IDAX Exchange Review | Fees, Security, Pros and Cons
Today, we will be reviewing what features, advantages, and disadvantages the IDAX exchange has to offer.
IDAX Exchange Overview
IDAX is the only crypto exchange that is based in Mongolia. The platform was launched in December 2017, developed by the Global Blockchain Research Center (GBC). The company has its main offices set in the GBC High-Tech Industrial Park in downtown Ulaanbaatar, Mongolia.
The exchange supports a wide variety of altcoin trading pairs, including many exotic tokens and coins that are rare to find on most exchanges.
Mongolia does not currently have any clear legislation when it comes to cryptocurrency, trading, and crypto-exchanges, however, these activities are not banned.
Thus, IDAX operates without any specific regulations, like most exchanges in other countries. Of course, there are certain risks when using an exchange that operates under a jurisdiction that has no crypto regulations.
Supported Currencies and Available Countries
All cryptos are traded against Bitcoin and Ethereum.
Their website does not specify which users are allowed or prohibited from using IDAX services.
IDAX exchange is compatible with desktop and mobile devices, featuring apps for both iOS and Android users.
User Interface and Experience
IDAX provides two types of interfaces, basic and advanced view. The basic view features an order book, trading history, market chart, and order system. The prices are updated in real-time every second. You can place several types of orders: Limit, Market, Stop Limit, Stop Market, Trailing Stop, Take Profit Limit, Take Profit Market.
How to Get IDAX Exchange
- Access the official IDAX site.
- Click on the “Sign-up” button in the upper right corner of the website.
- Fill out the form with the required information.
- Click “Create my account” once done.
- Set up 2FA on your account.
- Verify your account on IDAX.
- Go to the “ID Verification” tab and select your country of residence.
- Enter all the necessary information.
- Click on “Submit.”
As IDAX is a KYC-compliant exchange, meaning you will have to submit personal data, such as your full name, nationality, ID number, photo, etc.
How to Use IDAX Exchange
- Log in to your IDAX account.
- Open the “Balance” tab in the upper panel of the website.
- Select the “Deposit” option.
- Select your currency and the amount you want to deposit.
- Paste the wallet address (or scan the QR code) in the wallet you are sending the funds from.
- Wait until you have received confirmation.
- Go to the “Balance” tab in the upper panel of the website.
- Select the “Withdraw” option.
- To withdraw, you will need to have your identity verified.
- Specify which currency and how much you want to withdraw.
- Paste the wallet address where you want your funds to be sent.
- In order to start a trading order, select “Assets.”
- Click on “Assets” and choose your crypto.
- Click on the “Buy” box and enter the amount you want.
- Click on “Buy.”
IDAX Exchange Fees
IDAX exchange charges fees based on a maker-taker model, with a fee of 0.1% applied to the maker, and a 0.15% fee applied to the taker.
Depositing funds on IDAX is free of charge.
In times of high network traffic, the rate of miners might be higher than usual. This may lead to an increase in the miner’s fee, which is added to the transaction.
Withdrawal fees vary according to the cryptocurrency used. For example, the withdrawal of bitcoin costs 0.0005 BTC, and for Ethereum, the fee is 0.005 ETH.
Credit card transactions incur a fee of 3.5% per transaction (10 USD minimum).
Through its Simplex integration, the IDAX exchange enables users to buy crypto using credit cards, supporting both Visa and Mastercard. Users are able to select the fiat currency with which they want to buy, EUR or USD. But from the dropdown list of cryptos, we can only see Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, and Tron.
The exchange claims that it usually takes between 10-30 mins for cryptocurrency to reach your wallet.
There is a minimum withdrawal limit set for each cryptocurrency. For instance, Bitcoin has a limit of 0.001 BTC, Ethereum – 0.01 ETH, EOS – 1 EOS, and TRON – 20 TRX. To view the full list of limits, go to IDAX’s fee page.
IDAX supports 2-step verification, which enables users to protect their account, allowing access only through the user’s mobile phone. 2-step verification can be set up either through Google Authenticator or any other authy applications.
Fund Password is a password feature than enables the requirement of another password each time a withdraw order is placed.
Prevent Phishing Code is a more complex security feature that asks for the code when functions, such as withdrawals, account settings modifications, or logins are performed.
As IDAX is a centralized exchange, meaning the exchange stores user data and funds on its servers, and in case of a hack, both money and personal information can be lost.
We could not find any other information regarding the security and encryption standards used by the IDAX exchange. The exchange is under Mongolian regulation.
IDAX claims they have a 24/7 support system that enables users to contact them with any questions or problems they may have. They currently have a live chat function through which support can be solicited.
However, there have been many reports from customers on the social media pages of the company in which they complained about many issues with their support system.
Some complained about long withdrawals times or accounts being blocked for no reason, etc.
IDAX Exchange Reputation
Both mobile apps are rated highly on Google Play and Apple Store, with 4.7 and 4.9 respectively out of a 5-star rating.
The online opinion of IDAX exchange is divided, as many praised that the service has worked for them, while others have complained that they lost their funds or had trouble getting any help for their issues.
IDAX Exchange Review: Verdict
IDAX is a crypto exchange that supports a variety of cryptos, even if all of them are paired against Bitcoin and Ethereum. You can also purchase coins with fiat currencies, but we recommend caution when using this exchange, as the Mongolian jurisdiction under which it operates doesn’t have clear guidelines for crypto exchanges or frauds that occur in this industry.
IDAX Exchange: Pros and Cons
- A diverse selection of coins;
- Supports EUR and USD credit card purchases.
- Murky regulatory situation;
- Many small-cap altcoins;
- Fiat purchases not available for all coins;
- KYC required.
Featured image: bsuinessnewsasia