What is IDEX?
IDEX is just one of the greatest choices for ETH DEXs at 2019. With all these restrictions on US taxpayers in regards to ETH-based alts, IDEX can be a Oasis.
Specifically, IDEX Is Quite Helpful for trading these Ethereum-based alts which you have prohibited from trading from Bittrex, Binance, etc.
TIP: Like many trades, even DEX trades, IDEX is beginning to require individuals to conceive balances. The demand starts August 23rd.
How IDEX Works
In simple terms IDEX is just as with any exchange. You deposit a money, you trade, you withdraw.
However, there are a number of particulars to see.
- IDEX is just a decentralized market, meaning it’s peertopeer trading and also the machine is handled by smart host.
- IDEX can be a market on the Ethereum system, and also the most important crypto market utilized like a “base pair” (money to trade ) is ETH and differently you’ll utilize ETH-based exemptions such as TUSD, USDC, and also DAI as pairs.
- IDEX prices in Ethereum-based tokens, therefore all components can be kept at an individual Ethereum-based wallet.
- IDEX does enable you to conceive a pocket, however IDEX isn’t a solution for long term storage. You should generally move your funds to the wallet you use to connect to IDEX from a wallet used for long term storage, then deposit your funds in your IDEX wallet from the wallet you use to connect to IDEX, and then move your funds off of IDEX partially back into the connected wallet if not into a long term storage wallet from there. So for example you would use your long term wallet like Ledger, a MetaMask wallet to connect to IDEX, and the wallet on IDEX you are using to place trades.
How to Use IDEX
To use IDEX you just conceive a wallet on IDEX, send ETH or ETH tokens to the wallet (for example by before all else using MetaMask to access to IDEX), trade like any other exchange using limit orders and store orders, and then withdraw your tokens.
For more details, see the official IDEX guide. You can also watch the video down from.
How to Use IDEX (Official Video Walkthrough).
Watch out for low volume illiquid pairs: There are many low volume pairs with significant spreads on IDEX. Please pay careful attention to the cost you are paying and to the depth of the order book. A large store order can move the store by absurd amounts on a pair that lacks liquidity! Also, the spread can be so big it means you have to be careful about knowing the store cost and be patient about waiting for your order to fill. Don’t allow the “store making” robots push you as they try to leading run your purchase, discover the cost you’re ready to cover, place your purchase, and wait patiently for.
Why Didn’t IDEX Ban US Users Like Binance?
Binance, Bancor, Bittrex, and others are all centralized custodial exchanges that hold funds. IDEX is quasi custodial, as there are wallets that you need to deposit into when trading… but it is otherwise a decentralized peer-to-peer exchange,
One could argue that the SEC might come after IDEX like they did with EtherDelta… but, in short IDEX is mostly just smart contracts (although the front facing website that interacts with the contracts is run by a team and like with EtherDelta, that could be a problem for them, not you, down the road).
“IDEX” contains information about the following Cryptocurrencies: