IDAX Review 2020 | Is IDAX Safe or Not?

IDAX crypto exchange is an international trading platform that has made its worth among the top 15 crypto exchanges within the duration of only a few months after its development. So, our today’s review is about IDAX crypto exchange.

There are some of the important things that you should know about this crypto exchange before going for it. I will try to enlist all the important aspects of this exchange.

Following are the main points of our IDAX Review 2020:

  • What is the IDAX exchange?
  • IDAX main features
  • IDAX Token
  • How to register on IDAX
  • IDAX Fees
  • Supported Currencies
  • Customer Support
  • Pros and Cons
  • Is IDAX safe to use?
  • Conclusion

What is the IDAX exchange?

IDAX (International Digital Asset Exchange) is a Mongolian crypto exchange platform originating from Global Blockchain Research Centre (GBC). It was founded in 2017.

Headquarters of IDAX are located in Mongolia. However, for the better support of its users, it has also opened some branches in Singapore and South Korea. IDAX provides its users with the trading pairs from BTC, ETH, and USDT. This exchange platform has recently launched fiat transactions as well.

The crypto exchange provides its users from all around the world with convenient, fast, and safe digital crypto transaction services.

IDAX is supported by Mongolian Genghis Khan Bank and the Mongolian government. Recently, IDAX has launched a latest upgraded security system named as “Prophet” to provide its users with good security.


Also read Localbitcoins Review 2020 | Things to Know Before Getting Started


IDAX main features

IDAX has some specific features which make it special and different from other exchanges. Followings are some of the high-qualities features of this exchange platform:

Business model: This platform is called a Business model because it is an amalgamation of different services. It provides options, futures, and OTC in order to increase their stakeholder welfare.

Automated Listing System:  The exchange also has an automated listing system. And through this system, it provides different ICOs with digital assets trading services that are very easy and low in cost like payment, etc.

Stable Resource provision: IDAX exchange platform also holds almost 300 million USD to build GBC.

Support for Blockchain projects: IDAX is working on various exemplary blockchain projects with the help of a high blockchain tech-research team of GBC.

Supported by National Policies: The crypto exchange also involves several National Policies issued by the Mongolian government. Apart from this, it has also the support of the media organization around the world.


IDAX Token

IDAX has also got its own native cryptocurrency that is IDAX Token (IT). IDAX token appeared on the market in Feb 2019 with a price of over $3. IT is a part of several trading pairs supported on the exchange platform.

IT or IDAX token is a decentralized ERC20 token that was developed by Genghis Khan Bank of Mongolia and GBC. It has a supply of around 200 million. The main purpose of this token is to improve the value circulation of the IDAX network and to establish the trust between its users.


How to Register on IDAX

To register on IDAX is not difficult. You have to follow certain steps in order to register on this crypto exchange. Followings are these steps:

Step#1: First of all, you have to go to the IDAX website and have to click on the button “Sign up”.

Step#2: Then you have to go through the email registration. For this purpose, fill the registration information, mark the square root, and then click on “Create my account”.

Step#3: After that, click on the button “settings” and then select “completion of junior real names”.

Step#4: Now you have to give your real name and id information and after submission wait for the identity information review.

Step#5: Now the last thing that you have to do is to click on the “Verify ID to enable” button. Here you can give photos that meet your requirements and then wait for the identity information review.


IDAX Fees:

IDAX can charge a fee for the coin transfer according to the increase of the fees of the miners. Following is the fee structure of IDAX exchange:

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.


Supported Currencies

Several digital assets are supported here on this platform. This crypto exchange platform supports almost 63 cryptocurrencies and 96 trading pairs.


Customer support

IDAX support is always 24/7 available for the customers to help them with their problems. There are almost a hundred people included in the IDAX customer support team. This customer service team provides customers a consulting service. The customer support service is also available for professional customers.

The support team also collects suggestions and feedback from customers and gives them correct guidance and respond to their questions very quickly.


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.

Is IDAX safe to use?

IDAX platform contains various high-quality features that make it unique. It uses several and specific security measures for the sake of safe and secure trading. Though there are several security measures but these measures do not guarantee the complete security of the customers. Also, this is a centralized exchange and there is a chance of hacking activity.


Conclusion

IDAX crypto exchange has gained worth within a few months after its launch. It has developed its platform with certain high-quality features. It has a good customer support team available for the customers. Also, its security system is better which involves various updated security measures. So, the beginners can consider this crypto exchange for trading.

 

Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has got a degree in journalism.

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