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tradeandholder

IDEX Review

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IDEX is a decentralized exchange platform based on Ethereum, which means it mainly uses ERC-20 tokens and ETH for an exchange. 

 

Fees

IDEX uses the-maker-and -the-taker-system for charging fees. The makers are charged 0.1% fee, while the takers have to pay 0.2% of every trade that is conducted between them. But, in order to stop competition for the same order, there are fixed gas fees which are 140K and which is a lot more compared to other decentralized platforms.

 

History of IDEX

IDEX is one of the projects created by AuroraDAO. This company runs an Ethereum-based app which strives to become the world’s best decentralized solution for banking.

The ICO for this project was launched in 2017, eventually becoming a successful ICO to this day. This US-based company registered in Panama is becoming very popular in the crypto world. Even though the current trade volumes are not that great, but being active for less than a year and achieving these results is more than enough to claim the bright future is ahead of IDEX.

 

Safety and Security

The overall security on the website is great and trustworthy. Another security layer worth mentioning is the fact that the exchange is decentralized and does not meddle too much into trading. However, similar decentralized exchanges were hacked before which does not make IDEX completely hacker-proof.

Simply, your tokens will not be held by IDEX unless you decide to use the wallet they offer. You get to hold your private keys and you are the only person that can access the tokens you possess. Furthermore, there is an HTTPS technology which also protects your assets from hacker attacks.

 

Ease of Use

IDEX is designed for professional traders and as such, beginner traders may not find it as useful. If you are an expert trader, you will be amazed at how they have managed to solve some design problems and will have an excellent overview of all cryptos, trading, and graphs.

 

Deposit/Withdrawal

Since the platform does not accept fiat currencies, the whole process of depositing and withdrawing cryptos is made relatively easy. Everything is just a few clicks away and your funds will be immediately transferred from your platform wallet to your external wallet and vice versa. 

 

Pros and Cons

Pros:

  • More than a hundred cryptocurrencies at your service, all of which are Ethereum-based
  • The trading fees are relatively low
  • The verification is very easy and requires little to no detail
  • Slick design and easy-to-use interface

Cons:

  • Beginners will not manage to get around - the platform is mainly for experts
  • The trading volume is still very low as the platform does not feature non-Ethereum based cryptos

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