IDAX Review: Day-to-day Cryptocurrency Trading IDAX

IDAX
  • Overall Score

Summary

Within a few months after its launch, the IDAX crypto exchange gained in value. It’s developed its platform with some features of high quality. It has a good customer support team for the customers. Its security system is also better as it involves different updated security measures.

IDAX Pro Review

Are you an amateur or a professional in the world of crypto trading and yet you’re not satisfied with the functionality and operational method of your current trading platform. There are certain criteria to consider before choosing a trading platform. A well functional and operational platform determines Profitable and productive trading.

However, choosing a platform that is intuitive, convenient and comfortable, a platform that allows you to explore their esoteric and heart-warming features within a snap.

It’s amazing and awesome to find such kind of platform, a platform that pegs distinct varieties of trading on the same site. A platform that allows you to explore different trading assets like forex, cryptocurrency and stock to mention but few.

ROBOT RATING PROPERTIES TRADE
 

 

Free to use

82% Claimed win-rate
$250 Min Deposit
Accepts Debit and Credit Card
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IDAX global is a platform that guarantees the safety and protection of clients funds, a platform that put it client best interest at heart as well as maintaining a friendly-users zone, a platform with a system designed to shorten protracted processing time during the transaction and also maintaining a service fee payment.

IDAX is one of the best exchanges that aims at delivering its clients with a swift, comfortable, convenient and favourable trading experience as well as having a profitable result.

IDAX global crypto exchange is an international trading platform that, has made its worth among the top 15 crypto exchanges within a year’s of creation.

General Info

Primary Url http://idax.pro
KYC Mandatory for withdrawals
Supported Trading Platform 200+
Payment Methods Cards, Cryptocurrencies
Fee 0.1-0.15% Trading fees
Security Cold-storage, Anti Phishing, 2-FA, Email verification
Mobile App Yes
Margin/Leverage Trading Yes

 All You Need To Know About Index Exchange

IDAX is an abbreviation for International Digital Asset Exchange, it is a forum for Mongolian crypto-exchange from the Global Blockchain Research Center (GBC) and was formed in the year 2017.

IDAX Exchange Location

Despite the fact that the platform’s headquarters are in Mongolia, China is the main traffic on this exchange. However, the platform says its objective is to deliver a worldwide service and there are no specific restrictions for users from other nations. One of the constraining factors is the absence of certain languages within the exchange system. The platform has South Korea and Singapore rep offices.

Futures and OTC Trading

Futures trading and OTC (over the counter) trading are among the special functions. IDAX allows fiat money transactions to be carried out equally to cryptocurrency transactions.

The platform currently offers a choice of more than 200 cryptocurrencies. The BTC / USDT, ETH / USDT, and BTC / ETH are the most popular trading pairs.

Because of the exchange’s rapid development, several comments on the IDAX exchange include outdated information about the functionality of the site, including such irrelevant claims as lack of fiat currency support, unspecified deposit fees etc.

Features Of IDAX Exchange

IDAX has certain peculiar features that make it different and distinct from other exchanges. These are some of this trading platform’s high-quality features:

Deposit/Withdrawal Methods

IDAX is not just a Crypto exchange and accepts deposits using Fiat methods as well. Although fiat deposits are generally not recommended by us, considering how it is not an anonymous exchange anyway, it does not matter on IDAX. Thus fiat deposits on IDAX pro are just as nice as Crypto deposits.

You can deposit Cryptocurrencies by selecting “Balance > deposit” from the top bar, and then selecting the appropriate Cryptocurrency. All the Cryptocurrencies that are tradable on the network can also be deposited directly.

As for fiat deposits, Simplex is used by the platform as their fiat payment processor. Users can purchase Cryptocurrencies directly on the platform using VISA and Mastercards.

While not all Cryptocurrencies can be bought directly, it currently supports only BTC, XRP, ETH, LTC, and BCH. However, these can later be converted to any other currency on the Trading page.

Trading-pairs

IDA’s support for the currency is quite remarkable. Nearly every currency we wanted to trade had a trading-pair.

BTC/ ETH/ TRX and USDT are the main trading pairs. Taking it on its face value, it’s safe to assume that the platform supports more than 100 individual currencies, and therefore at least 200 + trading pairs.

Many digital assets on this website are supported here. This forum for crypto-exchange supports approximately 63 cryptocurrencies and 96 trading-pairs.

OTC Trading

IDAX facilitates dealing over-the-counter. What this means is that users can also use the platform as an intermediary with P2P (Person to Person).

This lets a user find other users who’re willing to offer the desired price and to avail other payment modes not officially supported by the platform.

For example, some users accept payment via AliPay, Bank Cards, WeChat etc. While OTC trades are available exclusively for Chinese residents only (unless you find a buyer/seller who accepts payments from other countries), they also require KYC verifications.

Smooth Mobile Interface

The mobile interface differs slightly from that of Binance, KuCoin or most other best trading exchanges in Cryptocurrency. It has a well-placed “Rise List” showing the most growing Cryptocurrency, then options for “IDAX Select,” “Global Market” and “Capital Market” are open.

There the welcome-dashboard shows famous trading pairs. Users can access the app using the Wallet, Trades or Markets options in the bottom-bar.

Stable Resource provision

 IDAX exchange platform also holds almost $300million to build GBC.

Automated Listing System

There is also an automatic listing program at the exchange. And through this system, it offers digital asset trading services to various ICOs, which are very simple and low in costs such as payment, etc.

Blockchain Projects Support

IDAX works with the aid of a large blockchain tech-research team from GBC on various examples of blockchain projects.

Supported By National Policies

The crypto exchange also includes many Mongolian government-issued National Policies. Besides this, it also has the support of the media organization worldwide.

Business Model

This platform is called a business model because it is has a variety of services. It provides options, futures, and OTC for maximizing stakeholder welfare.

Deposit Fees

IDAX has no minimum deposit-limit for Cryptocurrencies. No fee is charged in respect of the same. As is almost always the case, each Cryptocurrency deposit on the currency itself is subject to the withdrawal fee and the minimum withdrawal requirement. For BTC the minimum requirement for withdrawal is 0.001BTC and 0.01ETH for ETH.

BTC withdrawal fee is 0.0003 BTC, and 0.005 ETH/withdrawal is for ETH. Remember that other cryptocurrency except for BTC and ETH can also be removed.

As for Fiat deposits, Simplex charges a fee of 3.5 per cent for each deposit, or a minimum of USD10.00 if the 3.5 per cent of the deposit amount is less than USD10.00. The minimum fiat deposit permitted by Simplex is USD 50/EUR, whereas the maximum limit is USD / EUR 20000.

The IDAX pro trading fee is not based on the trading volume of a customer but is set at 0.1% for the Builder & 0.15% for the Taker.

IDAX fees at a glance

Deposit Fees IDAX charges no fee for deposits.
Trading Fees In trading, maker fee is 0.1% and the taker fee is 0.15%.
Withdrawal Fees These fees vary for each currency. For instance, the fee for the withdrawal of bitcoin is 0.0003 BTC while the fee for Ethereum is 0.005 ETH.

 Customer Support

IDAX Support is one of the most impressive features we might list in this review of IDAX pro. The primary method of contacting the support team is through 24X7 live chat.

The team doesn’t seem to be native English-speakers but we can vouch for their English being understandable and without any issues from personal experience.

On Telegram, they also have support networks for individual English, Korean, and Chinese customers. Then, they can probably be contacted by e-mail.

How To Register On IDAX

It is not difficult to register on IDAX. To register on this crypto exchange you have to follow those steps. These are the steps that follow:

  • You first have to go to the IDAX website and click on the “Sign Up” button.
  • You then have to go through the registration form. To do so, fill in the registration information, mark the square root and then press “Create my account.”
  • After that, click on the button “settings” and then select “completion of junior real names”.
  • Now you have to give information about your real name and Id and wait for the identity information check after submission.
  • Now the last thing you need to do is click on the “Verify ID to Enable” button. You can offer images here that match your requirements and then wait for a review of the identity information.

Pros And Cons

Followings are some of the pros and cons of the exchange:

Pros:

  • IDAX supports several digital currencies on its platform.
  • It does not charge high fees for depositing, trading, and transactions.
  • The crypto platform uses various security measures to ensure the safety of its customers.

Cons:

  • Lack of support for fiat currencies
  • IDAX does not provide clarity on transfer fees.
  • No anonymous trading on this platform.

What is IDAX Token?

Crypto-currency exchanges typically have native tokens. IDAX is no exception. IDAX token (or IT) has a complete (and limited) supply of 200 million people. IT is a decentralized token of ERC20 established by Mongolian GBC group and Genghis Khan bank.

The aim of this token is to boost the IDAX network’s value circulation and to spread trust among platform users.

In February 2019, IT appeared on the market with a price above $3. This whole period, the price fluctuated around this point. IT is a part of various IDAX trading pairs.

US-Investors

The exchange does not explicitly state that trading is forbidden to US investors. We assume that US investors will trade here, accordingly. In any case, any US investors interested in trading here should shape their own opinion on any issues arising out of their citizenship or residence.

Does IDAX offer Anonymous Trading?

You may or may not want an open exchange, but I sure do. Anonymous trading means that they would not ask you for verification, and at any point, they will not know the exact person who is doing the trades and therefore the profits/losses.

Sadly, one such exchange is not IDAX. This allows completely anonymous registration, as well as deposits. This can trick people into believing it’s anonymous too.

However, the KYC-requirement only comes up when a person continues to register. No amount of funds can be withdrawn without identity verifications.

The verifications are divided into three levels- Level 1, Level 2 and Level 3.

Level 1 Verifications

This is the minimum verification necessary to allow for any withdrawals. It requires a user to specify their country, first and last name, and the document ID number that they will use to verify their accounts.

Proof of identity must be submitted on the next stage which may either be a govt. ID, Passport or Driver’s License issued.

 It then requires the user to keep in their hands the uploaded text, together with IDAX pro and the current date written on a paper note.

Only after all this has been submitted by the user and the team has checked that a user will start withdrawing funds.  What makes matters worse is that also a limit of 2 BTCs can be withdrawn every 24 hours after all of this verification.

Level 2 Verifications

These are only available after a Level 1 testing has been completed. The benefit of this is that the customer can now withdraw 100BTC every 24 hours. It requires that the user download and complete the verification of the IDAX Mobile app there. Although this isn’t as hardcore as the Skype verification we spoke about in our OKEx analysis, it’s still a big blow to privacy.

Level 3 Verifications

Also, restrictions can be extended beyond the 100BTC limit. But they didn’t try to do that. This includes contacting the team manually and notifying them of the correct requirement. It would also vary in the verification process and potentially be much more hardcore.

Bottom line, IDAX is not an anonymous trading exchange in the Cryptocurrency.

Is IDAX Secure?

In a word, yes. The platform provides many security features, including the following:

  • 2-FA via SMS and/or via Google Authenticator.
  • Password.
  • Fund Password.
  • Phishing Code.
  • Withdrawal-Email verification.

Unlike Kucoin’s regulation, 2-FA is not compulsory. When allowed, both Login and Withdrawals are required. Google Authenticator also tracks account changes if required.

For addition to a strong password there are four main security instruments on IDAX:

  • Users can allow authentication via SMS so a hacker can’t do actions without having a mobile phone for the user.
  • In many Internet networks, 2-step authentication becomes one of the’ must-have’ features and this security measure is also available on IDAX. The client can also use Google Authenticator or any other applications to set up 2-step verification. This instrument gives the user control over the account as well as preventing intruders from having access to your mobile device.
  • Fund Password is a required additional password (if enabled) every time someone tries to withdraw funds. Simply put, Password to Fund is a PIN.
  • Prevent Phishing Code is a more sophisticated protection measure that asks for the code when someone attempts to withdraw funds, change the account settings or log in. This measure is making platform use much safer.

Other security measures that provide overall security (outside the user account) are:

  • IP monitoring
  • Withdrawal monitoring.
  • Cold Storage (only 0.5% of the total funds are kept in online wallets).
  • DDoS protection.
  • Automatic backups.

Since IDAX pro is a centralized exchange, security for users depends on the developers ‘ ability to protect servers against hacker attacks. Users may lose both money and personal data in case of a successful attack.

Conclusion

Let’s wrap up this review on IDAX. It is clearly one of the best Cryptocurrency exchanges in terms of trading-pairs, user-friendliness, security, multi-payment methods and minimum requirements in my personal view.

Within a few months after its launch, the IDAX crypto exchange gained in value. It’s developed its platform with some features of high quality. It has a good customer support team for the customers. Its security system is also better as it involves different updated security measures. So, the beginners can consider trading on this crypto exchange platform. As for the countries funded by IDAX, it is available worldwide and has no geographical restrictions!

ROBOT RATING PROPERTIES TRADE
 

 

Free to use

82% Claimed win-rate
$250 Min Deposit
Accepts Debit and Credit Card
  Trade Now

Read Review

Michael Ellis

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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