IndoEx is a cryptocurrency exchange from the United Kingdom. It has been in operation since January 2019.
As main reasons for making this your primary crypto trading platform, IndoEx highlights 9 factors on their website. These factors include reasonable commissions, fiat and crypto onramps, 24/7 support, secure wallets, access to API and high operating speed. We do however not understand the comment that ”the transaction fee is the lowest and only one thousandt of the fee ischarged [sic!]”. As far as we understand it, the transaction fees are quite average (see more under IndoEx Fees), but it is possible that they mean something else here.
On the date of first writing this review, the exchange stated that they had 110 market pairs, a 24 hour trading volume of 23,195.76 BTC (on this date corresponding to approx. USD 282 million, which is very good), and 150 supported countries.
IndoEx Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that IndoEx’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play:
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether IndoEx permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at IndoEx though.
IndoEx Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at IndoEx:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
IndoEx Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they divide between takers and makers. Takers are the one who “take” an existing order from the order book.
IndoEx charges takers 0.15%. These taker fees are quite in line with the global industry averages. Makers trade with a discount to their trading fees and only have to pay 0.10%. This is also in line with global industry averages.
IndoEx Withdrawal fees
IndoEx charges a withdrawal fee of 0.0008 BTC per BTC-withdrawal. This fee is actually a bit above the global industry average. The current global industry average is around 0.0006 BTC per BTC-withdrawal. On the date of last updating this review (7 August 2020), the difference between IndoEx's withdrawal fee and the global industry average corresponded to only USD 2.36, so maybe it doesn't make that much of a difference to you anyway.
IndoEx lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and of course also by just depositing existing cryptocurrency assets.
Seeing as fiat currency deposits are possible at this trading platform, IndoEx qualifies as an “entry-level exchange”, making an exchange where new crypto investors can start their journey into the exciting crypto world.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):