IndoEX cryptocurrency exchange was founded on the 16th of January, 2019. It is based in Estonia and in the UK. The main focus of the platform is finding the most promising altcoins on the market, both high- and low-cap, as well as providing its users with access to algorithmic trading options.
IndoEx crypto exchange employs the KYC (Know-Your-Customer) process to prevent illegal activities done with cryptocurrencies. All users are required to submit their identification documents (a passport or a driving license), as well as utility bills as proof of address. However, the platform accepts privacy coins and allows for their withdrawal, which means that the service can be used to gain crypto anonymity despite all the checks in place.
As of writing this, the platform supports over 150 countries and there are no listed countries where the platform is banned. However, some countries have banned cryptocurrency trading, so, it is advisable to check if your country has any crypto bans or restrictions before trading.
IndoEx crypto exchange supports crypto-crypto and crypto-fiat trading. Supported IndoEx crypto markets include BTC, ETH, USDT, USDC, and so on, while fiat markets include USD and EURO. There are over 200 IndoEx trading pairs available for all markets supported on the platform. The IndoEx spot is the only trading option available. The platform does not currently support margin or leverage trading although this may change in the future if IndoEx trade volume increases.
As for IndoEx exchange fees, the platform offers low fees, with both takers and makers sitting at 0.15% for most trading pairs. The only exceptions are IndoEx trading pairs that include DIQ cryptocurrency, as those require an additional 5% fee. There are no IndoEx crypto fees paid on cryptocurrency deposits. Though there are deposit fees paid for depositing fiat currencies. The more funds one deposits, the higher will be the fee.
The withdrawal fees on the platform depend on the asset and are slightly lower than other exchanges. For example, the IndoEx crypto price for Bitcoin withdrawals is 0.0008 BTC as opposed to the usual 0.001 BTC. For fiat transactions, the IndoEx cryptocurrency exchange charges 10% on deposits and 3 USD/EUR on withdrawals.
One of the main features of IndoEx crypto exchange is the advanced API that allows users to increase their trading profits using trading bots. This way, users can benefit from computer-calculated models and execute transactions at the best possible moment in a fully automated way.
Furthermore, the platform has a launchpad for soon-to-be-listed cryptocurrencies, airdrops for the listed ones, and a trading competition with crypto rewards. However, some of the regular features like margin and futures trading, staking, crypto lending, and borrowing are unavailable on the exchange.
About the Company
There were fraud allegations related to algorithmic trading on the platform. In one of the instances, a user’s assets were wiped for using a basic triangular arbitrage, with an official comment from IndoEx confirming the case, but arguing that this was a violation.
However, IndoEx offers a high level of security by using multiple security measures such as offline cold storage options. The platform claims that they maintain 98% or more of a client’s digital currency in cold storage, while the remainder is kept online due to liquidity requirements.
As of writing this article, IndoEx trade volume stands at $2.2 billion, equivalent to 132,809 BTC. Although note that this is a constantly changing number.