Tidex- Full exchange Overview
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If you have invested in crypto, there is a huge possibility that you have come across Tidex exchange during your search for a trading platform.
Even though Tidex is not among the giant players in the digital currency game, we can’t ignore the fact that the company is quite popular these days. Unfortunately, the coin market is full of such products right now, which makes it hard to decide whether Tidex is the right company for the job. Because of this, I have decided to drop my Tidex review here, hoping to help someone make an informed decision. Read on!
What is Tidex?
Tidex is a digital currency exchange that was established in 2017 to allow users to trade in cryptocurrencies and Waves assets. The company was initially based in the UK but later moved its operations to Russia and the US (but you can access its services from any part of the world).
Tidex provides an easy to use platform. With an intuitive user interface and a wide range of functions, you are able to control and monitor your investments better.
Here are some of the features advertised by Tidex:
- An API that allows cross-platform exchanges
- A user-friendly interface for desktop, tablet and mobile phone. This is pretty awesome as you can perform transactions on the go.
- 24/7 customer support to answer queries and resolve complaints.
- Enhanced security for safe transactions
Apart from these features, Tidex offers high-grade tools such as technical analysis indicators, trading history, charts and raw information to help you decide the best investment for greater profits. If you are a Tidex trader, you can also enroll in their loyalty program whereby you will be rewarded with Waves tokens.
Every participant of the program receives 25 Waves for trades equal to 1BTC and above. You can also trade with other coins but their total value must be equivalent to 1 BTC for you to get the bonus. The main agenda of Tidex is to provide fast, simple, and reliable multifunctional trading. By providing the above benefits, it ensures that users enjoy seamless trading.
Trading on Tidex
Tidex doesn’t allow fiat withdrawals or deposits. This means that you cannot send or receive funds on your credit/debit card, PayPal or make a direct bank transfer. This is somehow logical, as the platform doesn’t allow the exchange of coins for fiat currency. If you already have an account with Tidex, you can trade in with over 100 coins and several other Wave currencies like WEUR, USDT, and WUSD. Some of the cryptocoins listed on the company’s website include Bitcoin, LiteCoin, Bitcoin Cash, Dash, Ethereum, Doge, EOS, etc.
However, some popular coins like Monero, Ripple, Zcash, and OmiseGo are not on the list while those that we rarely hear about, like Oceanlab, Monetha, Enjin Coin, etc. are on the front line. A bit strange. Don’t you think? But I don’t intend to spread doom on Tidex exchange. My point is they should include those coins that we have seen growing in popularity recently.
When Tidex started its operations, all transactions were free. This was a great way to attract customers to the exchange and it worked as their client base grew tremendously at the time. However, they later introduced a small fee, whereby the company levies 0.1% on market makers and market takers transactions.
Considering that this is what most crypto exchanges charge for transactions, I feel that Tidex is quite okay and affordable for everyone. But you still need to part with high withdrawal and deposit fees depending on the digital coin you are withdrawing or depositing. Some currencies will take almost half of your money.
Tidex verification requirements
You don’t need any kind of verification to trade in Tidex. All you got to do is create an account and you are in. And you only need an email address and a password to do this.
The process is simple and takes just a few minutes. Once everything is set up, you can start making trades and investments.
Is Tidex Safe?
We will find out soon enough!
Tidex exchange platform looks absolutely legitimate. With a professional interface, interesting trading markets, and a good trading volume, the company looks quite genuine. Furthermore, its collaboration with the Waves team adds more credibility to the exchange. However, there are some issues raised in one BitcoinTalk thread whereby a good number of users feel that listing Monspace (MSD)and OneCoin (a total scam) was a bad move. Now, those of you who have been in this game for some time are aware of the speculations geared towards MSD.
For starters, the currency doesn’t have a wallet, block explorer, source code or even a GitHub repository. This gets the crypto community wondering why such a cryptocurrency should be in existence in the first place. Sure, we understand that less popular exchanges must list a few lesser-known currencies to gain popularity and increase trading volume but most Tidex users feel that MSD is a bad decision by the team. As we speak, there are several scam warnings that have been posted across the internet in regards to Monspace, which raises eyebrows on the currency’s legitimacy. It is clear that investors are genuinely concerned about this coin and the danger it poses to the digital currency space as a whole.
Is it possible that Tidex is not aware of all these issues surrounding MSD? So far, the company seems to support the currency fully and no one understands why it should be doing so in the first place. Some would strongly suggest that any exchange that openly trades Monspace (including Tidex) be scrutinized so that we can have some light shed into this issue.
Even though there are several coins that may make Tidex users question its legitimacy and reliability, the company doesn’t take security and privacy for granted. It has put in place strong internal security measures to ensure that all transactions are safe. Additionally, Tidex claims to monitor all transactions to make sure that none of them is involved in any form of criminal activity.
At the time of writing this review, there has been no hacking attempt on Tidex since its conception. So far, the company seems to hold all the best cards under its sleeve in regards to security.
Clients may be happy to know that their money is secure but not many are satisfied with the exchange’s customer support. I was reading reviews on various Bitcoin trading sites and forums and trust me, there is a bunch of negative comments regarding Tidex support team. There are many clients who have crowned the customer support irresponsible as they take ages to respond to inquiries. Others say the method provided to reach these people is not user-friendly. I think Tidex should seriously look into these, as one of the keys to a company’s failure is poor client support. Other than this, everything else seems to fall into place pretty nicely.
To contact the support center, you need to log in your Tidex account, type in your query in the space provided and click on the Search button. Tidex should consider availing an email address or even a telephone number because the current procedure of communicating with the support guys is just not working for many customers.
How to Use Tidex?
Creating an account.
- Go to Tidex website and click on the “Create An Account” button.
- Key in your email, password, phone number, and nickname in the registration form provided.
- If your registration is successful, a screen welcoming you to Tidex will be displayed. Click on the “Log Me In” to proceed.
- An authentication code will be generated (in from of a link) and sent to the email address you provided when creating the account. Copy the link and paste it into the requested field. Also, enter your email and password and click on “Login.” Alternatively, you can just click on the link sent to your email to log into your account.
- Logging into Tidex without confirming your registration will display an error message.
Depositing coins to Tidex.
- Before signing into your account, make sure you have cryptocoins that are supported by Tidex.
- If you already have cryptocurrencies, log in and click on the “Deposits and Withdrawals” button.
- Search for the coin you wish to deposit and click on “Deposit”.
- Copy the coin’s deposit address and paste it into your coin’s wallet. While at it, keep in mind the minimum deposit and withdrawal fees.
Withdrawing coins from Tidex.
- Click on the “Deposits and Withdrawals” button.
- Search for the coins you wish to withdraw and click on “Withdraw” to proceed.
- A screen will be displayed showing the amount to withdraw, address, available balance, coins that are on open orders, the total balance of cryptocurrencies, withdrawal fee, and the total amount you are about to withdraw. Fill in all the required details and click on “Withdraw” button. You will receive a confirmation link in your email.
- Click on the link to confirm the withdrawal. Make sure you have checked all the details carefully because once you have clicked the link, it is impossible to cancel the withdrawal.
Trading on Tidex
- You need to have coins in your Tidex account. Let’s say you have BTC that you want to trade for WAVES.
- Click on BTC and search for WAVES in the list of the coins provided to see the BTC/WAVES market.
- A screen will be displayed showing the number of WAVES you will receive and the total amount in BTC. Click on “Buy” to proceed.
- A confirmation message will be displayed. Click on “Yes” to confirm the purchase.
In a Nutshell
Even though Tidex is still pretty new in the crypto market, I think it is a great trading platform. With its easy to use interface and a large collection of coins to trade, Tidex has a lot to offer to both new and advanced investors. Those who trade in large volumes can take advantage of the company’s loyalty program to reap more benefits.
Nevertheless, Tidex team has to address some of the issues mentioned earlier including high transaction fees, mistrust from users, and poor customer support. This is the only way they will be able to compete with other players in the crypto market.
- Secure transactions.
- Easy to use.
- Support for more than 100 cryptocoins.
- Easy to set up.
- Fiat currency not accepted.
- High deposit and withdrawal fee.
- Poor customer support.
Hope you found this Tidex exchange review helpful. Don’t forget to check out our website for more reviews on cryptocurrency exchange platforms.