IDEX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this IDEX Review.
IDEX is a decentralized exchange on the DAO blockchain network (the one that supports the Ethereum coin). It offers fast exchange services and supports real-time trading in over 200 cryptocurrencies, in addition to Ethereum. But the platform does not offer trading in Bitcoin.
– Platform. IDEX’s trading platform looks and feels like a proper trading platform and has the essential features needed for serious trading. The charts and analysis tools are provided by TradingView. There are price and market depth charts.
– Trading. IDEX’s modus operandi allows clients to trade continuously, without having to wait for the transactions to mine. It can fill multiple orders at once and allows clients to cancel orders immediately, without “gas costs”. Gas Costs is the term used to denote the network mining and transfer fees on the Ethereum network.
– Orders. IDEX supports several types of orders – limit order and market order. They are filled in accordance with the conditions and immediately, respectively, but in the meantime the client can continue to trade, without having to wait for the order to settle.
– Order book. The order book of IDEX is updated in real time and the platform offers detailed order history.
– Speed. Due to the nature of IDEX’s platform and order processing, the speed of trading is high, unlike on many other platforms which sometimes take hours or even days to complete the order. In fact, IDEX claims trading is done as fast as the user can place and confirm the orders on the ledger and can perform multiple trades per second.
– Guide. IDEX has a very detailed guide on how to use the platform, how to deposit and withdraw, how to unlock the wallet, etc. We find this very helpful, particularly for the novice users.
– Fees. The trading fees of IDEX are in the low end for the industry.
– Wallet. IDEX offers own e-wallet to its clients, which is rather convenient and is not offered by so many cryptocurrency exchanges.
– Security. Users’ wallets are encrypted with their private keys and they are accessible only to them. IDEX cannot access them and cannot perform any operation with them, unless approved by the user’s encrypted key.
– Coins. We have already mentioned that IDEX supports trading in a large number of cryptocurrencies. Additionally, it can add others, as voted by users.
– ICO. At the time of writing of this review, IDEX’s parent company Aurora DAO is running an ICO of Aura tokens that can be bought for Ethereum tokens. This is an interesting offer, even though such unregulated ICOs are an extremely risky investment and have been warned against by numerous national financial regulators.
– Bitcoin. IDEX does not support trading in bitcoin, but only in coins on the Ethereum smart contract network.
– Leverage. IDEX does not support leveraged trading, much like most cryptocurrency exchanges. There are some, like Kraken, CexIo and bitFlyer who offer this type of trading. More conveniently, however, many regulated forex brokers are offering leveraged trading on cryptocurrency CFDs. It is easier for those who just wish to speculate on the prices and already have an account with a broker, as they can use their existing account and the familiar trading platforms.
– Minimum order limits. There are minimum order limits of of $20.00 USD (equivalent) for makers, and $10.00 USD (equivalent) for takers. This is not a lot and is explained with the gas fees, but nevertheless, those are still limits.
– Withdrawal limits. IDEX has minimum withdrawal limits, too. They amount to $1. Like with order limits, the reason are the gas fees and the sum is really small, but it is a limit, nevertheless.
– Gas fees. Each trade costs ~140k gas. According to IDEX, Gas costs are about 1.5x higher than EtherDelta and slightly higher than 0x, but on IDEX there is no risk of competing for the same order and wasting gas. Users also cover the deposit gas fees.
– Fiat. IDEX does not offer trading in crypto for fiat and vice versa.
– Cards. As it does not work with fiat currencies, naturally IDEX does not accept payments with credit and debit cards.
IDEX is a relatively new decentralized trading platform on the Ethereum network that offers trading in hundreds of tokens. Unlike many exchanges, trading is done in real time and is as fast, as the client can trade. Its platform looks quite like a proper trading platform, rather than a simple exchange form. Our guess is that it will attract serious traders, instead of the occasional trader who just wants to dabble in exchanging cryptocurrencies every now and again or just wants to buy some bitcoins.
Obviously this type of traders are not the main target clients of IDEX and this is why it does not offer trading for fiat currencies.
On the other hand, IDEX has good security and the already mentioned advantages of speed and ease of use
IDEX Review Conclusion
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