TIDEX Review 2021
Tidex is an online cryptocurrency exchange which operates out of London. Founded in 2017, the Tidex brand is owned and operated by a company known as the Elite Way Development LLP, a Fintech company.
Tidex offers its users the opportunity to purchase cryptocurrency tokens, as well as to buy and sell listed crypto assets on an exchange basis.
- Trading Platforms
- Trade Types/Instruments
- Commissions and Spreads
- Deposits and Withdrawals Options
- Pros and Cons
Tidex is presently not regulated, but this status could change if the UK government’s proposal to force exchanges to become regulated and observe KYC protocols is passed into law. But for the moment, Tidex is not subject to any regulatory oversight.
- We don’t know if Tidex is 100% reliable as it does not provide a good description of security measures that have been adapted to protect traders’ funds lodged in the exchange. The homepage says that “is our primary concern, risk management, and different internal control measures” but there aren’t actually more details there. The only pointer to the usage of some form of security is the 2-factor authentication (2FA) feature which can be deployed to protect the deposit and withdrawal process.
What are the trading platforms that crypto enthusiasts on Tidex can expect to come across as they decide to trade their favorite cryptocurrencies?
The trading engine at Tidex is basically browser-based. Everything is done from the website. In order to use this engine, traders can simply navigate to the URL of the Markets page, where all traded assets are listed, usually in pairs.
The web interface features the following:
- An interactive chart for the analysis of every asset.
- A troll box which is where traders can comment about anything cryptos, including open trades, why trade decisions were taken as well as relevant news in the market.
- The Buy or Sell box is also presented. This is where traders can enter their Market or Limit orders.
There is also an announcement box, as well as a box where the trader a view the Order Book showing buy and sell positions that are active in the market.
Tidex Mobile Trading
Tidex does not offer a mobile app. However, the Tidex trading engine is engineered to make it viewable as a mobile-friendly platform. This works for both smartphones and tablet devices. The mobile site is lighter than the desktop version, but still retains a lot of the functionality of the browser-based platform.
Tidex features more than 70 altcoins in addition to Bitcoin on its asset list. The primary coins against which other altcoins are paired are:
- USDT (Tether)
Here are some of the tokens that are listed for trading on the Tidex platform.
- 0x Protocol Token
- Bitcoin Cash
- EncryptoTel (ETH)
- EncryptoTel (Waves)
- Enjin Coin
- EOT Token
- indaHash Coin
- Kyber Network
- Tronix and many more
Traders can only use market orders to execute their BUY or SELL orders on the Tidex platform.
Commissions and Spreads
What are the fees and charges that users on Tidex will encounter in the course of their business? These fees are:
- Market Maker Fees
- Transaction fees.
Market maker fees: The fees for the market maker are pegged at 0.1%. The market maker fee is charged for providing pricing and also to settle charges on tokens transfer from seller to the buyer.
Transaction fees: These are fees that traders incur anytime they buy or sell tokens on Tidex. The fees are fixed at a rate of 0.1%.
Deposits and Withdrawals Options
How can traders on Tidex fund and withdraw from their accounts? On Tidex, fiat currency deposits or withdrawals are not permitted. Any withdrawals or deposits must be made using the following cryptocurrencies:
This process will involve the use of the trader’s public wallet address. The wallet address of another exchange must not be used so that coins are not lost forever. For instance, a trader who decides to withdraw using Ethereum should use Metamask or MyEtherWallet; wallets that are capable of EC20 token support.
Bonus and Promotions
Tidex does not offer any bonuses or promotions at the moment.
Customer support on Tidex can be reached using several channels. These are:
Pros and Cons
- 2-factor authentication is available as an optional security measure.
- Traders get access to the order book
- Low fees.
- An API is also available.
- Easy deposits and guaranteed withdrawals
- Traders cannot use limit orders to get the best pricing.
- There is no mobile app.
- Phone support is missing.
Is Tidex regulated?
No. Tidex is not a regulated cryptocurrency exchange.
Where is Tidex based?
Tidex is based in London, UK.
How does Tidex make money?
Tidex makes its money by charging market maker fees as well as fees on buy/sell transactions on the platform.
How do I deposit in Tidex account?
Tidex accepts deposits using Bitcoin and Ethereum as the primary deposit methods.
How do I withdraw money from Tidex?
Withdrawal of funds from Tidex is done by Bitcoin and Ethereum. This is an intricate process where the user must deploy 2FA for the safety of transactions.
Is Tidex reliable?
Yes, Tidex is reliable, but still needs to improve on its product offering to be able to compete against other more seasoned brands in the market.
Is Tidex a scam?
No. Tidex is not a scam. There have been no cases of traders being scammed of their cryptocurrency holdings.
How safe is Tidex?
Tidex is quite safe, but it is yet to be seen how the safety measures hold up in the face of any hack attacks. Therefore traders who are buying tokens on a “buy and hold” basis must transfer their holdings to off-exchange cold wallets to protect them.
Tidex is a new brand in the market and as such is still trying to find its place in the cryptocurrency exchange market. One thing the brand has going for it is a large number of tokens that can be traded as well as the beautiful platform interface that makes trading a pleasurable experience.
However, the issues of security of the platform are not well articulated by the company behind the site and this could be an area of concern, given the high profile hackings that have occurred on several other platforms. It is hoped that Tidex can address these issues as it aims to compete with other exchanges that are far ahead in terms of volume of trade, security protocols, and exchange processes.
- Bitcoin Cash
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- North Korea
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man