IDEX Exchange Review

in stateofthedapps •  7 months ago 

Have you ever used any exchange for holding or trading your tokens. Why you do not have a look on IDEX echange. A decentralized Ethereum Market.

The main features of IDEX are the ERC20 tokens which are the exchanging sets. It is almost the asme like EtherDelte, but it utilizes another brilliant contracts which enables clients to deal with their own private keys and exchange protects them better, with better conditions. Moreover it is also included in the Ledger Nano S Metamask wallet and other mixtures with more secured choices for the tokens , so it has more security with physically entering the private key. However IDEX is using the keen contracts for overseeing the exchanges for the clients or its users. Everything has to be approved on IDEX before doing a change with the private key. Even in the trade on the Ethereum blockchain. This is how the clients of the IDEX or the users, have a great experience with this exchange and trade without having worries about security issues.

How it works?
The name of IDEX comes from the Etehreum Powered DEX smart contracts. Where you can manage all your funds through smart contracts of the exchange itself. Thus nobody except you have your own private key. so your funds cant be touched once they are stored in the contract unless you make another signature for them.

When you enter the exchange for the first time you will see that everything is on front of you and you can trade easily. Your wallet balances are shown there, the charts and the order book. Also the trading pairs and other tools are all displayed in the single page. Team prepared a exchange like this thinking that having everything in one page with help traders more.

How to create an account on IDEX?

For the first time when you go to the link of IDEX https://idex.market you will face with the message that with greet you with a pop up message and will give you an option to explore more about the site or to unlock the wallet. If you do not have a wallet you can create one easily.

To unlock a wallet;

To be able to deposit funds in the exchange through the smart contacts, you can unlock with your own existing wallets, with some options

Keystore File: You can upload your private key via a Keystore file you already possess.

Private Key: You can enter your private key to access an Ethereum address you’ve created.

Metamask: You can log into your Metamask wallet and integrate it with the exchange.

Ledger Wallet: You can use your Ledger Nano S on the exchange and make transfers directly to and from it.

Using either Metamask or a Ledger Nano hard wallet are the safest options as your private keys are not exposed on the site and are therefore not susceptible to DNS hacks.

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Comments

Even I do not use so many smart contracts on Ethereum I do believe this is a valuable project and brought many benefits to its users.

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