06/21/2024
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IndoEx

IndoEx

Indoex is a centralized cryptocurrency exchange that was founded in Estonia and the UK in 2019. The exchange is unique in its focus on finding promising altcoins, both high- and low-cap, and providing access to algorithmic trading.  The Indoex ecosystem offers typical features such as spot asset trading, a launchpad, airdrops, and trading competitions, but lacks other functionalities such as margin and futures trading, staking, crypto lending, and borrowing.

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. Indoex requires users to complete KYC (know-your-customer) verification, which involves submitting identification documents and proof of address.

However, there have been some allegations of fraud in the crypto community related to Indoex. In June 2021, Indoex blocked DeFiChain withdrawals, which led to the currency's delisting in January 2022 without recovering users' funds. 

Indoex offers nearly 200 trading pairs that include various cryptocurrencies, from Bitcoin to Chainlink to meme coins such as Dogecoin and Shiba Inu, traded against fiat and cryptocurrencies. Indoex is also home to different low-cap altcoins, not well-known to a wider audience. Indoex also offers fiat deposits and withdrawals, with both credit cards and wire transfers available, making it 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. However, the withdrawal fees depend on the asset and are slightly lower than on the majority of exchanges. The deposit fees are almost unprecedentedly high. The more funds one deposits, the higher the fee will be, which can discourage many investors. One of Indoex's primary features is its advanced API that allows users to create and operate their trading bots.