Is IDEX a safe exchange to use. They have an option that asks for private keys.

[KwizatzHaderach]

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

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[BTCforJoe]

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:

Learn how you get paid to trade on IDEX!

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

[tora]

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

[davlulham]

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!

[bigfish321]

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.

[reliable]

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

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.

[Laland]

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.

[deadthings]

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!!

[magneto]

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

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.

[entrepmind23]

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

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.

[glowing10]

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!!

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.

[fortunecrypto]

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.

[deadthings]

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?

[lite]

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..

[deadthings]

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..  

[AuroraDao]

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!

[burrows14]

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!

[Shunyo]

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.

[khufuking]

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 )

[tora]

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.