What is IDAX? How to register on IDAX?
IDAX is currently one of the ten largest volume-adjusted exchanges in the world, according to Coinmarketcap. Originating from Mongolia, many of you are probably wondering why they can become so popular. So today, let’s find out everything about the IDAX trading platform with AZCoin News!
What is IDAX?
IDAX was formerly known as Global Blockchain Research Center (GBC), an international blockchain research institute for blockchain research and application. The exchange is headquartered in a high-tech park in the Mongolian capital Ulaanbaatar with a scale of up to 33,000 m2.
IDAX launched the platform in December 2017 and is currently in the top 10 volume-adjusted exchanges on Coinmarketcap (as of July 22, 2019). It is noteworthy that IDAX is supported by the government and Monggis Khaan Bank of Mongolia.
Type of fees
The fees on IDAX is up to 0.15%. This is a relatively high fee compared to the current common ground. Moreover, the exchange also has no promotions to discount fees for users.
Like many other exchanges, IDAX is free to load coins on the exchange. The withdrawal fee will depend on each coin. Users refer to the fee schedule of withdrawal here.
- Large volume and good liquidity are the highlights of IDAX. You won’t encounter the status of waiting for order matching like some exchanges
- The exchange fully meets the needs of users today. They have a margin trading contract (CFD), OTC with the Yuan, binary options and an IEO token sale
- IDAX has developed applications for full iOS and Android. You can trade right on your phone without always using your laptop
- Since its inception, they have never been hacked. This is an impressive achievement in the context of widespread cyber attacks
- IDAX currently does not have a stop-limit feature. This is a significant disadvantage because traders cannot place profit-taking/stop-loss orders automatically
- The exchange also has no API Key port. Therefore, you cannot link an exchange’s account to portfolio applications or trading bots
- High fees and no additional discounts
- IDAX currently only supports three languages: English, Korean, Chinese (simplified and traditional)
- They have a native token – IDAX Token (IT). However, as observed, this token is still developing, not promoting the necessary features of a native token
What markets does IDAX support?
One advantage is that IDAX’s trading market is quite complete.
- Trade margin with CFD (high risk)
- OTC (currently only Yuan)
- Trade binary options (BTC / USD and ETH / USD) via the link https://option.idax.pro/#/
- Buy IEO tokens with IDAX Foundation
Introducing IDAX Token (IT)
IDAX Token (IT) is a coin of IDAX exchange. IT was just launched and traded on IDAX in February 2019. According to the whitepaper, the function of IT is similar to other coins. You can use IT to reduce transaction fees, vote,…
However, it is currently only open for trading on the exchange, and other features are still under development.
How to Register IDAX accounts
Step 1: To register for an IDAX account, visit the link here.
Step 2: Then, you declare the information as required by the exchange
- Email: Enter your email address
- Password: Enter the password for your account
- Confirm Password: Retype the password above
- Invite Code: Enter the invitation code (if any)
Step 3: Next, tick, “I agree …” and click “Create my account.”
Step 4: Open the email that you have registered, find the code to email.
Step 5: Finally, enter the code again and click “Verify my email” to confirm the account creation.
So you have created a successful IDAX account already!
2FA 2-step security activation guide
As soon as you create an account, they will ask you to activate 2-step security. Like other exchanges, IDAX allows 2FA activation by SMS or with Google Authenticator.
Then, you open the app on mobile, scan the QR code that IDAX displays, as shown below. Note, remember to save the 16-digit Key in case you lose 2FA! You click “Next” to continue.
Finally, you enter your account password and 2FA code, then click “Turn on Google Authenticator” to activate 2-layer security.
So you have enabled 2FA security for your account successfully!
How to do when losing 2FA?
First, check that you still have a 16-digit Key saved. If so, you need to open the Google Authenticator app and re-enter the Key.
In case of no Key, you press the support button on the homepage, as shown below, to send support requests to the exchange.
Then, you enter the email used to create the account, tick “Google Authentication” to classify the problem. Next, the brothers describe their 2FA loss status.
IDAX will contact you via email and instruct you to reset 2FA.
Instructions for KYC
Next, before buying and selling cryptocurrencies, you need KYC for your account. Without KYC, users will not be able to withdraw.
Requesting KYC of the exchange is simple, follow the steps below.
Step 1: First, access your account settings, choose “Withdraw limit,” and click “Completion of real junior names.”
Step 2: Then, fill out the required information as follows.
- Country / Region
- Last Name: Enter your last name
- First Name: Enter your first name
- ID Card Number: Enter your ID number (or Passport)
Step 3: Next, tick “I accept …” and click “Next” to go to the next step. Then, you upload the front image of the ID card or Passport and then click “Next” to continue.
Step 4: Finally, upload a photo of yourself holding your ID and a sheet of paper notes “IDAX day /month/year.” Click “Submit” to send that information to the exchange.
So you have finished KYC level 1. After being reviewed by the exchange and approved, users, can withdraw up to 2 BTC / day.
With more and more crypto exchanges appearing today, the ability for users to find quality exchanges is not too difficult. In addition to the familiar and well-known exchanges, IDAX is one of the new exchanges that are worth a try.
High volume and stable liquidity are the dominant advantages of the exchange. Besides, many markets trade with the potential of native coins is something you should be aware of. Hopefully, through this article, you will have a better understanding of the exchange from Mongolia.