchange, you must have Ethereum or any other ERC20 tokens in a personal wallet.
Buying Payment Methods
The primary method of buying cryptocurrencies on the IDEX crypto exchange is by using Ethereum. You must, therefore, possess some Ether coins in a personal wallet before you can trade. If you want to sell coins, simply click the tokens you want to sell and your address.
IDEX lists 104 cryptocurrencies at the time of writing.
IDEX uses a maker versus taker fee-charging system. The market taker is charged 0.2% for every trade while the market maker incurs a 0.1% fee. To broadcast a transaction on the Ethereum network, traders must also pay gas fees. The IDEX exchange charges a fixed gas fee of 140K. This is much higher than on other decentralized exchanges, but it helps prevent competition for the same order.
Like Etherdelta, everyone is allowed to trade on IDEX. The basic requirement for accessing the exchange platform is to own either the MetaMask Wallet or the Ledger Nano S. If you don’t own either of the wallets, IDEX also provides an online wallet. Most users prefer the MetaMask wallet. It’s freely available online and stores your coins offline. You can also link it to the Ledger Nano S as well.
- The exchange broadcasts transactions on the Ethereum network for you.
- Provides an easier way to track orders compared to other decentralized exchanges.
- The exchange is decentralized in nature.
Is IDEX Safe?
Decentralized exchanges act as a medium of exchanging cryptocurrencies without getting involved too much in the process. This simple nature makes them more secure than any centralized exchange. However, some decentralized exchanges like Etherdelta have been hacked before, which makes exchanges in general imperfect.
Concerning other aspects of the exchange, IDEX fares well.
You won’t find many IDEX reviews online because the exchange is still new. Its community is still growing, which makes it difficult to evaluate the company’s true community trust level. Nevertheless, the IDEX users who have shared their experience trading on the platform say it’s generally better than Ether delta-the more popular decentralized exchange.
IDEX does not hold your tokens unless you use their in-house wallet. You remain with your private keys, and you alone can access your tokens. This makes the exchange quite secure. The platform is also secured with HTTPS technology for better security against hackers that would target its URL domain.
The IDEX customer support is active on their official telegram channel and on Reddit. They even visit popular IDEX exchange review sites to answer people’s complaints about them on the exchange section. However, some of the community members aren’t happy with the customer support so far. IDEX recently disabled their live chat box, which irked some platform users.
The company says they have to confirm a deposit on the platform severally before it’s processed. This can make coins or transaction details not appear on the exchange for a while. However, it takes on average one minute before you can complete a trade. IDEX generally processes an order in less than a minute, but it may take longer before a transaction is completed. Compared to other exchanges, where an order can take hours to be processed, this exchange is fast.
How to use IDEX
Creating an account on IDEX takes on average 30 minutes. There are few registration details. Here is the complete guide to using IDEX as a beginner.
Step 1: Set up a Wallet
IDEX offers new members without the MetaMask wallet or the Ledger Nano S an online wallet. You can access this wallet on the exchange’s navigation bar. Keep in mind that if you choose this wallet and lose your password, you can’t recover your coins.
The better alternative is to click the ‘unlock wallet’ and link your MetaMask wallet. MetaMask works as a Chrome or Firefox plugin and comes free of charge. To unlock your wallet, copy your MetaMask private key and paste it into the unlock wallet section. If you feel uncomfortable using your private key, use your wallet’s keystroke.
Step 2: Deposit Funds
On the IDEX crypto exchange, navigate to the right-hand corner, on the person icon. There you will find an address for the wallet you just connected. Use that address to add funds to your IDEX account. Copy the address and paste in the balances category, under deposit funds. Confirm the payment and pay gas fees.
Step 3: Buy/Sell Tokens
If you want to trade on IDEX, access the tokens you want to buy or sell. Enter the order parameters (the minimum and maximum limits) confirm the transaction. The transaction will indicate ‘pending’ and then ‘processing.’ Once mined, your coins will be completed, and you will have made a trade on IDEX.
Step 4: Withdraw Funds
Navigate to ‘Full Balances’ section. Click on the tokens you want to withdraw. Enter the amount of coins you want to withdraw and confirm the transaction. A pop up will appear asking you to confirm the transaction once more. The funds will usually appear in your personal wallet within a few minutes.
In a nutshell
IDEX is doing quite well for an exchange such young. At six months old, the exchange is already recording an average of $3 million in daily trading volumes. For anyone who wants to try out a decentralized exchange that deals with ERC20 tokens, IDEX is worth trying. However, read the following pros and some drawbacks of using the platform.
- Accepts a wide list of cryptocurrencies.
- Low trading fees.
- Little to no verification details.
- Good customer support.
- Not beginner friendly.
- Has low trading volumes compared to centralized exchanges like Binance.
The IDEX exchange is suitable for people with some experience doing day trading. But given it’s the best-decentralized exchange according to online reviews, even beginners can try it out.
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