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Not really sure why they have that option. Its like giving the keys to the house to a stranger.

You just answered your own question.

You should be extremely weary and cautious of any service that asks you for private keys. That's like a member on the forums here asking you for your account password to verify that you're a real member...

Looking at IDEX, do you know what raises red flags immediately for me? The part where it says:


Yeah, I wouldn't touch that site with a 10-foot pole.

Asking for key or address. Key a definite no,no.

So, obviously don't give them the keys to your main wallet!!!

1) Create a new ETH wallet. (They even have the the option to do this through their site)

2) Transfer the coins you want to trade into this new wallet.

3) Trade

4) Transfer the coins back into your main wallet

Haven't actually used this exchange, but I am considering it to get some TAU, as it's only available through IDEX and Ether Delta at the moment.

Not sure which of the two to use though? Don't know which has the lowest fees? They both seem a bit crap!

i just found out about IDEX and used it with no problems. i kind of like it a lot. way more than etherdelta anyway. it is fairly decentralized so you need to have your own wallet. i used it with a ledger nano s. i would be scared to give it my private key but its same as My Ether Wallet i guess. i made a new ETH wallet for IDEX to be safe and transferred everything from IDEX to my main ETH wallet also.

Well definitely this is a red flag exchange if any such thing do occur because no one is suppose to ask or will ask for the private key. Consider the private key as your password to bank account. Will you ever give your bank password to any one in the same way private key should never ever be given to anyone irrespective of any one asking for it.

Thats why it has the option to use metamask and other wallets. If you are used to just using private wallets then then its better to use trezors or ledgers. I've traded in idex and so far  with just .02 eth because i still dont trust that site with huge amounts and so far, no problems occured expcet for its updates where the whole service would be shutdown and you wont see your balance until the maintenance is all done.

Has anyone opened new wallet on IDEX and then tried to transfer there ETH (or even better some token) to this new wallet? In other words, was someone depositing at the created address on IDEX?
I don't know if I'm so tired or stupid, but I can't do it and I've lost my patience!!

Apparently they are a decentralized ethereum asset exchange, which I have had no experience with.

But if any site tries to get you to give them your private keys, for whatever reason, even if it's for signing a smart contract, it's probably best to avoid them or at least try to find the best alternative that has a longer track record.

For example, Etherdelta seems to be widely used and probably the most popular decentralized exchange without much complaints and concern about security.

Even if you were to trade on Idex, make sure you use a disposable address so that you don't reveal the private key of the wallet that you usually send and receive funds on.

It would be safe if you are accessing the right site. It is a decentralized exchange so if you need to import your wallet then you need to provide your address and private keys. It is just like etherdelta wherein if you need to trade then you just import your wallet and then deposit your coins there and then trade. IDEX is a lot better than etherdelta though in terms of interface but then it has low volume so many people are still trading in etherdelta. If you don't want to compromise your main wallet then better create a new one and transfer your coins there and then import your wallet so that your other coins would be safe.

I am staying away from such site as private key is your personal password sort and if you share it you are exposing your wallet keys and can be very harmful . So better not to register on any site which does ask for the private keys and better to register on other better exchanges which does exists.

I Google is Idex a safe wallet and I land here seeing all your opinion I have second thought trading on Idex I need to transfer the coin I want to trade to an empty wallet before I trade but so far no negative feedbacks coming from Idex wallet but it's better to be safe than sorry.

It looks like you answered my previous question - so it is possible to deposit coins on address created on IDEX, and it is not necessary to provide my private key for example from MyEtherWallet?

Yeah, you can deposit erc-20 tokens on newly created address on idex. although i would advice you use either metamask or ledger hardware wallet, it's much safer by that way..

Thanks for this advice! I already use Metamask, and also already ordered Ledger :)

Do anyone know how long can take/how many confirmations need deposit on IDEX? I have already 150 confirmations and nothing..  ::)

Hi everyone, Alex from Aurora/IDEX here, just found this thread so wanted to address a few concerns.

1. The option for private keys is to allow people who so choose to have the best trading experience. Using a private key directly you don't have to sign each transaction so each order is instantaneous. The private key is stored locally encrypted in the browser and deleted every time you log out. For those who have concerns (totally understandable) we integrate with metamask and ledger.
2. Regarding the comment of getting paid to trade, that was the slogan we came up with for our market making rewards program (though I can see how in this space it seems extremely suspicious). Those who trade on IDEX will earn our network token, AURA, proportional to the amount of trading that they do. This token will enable people to run a node to support the future version of our platform and earn a portion of the trade fees for doing so.

Article on our rewards program - https://medium.com/aurora-dao/idex-aurora-decentralized-exchange-rewards-4e092c77affc
Article on our plans for staking - https://medium.com/aurora-dao/the-aura-token-share-in-the-success-of-idex-and-aurora-cf4212ba2e2a

Let us know if you have any other questions, we're experiencing great growth and just recently passed Etherdelta as the number one Ethereum token exchange and the most active smart contract on the Ethereum network!

Hi Alex,

I have been hesitant about using a decentralized exchange because I've seen stories about fake tokens being sold on etherdelta:

https://www.reddit.com/r/WePowerNetwork/comments/7wce0q/wepower_already_on_exchanges_fake_wepower_tokens/

https://www.reddit.com/r/arcblock/comments/7wbrf7/arcblock_already_on_exchange/

Can you confirm this is 100% not a concern on Idex? Can I purchase tokens on Idex with full assurance that they will be authentic tokens?

From what I've read, fake tokens cannot be sold on centralized exchanges. But apparently it is possible on etherdelta because they are a decentralized exchange. Given Idex is also a decentralized exchange, I'm hesitant about using it.

If it is not possible for someone to sell fake tokens on Idex, please let me know how your exchange is different (what mechanism do you have that would prevent token fraud. )


Thanks in advance for your response!

people use it with metamask as well, but i think we cant trade tokens from metamask using the MEW wallet until we send it to a metamask wallet which is a waste of gas. But are we missing something here , isnt decentralised exchange suppose to do that , like a few wallets also these days offer to exchange coins inside of the wallet, they have your private key for sure.
But for now i guess it will be safe to  just create a new wallet there and send only those tokens which you want to trade.

I was searching about IDEX and found this thread , Hmmm most of the people posted here do not know how decentralized exchange is working !

Simply never import your own private keys of your main wallet , just make a new disposable wallet and only transfer money ETH or tokens to it When/If need to make trade . It is the same thing with every decentralized exchange ( Etherdelta , IDEX ... ect )

Idex seems very similar to etherdelta regarding requirement of wallet keys. I would not give my main wallet keys. Transfer what you want to exchange into a new wallet and then empty it.

I was searching on Google "is idex safe" and found this thread on top of the result page. I have some tokens that I no longer want to hodl and that can only be traded via idex right now. So I wanted to make sure this site is safe for use.
My opinion: This site is safe for trading with a second wallet, funds should be transferred ASAP after trading.

Edit: You can use MetaMask to unlock wallet, this should be done without giving the private key, and this is much safer.

I actually searched the same thing, and this thread came up top among the search results. I was a bit alarmed when there were options to "unlock wallet" and it didn't sit right with me that I was going to fork over control of my MetaMask.

What now? Is there any other consensus? Do you think there's some hacker that is waiting to pounce and take control over all our IDEX wallets? :/

Put in another way, to have to use decentralized exchanges, we"re going to have to divulge our private keys and as such it ceases to be private. That's highly undesirable and maybe in the future it's going to be improved upon, so for anyone interested in using this exchange, best option is as suggested above or continue with centralized exchanges.

Hello guys , i  am sorry for all those IDEX users. However, i believe that the divulging of private keys is no longer necessary and  a lot of new safety measures have been implemented, at least  for other exchanges. I have been using Ethen ( ethen.market ) , which is a new DEX and i find it very useful, you dont even need an account ! i haven't encountered any issues so far and it is very fast !
 

It is never safe to put your private keys on a third party website. I think the best one can do is to create another wallet for that purpose or better still use metamask which is safer.

They've become the worst exchnage. Now they r positioning themselves as non-DEX. It's stupid. They implemented KYC. sorry, what??

They really don't know there are many-many competitors? Brand new exchanges offer better conditions now. EtherMium, for instance. Recommend IDEX to google, really noteworthy exchange. And not only this one. Take into account old ones (Bitshares etc.).

it is because it is a decentralized dex, you just dont use your main eth wallet. make a new mew wallet then pass the coin or token you wanna sell with some eth for transaction fee.

mmmm

i use meta mask chrome extention ..  with my main wallet .

meta mask  is the one who deals with the IDEX securely ...  so i don,t think there is any thing that worries

but the main issue her is :

is it a safe place place to leave my coin there ??  i don,t think there is any safe place unless u have yr own PVT KEYS for yr wallet .

so all coins on the exchange even if its DEX r not safe

Any DEX is not made to function as your private wallet, so of course, it's still not safe even though you're basically just interacting with their contract.

They never promote them as a safe place to store your asset so I guess any user would know that they're just an exchange. Just remember, no private key, not your coins.

I have used IDEX exchanger multiple times and it seems safe to me a lot so I do not think anyone can loss anything for using IDEX exchanger  if there is not anything wrong like stolen fund as it was happened for a lot of exchanges.