IDAX exchange is closed. Its founders committed an exit scam.
The official release of the idax.pro crypto-project took place in December 2017. In a relatively short period, the company was able to come in top place in coinmarketcap.com rating. To date, the volume of transactions on the IDAX exchange is several hundred million dollars per day, which makes the platform one of the largest trading platforms in the world. Bitcoin, Ethereum, EOS, XRP, LTC and Bitcoin Cash are represented on the exchange, as well as recently appeared tokens that would be of interest for the long-term investors. At IDAX, you can also find trading pairs with USDt stablecoin, which is an additional plus for customers.
About the company
IDAX is officially registered in Mongolia. Its data center is located in the capital, Ulaanbaatar. The story of the exchange is quite entertaining as, initially, IDAX was available on the Mongol domain .mn. Later, when the company strategically reoriented to the world market, the platform was moved to idax.pro. It is interesting, however, that the exchange interface is available only in Chinese, Korean, and English languages.
Among the positive aspects of the exchange IDAX experts and users note:
- Sound liquidity achieved by high daily trading volume;
- A rich selection of trading pairs and stable replenishment of the platform with new tokens;
- A concise, ergonomic, and intuitive trading interface;
- A convenient and easy-to-use official mobile application IDAX.
Like any major project, IDAX has also its drawbacks, including:
- The list of fiat currencies available to the trader is limited exclusively to the Chinese yuan;
- The lack of leverage level limits the possibilities of the trader;
- Some sections are under development and not available for use;
- Withdrawals are made after verification, which eliminates the possibility of anonymous trading.
- The lack of popular cryptocurrencies such as Stellar, Cardano, and Monero.
This being said, the exchange offers quite exciting conditions for trading. The IDAX platform provides a trading commission of 0.2% of the transaction. The customer is not charged for opening a deposit. For the coins withdrawal, IDAX charges a fixed fee, the size of which depends on the specific coin. To learn more about the actual commission fees, go to the relevant section of idax.pro.
IDAX home page provides the following functional sections:
- Exchange – a cryptocurrency exchange, where you can buy and sell cryptocurrencies, create a trading order, and track the dynamics of prices.
- Fiat – a trading interface where you can buy cryptographic assets for yuan.
- Coin listing – a contact form to communicate with the website administration for getting recommendations on the listing of new coins.
- Foundation – a trading section where you can buy promising coins that are promoted on the exchange. At the moment, the functionality is limited.
- Benefits – an information section on the exchange’s promotions and giveaways.
Besides, users may also customize the appearance of the website, select the interface language, get a digest of the latest stock news, get access to training materials for traders and investors, view a table of trading pairs, chat online with a support team, find links to social networks and the official mobile app. For the information of visitors, the website has prepared sections “About us” and FAQ.
The creators of the exchange are very serious about security; therefore, they offer two ways to further protect profiles:
• SMS authentication
• Google Authenticator
Google app authentication is by far the most secure security tool available. It is recommended to use it if you have a mobile device. To do that, install Google Authenticator on the smartphone to enter the exchange cabinet to avoid unauthorized access by third parties to your assets. If the attacker has a username and password from your account, with two-factor authentication activated, this will not be enough to log in to your account. The probability of simultaneous abstraction of your device and login data is tiny, which makes 2FA a simple and ingenious means of protection. However, IDAX is not limited to this, setting strict conditions for account verification.
This procedure is mandatory for all IDAX users who plan to make deposits and withdraw funds from the balance. It is obvious that under such conditions, anonymous trading is impossible since it is necessary to provide real personal data. The trading platform has 3 levels of user verification:
- Level 1 allows you to withdraw no more than 2 bitcoins per day. To confirm the verification of the 1st level you should enter the data on your nationality, full name and passport number, and then upload a scanned copy of the personal passport. You must also take a selfie with a passport in your hand and a piece of paper with the actual date written on it.
- Level 2 verification allows you to withdraw up to 100 bitcoins per day. However, the verification procedure is a bit more complicated – you need to take a selfie with a passport in your hand with the repetition of certain gestures generated by the program.
- Level 3 verification completely removes withdrawal limits. This level of verification is confirmed by the website administration in a personal manner and happens only after receipt of a request from the user.
How can one trade with the exchange?
Deposit and withdrawal of funds procedures on the exchange are quite standard – you need to go to the appropriate section of the website (“Withdraw”), select the “Balances” section and choose the necessary currency. Here you can copy the wallet address to replenish the balance or enter the address to which you plan to withdraw funds. All account movements are confirmed by the Google Authenticator app or SMS authentication. This is done to ensure that a person, who gained access to your account, could not withdraw a penny from your account.
As for trading, the procedure and interface are also standard. You can create an order to buy and sell cryptocurrencies, specifying the desired price and number of coins. On the right, there is the entire trading history for easy monitoring. To make a purchase, you should select the appropriate trading pair and order type, fill out a form, and click on the BUY or SELL button, depending on whether you want to buy or sell the currency.
IDAX is a fairly young exchange with a striking history. To date, insane daily trading volumes indicate its great popularity as a trading platform. To a far greater degree, the IDAX exchange is of interest to users from China since only the Chinese yuan of all fiat currencies is represented on the platform. However, IDAX is considered a reliable platform of international class, so its audience is not limited to Asians.
Among the benefits of the exchange are sound liquidity, high-quality work of the support service, and a serious approach to security measures. At the same time, IDAX is considered to be quite a tough company in terms of withdrawal conditions and user verification. Therefore, if you want to stay anonymous, this exchange is not suitable for you. You will not withdraw a penny from it without entering personal data. However, new traders will be satisfied with a wide range of functionality and a rich selection of cryptocurrencies, as well as the availability of useful materials that will make trading more profitable and meaningful.