Majority of the crypto users still prefer centralized platforms to buy and sell coins, But the decentralized exchanges are on the rise now.
The idea of decentralized exchange revolves around the right of holding the private keys of tokens. These private keys remain under the direct control of users, unlike centralized exchange where the company running the exchange holds the private keys of accounts.
IDEX where users can buy and sell almost 300 different ERC20 tokens on the Ethereum network.
IDEX is a decentralized exchange which aims to provide a secure and user-friendly crypto trading experience. To find out more about this platform, read on for more details of the IDEX platform.
IDEX is an Ethereum based Dapp designed to operate as a token exchange. It provides the users to perform real-time trading of Ethereum and ERC20 tokens. Their focus on ETH, means you will not find a single BTC exchange pairs on the platform.
It is the first decentralized exchange to support real-time trading as well as high transaction throughput. IDEX is the most advanced Ethereum DEX and it utilizes ethereum smart contract. It has the ability to fill multiple trades at once.
Moreover, the platform allows users to trade over 200 cryptocurrencies in a safe, peer-to-peer environment while maintaining their wallets private keys.
Recently, IDEX surpassed 150,000 users and is one of the top 2 Ethereum Dapp in the world by volume, users, and transaction count.
IDEX is a part of the Aurora project, a banking and finance platform made up of a collection of Ethereum-based applications and protocols. Aurora is managed by Aurora Labs S.A., a company located in the Republic of Panama.
The workflow of IDEX completes in three steps.
The Smart contract stores the assets and Execute the trade settlement. All these trades need to be authorized by the user’s private keys.
The design of the IDEX smart contract authorizes only exchanges to submit the signed trades to Ethereum and this helps IDEX to keep a track of processed transactions and separate trades from the final settlement.
IDEX update the trade details in real time. These trades have the authority to use private keys. The authorization process stops the initiation of unauthorized trades and disallows users to quash any completed trades.
Transaction Processing Arbite
The Arbiter manages the pending transaction queue and dispatches them in sequence. It also manages the synchronization of a smart contract with the exchange balances. As a decentralized exchange, IDEX provides security and auditability along with the speed and user experience of centralized exchanges.
Below video will provide detailed work process of IDEX
IDEX provides an experience of a centralized exchange along with the security of the blockchain. It is the only decentralized exchange with high-throughput trading in real time.
Continuous trading across multiple markets.
Placing true market orders.
Fulfilment of multiple orders at once.
Immediate cancellation of orders without any gas costs.
How IDEX Works
On IDEX platform, the smart contract manages all the funds. The funds cannot be altered unless one is having the private key.
IDEX Workflow in steps:
- To begin, users need to deposit funds into the exchange’s smart contract.
- Users can create or integrate a new wallet by using the dropbox of the account placed in the top right corner of the exchange.
- The exchanges provide a private key and a Wallet Keystore File.
Users can open up a wallet or can access an existing wallet in four ways.
They can directly upload their private keys to ethereum address by using a keystore file.
Manually Entered Private Key:
They can manually enter their private key to unlock an Ethereum address. Manual entering of private keys acts as an invitation to phishers, which is the most vulnerable option for accessing funds. The EtherDelta DNS hack is a live example of this.
They can unlock their MetaMask wallet and can access it through the exchange. The MetaMask provides protection against phishing, but not against malware.
Ledger Nano S:
They can directly deposit their funds by integrating the Ledger Nano S into the exchange. The use of ledger for trading insulates the risk of malware and phishing.
- The users need to deposit the funds into the exchange’s smart contract. The Quick Balances tab at the top of the page enables you to deposit the funds from the wallet into the exchange.
- Users can start trading, once the fund gets deposited on the exchange. users can create a market or limits without paying any gas fees.
- As the exchange itself executes the trade, users can cancel trades on IDEX without any extra payment. The smart contract of exchange is responsible to broadcast trades on the network. So, until the transaction is broadcasted users can cancel the trade.
IDEX Account Security
The decentralized exchange offers many security features which are not supported by centralized exchanges. The platform offers all the security because the exchange itself runs as a node on the Ethereum network.
The smart contract of IDEX exchange keeps the funds locked-in until it gets any sign of transaction by the private key. The integration of the Ledger Nano S with the platform makes it the most secure trading exchange.
Depositing and withdrawing on IDEX
To Deposit, first, go to the ‘Full Balances’ section of the Balances dropdown menu in the upper right corner of the screen.
click on ‘ Deposit button and choose how much you want to deposit on IDEX. After clicking deposit you need to fill the field, enter the amount of the asset you would like to deposit.
If you like to deposit all that you have, then click Send Entire Balance. You must then choose the gas price you want to use from the slider. After you have chosen the gas price click ‘Deposit’. After clicking deposit, check and click confirmation popup. After clicking Confirm you will receive a message – the deposit is processing.
Similarly, Withdrawing can also be done in the Full Balances page. Just click on the ‘Withdraw’ button next to the asset which you want to withdraw. Enter the desired amount and click on withdraw.
The status can be tracked by clicking on the ‘processing link’ in the asset row.
IDEX offers its users to make limit and market orders. Once you choose your desired asset, you can adjust the type of trade you wish to do in the Buy/Sell part of the interface.
Underneath the interface, there is order book which lists Asks and Bids which can help you get a feel of current trading prices.
If you want to place a limit order, just fill in the price you want to buy/sell the asset for and the amount you would like to buy/sell. After this, you just need to wait for your order to be filled. Market orders get filled instantly, per price suggested by the market.
As an IDEX user, you have the option to monitor and cancel orders.
Market makers, who create a new order for the order book, are charged a maker fee of 0.1%. Takers, or anyone who fills an order on the book, are charged a fee of 0.2%. Takers are also required for paying transaction gas fees.
23 May 2019: state capitals are glad to announce investment & partnership with IDEX to provide Staking and DeFi tools
23 may, 2019: IDEX has been added to the Featured Dapp List for Android on enjin.
21 may, 2019: $CET token has been delisted after the violation of IDEX token listing guidelines. IDEX requests all users to cancel all orders before withdrawing.
21 may, 2019: $COB has been delisted due to a violation of our listing guidelines. Please cancel all orders prior to withdrawing your tokens.
20 May, 2019:
— IDEX (@idexio) May 20, 2019
A strong Decentralized exchange was required for the market, after the EtherDelta was continuously failing. IDEX has managed to attract over many users, which can be seen from its current status as one of the top Dapp on the Ethereum blockchain. With the excellent features and interface, IDEX will rise to new heights.