Review on IDEX by Ogulnar Annamuhammedova

IDEX is an Ethereum-based decentralized exchange that includes Ethereum and ERC20 token pairs. Like EtherDelta, it uses smart contracts that allow users to manage their private keys and trade in a secure, peer-to-peer network. It also includes integration with the Ledger Nano S and Meta Mask Wallet, safer alternatives to fund management than manually entering your private key.

Unlike EtherDelta, IDEX uses its smart contracts to manage transactions for its users. You will still sign the transaction with your private key, but the exchange itself will broadcast the transaction to the Ethereum chain for you. This allows the exchange to update account balances and order books in real time, as well as manage the flow of network transactions to reduce time. This gives the user of the IDEX exchange the ability to centrally exchange without sacrificing the security and user control of the decentralized exchange.

As with most other cryptocurrency exchanges using Ethereum, smart contracts are fundamental solutions for IDEX. You will manage all your funds through the exchange's smart contract, and as long as no one else has your private key, your funds cannot be affected as soon as they are stored in the contract.

As soon as you are on the exchange, you will notice that you need to trade right in front of you. Your wallet balances, trading table, order book, trading pairs and other instruments are displayed on one page. It may seem overwhelming at first that this is all grouped together, but we'll move on to each component below - and everything on one page actually does allow you to buy and exchange cryptocurrencies very quickly and reliably.

First of all, you will need to deposit funds into the exchange's smart contract to get started. There is a dropbox in the upper right corner that allows you to integrate a new wallet or create one through the exchange. If you choose to create one, the exchange will give you a secret key and a Keystore Wallet file. If you are creating a new wallet or accessing an old one, you have four options for opening a wallet on an exchange:

1. Keystore file: you can directly upload your private

a key using the KeyStore file for the Ethereum address,

which you created on the exchange, or otherwise.

2. Manually entered private key: you can manually

enter your secret key to unlock funds

Ethereum address.

3. MetaMask: you can unlock your wallet

MetaMask and access it through the exchange.

4. Ledger Nano S: You can integrate your Ledger Nano S into

exchange and invest directly from it.

Hardware wallet integration is one of the biggest benefits of using a decentralized exchange like IDEX. Using a book to trade on IDEX insulates you from risks such as malware and phishing attacks. Meta Mask protects you from phishing attacks, but not malware, and as the EtherDelta DNS hacker has shown, manually entering your private keys leaves your funds unavailable for phishing and is the most vulnerable option to access funds.