What Is IDEX and How It Works
IDEX is a comprehensive and attractive decentralized exchange heavily focused on the Ethereum ecosystem. It features support for a wide array of ERC-20 tokens, and it employs smart contracts that make it possible for its traders and users to manage their private keys in a secure environment.
One of the most important aspects of IDEX is how it manages the transactions. To be more precise, the exchange leverages smart contracts to manage transactions for its traders. Once a user signs off a transaction his or her private key, the exchange broadcasts it to the Ethereum blockchain for them. This ensures that the exchange updates the account balances and order books in real time, while also ensuring the desired network transaction flow. This all translates into a greatly improved user experience usually associated with centralized exchanges, but without sacrificing the security of what makes decentralized exchanges great.
How to use IDEX
Right off the bat, it’s important to note that IDEX is not as beginner friendly as most other exchanges out there. As mentioned before, users’ funds and transactions are managed through the use of smart contracts. The exchange’s interface provides an extensive amount of information such as the trading chart, order book, trading pairs, and other advanced trading tools. It might seem confusing, but once a user gets accustomed with the interface, trading and managing funds is straightforward.
To start trading, users need to deposit funds into the exchange’s smart contract. Users have the option to either create a new wallet or integrate one. By opting to create one, users are provided with a private key called Wallet Keystore File. The platform provides four options for opening a wallet: with the help of the keystore file, by manually entering the private key, or integrate directly with two of the most popular wallets such as MetaMask and Ledger Nano S, as they are both officially supported by the exchange. Once the funds are added, users can start trading and creating market/limit orders.
As mentioned before, IDEX is an all about smart contracts and ERC-20 tokens. This means that users don’t have access to trading anything outside Ethereum’s ecosystem. The platform provides the possibility of exchanging popular ERC-20 coins such as OMG, BAT, REP, ICX, MKR, TOMO, CPC, and HAV, as well as the AURA token. This token allows its holders to earn a share of fees generated by IDEX and the rest of the Aurora products.
IDEX boasts reasonable fees. Market makers are charged with a 0,1% fee while takers are charged with a 0,2% fee. Takers are also responsible for paying transaction fees in gas. On IDEX, each trade costs somewhere around 150,000 gas. IDEX has a minimum order and withdrawal limit as follows: makers have a minimum order limit of $20, while takers have $10. A detailed list with all the fee-related details is available on the dedicated section on the platform’s website.
The exchange has a very prompt customer support team which can be contacted via the Contact Form. Other means of communication include their official Twitter account and Telegram group. Users who are having trouble navigating the platform can check out the comprehensive Guides section.
— IDEX (@idexio) September 14, 2018
Since its launch, IDEX has seen a steady growth managing to outrank EtherDelta by trading volume, “stealing” some of the competitor’s users due to its attractive set of features. IDEX has cemented its image as a highly secure decentralized exchange capable of supporting real-time trading and a high transaction throughput via its off-chain trading engine and smart contracts.
IDEX is a very respectable option for any traders interested in purchasing and selling ERC-20 tokens which might not be supported on other exchanges.