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IDAX Review - is it scam or safe?

IDAX Review - is idax.mn scam or good cryptocurrency exchange?

RATING: 1.3 / 5 REVIEWS ForexBrokerz IDAX

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Deposit Fee

Standard

N/A

0.2% 

Unspecified

 

IDAX is a cryptocurrency exchange headquartered in Mongolia but seems oriented towards the Chinese market, as its website is available mainly in Chinese. It offers trading in quite many digital assets. It does not support fiat currencies, nor does offer leveraged trading. In fact, there isn’t much information in the English version of IDAX’ website.

 

 

IDAX Advantages



Multiple coins traded

By the time of writing this, there are more than 20 pairs available for trade at IDAX, although it is a nwly-launched platform. Apart from Bitcoin and the popular Ethereum, IDAX has listed EOS, OmiseGo, Status, Bytom, Aeternity, Storj, Loopring, Odyssey, Dentacoin and others. It keeps adding new coins to its offering.

 

Competitive trading fees

IDAX charges a flat fee of 0.2% per trade, which is a good pricing. In fact, is the industry’s average.

 

Nice trading platform

As most exchanges, IDAX provides a web-based platform that is simple and perfectly functional. It has some charting, as well as a Market Depth window. Trading is done against Bitcoin and against Ethereum.

 

 

IDAX Disadvantages

 

 

 

No fiat currencies accepted

IDAX is a digital assets exchange, which means only cryptocurrencies and tokens are being traded against one another, and you cannot deposit or withdraw in traditional money like EUR or USD .This is not a major disadvantage, however, if you don’t possess any coins, you will have to go through a “gateway exchange” first.

 

Leverage is not offered

IDAX does not offer trading on margin, so if you are looking for a place to trade in Bitcoin aggressively with some leverage, this is not your exchange. A few exchanges offer margin trading, however most forex brokers who offer CFDs on cryptocurrencies provide trading on leverage.


 
>>Bitcoin forex brokers<<

 

You should be aware of the fact that a CFD is an asset different from the actual coin. For a further information and comparison of the two styles of trading, check out this page.
 

No clarity on deposit/withdrawal fees

We could not find any information about the transfer fees at IDAX. Most exchanges do not charge crypto deposits, but apply some fees to withdrawals.

 

No anonymous trading

IDAX.MN requires our users to register with a valid email, password and bank account. The latter means that anonymous trading is not possible on this exchange.

 

 

Conclusion

 

IDAX is a cryptocurrency exchange based in Mongolia that seems to target mainly Chinese investors. It has pretty solid digital asset portfolio, but does not work with fiat. Furthermore, IDAX` trading platform is relatively nice and the transaction fees are not high, however we don’t know whether and how it charges deposits and withdrawals.

 

According to the information on its website, IDAX platform was developed by the Global Blockchain Research Center (GBC). Its transaction center is located in the GBC High-Tech Industrial Park in downtown Ulaanbaatar, Mongolia.

 

While there are no specific regulations in Mongolia regarding digital assets and crypto-exchanges, the activities related to them are not banned like in China. So, IDAX operates in the grey area, which is the case with more cryptocurrency exchanges worldwide. This, of course, involves certain risks. If you`d rather trade in Bitcoin and other major cryptocurrencies with a regulated entity, we remind you that forex brokers are also an option. Moreover, some of them are duly licensed.



>>Regulated Bitcoin CFD brokers<<


 
Here is a summary of the strong and weak sides of IDAX:

 

Pros

Cons

Multiple coins traded

No fiat currency support

Competitive trading fees

Leverage is not offered

Nice trading platform

No clarity on deposit/withdrawal fees

 

No anonymous trading

 

 

 

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Traders` reviews for IDAX

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Slippage

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Requotes

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Price feed

Pros

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Platform

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Deposit/Withdraw

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Summary

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Probleme identification

Hello

We try to submit on IDAX with friends.
we all have probleme with the photo contening the number the identity carte with our face

Loic maisonneuve 11/20/2019

I guarantee all of you that IDAX is 100% SCAM

IDAX is 100% scam and there are just countless illegal activities they have done.

This exchange is just born to be a scam and there is no proper managers to deal with incidents. they randomly block users' accounts, don't approve withdrawal, hack users' accounts, and etc.

below is just a few of the articles that may help you understand why IDAX is a scam.

https://bitcointalk.org/index.php?topic=5158867.0

https://medium.com/fas-chain/investors-beware-idax-exchange-hacking-alert-c1bf8e94cbb3

https://shitcoinoffering.com/shady-deals-of-idax-exchange/

James 09/24/2019

Insisting on double deposite

Their admin insisting on a double deposit to fix a problem I already fixed. Very insistent and demanding! Like saying "deposit now to fix" And I keep saying the problem no longer exists.

Doug Cutler 08/02/2019

Good Exchange So Far

I have deposited three small deposits and bought and sold. And then withdrawn. So far, so good. The only bugaboo--had to supply identification papers. So don't deposit unless you want to submit identification. Otherwise, good exchange. So far fast withdrawals after purchasing.

A D 04/20/2019

Big Scam

Stay away from this bullshit exchange. I tried to withdraw some VIN (only 8 dollars worth, happy for me) and I wanted to transfer it to my wallet. But that was not accepted ('invalid acoount') while I use my wallet for several years. I spoke the sevice desk and asked what to do. Their answer was: "fill in the name of the coin in the account destination". Ok, I tried to fill in 'VIN' instead of my wallet and it worked. I thought it will be parked in a transfer wallet at IDAX and from that place I need to transfer it to my own wallet. But a couple of hours later my funds were lost. I asked the 'service' desk and they said: "sorry sir I don't know were your funds are".

SCAM SCAM SCAM!!!!!!

harrebas 03/19/2019

Grosse arnaque

Site a eviter, prix du marché qui perd 230% au moment de vendre et gagne 120% à l 'achat du jamais vu.

Translated by Google:

BIG SCAM
Site to avoid, market price that loses 230% at the time of sale and earns 120% at the purchase of never seen.

Zack 03/17/2019

Lost funds

This may be, without a doubt, the worst exchange I have utilized. They lost a large deposit and gave me the runaround for 6 days. Finally, they informed me that I traded my deposit coins for ETH. The amount of ETH deposited was half the value of the coins I deposited. I was unable to pull up any trade history in my account. I have sent multiple emails to the exchange without response. I will be reporting these issues to TEAM MCAFEE. I sincerely hope that more people do not lose their deposits, but I fear this is the case. There were multiple customers with the same issues on their "service desk". In addition to no response, I did receive multiple offers from scammers to fix my issue for a fee or my login information. Regulation and reputable exchanges need to come soon.

DO NOT TRUST THIS EXCHANGE!!!!!!!

Matt 01/23/2019

Scam site

Scam site, They allow you to add coins but lock you from withdrawing with KYC. No clarification on this before you deposited coins so now im stuck since i do not trust any chinese site with kyc information.

I only signed up to exchange a single coin since its the only exchange that its listed on.

No support team, can't contact anyone to clear this. Lost all my money! should have seen this coming, learned my lesson. Stay away!

Ham 10/29/2018

IDAX blocking withdraws

I made a withdraw from the IDAX-exchange, but for one day stands "Waiting for the approval." I didn't get any confirmation mail. In the FAQ stands "We need to manually confirm to withdraw coin(s), thus it would take 1 week day for the confirmation, it will delayed on a weekend and any other holidays"! After reporting this in the Telegram channel I got messages from fake-accounts trying to look like admins, I would have to pay 0.1 ETH for unlocking my account, also BTC would be possible, other users would have to pay 0.5 ETH for it. After I showed him up he deleted the relevant message with his BTC-address before I could make a screenshot of it, and blocked me. This is the ETH-wallet of one of the fraudsters: https://etherscan.io/address/0x7F2A9175625CC17BA4a2798F20152B083Ba0b5aa Even if this fake accounts aren't from the IDAX-exchange: IDAX has absolutely no right to block the people’s coins! And they will be responsible for all losses resulting from blocking the assets! Even the real admin of the Telegram group was not able to confirm the withdraw within a complete day! The world has to be warned about this kind of criminal activities! Be aware of!!

Uwe Martens 07/21/2018

Technical Problems

I have a big issue about this exchange. To withdrawal is required 2fa authentication, but after enabled it , I cant do anything , because i doest regcognize the 2fa google code. I have checked and is everything ok with the google auth, because I use it for other sites and it worked. Only for IDAX its stucked. Very worried. I dont know if they will help me , but I´ve sent a email asking. Lets pray!

Eduardo 07/19/2018

My 2nd time to experience delay with IDAX

I'm getting to hate IDAX team.
My first 3 withdrawals was so swift and smooth.
But my 4th one almost took 12 hours for the team to approve.
I wonder how many hours it will sit on "waiting for approval" status if I didn't contact them after 8hours of waiting.
I sent 4 emails that day and got no answer from the team BUT yes, they sent my funds at around 10am plus.

Now, this is my 5th withdrawals.
I made the request at 1:20am just this day - June 4, 2018.
And I already sent 6 emails but got no answer.

IS IDAX A BANKRUPT?

BJ 07/04/2018
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