IDEX is a decentralized exchange that is based on Ethereum and features both ERC20 token and Ethereum trading pairs. This exchange is comparable to EtherData in the fact that it also uses smart contracts that enable users to manage their private keys.
This also enables them to transact businesses in a safe and peer-to-peer ecosystem. For effective management of funds, IDEX Exchange features Meta Mask Wallet and Ledger Nano S integrations. This is much better than keying in the private keys in a manual way.
How IDEX Operates
For IDEX, the name of the game is smart contracts. This smart contact enables the users of this exchange to manage their funds in a more effective and secure manner. Once the funds have been kept in the smart contract, nobody can get access to them, unless they have the user’s private keys. This, however, can only be possible when the user signs off their funds. Trading with IDEX is much easier than most trading platforms.
Once they have accessed the main trading platform of the exchange, users will notice that everything they need for the purposes of trading are in front of them. They will be able to view tools such as trading pairs, order books, trading charts, as well as the wallet balances; all in one page.
Those who are using this platform for the first time might think that having all these on one page might be overwhelming, but the truth is that it creates much breeze and makes the whole exercise fast.
Important Steps to Follow
The first thing that the customer would need to do is to deposit funds into the smart contract of the exchange. That is how they would get started. There is an account dropbox that can be seen at the website’s top right corner. This option enables the customers to integrate a brand new wallet or even create a brand new one. Should a user decide to create a new wallet, it would be the duty of the exchange to produce both a Wallet Keystore File and Private Key for the user.
Despite the kind of action that the customer is engaged in; whether it’s accessing an existing wallet or creating a new one, there are four options that must be used.
• The Keystore File – The Keystore file can be used for the purposes of uploading a private key. This is done for an Ether address that is created on the exchange or any other place.
• Private Key that is Manually Entered – The customer can opt to manually enter their private key so that they can unlock the funds that are contained in their Ethereum address.
• The other two last options are the use of MetaMask and Ledger Nano S.
The Fees & Limits
For market makers, IDEX exchange would only charge 0.1% and 0.2% for market takers. While market takers are those who take liquidity by filling in an order form, the makers are the ones who make liquidity by creating a new order.
The prices of Ethereum gas have been on the rise, and it is usually much higher than 0.2%, which is the exchange fee for IDEX. The taker fee, therefore, could be more than 0/2% based on the traffic of the network.
From the look of all things, IDEX Exchange continues to earn a positive reputation as the only exchange that is closely following the steps of EtherDelta. As a matter of fact, it is ranked much ahead of EtherDelta based on the trading volumes.