IDEX Exchange Review
- Advanced Traders
- ERC20 Focused Traders
IDEX is a decentralized cryptocurrency exchange (DEX) with 270+ listed ERC20 trading markets. The platform is mainly used by ICO speculators looking to trade their holdings and as a result, currently has the highest all-time transaction volume of any decentralized exchange.
IDEX Exchange - 2020 Comprehensive Review
IDEX Exchange Overview
|Trading Fees||Maker: 0.1% / Taker: 0.2%|
|Purchase Options||Crypto Deposits|
|Trading Options||Spot Trading|
|Order Types||Limit, Market|
|Token Benefits||Staking trading fee rewards.|
|KYC Rules||Required for withdrawals exceeding $5,000 within a 24-hour period|
|Convert Micro Balance|
|Promotions||Frequent Trading Competitions.|
IDEX Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
|Level 1||$1.00 + IDEX Balance = 0.00||0.10%||0.20%||0.00%||0.00%|
IDEX Withdrawal Fees
IDEX has a minimum withdrawal requirement of 0.04 ETH - or the equivalent amount for all listed tokens.
IDEX does not have a minimum deposit requirement or charge deposit fees. There is a minimum requirement per trade of 0.15 ETH for takers and 0.05 ETH (or equivalent amounts in tokens).
IDEX Markets & Volume
IDEX Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
IDEX Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
IDEX Exchange Alternatives
|Trading Fees||Maker : 0.1%|
Taker : 0.2%
|Maker : 0%|
Taker : 0%
|Maker : 0.1%|
Taker : 0.1%
|Purchase Options||Crypto Deposits||Crypto Deposits, Credit Cards||Crypto Deposits|
|Trading Options||Spot Trading||Spot Trading||Spot Trading|
Pros and Cons
- Token Incentives - The exchange provides incentives via two native tokens: IDEX Membership (IDXM) token and the IDEX (IDEX) token. The roles and benefits of both tokens are explained here in an in-depth blog post.
- Non-Custodial - IDEX does not hold user funds. This reduces security risks for both the exchange and its users.
- Available Assets - 70+ crypto assets are available for trading on IDEX. Major stablecoins listed include TUSD, USDC, DAI, and PAX.
- Customer Support - IDEX users have a number of customer support options to choose from, including live chat, email, and Discord.
- Margin Trading - IDEX margin trading supports synthetic positions and up to 4x leverage for Bitcoin (BTC) and Ethereum (ETH).
- High Fees - All takers pay gas fees in addition to the trading fee of 0.2%.This means that realized fees can be quite high whenever the Ethereum blockchain is congested.
- High Order Minimums - IDEX places a minimum requirement per trade of 0.15 ETH (or equivalent token amount) for takers and 0.05 ETH (or equivalent token amount) for makers. Withdrawals must be a minimum of 0.04 ETH. For users seeking to make micro-trades, IDEX is not an ideal platform.
- Ethereum Assets Only - IDEX only supports trading for ETH and ERC20 tokens. The platform doesn’t support popular crypto assets like BTC, XRP, and EOS.
- Location Restrictions - IDEX banned IP addresses from the state of New York in October 2018. The exchange has placed a number of global restrictions on trading certain crypto assets based on IP address location.
- Low Liquidity - Many markets on IDEX have extremely low 24 hour trading volume.
- No Mobile App - There is currently no mobile app for IDEX. IDEX tweeted in May 2018 that a mobile app is on the exchange’s roadmap but has provided no further information since.
Frequently Asked Questions
Is IDEX decentralized?
Partially. There are at least three reasons why IDEX is not fully decentralized. First, IDEX implements geo-fencing of IP addresses to outright ban trading activity in some regions. Second, IDEX requires KYC for withdrawals of $5,000 or more within a 24-hour period. Third, IDEX uses off-chain order books & order matching that rely on a centralized server to complete.
Is IDEX safe?
IDEX has an average security reputation compared to its competitors. In theory, IDEX should be highly secure as an exchange that claims to be decentralized. The reality is that it does require users to lock funds on the exchange through Ethereum smart contracts. There is some debate among users about what would happen to locked funds if the exchange’s servers were to be compromised.
Does IDEX require KYC?
For withdrawals of less than $5,000 in a 24-hour period, IDEX does not require users to complete KYC (Tier 1). Any withdrawal amount exceeding $5,000 requires that users upload their ID with a selfie (Tier 2).
Does IDEX have a mobile app?
IDEX does not currently have a mobile app.
Does IDEX offer margin trading?
Margin trading is available to non-US users. Eligible users can long and short Bitcoin (BTC) and Ethereum (ETH) at up to 4x leverage. A few advantages of margin trading on IDEX include no borrow or supply fees, no interest rates, no liquidation penalty, and no margin maintenance. The exchange supports synthetic positions that expire every 28 days.
Who can use IDEX?
IDEX is available to users in most countries, but unavailable to users in: Crimea, Cuba, Iran, North Korea, Syria or any other country or region to which the United States embargoes goods or imposes similar sanctions. Services are also unavailable to residents in the states of New York and Washington.
Once the most popular decentralized exchange (DEX) choice for ERC20 focused traders, IDEX is now in decline due to predominantly low quality asset listings and recent KYC implementations to appease regulators.
IDEX brands itself as a decentralized exchange but the platform has several characteristics commonly found in centralized exchanges. IDEX was a hybrid model from its inception due to its use of off-chain order books and order matching. Decisions by executives to introduce KYC checks and IP bans have led to even more centralization over time.
Overall, Blockfer does not recommend trading on IDEX. We believe there are better options for users seeking a more decentralized trading experience.
|Learn More||Best Features|
IDEX Official Website