This Step-by-Step Guide to IDEX shows how to use IDEX to trade ethereum-based cryptocurrency on this semi-decentralized cryptocurrency exchange. IDEX seeks to combine the speed and user experience of a centralized exchange with the security and auditability of a decentralized exchange. It does so by centralizing and controlling order matching and sending those orders to the ethereum blockchain, but users keep control of the private keys to their cryptocurrency. IDEX works especially well for advanced traders who want a decentralized exchange, but who need to trade continuously without waiting for transactions to mine, fill multiple orders at once, and/or cancel orders immediately without gas costs. IDEX is also a good choice for traders seeking out the newest cryptocurrencies built on ethereum’s ERC20 token standard before they are listed on other exchanges. This Step-by-Step Guide will review how to connect your wallet to IDEX and then execute trades. Let’s get started!
There is no need to create an account with your name, email, and a password to use IDEX. Rather, simply connect an ethereum wallet with a keystore file, private key, Ledger or Metamask. Visit https://idex.market/ and select unlock wallet to get started. Then choose the wallet type and press “select wallet file.” We will connect a Ledger wallet in this guide.
Next select the unlock button to continue with connecting your Ledger wallet or other type of wallet.
Your wallet may be associated with several addresses that manage your cryptocurrency. Select the HD derivation path for your wallet and then the ethereum address on your wallet with the cryptocurrency you want to trade.
Your wallet is now connected to IDEX. You can view options and more information about your connected wallet from the icon in the upper right of IDEX.
Unlike entirely decentralized exchanges like DDEX and Radar Relay, users must deposit funds into a smart contract to trade on IDEX. There are two ways to deposit and withdraw funds on IDEX. First, you can select the balances option from the menu on the upper right. Alternatively, you can choose the quick balances button from the market you intend to trade. In this example, we selected the AURA/ETH trading pair and quick balances for a deposit. Fill in the amount you want to deposit and the gas price to pay. Gas is the fee used to execute transactions on the ethereum network. Select deposit to continue with the multi-step deposit process.
IDEX will display a pop-up box to confirm your transaction. Select confirm to continue with the deposit.
IDEX then displays a pop-up that t it is preparing to send your deposit transaction. Select ok to continue with the deposit.
IDEX then notifies you with a pop-up that the deposit has been submitted.
IDEX will display a final pop-up box once your deposit has finished, but it will take a moment for your balances to update.
IDEX’s trading screen includes many of the features users expect from the best cryptocurrency exchanges. The left side of the screen is a markets list that displays the coin ticker symbol and name, current price in ETH, 24 hour trading volume, and 24 hour price change. Simply select the coin you want to trade. We selected to trade the Aurora DAO coin, which is the protocol token for the network being created by the IDEX team.
The right side of the trading screen includes a price chart, depth chart, quick balances to deposit and withdraw, and the benefits summary. The price chart uses the TradingView engine, which means it has a huge number of technical indicators, drawing tools, and customizations available. We did notice that sometimes the price chart can take a few seconds to load though.
IDEX also provides a depth chart to show the level of buy and sell orders on the select market pair.
There are two tokens associated with IDEX trading. Full IDEX Membership is represented by holding one IDXM token. It grants the user free trading on IDEX until 2021 or 2x trading rewards (which are paid in Aurora (AURA)). The user can adjust the IDEX Membership slider to adjust the ratio between free trading and 2x trading rewards. Aurora Dao (AURA) is granted to users as a trading reward. In the future, users will stake their AURA tokens to receive rewards from the trading fees collected from IDEX and from fees collected by other future Aurora products. Rewards are proportional to the amount of AURA the participant stakes.
The trading screen also displays the last price, 24 hour high price, 24 hour low price, and 24 hour price change in the upper right.
Scroll down on IDEX to see the remainder of the trading screen in full. IDEX provides a summary of your balances, boxes to enter buy and sell orders, and a list of current sell and buy orders.
Placing orders on IDEX is simple. First, select either the market or limit order. A market order buys or sells at the best available market price. A limit order sits on the order book at the specific price until filled by another user. Next, enter the price to pay in ETH. Finally, enter the amount to buy or sell. Select the buy or sell button to proceed with the transaction. In this Step-by-Step Guide, we entered a limit order to buy approximately 474.2547 AURA at a price of 0.00036900 per AURA. The total size of the order was 0.175 ETH.
The screen on IDEX darkens once an order is entered. This is a prompt for the user to confirm the transaction with his or her wallet, in our case confirming the transaction on our Ledger hardware wallet.
IDEX displays a pop-up box stating that the order is placed after the user confirms the order from his or her wallet. For example, we received a pop-up confirming an order for 474.2547 AURA at a price of 0.00036900 ETH per AURA. Select ok to cointue.
A market order is filled and a limit order is placed on the order book almost immediately. The balance in your IDEX account will also update almost immediately. Our buy limit order was placed on the order book and our balance updated as reflected below.
Your balance will change almost immediately after your order is filled. For example, our balances showed that we now had 0 ETH and 473.7804 AURA. The transaction fee paid to IDEX is the reason that the amount in our balance is slightly less than the amount purchased.
Order history shows all your trade history on IDEX from the connected wallet address, including the price, amount, fee paid, gas fee, and total amount purchased. A market taker order (which includes market orders) incurs a 0.2% fee plus the gas fees for the transaction. A market maker order (limit orders placed on the order book) incurs a 0.1% fee. However, there are no fees if the user holds one IDXM and has selected free trading.
Users can withdraw cryptocurrency from the IDEX smart contract in two ways. First, through the quick balances section previously covered in this Step-by-Step Guide. In addition, through the balances menu in the upper right. To withdraw from the balances menu, select the withdraw button next to the coin you want to withdraw. Then enter the amount to withdraw, press the withdraw button, and confirm the transaction from your wallet.
This Step-by-Step Guide has now shown how to connect a wallet, deposit into IDEX, use the trading screen, place an order, and withdraw from IDEX. You are ready to start trading on IDEX.
Get Started Trading on IDEX!