IDEX | Is this cryptocurrency a good investment in 2024?

What is IDEX?

IDEX crypto is a coin of a decentralized exchange that includes elements of centralized exchanges. The platform is available on both Ethereum and Binance Smart Chain, which is a blockchain network for the creation of decentralized apps and digital assets. Most similar projects use the model of an automated market maker, but IDEX works differently.

The platform has order books for exchanging the supported cryptocurrencies. Every user has to register and enter their email. IDEX on Binance Smart Chain offers opportunities that are characteristic of decentralized exchanges, e.g., the stop loss function. The platform has recently launched the IDEX Multichain project to engage new blockchain platforms. Polkadot was one of the first.

The function of the IDEX decentralized exchange is to perform and process thousands of transactions as quickly as possible. Users of this network can store their assets on it and use it for the real-time exchange of Ethereum, Polkadot, and other coins supported by the Binance Smart Chain. IDEX crypto is a service token of the exchange used for checking transactions in the log offline.

The platform’s development history

The Aurora Labs company, founded in 2017, was initially based in Great Britain, but later its headquarters moved to the Republic of Panama. For five years, the company developed financial and, in particular, banking solutions based on Ethereum and, at the same time, developed its brainchild, which was named Aurora. In 2019, this decentralized network of the Ethereum ERC20 standard was renamed IDEX.

Along with the exchange, its service token was created and also given the name IDEX or, alternatively, AURA. IDEX crypto supports the functions of the platform, whose popularity is determined by the fact that now over 500 cryptocurrency pairs are traded on it. Since the exchange uses the PoS protocol and has recently launched the IDEX Multichain, the number of available assets will considerably grow in the nearest time.

The IDEX project crew

Aurora’s founder, Alex Wearn, graduated from Kellogg School of Management and received two master’s degrees in business administration. The post of operations director belongs to Alex’s brother, Phil Wearn, who is a co-founder of another decentralized exchange on Ethereum called EtherEx. In other words, the IDEX coin was created by cryptocurrency market professionals who have perennial experience in the development and support of similar solutions, which explains the success of the project.

Resources and functionality of the IDEX coin

IDEX works as an exchange of order books by combining the elements of centralized and decentralized systems to perform transactions faster. To maximize the speed, Ethereum IDEX uses Optimistic Rollup Layer-2. These accumulative packs are a scaling solution that allows the main network to keep its decentralized model, in this case, IDEX, and considerably accelerate the processing of transactions offline.

IDEX rates and their demand on the world’s crypto exchanges directly depend on the success of the mother project. That is the same with all service tokens. There’s no reason to doubt the further development of the IDEX platform because it is based on a unique solution to hybridize the decentralized and the centralized approaches and use order books instead of the automatic model of market makers to perform transactions at the highest possible speed.

IDEX guarantees the performance of transactions with a very short delay. Apart from that, as was said earlier, the platform can be used to store funds. This is the first solution of this kind. The platform also offers extended types of orders and automated staking such as:

IDEX has become the most successful decentralized app for smart contracts (DApp) in the history of the segment. Its Optimistic Rollup Layer-2 accumulative packs provide the fastest performance of transactions in peer-to-peer trading.

Is IDEX a good investment? | Prospects and rates

It certainly is. In the past year, the IDEX rate has risen by 116%. As of today, 02.19.2023, this cryptocurrency is 395th in the market cap ranking. Along with the current price of $0.181273 and capitalization volume of 0.1706, IDEX has excellent indexes that reflect its progressiveness and dynamic development.

According to data from CoinGecko, the yield of IDEX crypto is 200.8%. That goes for active trading, which is gainful a priori due to the high liquidity of the asset. But there’s also staking, which you can do on the IDEX platform or any crypto exchange that works with this coin.

How to buy IDEX cryptocurrency

If you have decided to make money on IDEX cryptocurrency, you need to have a clear idea of the basic algorithm of actions. At least, you have to understand how to register on a crypto exchange and buy your target asset. It’s not necessary to choose one of the abovementioned crypto exchanges, although those are the recommended platforms.

Below, as an example, the Traders Union provides you with a step-by-step guide on how to register on Binance and purchase IDEX crypto. With other exchanges, the sequence of actions will be the same, and although each platform has its own interface, if you know how to buy cryptocurrencies on one of them, you will have no trouble doing the same on the others. Let’s begin with the first step, which is registration.

Registration

Go to the Binance official website. If for some reason your region is not determined automatically, the website will ask you to enter it. You can enter your region manually in the top right corner of the screen. Click “Register”.

In the registration menu, you will be asked to choose your region again. Not your actual location, but the country of residence. You will have to create a password and enter your email and mobile phone number. The confirmation codes will be sent to your email and phone, and you will have to enter them in the corresponding boxes. You will also have to agree to the company’s policies. Subscription to the newsletter is not necessary but recommended.

There are such nuances as a referral ID and anti-bot. The referral ID is a partnership code, which you don’t have to enter. The code will be entered automatically if you went to the website following a link from a user who is connected to the referral program. Your registration and the subsequent verification will provide him with a small monetary bonus. The anti-bot is a standard check at the final stage of registration. The check is simple and directed against fake accounts.

Verification

You have registered on the crypto exchange but you cannot buy IDEX cryptocurrency yet. If you haven’t passed the verification, the functionality is limited for you. Verification is the process of confirmation of the user’s personal data. The platform needs to verify your identity to protect itself from scammers.

After the registration, in the upper part of the screen, you will see a yellow warning about the verification. You can click “Get verified” in this warning or point to the account’s pictogram in the top right corner of the screen and click “Verification” in the dropdown menu.

In the new window, you will be asked to verify your region again. Below, you will see two verification options. The second one is unavailable until you verify your identity in the first one. Click “Start Now”. Then, you will need to choose your region and enter your first name, middle name, last name, and date of birth. Next, the platform will ask you to specify your address of residence.

After that, you will need to provide pictures of your passport or driver’s license. Follow the picture requirements or your ID may not be accepted. Once the images are uploaded, click “Continue”, and they will be sent for reviewing, which takes up to 10 business days.

Depositing to your account

To buy IDEX coins or any other cryptocurrency, you need funds in your personal account. To deposit to your account, click “Wallet” in the top right corner of the screen. In the dropdown menu, click “Overview”. In the additional menu below, click “Enter”. You will be offered to deposit cryptocurrency or fiat. Choose fiat.

In the next window, choose the currency you want to deposit. The recommended methods of payment will be shown automatically. Specify a method of payment and click “Continue”. Note that a fee for the chosen method will be displayed immediately. After that, you will be redirected to a payment service following the chosen method of payment. Follow the on-screen instructions. After the procedure is complete, the funds will be credited to your account shortly.

Purchase of IDEX

Click “Markets” in the top left part of the screen. You will see a list of assets and their main indexes. On the right, there is a search bar for coins. Enter: IDEX. Instead of a full list of assets, you will now see only this coin in the tab. Click “Trade” on the right part of the bar. Alternatively, you can find IDEX crypto by scrolling the list of assets.

After you click “Trade”, you will be offered two options of trading platforms: Classic or Advanced. For beginners, it’s better to choose Classic. Note that IDEX is currently traded with BTC, USDT, BUSD, and BNB. It’s not traded with fiats. So, you need to buy one of these cryptocurrencies first.

For instance, you can buy BNB for RUB by choosing this pair in the menu on the right. In the lower part of the screen, enter the amount of the cryptocurrency you are interested in and click “Buy BNB”. Then, follow the on-screen instructions. After that, you can purchase IDEX in the same way by choosing the IDEX/BNB pair in the menu on the right. Earlier, you chose BNB/RUB to buy BNB.

An alternative way to purchase IDEX cryptocurrency without entering the exchange is to use the function of direct payment with a card. In the main menu, click “Buy Crypto” and, in the dropdown menu, click “Deposit with card”. You will go to the same page on which you deposited your wallet, but now, you will buy IDEX with your bank card. After the transaction is complete, your account will be credited with IDEX coins. The conversion will be done at the market price.