How To Buy IDEX (IDEX)?
A common question you often see on social media from crypto beginners is “Where can I buy IDEX?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy IDEX on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports IDEX (IDEX)
First, you will need to open an account on a cryptocurrency exchange that supports IDEX (IDEX).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase IDEX (IDEX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy IDEX (IDEX)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for IDEX (IDEX) or IDEX (IDEX) trading pairs. Look for the section that will allow you to buy IDEX (IDEX), and enter the amount of the cryptocurrency that you want to spend for IDEX (IDEX) or the amount of fiat currency that you want to spend towards buying IDEX (IDEX). The exchange will then calculate the equivalent amount of IDEX (IDEX) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of IDEX (IDEX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is IDEX (IDEX)?
IDEX is the first Hybrid Liquidity DEX, combining a decentralized exchange with centralized exchange elements that improve the network while keeping its decentralized integrity. The majority of DEX platforms use automated market maker (AMM) models to execute buy and sell orders, while IDEX employs order books with a centralized system for matching orders. Centralization within this system is achieved to ensure instant execution and fast processing of all off-chain transactions.
IDEX offers guaranteed execution of trades and low latency, while the software represents a unique combination of centralized and decentralized elements used in the system. Due to its unique approach to sourcing exchange services, IDEX is the first decentralized exchange of its kind while offering full custody of funds to users. Advanced order types, staking with an automated reward system, and a user-friendly UI make IDEX a unique and valuable project in the sector of DeFi and the broader industry.
Because customers must complete know your customer verification and supply their email address, it has been debated whether IDEX can be classified as a decentralized or a non-custodial exchange.
Both Ethereum and Binance Smart Chain are used to host the platform. IDEX on BSC offers features that are commonly found on centralized exchanges, such as the stop-loss function. As of recently, IDEX is also available on Polkadot as a part of the project IDEX Multichain. Users can currently exchange cryptocurrencies supported by Ethereum, Polkadot, and Binance Smart Chain.
IDEX also leverages Layer-2 Optimistic Rollups on Ethereum for optimum functionality and speed. The Optimistic Rollup is a scaling approach that leverages faster off-chain transaction processing while maintaining the mainnet’s decentralized model, in this case, IDEX.
Who Are the Founders of Idex?
Idex was launched by CEO and co-founder Alex Wearn and his brother and COO Phil Wearn. Alex Wearn previously worked for renowned companies such as Amazon, IBM, and Adobe and is an alumnus of Kellogg School of Management. Phil Wearn has a professional background in accounting with a degree in astronautical engineering and entrepreneurial experience. The management team is complemented by CTO Brian Yennie, a software engineer with over 20 years of experience. As per Linkedin, the current Idex team is 29 people strong. Idex launched in 2017, with its 2.0 version launching in fall 2020 after closing $2.5 million seed investment led by G1 Ventures and Borderless Capital, including Collider Ventures, and Gnosis.
What is the IDEX Token?
IDEX is the utility token of the exchange and can be staked by Nodes to validate transactions on the off-chain ledger.
IDEX development updates in 2023
IDEX, a decentralized exchange’s native cryptocurrency, experienced significant advancements in 2023. Here’s an overview of the most crucial developments:
Activation of Layer 3 Capabilities: One of the major highlights for IDEX in 2023 was the activation of its Layer 3 capabilities. This technological advancement allows users to retain total control over their trading activities without compromising on performance or security. It is described as a synthesis of centralized exchange performance with decentralized exchange custody. This update led to a notable surge in IDEX’s value, gaining over 70% in less than 48 hours and a substantial increase in its trading volume by almost 600%.
Testnet Release and Staking Opportunities: Following the activation of Layer 3 capabilities, IDEX announced plans to release its testnet. This move is expected to create new opportunities for stakers to earn up to 50% of the fees generated by the platform. This step is seen as part of IDEX’s efforts to reignite interest in decentralized finance (DeFi) and is accompanied by a series of activities planned for the rest of the year.
Market Performance and Trading Volume: The introduction of Layer 3 capabilities significantly impacted IDEX’s market performance. The cryptocurrency’s trading volume increased dramatically, reaching $310.7 million, and its market capitalization saw a 52% increase, reflecting the positive response from the market to these developments.
These updates mark a significant step in IDEX’s evolution, particularly its move towards integrating the benefits of centralized and decentralized exchange features. The platform’s focus on enhancing user control and performance, along with its initiatives to engage stakers, points to a progressive approach in the rapidly evolving landscape of blockchain and decentralized technologies.
Official website: https://idex.io/
Best cryptocurrency wallet for IDEX (IDEX)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for IDEX (IDEX)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).