Would you like to buy or sell Ethereum or some other ERC20 token on IDEX? It isn’t as easy as using other exchanges, but it isn’t that hard. Find out how to use IDEX and how to trade on IDEX.
I have been trading on different platforms for a long time, and I have even written an article presenting the most famous exchanges. But, the first time I visited IDEX I felt like a newbie. I looked for a way to deposit money, but I simply couldn’t understand how it worked. After a while, I understood how IDEX worked, and since then I have been using IDEX to sell and buy interesting tokens hard to find on other exchanges and platforms.
Have you visited IDEX and have the same feeling I had? Do you feel confused, or as a newbie? No need to worry. This is how you can get started with trading on IDEX!
Get started with trading on IDEX
The first time you visit IDEX it will most likely look something like this.
Since IDEX is a decentralized exchange, you do not need to register an actual account on IDEX (like you need to at centralized exchanges). So, instead of creating a new account, what you will need to do is to unlock a wallet. You can find the Unlock Wallet function in the upper right corner.
If you press the Unlock Wallet button in the upper right corner, you will see the same page showing up like on the picture above. Here you have four options to choose from.
- Keystore File
- Private Key
- Ledger Wallet
This is where it is easy to get confused, but there is no need to. To use IDEX, you will need to have some ERC20 tokens (tokens on the Ethereum chain) stored somewhere, for example on MyEtherWallet, using the Metamask wallet or on a Ledger Wallet. I recommend using the Ledger Wallet, as that is the safest option, but you can use the other mentioned options as well.
The four options for adding funds on IDEX
- Use your keystore file and login. You will then be prompted to add your password afterward.
- Enter the private key of your wallet.
- I am not a big fan of this method as I never like typing my private keys online, but it can be done.
- If you have a Metamask wallet (working as a plugin in Chrome), then press Metamask, then Unlock Metamask, and IDEX will operate with funds from your Metamask wallet.
- If you have a Ledger (connected to MyEtherWallet), that is the best option. Make sure to have your Ledger turned on, to have the Ethereum application opened, and to set “Browser support” and “Contract data” to YES in the settings. Press Unlock at IDEX after pressing the Ledger button and choose the address you want to operate from.
These are the four different ways to “add funds” to IDEX. But, it is not over yet. At this time you can see all your ERC20 tokens on IDEX, but you can not trade with them.
Deposit tokens to IDEX
On normal exchanges you get an address to which you can deposit tokens. You then use your existing wallet and deposit them to the address. It doesn’t work exactly that way on IDEX.
You are now logged in with your keystore file, private key, Metamask or with your Ledger. You should now press the “Balances” button in the menu and choose “Full Balances“.
Take a look at the image above. You can see that in my Metamask wallet I do not have much stuff. But, I have 0,0034953046 Ether available. But, I will not be able to trade with this, because it is still in my Metamask wallet. In order to trade with these funds on IDEX I will need to deposit them to my IDEX balance. To deposit the amount of my IDEX balance I have to press the “Deposit” button. As you press Deposit, the following screen will show up.
You might remember that I had a very little balance, meaning that I will not be able to actually deposit. But, here you can decide how much of the given token you want to deposit to your IDEX wallet. Notice that these are real deposits using the Ethereum blockchain, so you need to sat a gas price (the higher the gas, the faster your deposit will happen). I normally set the gas price to 4 GWEI (as the deposit normally happens within 3-4 minutes with this gas price), but feel free to set a higher price if you are in a hurry.
Once you have decided how much you want to deposit to your IDEX wallet, press Deposit. You will then be asked to confirm your deposit. Once you have confirmed the transaction is sent to the blockchain, and you will have to wait for a while until the transaction has been made. Once the transaction has been made you will see the money you transferred on your IDEX balance (instead of in your wallet balance).
You are now ready to trade on IDEX
When you see that the tokens have arrived in your IDEX wallet you are ready to trade. The next thing to do is to visit the exchange and to find a token you are interested in buying or selling.
As you press the Exchange you will get to the exchange site. You can search for the token you want to buy or that you want to sell in the menu on the left. If you want to buy Endor (EDR) search for it and press the link. You will then see something like the image above. Beneath the chart, you can see the “Buy EDR” and the “Sell EDR” options. You will see your balances as well, telling you how much Ethereum you have available for purchasing Endor, and telling you how much Endor you have available for selling.
You can now buy and sell tokens on IDEX.
What are you waiting for – starting trading on IDEX
I have tried to make this article easy to understand and to follow. If you have trouble trading on IDEX, have a question, or just want some advice on what token to purchase, write a comment, and I will do my best to help you out!
Have a wonderful day, and happy trading!