State Of The Dapps Review; IDEX: Distributed exchange made of smart contracts.

in stateofthedapps •  7 months ago 

Hello my guys. I hope you all doing fine. Here is a state of the DApps review. I will be reviewing IDEX: A Distributed Exchange Made Of Smart Contracts.

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IDEX is a decentralized exchange for trading Ethereum (ERC-20) tokens. IDEX combines the speed of centralization with the security of blockchain settlement.
https://www.stateofthedapps.com/dapps/idex

On IDEX, users can buy and trade more than 200 different ERC20 tokens which are on the Ethereum network. IDEX is a crypto exchange that aims at providing a user friendly and secure crypto-currency trading experience.
IDEX exchange provides a peer-to-peer trading experience and also uses smart contracts to make transaction to the Ethereum Blockchain. Funds on IDEX Exchange are secured and user's funds cannot be accessed until user signs a permission cryptographically and private keys used in making transactions are encrypted.

GETTING STARTED

Firstly, input https://idex.market/eth/idex into your web browser and a page will appear welcoming you to IDEX Exchange.

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Then Click on UNLOCK WALLET. A page like the image below will show up.
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You can either select Keystore File, Private Key, Software Wallet (MetaMask, Trust Wallet, Toshi, BLUE Wallet, etc.), or Ledger Wallet (recommended) to access your wallet. I am selecting Software Wallet so as to access my wallet.
Click on Unlock Software Wallet to unlock your wallet [that's if you have software wallet installed on your browser like Chrome, because I have installed METATASK chrome extension wallet on it].
Click on connect on a page that will show up from Metatask wallet to connect IDEX EXCHANGE to your software wallet.
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Below is the snapped image of my wallet upon successful linking of my metatask wallet to IDEX EXCHANGE.
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IDEX has a SECTION for CONTACT SUPPORT. Here, you can chat with the support teams of IDEX EXCHANGE if you encountered any issues on the platform.
A SECTION to view your OPEN ORDERS, your TRADING HISTORY, e.t.c.
A SECTION to view your ORDERS, and your BALANCES [Balance History, and Full Balances].
A SECTION where you can search for any crypto coin.
There is also an UPDATE section where you get to read the recent updates concerning the IDEX Exchange.

BENEFITS OF USING IDEX EXCHANGE

What I like about IDEX Exchange is that there is no deposit or withdrawal fees but as a user, you will need to pay trading fees which are very affordable. As a user, you will pay 0.1% for market makers, and 0.2% for market takers. Also, the exchange is very secured and funds are safe because it offers some key security advantages over other centralized platforms. IDEX Exchange runs as a node od Ethereum network. This means that it offers all security benefits that is been provided by blockchain. Also, hackers cannot target it as IDEX doesn't control funds of users.

DISLIKES ABOUT IDEX EXCHANGE

IDEX Exchange supports ERC20 tokens only which means that users cannot trade popular cryptocurrencies like Bitcoin, EOS, e.t.c. Also, IDEX do not suport Fiat currency which means that users can only trade their tokens to other coins that is available on the exchange.

Conclusion

On IDEX, users can buy and trade more than 200 different ERC20 tokens which are on the Ethereum network. IDEX is a crypto exchange that aims at providing a user friendly and secure crypto-currency trading experience.
IDEX exchange provides a peer-to-peer trading experience and also uses smart contracts to make transaction to the Ethereum Blockchain. Funds on IDEX Exchange are secured and user's funds cannot be accessed until user signs a permission cryptographically and private keys used in making transactions are encrypted.

IDEX Exchange supports ERC20 tokens only which means that users cannot trade popular cryptocurrencies like Bitcoin, EOS, e.t.c. Also, IDEX do not suport Fiat currency which means that users can only trade their tokens to other coins that is available on the exchange.

RATINGS: 4/5 stars

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