IDEX Exchange Review 2023
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Following the success of cryptocurrencies, the cryptocurrency market evolved in order to keep up with the current market demands. There’s a surplus of cryptocurrency products, such as digital wallets and cryptocurrency exchanges, and choosing the right product and exchange can be a little overwhelming, especially for beginners.
If you’re looking for a relatively new exchange platform with acceptable fees and a completely decentralized trading space, then look no further from IDEX.
For a crypto-aperitif, we’ll say that IDEX is a decentralized platform where users can purchase, sell, or trade more than 300 ERC-20 tokens built on the Ethereum network. The exchange’s main goal is to provide its users with a safe crypto trading environment but whether the platform delivers on its promise or not requires some further analysis.
We’re sure that we’ve piqued your interest, so follow us to see the nooks and crannies on this fairly new cryptocurrency exchange.
About the IDEX Trading Platform
IDEX is a decentralized platform that was launched back in 2016, based on the Aurora project, a company that focuses on Ethereum-based applications or dApps and different Ethereum projects. The Aurora group was created by a team of crypto enthusiasts and their parent company Aurora Labs. S.A. is headquartered in Panama.
IDEX is actually a hybrid exchange that offers a user experience similar to that of a centralized exchange but retains the benefits of decentralized exchanges, including lower fees and better security measures. Users can enjoy a peer-to-peer trading environment and make the best use of smart contracts to conduct transactions on the Ethereum blockchain.
On top of that, users enjoy total control over their assets, as IDEX doesn’t have access to any funds. The permissions granted to the platform for accessing assets from user wallets is cryptographically generated. The private keys are encrypted and later destroyed to ensure the utmost security.
The platform has its own native coin called the AURA token, which can be used to cover any fees and expenses. Users can also earn a percentage reward on trading fees when using the token.
IDEX held a token sale last year and managed to raise more than 5,000 ETH, making a name for itself and becoming a powerhouse in the world of decentralized exchanges. The platform offers a smooth user interface suited for beginners and active traders, security features that can be integrated with third-party wallet devices, active and responsive customer support, as well as a wide range of trading options.
In terms of operations, the exchange features a trading engine, smart contract, and a transaction processing arbiter. The smart contract is responsible for the storage of tokens and conducts trade settlements.
Ease of Use
To start trading on the IDEX exchange, users need to create an account on the main website by clicking on the “Join” prompt. Creating an account is straightforward, as you don’t have to complete KYC verification for a level 1 account. Once done, users can explore the website or create their wallets. To create a wallet, they have to choose a password and download a JSON file.
To trade on the exchange, users have to add money to their wallets in the form of ETH tokens as the exchange doesn’t support fiat currency deposits of any kind. After they deposit some funds, users can conduct trades via market order or limit order. Users can then receive ample returns on their invested crypto and withdraw tokens when they deem fit. There aren’t any imposed deposit and withdrawal fees, excluding the trading fee that’s charged to takers and makers.
The trades on the platform are conducted in real-time, and there is a minimum order limit of 0.15 ETH for makers and 0.5 ETH for takers. To purchase crypto, users will have to exchange ETH for other ERC-20 tokens. If users don’t own any crypto yet, they can buy some on exchanges like Coinbase and Binance with fiat money and later trade them on the IDEX exchange.
IDEX also offers a crypto-staking platform that’s reliable and safe. The staking platform makes it possible to earn up to 25% in ETH tokens to support the stability of the platform by staking AURA tokens. Stakers can buy AURA tokens and help maintain the staking platform’s infrastructure and stability by contributing to the exchange’s liquidity pools.
IDEX Trading View
Every crypto exchange has its own trading view of the various trading charts, and IDEX is no different. The trading view on IDEX is pretty straightforward, displaying the order book, price charts of a selected cryptocurrency and the order history without much page clutter on pop-up interference. All in all, the trading view is user-friendly and will remind users of a fancy Excel chart.
Unfortunately, Bitcoin (BTC) is not supported by IDEX as most of the supported cryptocurrencies are Ethereum-based.
Some of the supported tokens include Ethereum, Etherbase Coin, Morpheus Labs, Quant, Lition, and up to 300 different Ethereum-related cryptos. The exchange will keep adding more and more tokens as the Ethereum network grows but currently there isn’t any news of possible Bitcoin support.
Users can also purchase the native AURA token that the exchange offers and use this token to stake and earn interest on fees. Around half of the total amount of fees generated on the platform are rewarded to AURA stakers.
IDEX Trading Fees and Limits
There are two types of IDEX fees on the exchange: maker and taker fees and withdrawal fees.
Crypto trades on the IDEX crypto exchange take place between a taker and a maker. The maker’s order exists on the order book, and the taker places an order that matches the maker’s order.
The market taker fees on IDEX are 0.25% of the trade, which sets them a bit higher than the industry-standard taker fee of 0.21%. IDEX makes up for the higher taker fee with an affordable 0.10% market maker fee. This appeals to users who don’t want to pick up existing orders from the order book but prefer to randomly participate with maker-type orders.
It was stated that IDEX charges a withdrawal fee based on calculations of the Token/ETH rate from the last ten trades that the users have conducted. Things turned out to be a little different as the only withdrawal fee is the network fee that’s paid out to the miners for verifying the transaction. These network fees vary depending on the cryptocurrency in question and the current network congestion. Currently, there’s only a minimum withdrawal limit of $10 USD for takers and $20 for makers.
This withdrawal fee model is one of the most user-friendly models, and it’s becoming the industry standard with decentralized exchanges.
Is IDEX Safe to Use?
The IDEX platform utilises a number of different security protocols to ensure the safety of the stored assets. For instance, you can only access the private keys through the exchange, as they’re stored in the browser memory. Moreover, the keys are accessed locally, and they are destroyed when users log out of the exchange.
Another safety feature is the use of smart contracts to keep assets safe and locked until the private keys are used to sign a transaction and transfer them to another address. There is also a special “escape hatch” built-in that allows users to directly withdraw funds from the smart contract after a longer period of inactivity. This feature is also great in case the IDEX servers are offline, as users can still withdraw their assets.
Additionally, the IDEX exchange has partnered with third-party companies that provide crypto wallet services. You can integrate the exchange with Ledger devices, such as the Ledger Nano S and the Ledger Nano X. For a software wallet variation, users can integrate their assets with the MetaMask wallet.
The IDEX platform provides users with a transparent customer support team that can be contacted in several ways. Users who have accounts can contact the customer support team from the “Contact Form” on the website.
Additionally, the support team can be contacted through various social media outposts on Twitter and Telegram. Users who don’t use social media can address the extensive FAQs page on the website along with the different guides provided by the team.
A Few Words Before You Go...
Despite being a fairly new crypto exchange, IDEX has quickly made a name for itself as a stable platform with a wide range of security features. However, there is no support for fiat-to-crypto deposits and a lack of Bitcoin support at the moment.
Luckily, IDEX makes up for its faults by providing a safe environment for trading by implementing smart contacts along with third-party device integration. All in all, IDEX is a great platform, especially for beginners, as they won’t be overwhelmed by a plethora of unnecessary features, as is usually the case with DEXs. The crypto exchange is free to use, and there aren’t any hidden fees. We recommend that you try out their staking feature with their native crypto token to earn some great interest rates and become part of the platform’s future development.
frequently asked questions
Currently, there is no mobile app support for IDEX. Maybe this will change as the platform develops, but it’s surely a major downside as remote trading is eliminated in the absence of an app.
Yes, IDEX requires users to complete a KYC verification but only for transactions larger than $5,000. A selfie is also required to complete the KYC check.
The trading volume of the IDEX exchange in 24 hours is rather low compared to other exchanges. If potential users are looking for an exchange with a deeper trading volume, then IDEX would not be a great fit to meet their requirements.