[ Need for Newbie ] What is IDEX? Transaction guide on IDEX.Market

What is IDEX? Transaction guide on IDEX.Market
What is IDEX?

The IDEX is a decentralized trading platform based on the Blockchain platform of Ethereum. Over time, many pairs of token ERC-20 tokens have been brought on the IDEX.

IDEX uses smart contracts that allow users to manage their own private key and assets on a horizontal transactional network.

IDEX allows users to log in via MyEtherWallet, MetaMask or Ledger Nano S similar to the ForkDelta platform.

How does IDEX work?

Different from the trading floor as Binance, Houbi or Bittrex. IDEX does not hold your money but only gives you a smart contract that runs on the blockchain Ethereum to recharge it.

This mode of operation is a little different from the floorDelta (EtherDelta). The use of the old protocol makes the order matching time longer. ForkDelta only has smart save token and ETH. When the transaction occurs, the contract transfers the token / ETh to the other and requires confirmation of the ETH network.

In addition, ForkDelta floor is the order matching order, not from low to high as the floor.

The IDEX will create smart contracts to store tokens and ETH, and IDEX has a transaction protocol as the floor to help confirm the transaction. No need for confirmation of ETH network. And IDEX will match orders from low to high when you place a buy order.
Transaction fees on IDEX

IDEX will charge 0.2% for Market Taker (Holder and Holder) and 0.1% for Market Taker (Buy at current prices).
Guide to buying and selling tokens on IDEX

Unlock your IDEX wallet

You should make your wallet MEW available as well as use MetaMask for your wallet MEW. If you do not have a MEW or MetaMask wallet please refer to the article below. In this article, I will guide you to use MetaMask to purchase on IDEX.

Step 1: At the https: //idex.market homepage, select Unlock Wallet
Step 2: Choose the unlock pattern. You can choose the Keystore File or Private Key of your MEW wallet. Here we will use Metamask should choose the 3rd line.

Then click Unlock Wallet Software

Load ETH / Token into smart contract

Step 1: In the main interface, click Full Balances
( IDEX will appear all kinds of tokens that you can load into IDEX )
•Asset: symbol token
•Name: token Name
•My Wallet Balance: balance token in your wallet
•My IDEX Balance: balance of your token on your IDEX
•On Order: placing order
•USD Value on IDEX: value token converted to USD
•Actions: Deposit IDEX), Withdraw (Withdraw money), Transfer (Transfer to another wallet)

Step 2: To quickly find the type of token you want to load, fill in the symbol by Filter by asset..and press Hide zero balances.

I will load ETH into IDEX. Enter ETH in the Filter by asset pane, tap Hide zero balances and click Deposit.

Step 3: Select the number of tokens you want to load. Click Deposit. Remember to pay off your expenses.

Step 4: Click Confirm to confirm the transaction

Step 5: If you use MetaMask it will appear on a table like this. Click Submit to switch or Rejet to reject the transfer.
Wait a bit, the token will be sent to your IDEX wallet. Enter the Balances section to check.

See if your My IDEX Balance will have a token.

If you do not see it, you can go to Balance History to see the orders that are still moving up.

How to place orders on IDEX

This is used when you want to sell higher prices or buy lower prices than the market.

Step 1: In the Markets interface, enter the token name to trade into the Search box after it click on the token to trade.

Step 2: Enter the purchase price and purchase quantity.

As shown in the picture, the current highest purchase price is 0.00029552 but I want to buy for 0.00029 so I enter the frame Buy AURA.

Type: should choose LimitPrice: price you want to buy. I want to buy AURA for 0.00029Amount: the amount you want to buyTotal: total ETH to pay (you can enter the total ETH, the floor will calculate the total amount you buy)

Then click Buy

Step 3: Continue to press Sign when MetaMask shows up

Selling orders, you do the same as buy orders .

Place orders on the IDEX

Where you want to buy tokens at current prices. Then enter Price at the Ask price as in the red frame.

In this case: I want to buy all 47 ETH but if I set 0.00030699 price I only buy 0.87 ETH. So I set the price of 0.31 to be able to match the first 4 orders with a total of 47 ETH.

How to withdraw money from IDEX on wallet MEW

Step 1: Go to Full Balances, enter the token you want to withdraw, click Withdraw

Step 2: Enter the amount you want to withdraw. Click Withdraw

Step 3: Click Confirm

Step 4: Click Sign when MetaMask is displayed.

Wait for the ETH / token to arrive at your wallet.

I have introduced through the IDEX floor, how it works and how to trade on this floor. If you have any questions please leave a comment in the box below.