How to trade on Idex Decentralized Exchange with Metamask?

    A decentralized exchange is also known as DEX. DEX is a cryptocurrency exchange that operates without any central command. Trade happens directly from your wallet to exchange wallet using a mediator, which can transact on the host Blockchain through a wallet. For trading, you do not need to register or transfer/deposit any cryptocurrency. No, KYC is required. 

    I personally prefer them as they are cost-effective (less trading fee and withdrawal fee) than a centralized exchange. Ethereum based DEX is one the most commonly used exchange due to a large number of projects based on ERC-20 tokens.

    One of them is Idex.market.  According to CMC it is ranked 127 and has a 24-hour volume of $1,182,128 until this article was written. In this article, I will discuss on How to trade on Idex Decentralized Exchange with Metamask? wherein Metamask is an Ethereum wallet

    What is Metamask?

    Metamask is an Ethereum wallet, that helps you to run Ethereum dApps right in your browser. It is available as a chrome extension and can be only used for Desktop browsers. You have to download the extension from the Chrome store and install it to your Chrome browser in order to use it.

    Try Metamask – DOWNLOAD

    How to Trade?

    Step 1:

    Download and Install Metamask on your Chrome Browser. It will appear on your Browser at the top Right-hand corner as shown in the image below.

    metamask icon
    Metamask Icon

    Step 2:

    Open Metamask by clicking on the Metamask icon, a popup screen will be displayed as shown in the image below.

    Metamask popup screen
    Metamask popup screen

    Step 3:

    Create, Import or Restore an account on Metamask. Check out the below video to know in detail.

    Step 4:

    Connect Metamask to Idex Decentralized Exchange. Go to Idex.market and click on UNLOCK WALLET at the top right-hand corner. The next screen that you will see is shown below.

    Idex decentralized exchange
    Idex unlock Wallet

    Select Software wallet and then click on UNLOCK SOFTWARE WALLET. This will open the Metamask popup window asking you to enter your wallet password. Please enter the password and the next screen that you will see is displayed below.

    Idex Metamask popup
    Idex Metamask popup

    After you have entered the password, you will see another popup notification named as Connect Request with a Connect button as shown in the image below.

    Idex Metamask Connect
    Idex Metamask Connect

    Click on Connect and the UNLOCK WALLET tab gets changed to your profile image tab, with a drop-down menu as shown in the image below.

    Idex profile tab
    Idex profile tab

    Now, click on the BALANCES tab and then on FULL BALANCES, the next screen displays your wallet balance as shown in the image below. If the tokens that you hold in your wallet are being traded on the exchange, then they will appear on this screen.

    Idex decentralized exchange
    Idex Full Balance

    In order to trade on Idex you need to have Ethereum in your Metamask Wallet. To initiate a trade you need to first deposit the token from your wallet to the exchange wallet using the DEPOSIT button, to withdraw token back to your wallet you need to click on WITHDRAW button and if you want to transfer the token to a different wallet of yours, you need to click on TRANSFER button.

    Before you start trading on this DEX, please read the FAQ

    Step 5:

    Click on the TRADE tab at the top to start trading on Idex decentralized exchange. 

    I will update this article if there are any changes made by Idex exchange on their user interface. For now, you can stay updated by Joining our Telegram Channel. I hope this Guide on How to trade on Idex Decentralized exchange with Metamask? helps you in your future trade and if you have any queries regarding this post, then please do leave your comments below.

    Loved this post? Don’t forget to share it with the world!

    About The Author: Shounak

    A content writer, content creator & community manager by profession. Shounak has been a Blockchain Enthusiast and Bitcoin Investor since 2015. He founded this blog to help newbie understand and realize the power of decentralized currency also known as cryptocurrency.