IDEX is a cryptocurrency exchange that was launched early last year. The platform aims to provide users with a centralised exchange experience that boasts the security benefits of a decentralised platform.
The exchange provides a peer-to-peer trading environment. It also uses smart contracts to relay transactions across the Ethereum blockchain, allowing your account’s order book to be updated in real time.
The exchange allows users to retain full control over their funds. IDEX will not be able to access your funds unless you have signed a cryptographic authorisation to do so. To add an extra layer of security, private keys are encrypted and then destroyed.
IDEX is part of the Aurora Project, a financial and banking company that consists of Ethereum-based applications and protocols. The Aurora group consists of crypto-enthusiasts with a parent company, Aurora Labs SA, based in the Republic of Panama.
The Aurora team is led by Alex Wearn, who holds two MBAs in Design, Innovation, Finance and Operations from Northwestern’s Kellogg School of Management.
The other members of the Aurora and IDEX team are Phil Wearn, chief operating officer, Raymond Pulver, technical director, and Forrest Whiting, in charge of marketing.
The team held a token sale last January and managed to raise 5,411.38 ETH.
The exchange launched shortly thereafter and has managed to establish itself as a force to be reckoned with in its short existence.
Some of the key features offered on the exchange include functionality, security, excellent customer support and a plethora of trading options.
Since IDEX is an Ethereum-based crypto exchange, it deals exclusively with ETH and ERC20 tokens. Overall, the exchange supports hundreds of digital tokens that can be accessed through ETH and some other four markets.
Some of the tokens supported by the exchange include Ethereum, Quant, Lition, DigitalBits, Etherbase Coin, Constellation, Morpheus Labs, Lendingblock, TrueFeedBack, Flexacoin, Karatgold, Reserve Rights, Fantom, Lamden, NKN, Celsius, Next exchange, Swarm, Everex, Chainlink and many more.
The full list of tokens on sale can be viewed here.
The IDEX exchange will continue to offer users access to a wide range of tokens as the Ethereum network grows.
The platform also supports the AURA token, the exchange’s native token that encourages users to bid to support the network.
The AURA token allows players to receive a share of the fees charged by the platform, along with certain other Aurora products.
By placing the token, node operators are rewarded proportionately based on their percentage share. In addition, 50% of the fees charged are distributed to AURA members.
Transaction processing speed
In this IDEX review, we thought it would be better to indicate the speed of transaction processing on the platform. It is important to note that the platform does multiple confirmations of deposits before they are processed.
It usually takes about one minute to complete a transaction. However, it takes half the time to process the order. Compared to other decentralised exchanges, IDEX is quite fast, and this allows users to make multiple transactions in a short period.
Users who create new orders for the order book, better known as market makers, are charged a 0.1% commission.
Their role is to improve liquidity. As for takers, those who fill the order book and reduce liquidity are charged a 0.2% commission. On the exchange, takers pay for fuel transactions. The process is explained on the platform’s FAQ page.
Each transaction costs around 140,000 units of fuel. However, users on the exchange do not compete for the same orders and sometimes they risk wasting fuel. The platform allows users to cancel transactions at no extra cost, as the exchange executes all transactions.
Smart contracts are responsible for broadcasting all transactions to the network.
In addition, IDEX uses minimum order and withdrawal limits. The minimum order limit is USD 10 for buyers and USD 20 for producers. As for the withdrawal limit, you can withdraw at least one dollar.
How do I use IDEX?
To get started with IDEX, you must first create an account on the platform’s official website (idex.market). Once there, you will see a pop-up message that will give you the opportunity to explore the site or unlock your wallet.
If you select “Explore” on the right-hand side of the top bar, you will see an icon to create an account, go to and click on it.
Continue entering your email address and password, tick the “Recaptcha” box and click “Register”.
Go to your mailbox and click on the link that was sent there to confirm your email address.
After confirming your account, go to your account with your email address and password.
Fill in the required details to get your Level 1 confirmation, which allows you to trade and withdraw up to $5,000 per day.
Select the “Unlock Wallet” icon on the top bar. This will allow you to deposit funds into your account by integrating an existing wallet you already have.
There you will find five options, namely; KeyStore File, Private Key, Program Wallet, General Ledger Wallet and Coinbase WalletLink. You can choose the type of wallet you want to link to your account.
We recommend using a Ledger Nano or Metamask hardware wallet, as they do not provide your private keys to the site; hence they are not vulnerable to DNS hacking.
Creating a new wallet
The platform also offers users the opportunity to create a new wallet by clicking on the “New Wallet” icon.
Once there, you can enter a password and the platform will generate a private key and create a downloadable JSON file for you to save.
How to trade at IDEX?
Once you have integrated the wallet, you will need to deposit funds into the platform’s smart contract. This will help keep your funds secure and allow IDEX to broadcast transactions directly into the Ethereum network.
On the home page, click on the “Balances” tab on the top bar, you will be able to make deposits. You can also adjust the transaction price for fuel.
Fund your account with ETH or DAI from your wallet, and now you can start trading with all the trading and charting features.
You will find that the platform offers trading pairs in ETH, DAI, TUSD, USDC and EURS, and once you have funded your account, you can go to the “Exchange” trading screen to start trading.
In the left column you will see five trading pairs offered. You can select the token you want to use for trading and underneath you will see the available tokens.
By clicking on one of the tokens, you will see a price and depth chart along with other relevant information such as last price and trading volume in 24 hours.
To start trading, you can find the Buy and Sell boxes below the main charts and there you can enter your price and the amount you want to trade.
Below this graph is a list of Asks and Bids, which gives you an idea of the prevailing prices of the token you want to buy/sell.
- The exchange offers access to many crypto tokens
- The interface of the platform is very user-friendly
- Exchange integrated with Ledger Nano S and MetaMask
- The exchange boasts many advantages and security features
- The platform offers a rewards programme that allows producers and buyers to receive an Aurora token
- Does not support fiat currencies
- Not very suitable for beginners
- Mainly supports ERC20 tokens, which means that it is not possible to exchange some of the other more popular cryptocurrencies
How safe is IDEX?
This review of IDEX would not be complete if we did not assess how secure the platform is. The exchange uses several protocols that are designed to ensure maximum security.
For example, any private keys accessed directly on the exchange are always encrypted.
They are stored in the browser memory but cannot be accessed outside of the IDEX app.
Private keys can only be accessed locally when transactions need to be signed, and are removed from memory the moment they are released.
In addition, the platform’s smart contracts are used to securely lock funds until the private key can be used to sign a transaction. This is when they can be transferred.
Therefore, users can keep their funds on the platform without worrying that they are always under their control.
The IDEX exchange also has an ‘escape hatch’ that allows its users to withdraw directly from the smart contract after a long period of inactivity.
This way, you can withdraw your funds in the worst case scenario when IDEX’s servers become unavailable.
The exchange has also included Ledger Nano hardware wallet and Metamask, which add an extra layer of security by allowing users to trade on the platform without revealing their private keys.
IDEX’s customer support can be assessed through various channels, including their official Telegram channel and subreddit on Reddit.
The website also has live help, where you can ask questions via chat, and the platform responds almost immediately.
There is also a Frequently Asked Questions (FAQ) section, which has answers to some of the most common questions asked by users.
In less than two years of existence, IDEX has managed to establish itself as one of the leaders in decentralised exchanges.
However, the platform has somehow stagnated after significant growth in 2018. This can be seen on coinmarketcap.com, where exchange turnover in the last 24 hours was a meagre $385,364.
We can only speculate as to the reason for the low numbers, perhaps the recent decline in ICOs has something to do with it.
In addition, many tokens are barely active on the exchange, which means that they are not traded at all.
Overall, the exchange uses a unique transaction settlement model that allows its users to have a smooth trading environment compared to other decentralised exchanges.
In addition, the exchange can support real-time trading and a large number of transactions, combined with an off-chain trading mechanism and a smart contract, which together provide users with a secure and fast trading platform.
As such, the platform is a good option for users to buy ERC20 tokens that are difficult to find on other exchanges.