Guide to Trading Anchor on IDEX Exchange
IDEX Exchange Overview
Following Anchor’s successful token listing on Liquid at the end of August, IDEX became the second exchange to offer its users the opportunity to purchase the world’s first tradeable algorithmic stablecoin pegged to the global economy. Before we dive into the concrete steps on how to trade ANCT on IDEX, feel free to check out our IDEX 101 page.
Similar to the Liquid overview, we have prepared for you another guide on how to trade ANCT on IDEX exchange.
IDEX is the first Ethereum based decentralized smart contract exchange to support real-time trading and high transaction throughput. IDEX is the most advanced Ethereum DEX, supporting limit and market orders, gas-free cancels, and the ability to fill many trades at once.
- IDEX was launched by a group of traders in late 2012 as an enhanced and upgraded version of the existing decentralized exchanges.
- IDEX platform has enabled integration with Ledger Nano S and Meta Mask wallets, for those who are a bit more tech-savvy.
- IDEX is an Ethereum-driven decentralized exchange that supports Ethereum and ERC20 token trading pairs.
- On IDEX, you can trade more than 250 Ethereum ERC20 tokens.
- The use of smart contracts allows for all assets to be stored trustlessly on the platform.
- IDEX consists of a smart contract, a trading engine, and a transaction processing arbiter.
How To Trade ANCT on IDEX
How To Unlock a Wallet
How To Deposit Tokens
How To Withdraw Tokens
How To Place a Limit Order
How To Execute a Trade
How To Cancel an Open Order
Don't have an account on IDEX? You can also buy and sell ANCT on Liquid Exchange.
What are the fees to trade on IDEX?
IDEX charges 0.2% for the market taker and 0.1% for the market maker. Users also pay gas fees to put their transactions on blockchain.
What are gas fees?
All transactions on the Ethereum network cost gas, a fee that is paid to miners in order to process the transaction. Trades on IDEX cost ~140k gas. Gas costs are about 1.5x higher than EtherDelta and slightly higher than 0x, but on IDEX there is no risk of competing for the same order and wasting this gas fee. Traders receive their chosen order regardless of how long the transaction takes to settle, so as the exchange grows IDEX can continue to use a normal gas price.
What are a maker and a taker?
Market makers place new orders on the books and wait for another user to match them. They can be buys or sells. Market takers find existing orders on the books and fill them, thus taking orders off of the books.
Why are there minimum trade orders on IDEX?
IDEX has instituted a minimum order of 0.15 ETH (equivalent) for makers, and 0.05 ETH (equivalent) for takers.
IDEX’s design includes trade matching which ensures traders get matched with the best-priced orders on the books. However, this price doesn’t account for the cost of gas. If there were no maker minimums, then it would be possible for users to place tiny limit orders on the books that force takers to waste gas unnecessarily.
Are my funds safe on IDEX?
Yes. All funds held within the IDEX wallet are under the user’s control at all times. IDEX cannot trade, withdraw, or make any other transactions with your funds without you first cryptographically signing permission for IDEX to do so. Because IDEX keys are the only ones authorized to submit withdrawal transactions, IDEX have included an escape hatch that allows users to withdraw directly from the contract after a certain period of inactivity. This ensures that even if the IDEX servers are unavailable that users can still remove their funds from the contract.
What is the IDEX token and IDEX Staking?
The IDEX token is the primary token of IDEX, enabling users to directly contribute to and benefit from the project.
IDEX staking allows users to run specialized nodes that execute or manage specific functions related to IDEX. In return for helping decentralize various “tiers” of IDEX’s product architecture, node operators are compensated in ether (ETH).
As an IDEX user, how does this impact me?
Traders on IDEX have been accumulating IDEX tokens as a trading reward since the token launched in 2018. Users now have the chance to stake these tokens and earn a percentage of fees from the exchange.
Additionally, IDEX has implemented a trading rewards multiplier for those users who help test the system by receiving trade history data from IDEX stakers. All users, including those staking, are eligible to earn 2x IDEX trading rewards during the alpha period(s) by simply opting into the program. IDXM holders who opt in earn up to 4x IDEX trading rewards, while those who do not opt in otherwise remain eligible to earn up to 2x IDEX trading rewards.
How do I run an IDEX node?
The minimum requirement to run a Tier 3 (trade history) node is 10,000 IDEX tokens.
Follow the video below for a step-by-step walkthrough:
Trade anct on idex now
Anchor Tokens (ANCT) are available on IDEX Exchange.