Your Beginners Guide for Trading on IDEX
When you go to https://idex.market, you’ll see this welcome screen. It shows you the initial steps you’ll need to take in order to participate in this decentralized exchange.
- Import a wallet.
- Deposit the funds you’d like to trade with from the wallet and onto the IDEX exchange.
- Begin trading with those deposited funds.
One thing you will need to know about IDEX is that this exchange is built for the Ethereum blockchain, this means only Ethereum wallets are compatible
Also, all trades occurring on this exchange are ERC20 tokens that are paired with Ethereum.
Once you have a wallet that has some ETH that you’d like to trade with, you’ll need to connect this wallet onto IDEX.
You have a couple different options here, you can import your wallet using your Keystore file, your private key, you can connect your MetaMask wallet, or a Ledger hardware wallet.
Once this wallet is connected you can go to the balances and select the “Full balances” option.
From here, it’s easier to select the “Hide zero balances” button to remove any coins that you don’t have.You’ll see that you have ETH under the “My Wallet Balance” column. This is the amount of ETH in your wallet, you’ll need to deposit ETH onto IDEX if you want to trade with it.
You can click on the deposit box to fill out the form to deposit the amount of ETH you’d like to trade with.
You’ll notice that they inform you of the minimum amounts required for trades, both for the makers of trades and the takers of trades. You can think of these as those who open a trade, and those who fulfill open trades.
Also, it’s important to be aware of the minimum amount required if you want to withdraw your ETH or tokens from the IDEX exchange.
- Now that your funds have moved from your wallet and onto the exchange, you can head over to the “Exchange” tab and check out your options here.
There’s a long list of tokens available to trade for your ETH, you’ll see their: - symbol
- price according to the price of ether
- percentage change of the token
- the full name of the token.
Once you’ve found one you’d like to trade, click on the name and check out the chart for the day.
Under the chart you’ll find the forms you’ll fill out if you want to buy or sell this token.
Under these forms you’ll see the open orders of others wanting to buy or sell this token.
Here is where you’ll see the different prices being asked and offered.
If you want to buy the token at the lowest market price, you can click on the top one listed, this action will take this information and automatically fill out the form for buying the token according to how much ETH you have available to trade with.
This process is pretty much exactly the same if you wanted to then sell these tokens back for ETH.
Once you’re done trading and want to take your funds off of the exchange altogether, you have a couple different options.
- You can withdraw them from the exchange by clicking on the withdraw box, this will send them back onto the wallet which you connected in the first place.
- You could also transfer them to a different wallet using the “transfer” option.
Again, since this exchange is with the Ethereum blockchain, and the wallet you’ve connected is compatible with ERC20 tokens, you can transfer your ETH and your tokens right back onto your wallet.
If you’re only other experience with decentralized exchanges was dealing with EtherDelta, you’ll probably find IDEX to be faster and have a lot more tools for charting and an overall more user friendly exchange.
But the minimum amounts required for the trades and the withdrawals can make this one a bit high maintenance, especially if you’re not a trader who deals with huge amounts of money.
If you’re a fan of this one and you want to be a part of it somehow, they are going to be launching their Aura token. This one is a token that will reward you if you stake it. It’s how they will incentivize nodes to secure the network and ultimately maintain a decentralized exchange and network. I’ll include a link down below so you can learn more about this option and what it takes to get those rewards.