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 the 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 more cost-effective (less trading fee and withdrawal fee) than a centralized exchange. Ethereum-based DEX is one of 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 had a 24-hour volume of $1,182,128 until this article was written. In this article, I will discuss 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.
How to Trade?
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.
Open Metamask by clicking on the Metamask icon, a popup screen will be displayed as shown in the image below.
Create, Import or Restore an account on Metamask. Check out the below video to know in detail.
Connect Metamask to Idex Decentralized Exchange. Go to Idex.market and complete the registration process then click on UNLOCK WALLET at the top right-hand corner. The next screen that you will see is shown below.
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.
After you have entered the password, you will see another popup notification named Connect Request with a Connect button as shown in the image below.
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.
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.
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
Click on the TRADE tab at the top to start trading on Idex decentralized exchange.
In the End:
Thanks for reading this article, I hope you enjoyed and liked it. If there are any changes in the future on metamask or Idex exchange I will update the article with the relevant information.
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