IDEX Exchange Reviews: Is it a safe Crypto Exchange?
IDEX is a popular decentralized Ethereum-based exchange that focuses primarily on ER20 token and Ethereum trading pairs. Like other decentralized Ethereum platforms, IDEX uses smart contracts that give users the ability to trade in a safe and secure environment. Unlike other IDEX exchange reviews, this one will tell you everything you need to know.
- Operating Since 2016
- Currencies Supported 100+
- Fees aker: 0.10%/ Taker: 0.20%
- Deposit methods Private key, Keystore file, MetaMask, or Ledger
- Fiat currencies No
- Verification methods ID/KYC
- Margin trading Yes
- Futures trading No
- What makes IDEX a decentralized exchange?
- What are smart contracts, and how do they work?
- What cryptocurrencies does IDEX support?
- Why doesn't IDEX support Bitcoin?
- IDEX verification
- What wallets does IDEX support?
- How to deposit funds
- No fiat support
- IDEX Fees
- Aurora Token
- IDEX Customer Support
- IDEX Exchange Australia Reviews: Is it a safe Crypto Exchange?
- IDEX Exchange Canada Reviews: Is it a safe Crypto Exchange?
- IDEX Exchange UK Reviews: Is it a safe Crypto Exchange?
We’ll talk more about smart contracts and how they work in a moment, but for now, just know that IDEX offers plenty of features for anyone interested in using an Ethereum-based decentralized exchange.
Founded in 2017 by Philip Wearn and Alex Wearn, IDEX is a decentralized platform located in Panama that offers the security of blockchain technology with the speed of centralization. The exchange provides real-time crypto trading, along with the ability to complete multiple trades simultaneously.
Since its creation, the platform has provided users with off-chain matching paired with on-chain settlement. However, the platform realized that there were ways the exchange could be improved. That’s why an upgrade occurred in 2019, touted by the site as IDEX 2.0.
With its 2.0 iteration, users have access to the same core available with version 1.0 but with additional improvements. These enhancements include the implementation of scalable applications, unlimited off-chain settlements, bottleneck removal, stakers can now share API, and much more.
IDEX is a uniquely valuable resource for crypto enthusiasts as the platform offers many benefits such as IDEX stake, open-source smart contract for security, custom custody solution, customized trading engine, and secure trading.
What makes IDEX a decentralized exchange?
Technically, IDEX is a hybrid trading ecosystem.
This is because deposits and executions are processed in a central manner. However, storage and settlement are decentralized. As a result, the exchange platform is fast enough that users don’t encounter a lot of bottlenecks but still enjoy the security enjoyed through fully decentralized exchanges.
What are smart contracts, and how do they work?
IDEX is a decentralized exchange based on the Ethereum.Visit Exchange
One of the features that make this exchange so appealing is its use of smart contracts.
But what are these unique contracts that exist on the blockchain? Smart contracts self-execute when the conditions set by a buyer and seller are met.
These terms are directly written into the code and distributed across a decentralized network. It’s the code that controls all parts of the contract, including its execution. All aspects of the transaction are entirely trackable on the blockchain and cannot be reversed.
What’s the appeal of these contracts?
For starters, they allow for a trusted transaction to be performed among anonymous parties. No central system or authority is required. That means agreements don’t need external or third-party mechanisms to enforce the parameters of the contract.
What cryptocurrencies does IDEX support?
As I mentioned, the platform deals only with ETH and ERC-20 tokens and digital assets. That means you’re not going to have the ability to buy crypto, sell, or trade any coins that fall outside the world of ETH. However, you’re still left with a wide variety of choices, which you can find here.
Additionally, IDEX often gives its users access to up-and-coming tokens and ICOs before being released on centralized exchanges. This means you can get in on an exciting project before everyone else does simply by using this unique exchange.
Why doesn't IDEX support Bitcoin?
Since the platform is an Ethereum-based decentralized exchange, it does not offer support for coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), USDT, BCH, DOT, and Litecoin (LTC). While some traders prefer not to use a platform that doesn’t feature BTC, others relish the opportunity to focus primarily on ETH and the coins built on the Ethereum blockchain.
IDEX offers a simple, two-tier verification system for its users.
With Tier 1, users need an email address to create an account. Then your name, date of birth, and country of residence are requested to confirm your identity. Once you submit verification, you’re qualified for unlimited trades and a daily withdrawal limit of USD 5,000.
If you need to withdraw more than USD 5,000 a day, you’ll have to provide another form of ID, along with your address and a picture of yourself. Once approval is granted, the exchange allows you to perform unlimited withdrawals and trades on its platform.
What wallets does IDEX support?
Like other exchanges (like Binance and Coinbase), anyone can trade on the IDEX platform. However, there is one small catch.
You must have either a Ledger Nano S or MetaMask wallet to access the cryptocurrency exchange.
If you don’t have either of these wallets, you can use the IDEX online wallet. Most users prefer to use MetaMask because it’s free and can store coins offline.
Metamask vs. Ledger Wallet
The thing that draws users to Metamask is that in addition to supporting Ether and ERC-20 assets, the wallet gives users the ability to interact with Ethereum decentralized apps.
Users can do everything they need to do in their favorite browser, with web extensions for Firefox and Chrome. Once the extension is installed, you’ll have an easily accessible wallet to hold all your ERC-20 coins.
On the other hand, the Ledger Wallet is a hardware wallet that stores all the private keys to your favorite cryptocurrencies in a physical, secure device. Through the Ledger Nano S, you can check your account balances, manage your digital assets, and transfer coins quickly and easily.
Your digital coins are stored offline, which means your coins can’t be hacked. If you prefer a simple and easy way to manage your crypto, get an offline new wallet like the Ledger Nano S is a great option.
How to deposit funds
Of course, first of all, you need to make an account on IDEX platform by visiting their website. Once you’re in, a pop-up will guide you to explore the platform and learn how to sign up for a waller.
There are four ways to deposit crypto into your IDEX account: MetaMask, Ledger, Private key, or Keystore file. We’ve already covered MetaMask and Ledger, so let’s take a closer look at the private key and Keystore file methods.
The private key and Keystore files are used to connect to an already existing Ethereum wallet. This is a little more complex if you’re not familiar with using a cryptocurrency wallet, so if that’s the case, you may want to sick to MetaMask.
No fiat support
Since IDEX focuses on tokens and coins that exist on the Ethereum network, you can’t use digital assets built from the ground up. Additionally, the platform does not support fiat currencies conversions like GBP/USD. So if you want to trade on the exchange, you’ll need to have ERC-20 tokens in your online wallet.
All trades that take place on the platform involve two parties: the taker and the maker. The maker (a.k.a. market makers) creates the market order on the order book before the transaction, while the taker (a.k.a. market takers) is the one who places an order that matches the maker’s request.
IDEX Trading fees
The trading fees for makers on the IDEX platform are 0.20%, which is a little less than the market average. Takers get low fees as well, as they are only charged 0.10% (taker fee) per trade. However, keep in mind that takers are responsible for the gas fees for each transaction, so they may wind up paying a little more than 0.10%.
In order to trade on the platform, all its users need to do is fund their trading wallet in ETH tokens. Then they can carry out trading as per limit orders or market orders.
The platform has allowed trade makers a minimum order limit of 0.15 ETH and 0.5 ETH for trade takers.
Withdraws on the IDEX platform are subject to a 0.2 ETH minimum, mainly due to gas fees and the way gas costs are applied. If you don’t have the required 0.2 ETH available in your account, you’ll have to deposit more to withdraw the full amount of any given token.
IDEX offers a native token on its platform: the AURA token.
Users can start staking their AURA on the platform’s chain and begin earning rewards in the form of fees on the exchange. The platform aims to incentivize traders and makers by providing additional liquidity in the form of AURA tokens to high-profile users.
The 24-hour trading volume at IDEX is pretty low. According to Coinmarketcap, the 24-hour trading volume was USD 7,803. Thus, if you’re searching for an exchange with deep liquidity, IDEX is probably not for you.
IDEX Customer Support
IDEX offers reliable customer support. The IDEX customer support uses Reddit and Telegram. For users looking for support regarding trading, payment methods, bank account, bank transfer, order types, wire transfers, transaction fee, derivatives, visa, crypto market, PayPal, deposit fees, debit card, credit card, functionality, margin trading, mobile app (e.g., iOS and Android) withdrawing funds, token buying, and wallet management, IDEX has a FAQ page and help page to guide their users.
IDEX Exchange Australia Reviews: Is it a safe Crypto Exchange?
As crypto assets are penetrating further in the current digital ecosystem connecting personal finance through digital assets, the opportunity to find the best crypto exchanges to invest in cryptocurrencies is also emerging in the crypto space.
Crypto exchange platforms like IDEX Exchange enables traders and investors to open their crypto account on a very secure digital platform and earn through financial trading in cryptocurrency.
IDEX offers many advantages which include IDEX stake, open-source smart contract for security, custom custody solution, customized trading engine, and secure trading. This makes IDEX a uniquely valuable resource for crypto enthusiasts.
IDEX is an advanced and comprehensive trading platform and one of the world’s most advanced crypto exchange platforms for crypto fans. The platform is high-speed and offers solid security to the platform users.
It is one of the most sought-after trading platforms in this modern age when it comes to community ownership and decentralization. At the same time, it provides centralized exchange with safety measures of decentralized trading for users.
To sum it up, IDEX is a premier crypto-to-crypto exchange platform that helps in peer-to-peer trading benefits. It is a crypto platform that utilizes smart contracts to update transactions on Ethereum, enabling crypto traders and investors to update their balance online and securely.
If you’re located in Australia, good thing because IDEX Exchange is available in most countries in the world, including Australia. For more options, we recommend reading our comparison of the top Australian crypto exchanges.
IDEX Exchange Canada Reviews: Is it a safe Crypto Exchange?
In today’s fast-changing world of digital money and technology, IDEX is among the most secure platforms to trade cryptocurrencies without having to give any withdrawal or deposit money. This exchange is cost-effective and very secure for traders looking to earn more on their funds by staking and trading crypto assets.
IDEX allows its users to open their crypto accounts on a highly secure digital platform and earn through trading and investing. IDEX offers a lot of advantages such as open-source smart contracts for security, IDEX stake, customized trading engine, custom custody solution, and secure trading. This makes the platform a uniquely valuable resource for individuals who are interested in crypto.
IDEX is a comprehensive and advanced crypto exchange. It is one of the world’s most innovative crypto platforms for crypto enthusiasts. IDEX is high-speed and offers exceptional security to its users.
It is one of the most sought-after crypto exchanges in this modern age in terms of decentralization and community ownership. IDEX offers centralized exchange incorporated with safety features of a decentralized crypto ecosystem, which protects crypto traders and investors from hacks.
Overall, IDEX is your premier crypto-to-crypto trading platform that helps in peer-to-peer crypto transactions. It is an exchange that uses smart contracts to update crypto transactions on Ethereum, allowing crypto enthusiasts to update their balance online and securely.
So, if you want to open and IDEX account in Canada, good thing because it is available in majority of countries in the world, including Canada.
Take a look at our comparison of the Best Canadian Crypto Exchanges for a list of Canadian-based crypto exchanges.
IDEX Exchange UK Reviews: Is it a safe Crypto Exchange?
IDEX was established by a group of crypto traders in late 2012 as an upgraded and improved version of the existing decentralized exchange platforms.
Headquartered in the US, IDEX is registered as a company in Panama. It is owned by AuroraDAO and allows cryptocurrency trading from any country. It is an Ethereum-driven decentralized crypto platform that supports Ethereum as well as ERC20 token trading pairs.
IDEX utilizes the advantages of smart contracts that can be used by those who love to start trading in a P2P or peer-to-peer and safe environment and by its users for the management of their private keys.
IDEX also comes integrated with Meta Mask and Ledger Nano S wallets, which helps in safely managing the funds of its customers and users. This also works better compared to manually entering private keys.
IDEX doesn’t allow the trading of certain popular digital currencies such as Bitcoin (yes, you can’t buy Bitcoin), Ethereum, BNB, Litecoin, and Ripple. But it does allow you to trade in EOS, AuroraDAO, OmiseGO, Metal, and Storj.
To sum it up, IDEX is suitable for you if you don’t want to give up user control and security while trading digital assets. It is a hybrid of a decentralized exchange and a centralized one. This results in speed and efficiency of a centralized exchange and the solid security of a decentralized crypto trading ecosystem.
Now, just in case you don’t have great user experience with IDEX for some reason, you might want to try eToro.
For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.
Overall, IDEX is a platform that supports real-time trading along with high-transaction throughput, which optimizes the trading experience of the users. IDEX offers a variety of trading options. Users will experience an exchange that offers off-chain trading along with smart contract technology that provides a fast and secure trading platform.
The beauty of the exchange is that it operates at a speed that users can only typically find on a centralized exchange while also offering the security, safety, and protection of a decentralized platform. It offers the best charts to show since the platform uses TradingView data.
With this hybrid combination, IDEX sets itself apart as an excellent option for anyone looking to buy, sell, and trade ERC-20 tokens that aren’t easy to find on other platforms.
IDEX might seem confusing for beginners, but the intuitive and user-friendly interface, the reward system, and the staking option make IDEX a great option for experienced crypto traders.
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