IDEX
Reputation Ratings

IDEX

IDEX 5-10 years
Website https://idex.market/
Browser
OTH RELPs
Github
White Paper
Avg Price
-5.97%
1D

$ 0.08462 USD

$ 0.08462 USD

Market Cap

$ 71.344 million USD

$ 71.344m USD

24h trading volume

$ 10.729 million USD

$ 10.729m USD

7d Vol

$ 54.172 million USD

$ 54.172m USD

Circulating supply

807.488 million IDEX

Related information

Issue Time

2019-05-10

Platform pertained to

--

Current price

$0.08462USD

Market Cap

$71.344mUSD

Volume of Transaction

24h

$10.729mUSD

Circulating supply

807.488mIDEX

Volume of Transaction

7d

$54.172mUSD

Change

24h

-5.97%

Number of Markets

90

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

21

Last Updated Time

2020-12-04 01:15:59

Language Involved

Shell

Agreement

Apache License 2.0Other

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

+2.02%

1D

-5.97%

1W

+10.51%

1M

+23.84%

1Y

+43.98%

All

+79.27%

Aspect Information
Short Name IDEX
Full Name IDEX Token
Founded Year 2017
Main Founders Alex Wearn, Philip Wearn
Support Exchanges Binance, OKEx, KuCoin
Storage Wallet Metamask, Ledger, WalletConnect

Overview of IDEX

IDEX is a type of cryptocurrency token that was founded in 2017. This decentralized exchange token was created by founders Alex Wearn and Philip Wearn. It operates on the Ethereum blockchain and its trading features work in real time. The main objective of IDEX is to provide a secure and user-friendly platform for trading ERC-20 tokens. The IDEX token can be bought and sold on various cryptocurrency exchanges including Binance, OKEx, and KuCoin. In terms of storage, the IDEX token is compatible with different wallets such as Metamask, Ledger, and WalletConnect.

Overview of IDEX

Pros and Cons

Pros Cons
Operates on Ethereum blockchain Depends on the Ethereum network's performance
Real-time trading features Relatively higher gas fees
Wide exchange availability Subject to exchange rates and liquidity
Compatible with various wallets Requires technical knowledge for secure storage

Pros:

1. Operates on Ethereum Blockchain: This means that it leverages the security and decentralization properties of the Ethereum blockchain. A trusted and secure environment is created which enhances the interaction of users with the token.

2. Real-time Trading Features: The stand-out feature of the IDEX token is its capability to facilitate real-time trading. This feature ensures the fast and efficient execution of transactions that adds value to the user experience.

3. Wide Exchange Availability: The IDEX token is available on various cryptocurrency exchanges such as Binance, OKEx, and KuCoin. The broad availability enhances user accessibility making it convenient for users to purchase the token.

4. Compatibility with Various Wallets: Known wallets such as Metamask, Ledger, and WalletConnect support the IDEX token. This compatibility allows users various storing options hence catering to diverse user preferences.

Cons:

1. Depends on the Ethereum Network's Performance: Given that it operates on the Ethereum blockchain, its performance is directly tied to that of the Ethereum network. If the Ethereum network experiences congestion or slow speeds, transactions involving the IDEX token will be affected similarly.

2. Relatively Higher Gas Fees: With Ethereum blockchain being known for its high gas fees, transacting with the IDEX token can be relatively expensive. High gas fees undermine the economic value of transacting with the token.

3. Subject to Exchange Rates and Liquidity: Fluctuations in exchange rates and liquidity can impact its trading on the various exchanges. This can influence the market price of the token thus impacting its purchasing power.

4. Requires Technical Knowledge for Secure Storage: To securely store the IDEX token in wallets such as Metamask, Ledger, and WalletConnect, a certain degree of technical knowledge is mandatory. This can prove challenging to non-technical users hence affecting its adoption rate.

What Makes IDEX Unique?

IDEX, as a decentralized exchange (DEX), has incorporated some innovative features that differentiate it from other cryptocurrencies. A key innovation is its combination of blockchain with advanced smart contract technology to facilitate real-time trading of digital assets. Where traditional DEX platforms lag behind due to the inherent delay in transaction confirmations on the blockchain, IDEX bypasses this drawback by managing trade dispatch in real-time, thus ensuring efficient transaction processing.

IDEX also differs from many other cryptocurrencies in its use of smart contracts for transaction authentication and settlement. Rather than relying purely on the blockchain for these procedures, it adds an extra layer of security and efficiency using Ethereum-based smart contracts.

Another distinguishing feature is IDEX's “Gas-Free Cancels” functionality, which might not be available across other decentralized exchanges. The feature ensures that traders can cancel their orders without incurring Ethereum gas fees, providing an efficient and cost-effective trading experience.

However, these innovations come with some trade-offs. For instance, the real-time trading and smart contract features, while beneficial, are heavily reliant on the performance of the Ethereum network and subject to higher gas fees.

Despite its features, IDEX remains one of the many tokens operating in the broad and diverse world of cryptocurrencies, each offering different features and benefits, and suiting different use-cases. Comparisons, therefore, need to consider the specific requirements and circumstances of traders and investors.

What Makes IDEX Unique?

Circulation of IDEX

The circulating supply of IDEX (IDEX Token) as of September 23, 2023 is 1.3 billion. The price of IDEX has fluctuated significantly since its launch in 2017. It reached an all-time high of $0.56 on January 10, 2018, but has since fallen to its current price of $0.015.

How Does IDEX Work?

IDEX operates as a decentralized exchange on the Ethereum blockchain and uses a unique working mode known as real-time trading. Essentially, it integrates Ethereum smart contracts and a centralized trading engine to perform its operations.

The principle behind IDEX's functionality combines the speed of centralization with the security of blockchain settlement. When traders try to place a new order on IDEX, they first sign it with their private keys. The signed order is then sent to the IDEX servers.

The servers maintain an off-chain order book, allowing users to modify their orders in real time without paying gas fees for every adjustment. This results in a user experience that mimics a traditional exchange while maintaining the secure, decentralized nature in the final transaction processing.

Once an order is matched, IDEX uses smart contracts to enforce the trade on the Ethereum blockchain. This gives the user the advantage of fast-speed trading with the security and transparency provided by blockchain technology. However, this mechanism is dependent heavily on the Ethereum network's performance and the related gas fees.

To withdraw the funds, the user sends a request and the Ethereum smart contract then ensures that the withdrawal is made to the correct user wallet, guaranteeing a secure transaction process.

How Does IDEX Work?

Exchanges to Buy IDEX

1. Binance: Binance is a leading global cryptocurrency exchange that supports IDEX trading. It primarily pairs IDEX with USD, BTC, and ETH.

2. OKEx: OKEx, an internationally renowned digital asset exchange, provides support for IDEX trading with common pairs being USDT, BTC, and ETH.

3. KuCoin: KuCoin is a popular exchange for a diverse set of cryptocurrencies including IDEX. IDEX can be commonly traded with USDT, BTC and ETH.

4. Huobi: Huobi is a global blockchain asset financial service provicer that supports IDEX token trading, primarily in the pairs of USDT, BTC and ETH.

5. Bittrex: Bittrex is an advanced digital currency exchange that supports IDEX trading in the pairs of USDT, USD, and BTC.

6. HitBTC: HitBTC is a global platform for cryptocurrency exchange which includes IDEX in its roster of supported digital assets. It usually supports the IDEX/USDT pair.

7. Poloniex: Poloniex is a cryptocurrency exchange offering a wide range of digital assets including IDEX token. IDEX is typically paired with USDT and BTC.

8. Coinbene: Coinbene is an international leading blockchain assets platform that supports IDEX trading. You can trade IDEX primarily with USDT.

9. BitZ: BitZ is a world-leading digital asset trading exchange, which supports various cryptocurrencies including IDEX. The IDEX/USDT trading pair is the most common.

10. CoinEx: CoinEx is a global and professional digital coin exchange service provider, which also supports the IDEX token trading, commonly paired with USDT.

Please bear in mind that availability of IDEX on these exchanges and trading pairs may change and it is always best to check on the exchange's website for the most current information.

How to Store IDEX?

The IDEX token is an ERC-20 token, which means it is compatible with wallets that support Ethereum-based tokens. Here are some wallets where you can store IDEX:

1. Metamask: This is a web-based wallet that can be added as an extension to most popular browsers such as Chrome, Firefox, and Brave. It is also recently available on mobile. It is user-friendly and suitable for beginners.

2. Ledger: Ledger is a hardware wallet, which is considered one of the most secure methods to store cryptocurrencies. It stores the private keys of your tokens in an offline environment, and it is compatible with ERC-20 tokens such as IDEX.

3. WalletConnect: WalletConnect is an open-source protocol for connecting desktop Dapps to mobile Wallets using end-to-end encryption by scanning a QR code. It allows users to interact with Dapps from the security of their mobile wallets.

4. Trust Wallet: Trust Wallet is a mobile wallet that supports multi-coins and multi-token. It uses a recovery phrase, which ensures security for users. It also supports ERC-20 tokens.

5. MyEtherWallet: This is a free, open-source interface for generating Ethereum wallets & more. It is a client-side interface interacting with Ethereum.

Remember, it is crucial to ensure the security of your private keys when using any cryptocurrency wallet. Do not share your private key or recovery phrase with others, and maintain regular backups to protect against unforeseen events like hardware failure or physical damage.

Should You Buy IDEX?

The suitability of buying IDEX, like any cryptocurrency, largely depends on an individual's financial goals, risk tolerance, and understanding of cryptocurrency markets. Here are a few general groups who might consider investing in IDEX:

1. Crypto Traders: Given that IDEX operates on real-time trading, traders interested in quick buy and sell operations might benefit from using IDEX.

2. Ethereum Users: As IDEX is built on the Ethereum network, users who are already comfortable with Ethereum and its related products might find it easier to understand and use IDEX.

3. Tech-Savvy Users: Given that the use of IDEX involves dealing with decentralized exchanges, smart contracts, and private keys, a certain degree of technical knowledge would be beneficial.

For those interested in purchasing IDEX, consider the following advice:

1. Do Your Research: Make sure that you fully understand what IDEX is, how it works, the technology it uses, and what it aims to achieve before making a decision to invest.

2. Consider Market Volatility: Cryptocurrency prices, including IDEX, can be extremely volatile. Make sure you are comfortable with this risk before investing.

3. Diversify Investments: As with any form of investing, it is recommended not to put all your eggs in one basket. A diversified portfolio of investments can mitigate potential risks.

4. Follow Legal Regulations: Remember to adhere to the laws and regulations pertaining to digital asset trading in your jurisdiction.

5. Use Secure Wallets: Always use reliable and secure wallets to store your IDEX tokens.

Finally, it's important to remember that investing in cryptocurrencies like IDEX should be based on personal research and decision-making. Seek advice from a professional financial advisor suited to your financial needs if necessary.

Should You Buy IDEX?

Conclusion

IDEX is a decentralized exchange token, founded in 2017 by Alex Wearn and Philip Wearn, that augments real-time trading features on the Ethereum blockchain. Known for its availability across various cryptocurrency exchanges, it provides accessibility and convenience for users. Secure storage options are available through several compatible wallets, such as Metamask, Ledger, and WalletConnect.

While IDEX offers innovative functionalities, including real-time transactions and smart contract-based operations, it faces limitations. These include dependency on Ethereum network's performance, relatively higher gas fees, and sensitivity to exchange rates and liquidity levels.

The future development of IDEX is tied to several factors such as the progress of the Ethereum network, its adoption rate among crypto users, and how well it can manage the challenge of high gas fees. As a cryptocurrency, it has potential to appreciate in value but this is reliant heavily on market trends and cryptocurrency regulations.

As an investment, there are opportunities to earn from its potential appreciation or trading activities. However, like all cryptocurrencies, IDEX also involves considerable risks, and potential investors are advised to conduct thorough research, diversify their investments, and use secure wallets.

FAQs

Q: Which wallets can I use to store my IDEX tokens?

A: IDEX as an ERC-20 token, is compatible with various wallets such as Metamask, Ledger, WalletConnect, amongst others.

Q: On which exchange platforms can I purchase IDEX?

A: IDEX can be traded on numerous cryptocurrency exchanges, including Binance, OKEx, KuCoin, and others.

Q: What are some of the challenges of using the IDEX token?

A: Some challenges associated with the use of IDEX include dependency on Ethereum network performance, relatively higher gas costs, and susceptibility to variations in exchange rates and liquidity levels.

Q: What is unique about IDEX compared to other cryptocurrencies?

A: IDEX distinctively combines blockchain and smart contract technology to enable real-time trading of digital assets, differentiating it from many other cryptocurrencies.

Q: Does the IDEX token hold potential for financial appreciation?

A: The potential for financial appreciation of the IDEX token primarily relies on factors such as market trends, the performance of the Ethereum network, and changes in regulatory landscapes.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

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5 ratings

Participate in evaluation
Dory724
IDEX as a decentralized exchange competes in a crowded space. Success depends on user experience and innovation.
2023-12-22 17:12
1
0
John_Smith18
IDEX's transaction fees are highway robbery and it lacks any noteworthy innovation. Dissatisfied, big time!
2023-12-13 22:15
4
0
Tyr6124
I am very dissatisfied with my experience using IDEX. Transaction fees are high, technical support is unfriendly and it took me almost a whole day to process my order. Poor security.
2023-10-19 09:24
7
0
CHARLOTTEANN
this seems promising. to the moon!
2023-09-07 08:12
2
0
Evolution07
IDEX to the the moon
2023-11-04 01:05
4
0