A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of IDAX consists of four parts: general information, fees, deposit methods and security.
UPDATE 31 March 2020: According to information in the crypto press, all deposits and withdrawals have been suspended at this exchange. But not only that. Apparently, this exchange's CEO has gone missing. We strongly urge any people interested in starting an account here to be very careful until further notice.
IDAX is the only Mongolian cryptocurrency exchange that we have listed in our Cryptocurrency Exchange List. It launched in December 2017.
The exchange has an impressive selection of altcoin trading pairs, many of which are difficult to find elsewhere.
As a few of its main advantages, IDAX highlights that it is safe, fast and that the team working with the exchange is professional. These factors are all important of course.
The exchange does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
The liquidity at this exchange is remarkably deep (meaning “good”). At the date of first writing this review (29 September 2018), the 24 hour volume was USD 250 million making the exchange the 12th biggest exchange in the world according to Coinmarketcap. On 17 July 2019, they were still at place no. 12. However, this time their trading volume was USD 1.35 billion, so roughly 6 times higher. This was all very impressive and showed great liquidity. But what happened next? On the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), the trading volume had dropped to almost nothing in comparison: USD 2.9 million. Relative to other exchanges, IDAX had now dropped from place no. 12 to place no. 151...
IDAX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at IDAX (in trading mode):
IDAX Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
IDAX’s trading fee for takers is 0.15%. This fee is above the industry average. The industry average is arguably around 0.25%, but we now see more and more exchanges starting to offer even lower fees, such as 0.10% and 0.15%. Makers enjoy a slight discount on the trading fee here and trade with a trading fee of 0.10%.
IDAX Withdrawal fees
IDAX's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
At this exchange, they do not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
This exchange’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually way above average when it comes to the cryptocurrency exchanges listed in our Cryptocurrency Exchange List. Most of the exchanges only receive an F. Accordingly, the security score of this C is comforting.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 9 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: