Beginner’s Guide to Tidex Exchange: Complete Review

As the cryptocurrency sector continues to mature, the market is becoming populating with an ever-increasing number of exchanges. Tidex is a Waves-integrated exchange that aims to stand out by providing access to a number of Waves assets, as well as more popular cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. The exchange also allows trading in certain digitized forms of fiat currencies including WUSD, WEUR, and USDT. In addition, Tidex also allows users to list their own custom tokens upon approval, much like the Waves platform.

Tidex Review

Overview

Tidex is a crypto to crypto exchange that was established in 2017, and it allows users to trade in both cryptocurrencies and Waves assets. The company started out being based in the UK, but has moved its operations to the US, and is currently located in San Francisco, USA. Prior to this, the project moved to Russia as the team behind Tidex remains close to the Waves team who are also based in Russia. The Tidex website is currently available in English and Russian, however their services can be accessed from anywhere in the world.

Despite only opening up its platform in 2017, Tidex is already generating a significant amount of trading volume and there are currently over 100 coins listed on the exchange, with 185 market pairs linked to the 4 base currencies of BTC, ETH, USDT, and WAVES being available. Tidex is currently a top 40 exchange in terms of daily volume and is currently generating approximately $19,500,000 worth of trades daily. This number is dominated by the Waves/BTC and ETH/BTC pairs which currently account for over $16m worth of daily trades. The Tidex team have developed an easy to use platform, with an intuitive user interface that allows users to easily control and track their trading activity; the platform also makes use of a number of significant key features.

Visit Tidex

Key Features

  • Functionality – Tidex makes use of a web-based trading platform, and utilizes an easy to use and intuitive user interface that also has a wide range of functions. In addition to features such as the order book, and trading history, there are also responsive charts with different time frames and design options and a wide range of technical analysis indicators.
  • Customer Support – A support team is on hand to deal with any issues 24/7, and users can contact the team by opening a ticket in the Support Section. The Tidex team can also be contacted via their Twitter account, Telegram group, and Facebook page. There is also an FAQ page in the Support Section that addresses the most common issues, as well as a number of clearly written Guides that help users to navigate the platform.
  • Trading Options – The site provides a good range of trading options and users have access to supporting limit and market orders, margin trading, and a simple fee structure; with a 0.1% fee for market makers, and 0.1% for market takers.
  • Technology – Tidex provides its users with an API that allows cross-platform exchanges, and also makes it platform assessable via desktop, tablet, and mobile. This allows users to perform transactions in the setting that suits them best and also allows for users to keep track of their accounts even while travelling.

Tidex Account Signup

Creating an account on the site is a straight forward process, and the main page has a green “Create An Account” tab in the centre of the page. Visit the Tidex website and click on the “Create An Account” button. You’ll be faced with the following options.

Enter your email, password, and nickname in the registration form provided, and there is also the option to enter in a phone number. Then, agree to the Terms of Use and click on “Create An Account”, a welcome screen will be displayed and you can click on the “Log Me In” tab to move forward.

After this, a newly generated authentication code will be sent to the email address provided in from of a link. You can click on the link to log into your account, or you can copy the link and paste it into the requested field, and also enter your email and password and click on “Log In.”

Make a Deposit

Log in and click on the “Deposits and Withdrawals” button, look for the coin you wish to deposit and click on “Deposit”. After this, copy the required deposit address and paste it in your coin’s wallet. Be sure to check that the coin you wish to transfer is fully supported by the Tidex platform.

Deposit

How to Trade on Tidex

You will need to trade your desired coins via one of the base currencies on the Tidex platform. These include BTC, ETH, USDT, and WAVES. To trade Bitcoin for WAVES, click on BTC and search for WAVES to find the BTC/WAVES market pair.

Trading Pairs

The screen will display the amount of WAVES you will receive in addition to the total amount in BTC. Click on “Buy” to make the trade. A confirmation message will be shown, and you can click “Yes” to confirm the trade.

Buy Sell Boxes

Make a Withdrawal

In order to make a withdrawal, click on the “Deposits and Withdrawals” button, then look for the coin you want and click on “Withdraw”. The screen will then display details such as the available balance, amount to withdraw, address, withdrawal fee, and the total cryptocurrency balance. Enter all the necessary details and click the “Withdraw” button. A confirmation link will then be sent to your email. Check all the details carefully and then click on the link to confirm the withdrawal, remember that use once you have clicked the link, the withdrawal cannot be cancelled.

Withdrawals

Supported Currencies

Tidex operates as a crypto-to-crypto exchange and does not support fiat currencies. Despite this, digitized currencies like WUSD, WEUR or USDT are made available to trade and act as more stable options when compared to most other digital assets.

There are currently over 100 coins available on the platform and these include popular currencies such as Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin and OmiseGO. However, other popular coins like Monero, Ripple, Steem, and Zcash are still to be listed and Tidex often attracts traders looking to deal in some of the markets more obscure coins. A full list of supported coins can be found here.

The platform also incorporates its native Tidex token (TDX) which is issued to users via the loyalty programs. The Waves based token provides a basis for the Tidex discount program and rewards are paid out as TDX tokens to active traders on the exchange. Frequent traders receive a daily reward on their balance that reflects their daily trading volume and all TDX token holders get a commission discount of up to 50%, and will be able to reduce a trading commission up to as low as 0.05% on all trades.

The program starts from the trading volume of 1 BTC, and users get TDX tokens as a reward, with additional payouts received with further trading.

A 10% trading commission discount will be applied if the balance of 1000 TDX tokens has been reached, and can be increased up to 50% by reaching 5000+ level (in case the amount of tokens exceeds this amount on a user’s balance it doesn’t increase the discount).

You can see the received TDX tokens here.

Tidex Fees

When Tidex first started, all transactions were free and this helped to attract customers to the exchange and was partly responsible for the rapid growth in user base. The platform has since introduced a modest fee, and operates a flat 0.1% fee for both market makers and market takers when transacting.

In addition to the trading fees, the exchange also charges users for making withdrawals and the withdrawal fees vary depending on the particular coin being transferred. Bitcoin withdrawals incur a 0.001 withdrawal fee, while Ethereum withdrawals incur a 0.01 fee. Other withdrawal fees include 0.001 for Bitcoin Cash, 0.01 for Dash, 1.00 for EOS, and 0.005 for Litecoin. Tidex maintains an up to date list of all their withdrawal fees.

Tidex Fees

Is Tidex Safe?

Tidex has grown quickly by incorporating an easy to use interface and a large collection of tradable coins. The team focused on providing a fast, simple, and reliable trading platform and users can quickly get started on the site without needing any kind of verification to make trades, as accounts can be quickly created using only an email address and a password.

While the site has proved to be very successful there is little information available on the security protocols used, although the team claim to make use of strong internal security measures to ensure that all transactions are safe. In addition, Tidex claims to monitor all transactions to ensure that they are not involved in any form of criminal activity. So far, the exchange has proved to be resilient to hacking attempts and has successfully guarded its security secrets.

Conclusion

Tidex is a viable option for anyone looking to trade in some of the market’s more obscure coins as well as various WAVES assets. The site is easy to use and charges low fees in line with most crypto to crypto exchanges, however, there are a few issues that affect the overall user experience. For example, withdrawal fees for certain coins are quite high, while a significant number of users have complained of poor customer support. The ticketing system is prone to backlogs and as a result, the support team can takes several days to respond to enquiries.

There have also been issues with certain coins that have been listed on the exchange, Tidex is often quick to list more obscure coins and these can sometimes be of a dubious nature or even be labeled as “scam coins”. As a result, the Tidex team need to be extra vigilant when choosing new coins for their platform as newer traders are more susceptible to making poor purchasing choices.

Apart from these issues, the site has been operating quite smoothly and Tidex has a lot to offer both new and advanced traders. The easy sign up process and intuitive user interface is great for newer users, while the wide range of trading markets and relatively high trading volumes attract more experienced traders. In addition, the company’s loyalty program provides high volume traders with additional benefits and incentives. Tidex appears to be growing in stature and its collaboration with the Waves team continues to add more credibility to the exchange, it is a genuine option for anyone looking for an alternative to the more mainstream crypto to crypto exchanges.

Visit Tidex

Tidex

Tidex

Pros

  • Easy to use
  • Over 100 digital currencies supported
  • Low trading fees
  • No verification required
  • Desktop, tablet, and mobile options

Cons

  • Fiat currency not accepted
  • Slow Customer Support
  • Some established currencies missing
  • High withdrawal fees

See Original Post

Author: Eugene Kem


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