Decentralized Exchange

IDEX Review – Best Decentralized Exchange to Trade ERC 20 Tokens?

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We continue to see the emergence of a number of decentralized exchange platforms and IDEX is a new decentralized exchange to the market that is already making rapid growth and progress.

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IDEX is a global exchange platform, which offers its services to users all around the world.

In this article, we are going to look at the fees involved, how to trade, the cryptocurrencies supported, and other features offered by the platform.

Table of contents

Overview

Legal NameIDEX decentralized exchange
HeadquartersUnited States
CEOAlex Wearn
Year Founded2016
Exchange TypeDecentralized
Trading FeesMaker: 0.10%/ Taker: 0.20%
Deposit MethodsPrivate key, Keystore file, MetaMask, or Ledger.
Supported CryptosEthereum, Quant, Lition, DigitalBits, Etherbase Coin, Constellation, Morpheus Labs and much more
FiatUS Dollars, Euro, Chinese Yuan, Japanese Yen
Customer Service Email, Phone
Trading OptionsSpot Trading, Margin Trading

What is IDEX? 

IDEX is the first Ethereum based decentralized smart contract exchange to support real-time trading. It claims to be the most advanced Ethereum DEX. It supports limit and market orders, gas-free cancels, and the ability to fill many trades at once.

The Exchange is a decentralized exchange that supports Ethereum and ERC20 token trading pairs. IDEX is headquartered in the U.S and is registered as a company in Panama. It is owned by AuroraDAO and allows trading from any country.

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. IDEX is available in English, Spanish, Russian, South Korean, Vietnamese, and Mandarin.

IDEX Features

  • Trading Options: IDEX crypto exchange provides a good range of trading options. The users have access to supporting limit and market orders, gas-free cancels, and the ability to fill many trades at once.
  •  Functionality: The IDEX platform uses a simple but well-designed interface, and incorporates features such as TradingView charts and encrypted wallets. IDEX provides a fast trading experience and also utilizes an off-chain trading engine that works alongside an Ethereum smart contract.
  • Technology: While being decentralized, IDEX provides all the benefits of a hybrid decentralized exchange system and manages all user transactions.
  • Security: The exchange provides you with better security against hackers as it is secured by the HTTPS technology. IDEX also makes use of full private key encryption and allows users to trade via Metamask and Ledger wallets.
  • Customer Support: A support team is on hand to deal with any issues, and users can contact the team by using the Contact Form. There is an FAQ section that addresses the most common issues, as well as a number of clearly written Guides that help users to navigate the platform.

How to Set Up Account 

Step 1: To get started on IDEX, you first need to create an account by visiting the IDEX official website.

Step 2: Now choose “Explore,” on the right side of the top bar, you will see a create account icon, go ahead and click on it.

Step 3: Proceed to enter your email address and enter your password, tick the Recaptcha box and click on “Sign Up”.

Step 4: Go to your email inbox and click on the link that has been sent there to confirm your email

Step 5: After confirming the account, proceed to log in to your account by entering your email address and password.

Step 6: Fill in the necessary details to get tier 1 verification, which allows you to get started and trade on IDEX

How to recover the IDEX password?

In certain cases, to recover the IDEX password, Go to the IDEX Login page and then click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

How to buy cryptocurrencies on IDEX? 

Step 1: Log in to your IDEX account, Go to the “Exchange” Option on the trading screen

Step 2: You will see in the left column the trading pairs of ETH and DAI. Select which you would like to choose.

Step 3: Then under that is the list of tokens available to trade. Choose and click one among the list.

Step 4: You can view the price chart and depth chart on the right. The parameters will appear in the “Price”, “Amount” and “Total” fields.

Step 5: Enter your price, total, and the amount you wish to buy, and then click on the “Buy” Option

Step 6: Once the order has been completed you will be met with a confirmation popup.

Step 7: To see the status of the trade go to “Orders”, Then “Trade History” in the top navigation.

How to sell cryptocurrencies on IDEX? 

Step 1: Log in to your IDEX account, Go to the “Exchange” Option on the trading screen

Step 2: You will see in the left column the trading pairs of ETH and DAI. Select which you would like to choose.

Step 3: Then under that is the list of tokens available to trade. Choose and click one among the list.

Step 4: You can view the price chart and depth chart on the right. The parameters will appear in the “Price”, “Amount” and “Total” fields.

Step 5: Enter your price, total, and the amount you wish to sell, and then click on the “Sell” Option

Step 6: Once the order has been completed you will be met with a confirmation popup.

Step 7: To see the status of the trade go to “Orders”, Then “Trade History” in the top navigation.

Deposit & Withdrawal Procedure

Step 1: Log in to your IDEX account

Step 2: Connect your wallet to IDEX through one of the four options: Private key, Keystore file, MetaMask, or Ledger.

Step 3: Once you have connected your wallet navigate to the “My Balances” page by clicking on “Balances” in the navigation bar. Then click “Full Balances” from the dropdown.

Step 4: Once you have queried the blockchain and your balance in your wallet shows up you must click the “Deposit”/”Withdraw” button.

Step 5: After clicking the deposit option you will receive a pop-up with an input field. In that field put the amount of the asset you would like to deposit or withdraw

Step 6: You must then chose the gas price you want to use from the slider. Once you have chosen the gas price click “Deposit”/”Withdraw”

Step 7: After clicking the deposit you will receive a confirmation popup. Review it and click “Confirm.”

Step 8: If you go to the “Balances”, and then “Balance History” page you will see your deposit and withdrawal history.

Fees, Limits & Supported Currencies

IDEX’s trading fees for takers are 0.20%. This fee is slightly below the global industry average. The global industry average is arguably around 0.25%. IDEX also offers a discount for makers who trade at 0.10%.

It imposes a minimum order limit of 0.15 ETH for market makers, and 0.05 ETH (equivalent) for takers. There are minimum order limits of $20 for makers and $10 for takers. There are no deposit or withdrawal fees on IDEX and the minimum withdrawal limit is $1.

IDEX Supported Currencies

As an Ethereum based exchange, IDEX deals exclusively in Ethereum and ERC20 tokens. IDEX continues to provide users with access to a wide range of tokens as the Ethereum network expands and will also be a hotspot for tokens that have just been released after their ICO.

Some of the tokens supported on the exchange include Ethereum, Quant, Lition, DigitalBits, Etherbase Coin, Constellation, Morpheus Labs, Lendingblock, TrueFeedBack, Flexacoin, Karatgold, Reserve Rights, Fantom, Lamden, NKN, Celsius, Next exchange, Swarm, Everex, Chainlink and many more

IDEX Mobile App 

There is currently no IDEX mobile app in Google play store as well as apple store. IDEX tweeted recently, that a mobile app is on the exchange’s roadmap but has provided no further information since.

Is IDEX Safe & Secure

IDEX provides you with better security against hackers as it is secured by HTTPS technology. Aside from that, the exchange recommends that you own its in-house wallet, as it will not be able to keep your tokens otherwise.

It just gives you your private keys, which you can only use to access your tokens. This eliminates the need for a third party and offers you a high-quality transaction.

The exchange also includes the Ledger Nano hardware wallet and Metamask, which provide an added degree of protection by allowing users to trade without revealing their private keys.

Conclusion

As a decentralized exchange, IDEX offers some key security advantages over centralized platforms. It runs as a node on the Ethereum network, which means it offers all the security benefits that blockchains provide.

All in all, the exchange uses a unique transaction model that allows its users to have a smooth trading experience when compared to other decentralized exchanges. It has quickly established itself in the field of decentralized exchanges and has attracted a significant number of former EtherDelta users.

Therefore, the platform is a good option for users that may be looking to buy ERC20 tokens that could be difficult to find on other exchanges.

FAQ

  1. Is IDEX safe?

IDEX provides you with better security against hackers as it is secured by HTTPS technology. Scroll above to read more.

  1. Does IDEX require KYC?

For withdrawals of less than $5,000 in a 24-hour period, IDEX does not require users to complete KYC. Any withdrawal amount exceeding $5,000 requires that users upload their ID with a selfie.

  1. What are the transfer limits on IDEX?

A minimum order limit of 0.15 ETH for market makers, and 0.05 ETH (equivalent) for takers. In order to cover gas fees, a minimum withdrawal limit of 0.04 ETH applies to all tokens.

  1. Does IDEX offer margin trading?

Yes, IDEX offers margin trading. However, US users are restricted.

  1. Does IDEX have a mobile app?

There is currently no IDEX mobile app in Google play store as well as apple store.

IDEX - 8.4

8.4

IDEX Rating
  • Currency Support
  • Online Reputation
  • Fees
  • Customer Support
Overall
4.1

Pros

  • Provides access to an extensive range of tokens
  • Offers a number of security features and benefits
  • Ledger Nano S and MetaMask integration
  • Allows makers and takers to earn AURA, the Aurora utility token
  • The interface is reasonably user-friendly

Cons

  • Fiat currency trading not supported
  • The platform not particularly suited to beginners
  • Mainly supports ERC20 tokens
  • High trading fees
  • It has low liquidity

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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