Review on IDAX by Ayu Anggraini

Name: IDAX
Item: IDAX
Rating: 1

May 30, 2020

Idax is a scam exchange

Idax Exchange! A centralized crypto currency exchange, operating since 2017. 
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Let us discuss one by one my experience using idax and actual facts of idax, I will also discuss why I chose to leave idax before it became an exit scam!
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 Idax is a crypto exchange platform established by individuals that has never appeared to the public or known to exist. This exchange is not known for under any regulator.
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 IDAX claims to be a currency exchange crypto from Mongolia. But apparently after the CEO made an exit scam later it was found to be from China.
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In Q1 of 2018 I traded an alt coin called NTY / nexty and idax was the only exchange for their crypto currency. 
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The first oddity occurs when idax suddenly removes the nty-btc trading pair without any prior warning and only allows the pair on nty-eth, as well as it caused the dominance of trading volume in nty-eth pairs, This has caused NTY prices to increase more than 300% and as a trader i felt that it is quite strange and looks like basic insider trading manipulation. 
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Another strange thing is that when a user wants to withdraw, this exchange has a very bad support system, where you have to look for admin support manually when you have to withdraw. The staff and admin said that on weekends there are no teams working on the exchange . 
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This is of course very unprofessional considering that IDAX is a large crypto exchange platform by volume and withdrawal should be Made in automatic mode. On the other hand the website has features that are not yet complete and the interface looks unsafe to use. 
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With the existing shortcomings IDAX exchange is already running and has a trading volume that I doubt its authenticity. 
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Finally I decided not to trade there. Then problems after problems occurred like withdrawal suspension on some alt coins began to appear in November 2019. 
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Its not only cause a huge loss for COMMUNITY or user but also project owner ! For example One of the projects with the RET (Real Tract Network) symbol is suffering a heavy loss to make compensation for RET tokens that are locked on IDAX.
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.. Not only that idax has restricted all withdrawal function, but also IDAX staff claimed to have lost contact with the IDAX CEO and the  private keys to cold storage that kept users' money. Until the time this review was written, it has been 6 months since the CEO disappeared and exit scam! It is very unfortunate that The site is still running until now and no updates against this exchange regarding the issue.
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This is proof of how important it is to conduct a research before choosing an exchange, make sure you read the right reviews and choose a reputable exchange with a solid and transparent team. Not an exchange that has an anonymous team and anonymous owner, no transparency and has no regulations.
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