IDAX Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this IDAX Review.
IDAX is a cryptocurrency exchange headquartered in Mongolia but seems oriented towards the Chinese market, as its website is available mainly in Chinese. It offers trading in quite many digital assets. It does not support fiat currencies, nor does offer leveraged trading. In fact, there isn’t much information in the English version of IDAX’ website.
Multiple coins traded
By the time of writing this, there are more than 20 pairs available for trade at IDAX, although it is a nwly-launched platform. Apart from Bitcoin and the popular Ethereum, IDAX has listed EOS, OmiseGo, Status, Bytom, Aeternity, Storj, Loopring, Odyssey, Dentacoin and others. It keeps adding new coins to its offering.
Competitive trading fees
IDAX charges a flat fee of 0.2% per trade, which is a good pricing. In fact, is the industry’s average.
Nice trading platform
As most exchanges, IDAX provides a web-based platform that is simple and perfectly functional. It has some charting, as well as a Market Depth window. Trading is done against Bitcoin and against Ethereum.
No fiat currencies accepted
IDAX is a digital assets exchange, which means only cryptocurrencies and tokens are being traded against one another, and you cannot deposit or withdraw in traditional money like EUR or USD .This is not a major disadvantage, however, if you don’t possess any coins, you will have to go through a “gateway exchange” first.
Leverage is not offered
IDAX does not offer trading on margin, so if you are looking for a place to trade in Bitcoin aggressively with some leverage, this is not your exchange. A few exchanges offer margin trading, however most forex brokers who offer CFDs on cryptocurrencies provide trading on leverage.
You should be aware of the fact that a CFD is an asset different from the actual coin. For a further information and comparison of the two styles of trading, check out this page.
No clarity on deposit/withdrawal fees
We could not find any information about the transfer fees at IDAX. Most exchanges do not charge crypto deposits, but apply some fees to withdrawals.
No anonymous trading
IDAX.MN requires our users to register with a valid email, password and bank account. The latter means that anonymous trading is not possible on this exchange.
IDAX is a cryptocurrency exchange based in Mongolia that seems to target mainly Chinese investors. It has pretty solid digital asset portfolio, but does not work with fiat. Furthermore, IDAX` trading platform is relatively nice and the transaction fees are not high, however we don’t know whether and how it charges deposits and withdrawals.
According to the information on its website, IDAX platform was developed by the Global Blockchain Research Center (GBC). Its transaction center is located in the GBC High-Tech Industrial Park in downtown Ulaanbaatar, Mongolia.
While there are no specific regulations in Mongolia regarding digital assets and crypto-exchanges, the activities related to them are not banned like in China. So, IDAX operates in the grey area, which is the case with more cryptocurrency exchanges worldwide. This, of course, involves certain risks. If you`d rather trade in Bitcoin and other major cryptocurrencies with a regulated entity, we remind you that forex brokers are also an option. Moreover, some of them are duly licensed.
IDAX Review Conclusion
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