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IDEX Review - is it scam or safe?

IDEX Review - is idex.market scam or good cryptocurrency exchange?

RATING: 1.5 / 4 REVIEWS ForexBrokerz IDEX

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.2% taker, 0.1% maker

 

IDEX is a decentralized exchange on the DAO blockchain network (the one that supports the Ethereum coin). It offers fast exchange services and supports real-time trading in over 200 cryptocurrencies, in addition to Ethereum. But the platform does not offer trading in Bitcoin.

 

IDEX Advantages

 

- Good Platform. IDEX's trading platform looks and feels like a proper trading platform and has the essential features needed for serious trading. The charts and analysis tools are provided by TradingView. There are price and market depth charts.

 

- Fast Trading. IDEX's modus operandi allows clients to trade continuously, without having to wait for the transactions to mine. It can fill multiple orders at once and allows clients to cancel orders immediately, without “gas costs”. Gas Costs is the term used to denote the network mining and transfer fees on the Ethereum network.

 

- Several types of Orders. IDEX supports several types of orders – limit order and market order. They are filled in accordance with the conditions and immediately, respectively, but in the meantime the client can continue to trade, without having to wait for the order to settle. 

 

- Order book. The order book of IDEX is updated in real time and the platform offers detailed order history.

 

-  Good Speed. Due to the nature of IDEX's platform and order processing, the speed of trading is high, unlike on many other platforms which sometimes take hours or even days to complete the order. In fact, IDEX claims trading is done as fast as the user can place and confirm the orders on the ledger and can perform multiple trades per second.

 

- Detailed Guide. IDEX has a very detailed guide on how to use the platform, how to deposit and withdraw, how to unlock the wallet, etc. We find this very helpful, particularly for the novice users.

 

- Low Fees. The trading fees of IDEX are in the low end for the industry.

 

- Wallet. IDEX offers own e-wallet to its clients, which is rather convenient and is not offered by so many cryptocurrency exchanges. 

 

- Good Security. Users' wallets are encrypted with their private keys and they are accessible only to them. IDEX cannot access them and cannot perform any operation with them, unless approved by the user's encrypted key. 

 

- Lost of Coins. We have already mentioned that IDEX supports trading in a large number of cryptocurrencies. Additionally, it can add others, as voted by users. 

 

- ICO. At the time of writing of this review, IDEX's parent company Aurora DAO is running an ICO of Aura tokens that can be bought for Ethereum tokens. This is an interesting offer, even though such unregulated ICOs are an extremely risky investment and have been warned against by numerous national financial regulators.

 

IDEX Disadvantages 

 

- No Bitcoin. IDEX does not support trading in bitcoin, but only in coins on the Ethereum smart contract network.

 

- No Leverage. IDEX does not support leveraged trading, much like most cryptocurrency exchanges. There are some, like Kraken, CexIo and bitFlyer who offer this type of trading. More conveniently, however, many regulated forex brokers are offering leveraged trading on cryptocurrency CFDs. It is easier for those who just wish to speculate on the prices and already have an account with a broker, as they can use their existing account and the familiar trading platforms.

 

>> See our list of regulated bitcoin forex brokers <<

 

- Minimum order limits. There are minimum order limits of of $20.00 USD (equivalent) for makers, and $10.00 USD (equivalent) for takers. This is not a lot and is explained with the gas fees, but nevertheless, those are still limits.

 

- Withdrawal limits. IDEX has minimum withdrawal limits, too. They amount to $1. Like with order limits, the reason are the gas fees and the sum is really small, but it is a limit, nevertheless.

 

- Gas fees. Each trade costs ~140k gas. According to IDEX, Gas costs are about 1.5x higher than EtherDelta and slightly higher than 0x, but on IDEX there is no risk of competing for the same order and wasting gas. Users also cover the deposit gas fees.  

 

- No Fiat. IDEX does not offer trading in crypto for fiat and vice versa.

 

- No Cards. As it does not work with fiat currencies, naturally IDEX does not accept payments with credit and debit cards.

 

>> See crypto exchanges accepting credit cards <<

 

Conclusion

 

IDEX is a relatively new decentralized trading platform on the Ethereum network that offers trading in hundreds of tokens. Unlike many exchanges, trading is done in real time and is as fast, as the client can trade. Its platform looks quite like a proper trading platform, rather than a simple exchange form. Our guess is that it will attract serious traders, instead of the occasional trader who just wants to dabble in exchanging cryptocurrencies every now and again or just wants to buy some bitcoins. 

 

Obviously this type of traders are not the main target clients of IDEX and this is why it does not offer trading for fiat currencies. 

 

On the other hand, IDEX has good security and the already mentioned advantages of speed and ease of use.

 

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Traders` reviews for IDEX

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Summary

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Scammer

Beware its really scammer, especially in airdrop, just check balance, suddenly got banned, i have alot of token and they wont pay it, IDEX Really SCAM, beware

Djoko Mulyadi 06/13/2019

IMHO

If you are interested in, EtherMium doesn't have any veryfication or KYC. I think, it should be mentioned. IDEX is not really good choice.

Stasy 11/19/2018

IDEX is a scam, confirmed!!!!

I deposited a test run of $50 worth of eth to exchange. The amount was pending, it said refresh the screen. The history says "No history" when I tried to deposit to market for exchange. My despoit history has also vanished. There is nothing anyone can say to tell me this is not a total scam. Notice the idex rep no longer posts here. Yes, I've read hundreds of messages (and those are the one's who bothered to post) about stolen money.

Confirmed, IDEX is a total scam. They need to be investigated by the FBI. I guarantee theft will show on evidence related to idex.

Rob 06/02/2018

low fees lol

Low fees, where, .150 to buy minimun, 8gwei gas just to tansfert from idex wallet to idex echange, even breathing in front of the screen has a cost, the most expensive exchange im stuck with because of 2 coins, will never go back

Claude Dunn 05/20/2018

IDEX - a big big scam

i have withdraw from coin poker 7446.05 chp tokens to my ether wallet account.after this i tried to sell my chp tokens on idexmarket...i have linked my ether account to idex tried to deposit my chp on idex but i never received the deposit in my balance and on telegram idex told my that my chp tokens were send by me to an account ending...77(i have just pushed the deposit button from index i did not typed any adrees just the deposit money).So i lost all my tokens that means 650$ with the simple explication from idex that my tokens were stoled by a hacker and i gived them the transactions from the account that stoled my money and idex wash tradind with that account that many people complained it's a thief.i know that idex should have protect my transaction from thei platform but thei are stilling i realized.afer this i saw many people that losed their money to the same account many many people...tell me how is this possible????to the same account...and they were complaining a lot that idex is a scam
i have saved all my transactions...don't trade with idex!!!!

lar oana 05/17/2018

Fee off a deposit?

Do they take a fee when you deposit funds (ETH for example) from other exchanges. I transferred some over and my balance is showing as less than $1?

Patrick Loughery 05/11/2018

scam Andy Sack Founders co-op seattle

stay away from the IDEX.market scam, they will take your money all the way to panama, not even a real company. they will list and take your ETH and put up a under maintenance sign and never let you do anything with your money. THIS IS A SCAM!!!!
Also found the operators of this scam exchange https://auroradao.com also a scam!

Alex Wearn
Phil Wearn
Raymond Pulver
Brian Fernalld
Forrest Whaling
Sonia Siok
Enzo Villani
Cory Klippsten
Andy Sack Founders co-op seattle

ALL SHOULD BE PUT IN JAIL after running away with millions to panama!

Haley M 05/07/2018

Idex is a scam. My deposit a success on Etherscan, not shown on idex

So, I wanted to buy some BABB coin so I connected my metamask wallet to IDEX. I followed all the instructions on how to create a wallet, and deposit funds. I did it correctly. I got a successful deposit message from IDEX. My balance history showed the transaction as success with 524 confirmations. As soon as I got the popup from IDEX saying Successful deposit, my balance history went blank. My deposit no longer shows in history. My funds never appeared in my balances. I have the successful transfer on Etherscan: 0xa60b3d4c1f2137f4b5145a48be71a5288a22bde8bfd7337606c701cd1285e81d

AGAIN MY BALANCE NEVER SHOWED UP ON IDEX BALANCES AFTER MY SUCCESSFUL DEPOSIT MESSAGE FROM IDEX. It said SUCCESS, please wait for blockchain synch for your balance to appear. That was almost 24 hours ago, it has surely synched. Why would my balance history show blank for a deposit I just made, it only went blank after I was given a success deposit popup. Lukily this was just $30, a test run to see if this was a good exchange or not.

THIS EXCHANGE IS A SCAM. I DID EVERYTHING CORRECTLY, MY DEPOSIT SAID SUCCESS YET MY BALANCE NEVER SHOWED UP. DO NOT USE IDEX. I went into the etherscan comment section for IDEX and saw this same thing happening to other people!

Kris Meaney 04/14/2018

Good as any for ERC20 tokens

This exchange is as good as any for ERC 20 tokens. The volume may be low? The price difference between buy/sell...?? but it is all spelled out. I've moved ETh in, traded and moved to Exodus, all went well. Thumbs up

dolan thomas 03/26/2018

Terrible

Although I did finally manage to purchase some tokens I was after the IDEX service is awful. Multiple times my coins vanished and i wasn't able to view them for weeks. The transfers are incredibly slow and the gas system is completely non sensical. On top of that when I asked IDEX for help with my coins which were not viewable they were unhelpful and actually quite patronising. DON'T USE, find another exchange.

Luke 03/18/2018

Trading process is very slow

Dear sir as I buy EMV coin on 28 feb 2018 but still my order is showing pending this is very slow four days ago I put my order pl let me know reason actually I place my order to buy @0.001700 per EMV and now the current rates goes ie. 0.001876 but still I unable to complete my order

NITIN MARKAND 03/04/2018

All operations function as intended, let's see how it plays out

These other reviews are trolls... Ray creath doesnt understand markets and "Joe"...

Idex seems legit so far. You are always in control of your funds with your private key and wallet address. Idex is just code doing what you ask it to. From what it sounds like, if the code ever fails, you just do a return operation in the contract.

Have moved around $1k so far and it seems alright. But like I said, still a small market, but good selection of ETH based coins.

Kyle Anon 02/19/2018

Response to Reviews from IDEX Co-founder

Hi Joe - I believe you have us confused with another platform. We do not have any investment opportunities like the one you described, and we do not hold anyone's funds hostage or attempt to blackmail before they can withdraw. Hope you get your problem sorted out.


Hi Ray - I'm sorry you had a bad experience on IDEX. The exchange is simply a marketplace for buyers and sellers to come together, we do not set any of the prices and our revenue is generated by taking a percentage of the trade itself (there is no price "tweaking" as you suggest). This is the way all crypto-currency exchanges work, and it's up to the buyer to check the price and confirm that they are ok with what other buyers/sellers in the marketplace are offering.

Alex Wearn 02/17/2018

The worst , scam exchange I've ever used

I used this Exchange to buy blockport token. To do so I decided I was going to sell my fun fair tokens. At the time fun fair was training for around $0.06 a coin. I guess this is my fault because I figured idex would be trading for the fair market value of the coin. So I sold my phone ferret without calculating The Ether valuation. I knew before I sold them I should have ended up with about $500 worth of The Ether. It was after I sold them I realized I only ended up with about $300 worth of ether. I then did the math and realized they gave me less than $0.04 a token for my fun fair after realizing what happened I decided I was going to buy my fun fair back. But to buy it back they were charging $0.08 a token. So in conclusion this site is very much a scam and I would not suggest anybody to use it. I understand tweaking the price a little bit to make a profit, but what they're doing is robbery

Ray creath 02/09/2018

Invested money now cannot withdraw

Dear Sir /Madam

I invested $500 at idex software linked to IQ option now my traders says i cannot withdraw i have a profit of $30 000 .they said i have to pay a 20% of the profit ammount before i can withdraw ,please help me in this regard.

i hope this will reach your highest consideration.

Best Regards
Joe

Joe Dladloti 01/04/2018
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