IDEX cryptocurrency exchange review
Trade more than 250 Ethereum ERC20 tokens on a decentralized exchange.
Though the vast majority of crypto users still buy and sell coins on centralized platforms, decentralized exchanges are on the rise. IDEX is a decentralized exchange where users can buy and sell almost 300 different ERC20 tokens on the Ethereum network.
IDEX aims to provide a secure and user-friendly crypto trading experience. To find out whether it achieves those aims, read on for more details of the pros and cons of IDEX.
|Product Name||IDEX Cryptocurrency Exchange|
|Cryptocurrencies||EOS, RFR, CS, AUC, BEE, BANCA, CNN, EOSDAC, FSN, NBAI, TRAC, VET, XBP & 60+ more|
What is IDEX?
IDEX is a cryptocurrency exchange that aims to offer the user experience of a centralized exchange without compromising on any of the security benefits offered by decentralized platforms. It offers a peer-to-peer trading environment and uses smart contracts to communicate transactions to the Ethereum blockchain, allowing for the order book and your account balance to be updated in real time.
At the same time, platform users always retain control of their funds. IDEX cannot access your funds until you sign permission cryptographically for it to do so, and private keys are encrypted and then destroyed to provide increased security.
IDEX is part of Aurora, 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.
A global exchange platform, IDEX offers its services to users all around the world.
Which payment methods are accepted?
IDEX offers crypto-to-crypto trading only, so the only way to deposit funds into your account is by cryptocurrency transfer. Fiat deposits are not accepted.
How much will it cost me to use IDEX?
There are no deposit or withdrawal fees on IDEX, but you will need to pay trading fees:
- 0.2% for market takers
- 0.1% for market makers
You should also be aware that market takers are responsible for covering the Ethereum gas fees for each trade.
Are there any transfer limits?
IDEX imposes 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 for all tokens.
Is it safe to use IDEX?
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.
There’s no central point of failure that hackers can target, and IDEX doesn’t control user funds. Instead, any funds you deposit are held in smart contracts on the Ethereum blockchain, and are only transferred when you use your private key to sign a transaction.
When you unlock your wallet, your private key is encrypted in browser memory and can only be accessed inside the IDEX app. Private keys are never transmitted outside the device, and when you sign out the private key is destroyed from memory.
For further peace of mind, IDEX features Ledger Nano S hardware and MetaMask web wallet integration.
If you need help with any basic operations on IDEX, such as unlocking a wallet or buying tokens, you can take a look through a host of step-by-step guides online. There’s also a thorough FAQ page, a “Contact Us” email form and online support via Telegram.
Pros and cons
- Provides access to an extensive range of tokens
- Interface is reasonably user-friendly (for a decentralized exchange)
- Offers a number of security features and benefits
- Ledger Nano S and MetaMask integration
- Also offers a rewards program that allows makers and takers to earn AURA, the Aurora utility token
- ERC20 tokens only, so you can’t trade bitcoin and a host of other popular currencies
- Platform not particularly suited to beginners
- Fiat currency trading not supported
Before registering with any exchange, compare a variety of platforms to decide which one is the best fit for your trading needs.
To get started, you’ll then need to:
- Unlock your Ethereum wallet
- Deposit any tokens you want to trade
- Start trading