In the growing world of cryptocurrency, traders are seeking reliable, accessible and secure exchanges that will allow them to trade their digital currency using flexible payment methods globally. More are more exchanges are seeking to offer traders what they need by working with different digital currencies such as Bitcoin, Litecoin, and Ethereum and so on.
One such exchange is the IDEX.
What Is IDEX?
IDEX is a decentralized exchange based on Ethereum, featuring ERC20 tokens and Ethereum trading pairs. The platform uses smart contracts that give users the opportunity to manage their private keys, allowing them to trade in a secure peer-to-peer environment. As safer alternatives for fund management, IDEX decentralized exchange features Meta Mask wallet integrations and Ledger Nano S, which are preferable to entering user private keys manually.
IDEX works by leveraging its smart contracts to manage its users’ transactions, unlike other decentralized exchanges. It allows a user to sign off a transaction with their private key but will broadcast the transaction to the Ethereum blockchain itself. In this way, it is able to update account balances and order books in a timely manner. This ensures reduced friction as it allows proper management of the flow of network transactions, providing a centralized exchange user experience without compromising the security and user control of a decentralized exchange.
How IDEX Decentralized Ethereum Token Trading Exchange Works
IDEX employs exchange smart contracts which enable users to manage their funds through their private keys, making it impossible for other people to access stored funds unless the users sign off on them. IDEX offers an all in one package where the necessary tools are availed on a single page- the trading chart, order book, wallet balances and trading pairs. Having these components on one page makes trading easier for users.
IDEX provides the use of hardware wallet integration which is beneficial to users. The use of ledgers and Meta Mask to trade on IDEX shields users from risks such as phishing attacks and malware. The use of smart contracts ensures your funds are safe as you trade while the exchange broadcasts the transactions directly to the Ethereum network.
Unlike other decentralized exchanges, IDEX allows you to market or limit orders with the option of canceling trades without extra payments.
IDEX prides itself on several features. For starters, it offers security buffs that the centralized exchanges are not designed to support. The Ethereum-based exchange runs as a node on the network and is created complete with all security features expected of a blockchain network. It also ensures funds are safely locked-in until the user employs the private key to sign a transaction to move them.
IDEX also makes use of trading pairs dealing exclusively with Ethereum and ERC20 tokens. This makes it possible for users to access everything they need within the Ethereum family.
The IDEX platform charges market makers a fee of 0.1% and takers a fee of 0.2%. The responsibility of paying the gas fee for a transaction lies with the takers.
Finally, IDEX provides a chat box for user support. The support team and users can use the forum to address queries and concerns.
IDEX Final Thoughts
Despite controlling the private key, the user still has to rely on the exchange to execute trades which still makes the process somewhat centralized. Otherwise, IDEX lives up to its growing reputation.