Review on IDEX by Stephen Toluwani
An Expensive Decentralized Exchange
The Idex Exchange is a Decentralized Exchange hub for ERC-20 compliant tokens and has been in existence since 2017. As at my time of writing, the exchange has a volume of $380,000 which is a bit impressive for a Decentralized Exchange. The exchange has a number of ERC-20 tokens being traded in it's exchange but liquidity isn't provided
There is a higher influx of inactive pairs on the exchange which makes the exchange not an ideal option for me. Among a number of over 150 pairs, as at my time of writing, only 23 of them had liquidity to trade. The best to trade on this exchange are popular pairs as most of the tokens hosted on the exchange has an absolute zero amount of volume
The exchange boasts of a live chat support team and it's platform hosts 6 different major languages. The User Interface is a very intuitive one as users can find their way around with ease and speed
The exchange has good security features and provides an inbuilt wallet on the exchange of whichit's users are in control of their private keys. On the exchange fees are charged for both market makers at 0.1% and market takers at 0.2% and also includes gas fees deducted by the exchange of which I term not good enough. The trading fees charged by Idex is higher than many other centralized and decentralized exchanges
The exchange has a minimum withdrawal limit of 0.2 Eth worth of token and no withdrawal fees except for the gas fees paid to the network miners
Pros
- Has a standby Live support team
- Supports 6 major languages
- Has an inbuilt wallet of which the users are in control of their private keys
Cons
- There are so many inactive currency pairs on the exchange
- Trade fees of 0.1% for the market makers and 0.2% for the market takers and an inclusion of gas fees paid by the taker is too high for a Decentralized Exchange
- Withdrawal limits of 0.2 Eth worth of tokens is also considered high in my opinion
