Majority of the crypto users still prefer centralized platforms to buy and sell coins, But the decentralized exchanges are on the rise now.
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 crypto exchange is where users can buy and sell almost 300 different ERC20 tokens on the Ethereum network.
This is a decentralized exchange that 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 Cryto Exchange Review
QUICK NAVIGATION :
- What is IDEX Crypto Exchange?
- IDEX Crypto Exchange Workflow
- How IDEX Works
- IDEX Account Security
- Depositing and withdrawing on IDEX
- IDEX Trading View
- IDEX Fees
- Customer Support
What is IDEX Crypto Exchange?
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 crypto exchange is the most advanced Ethereum DEX and it utilizes ethereum smart contract. Additionally, It also can 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 of Aurora Labs S.A., a company in the Republic of Panama.
IDEX Crypto Exchange Workflow
The workflow of IDEX completes in three steps.
- Smart Contract
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.
- Trading Engine
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 Arbiter
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.
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
This IDEX exchange review details how IDEX works. Do not forget to read about IDEX Ecosystem to understand IDEX working. On IDEX platform, the smart contract manages all the funds. The funds cannot be altered unless one is having the private key.
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.
How to open a wallet?
Users can open up a wallet or can access an existing wallet in four ways.
- Keystore File:
They can directly upload their private keys to ethereum address by using a keystore file.
- Manually Entered Private Key:
Users can manually enter their private key to unlock an Ethereum address. By the way, 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:
Users 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.
As a rule, Traders 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.
To sumarise, Users can start trading, once the fund gets deposited on the exchange. Moreover, Users can create a market or limits without paying any gas fees.
Ethereum IDEX Ecosystem
- The maker and taker deposit their tokens into the IDEX contract.
- The updated IDEX database includes the customer addresses and token balances.
- Maker creates and submits a signed order that includes the relevant trade data.
- IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches what they submitted to IDEX.
- If all checks in part 4 pass, IDEX add the order to the order-book.
- The taker submits a matching order, signing a transaction with the same price as the target order and an amount less than or equal to it.
- IDEX confirms that the maker’s account has sufficient funds and that the signed transaction matches what was submitted to IDEX.
- If all checks in part 7 pass, the trade is marked as matched and the order book is updated.
- The IDEX database is updated to reflect the new balances, and both traders can continue to make new trades based these updates. Simultaneously, Traders add the signed order to the queue to broadcast to the Ethereum network for processing.
- After all dependent trades have mined, the transaction is dispatched to the blockchain.
- The transaction is mined and the contract balances update to reflect the trade.
- Once the transaction has mined the maker and taker are able to withdraw their funds.
As the exchange itself executes the trade, users can cancel trades on IDEX with no 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
IDEX Exchange review will be incomplete without mentioning the Security part. The decentralized exchange offers many security features not supported by centralized exchanges. This 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. Additionally, Integrating the Ledger Nano S with the platform makes it the most secure trading exchange.
IDEX divides user verification into tiers.
- Tier 1 –
It is the minimum requirement for IDEX account. Hence, users of Tier 1 are limited to $5000 USD worth of withdrawals per day
- Tier 2 –
These accounts have full access to IDEX without any withdrawal fees limit.
The crypto exchange recently enforced this verification. Users required to verify the accounts at least to Tier 1 within Aug 26, 2019. Not verifying the account led users to lose previous trade access.
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.
- Likewise, fill all the field, enter the amount of the asset you would like to deposit.
- On the other hand, 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. Once you have chosen the gas price click ‘Deposit’.
- check and click confirmation popup. You will get 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.
Track the status by clicking on the ‘processing link’ in the asset row.
IDEX Trading View
So far this IDEX Exchange review focuses on introduction and working. Furthermore, Let us know more about its interface and other features.
Below is the IDEX trading view
The trade view is simple to understand and categorised neatly. There is a market tab to show coin details. Also, you have a trading chart to analyse the market ups and downs. Additionally, buy/sell orders are listed in this trading view.
Is there an official mobile app ?
As of now, IDEX crypto exchange doesn’t have a mobile app. But there is a mobile UI compatible to the phone’s browser.
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 takers to fill your order. Market orders get filled instantly, per price suggested by the market.
As an IDEX user, you have the option to monitor and cancel orders.
IDEX does not have a separate deposit and withdrawal fees. Market makers, who create a new order for the order book, have to pay a maker fee of 0.1%. Takers, or anyone who fills an order on the book, should pay a fee of 0.2%. Additionally, Takers also have to pay transaction gas fees.
The IDEX crypto exchange has a strong customer support. They have created guides and keep on updating their FAQ section. There is a live help feature which enables the traders to resolve their issues.
- 29 Aug, 2019: Cryptocurrency Exchange IDEX has adopted KYC protocol
- 23 May 2019: state capitals are glad to announce investment & partnership with IDEX to provide Staking and DeFi tools
- 21 may, 2019: $CET token has been delisted after the violation of IDEX token listing guidelines. Hence, IDEX requests all users to cancel all orders before withdrawing.
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. To sum it up, With excellent features like a good customer support, minimal withdrawal fees and interface, IDEX will rise to new heights.