Indoex is a centralized cryptocurrency exchange based in Estonia and in the UK. Its main focus 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.
Indoex reputation and security
The Indoex exchange was launched on January 16th, 2019. Unlike many other exchanges that start their activities during the Bitcoin bull run, Indoex acted differently. At this, it opened up at the very bottom of the crypto market, which allowed it to gain more momentum while going forward.
Since the project’s inception, there have been no successful hacking attempts on the Indoex exchange at the time of writing. The founders claim that 98% of all crypto assets on the exchange are stored in a cold wallet, while the remaining 2% are excessively covered by insurance. Therefore, even if the hack occurs, users won’t lose their funds.
There were, however, allegations of fraud in the crypto community when Indoex blocked DeFiChain withdrawals in June 2021. The event was followed by the currency delisting in January 2022 without recovering users’ funds. There are also numerous cases of accounts getting locked right after deposits with no further support or explanation, as well as many instances of users’ funds being wiped for seemingly no reason. This may serve as a big warning sign for crypto investors that consider using this platform for crypto trading or storage.
Trading pairs and listings on Indoex
There are nearly 200 trading pairs present on the exchange at the time of writing. At this, various cryptocurrencies, from Bitcoin to Chainlink to meme coins such as Dogecoin and Shiba Inu, are traded against fiat- and cryptocurrencies.
Indoex is also home to different low-cap altcoins not known to a wide audience, but holding a practical value, such as GlitzKoin, Omax Token, ByteDex. Also, the platform offers endless meme reiterations of Dogecoin, from Daddy Doge to CatCoin to Hungarian Vizsla Inu. Everyone can find something to their needs, be it early investing in promising crypto projects or just having fun investing in the memes and hoping for the moonshot.
The exchange lists new cryptocurrencies on a regular basis. Such events are announced on its social media channels of the facility, i.e. Facebook, Twitter, LinkedIn, Telegram, Instagram, and WhatsApp. As for the fiat deposits and withdrawals, Indoex does feature such functionality, with both credit cards and wire transfers available. As such, it can serve as an on- and off-ramp for cryptocurrency users.
Indoex offers reasonably low fees, with both takers and makers sitting at 0,15% for most trading pairs. The only exceptions are trading pairs that include DIQ cryptocurrency, as those incur an additional 5% fee. There are no deposit fees on cryptocurrencies, though. The withdrawal fees depend on the asset and are slightly lower than on the majority of exchanges. For example, the Bitcoin withdrawal fee is 0.0008 BTC as opposed to the conventional 0.001 BTC.
There are, however, some hefty fees related to fiat transactions. Thus, the exchange charges 10% on deposits and 3 USD/EUR on withdrawals. The deposit fees are almost unprecedentedly high. The more funds one deposits, the higher will be the fee, which can scare off many investors.
Algorithmic trading on Indoex
One of the primary features of Indoex is the advanced API that allows users to spin up their trading bots with ease. This way, users can benefit from computer-calculated models and execute transactions at the best possible moment in a fully automated way.
However, it’s worth noting that some of the previously mentioned fraud allegations are related to algorithmic trading, too. In one of the instances, the user’s assets have been wiped for using a basic triangular arbitrage, with an official comment from Indoex confirming the case, but arguing that this was a violation. Such an action does not violate Indoex’s Terms of Service, though, and is considered to be a basic form of algorithmic trading. Therefore, Indoex cannot actually be advised as a reliable algo-trading platform for big investors.
When it comes to the general ecosystem, there’s nothing particularly remarkable about Indoex. As with most centralized exchanges, it features spot asset trading, a launchpad for soon-to-be-listed cryptocurrencies, airdrops for the listed ones, and a trading competition with crypto rewards. Some of the regular features like margin and futures trading, staking, crypto lending, and borrowing are unavailable here, though. This makes the exchange quite poor in terms of functionality in comparison with its mainstream counterparts.
KYC/AML and anonymity
As the absolute majority of centralized exchanges, Indoex features KYC (Know-Your-Customer) as required by law to prevent illicit activities done with cryptocurrencies. At this, users are required to submit their identification documents (a passport or a driving license), as well as utility bills as proof of address. However, Indoex does feature 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.
Indoex team and partners
While there’s a big list of partners shown on an official website, the majority of them are simply the crypto indexes that included Indoex in their exchange lists, company indexes that provide legal info on Indoex, as well as some crypto news sites that wrote about the exchange. Therefore, it cannot be stated that Indoex is supported by corporate partners, either.
Therefore, neither the team itself nor the list of partners promotes trust in the exchange.