IDEX Decentralized Exchange Review

IDEX claims to be the first DEX with hybrid liquidity. It includes an order book boasting good performance and an AMM (Automated Market Making) feature. You can get the best features of exchanges of decentralized and conventional forms, the perks of a conventional order book, and the protection offered by an AMM. The official site does not provide info on the founding year, location, and other company details. 

IDEX overview

Three main components make up this service and help in creating an efficient user interface. They are:

• An efficient exchange that is off-chain but manages all trading aspects successfully
• A trading engine that can provide powerful performance 
• The order book is linked to the trading tool to limit gas fees and increase perks
• A simple swap interface is easy and quick to use
• Hybrid liquidity (HL) blends conventional order book and a trading engine with the AMM liquidity pools
• Spreads are tighter and there is an option for passive liquidity with the HL feature
• Uses smart contracts for decentralizing funds, settling trades, and using innovative DeFi methods

How does IDEX work?

The DEX allows for all of the following:

1. Swap

There are no failed trades, reduced settlement costs, and fair-trading conditions are ensured by the platform

2. Advanced

Trades are executed instantly and the exchange offers better pricing when compared to the conventional AMMs. Advanced trading methods are available to ensure better returns.

3. AMM

An efficient API, placement and cancellation of orders without gas fee, and arbitrage opportunities are present

4. Staking

IDEX tokens serve to run the proprietary software for node operation and earn 50% of the trade charges that the network collects. You need not use bonds and hence the staking is risk-free.

5. Liquidity

The incentives provided for liquidity mining will apply after the IDEX hybrid liquidity is launched.

What can you buy on IDEX?

IDEX works mainly on the ETH and ERC-Tokens. It also works with Quant, Everex, Etherbase, Fantom, and Flexacoin.

Is IDEX safe?

The company provides encrypted operations ensuring a secure and safe environment for users.  There is no info provided on the official site on the security features available.

IDEX fees, compatible wallets, and transactions

The main wallets this service supports include Metamask, Toshi, Blue Wallet, Trust Wallet, Web3, and more. The fees charged are as follows:

• 0.25% taker fees are present irrespective of the liquidity
• 0.25% is collected as protocol fees for limit order liquidity
• 0.20% is charged for pool liquidity and 0.05% for protocol fees
• 0.1% fee is charged on limit orders for market makers

Gas fees are automatically managed to limit costs and eliminate failed trades. Users need to pay the fees to shift their funds into IDEX smart contracts. The amount of fees collected is not revealed by the vendor.

What are the ways to trade on IDEX?

Here are the many methods you can use on the platform:

Deposit

To deposit, you need to first connect your wallet to the exchange. On the Balances page on the site, you can use the IDEX Balance and order features to deposit the amount you wish. You need to pay the gas price for the deposit for it to complete.

Withdraw

To withdraw, use the same Balances feature and complete the steps as in the deposit process. Choose the withdrawal option instead of a deposit.

Buy and sell

Link your wallet to IDEX and deposit funds. Now choose the market you want to trade. Choose the Limit from the Type menu and enter the asset price you want to buy and the amount you wish to sell. Now click on the buy/sell button. If your order is matched, it will be displayed on the ETH network for settlement.

Other features you can use at the DEX include,‘view and cancel’ the open orders, view the trading history.

Customer support

For support, the vendor provides a live chat feature and links to social media pages like Telegram, Twitter, Facebook, etc. 

Should you trade with IDEX?