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An Honest Indoex Review in 2022

Last updated 16th Aug 2022
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IndoEx is an advanced trading platform specifically designed for experienced traders, and it provides them with access to hundreds of altcoins.

In this review, we will go over everything that you should know about the IndoEx brokerage so that you can make an educated decision about using or not using it for all of your trading purposes.

IndoEx is an advanced trading platform specifically designed for experienced digital asset traders that puts a focus on altcoins. IndoEx was initially launched on January 16, 2019 and has headquarters in Estonia as well as the United Kingdom.

IndoEx specializes in 9 specific regions of the cryptocurrency trading sphere, which it highlights. These include reasonable commissions, more than ten ways to deposit to an account, multi-currency transactions, secure wallets, 24/7 support, varied activities, algorithmic trading, operating trading, and low transaction fees.

Additionally, IndoEx is fully available on mobile devices, alongside desktop devices, which makes all of these tools available on the go through dedicated mobile applications on the Google Play Store and the App Store.

IndoEx Overview

💼 Provider Type:Broker
💸 Minimum Deposit:None
💰 Trading Fees:Varied
💰 Deposit Fees:None
💰 Withdrawal Fees:Varied
💰 Management Fees:None
🔀 Minimum trade order0.001
⌛ Withdrawal Timeframe:1 day
#️⃣ Number of Cryptocurrencies Supported:180
#️⃣ Number of Crypto Pairs Supported:249
💱 Top supported Cryptocurrencies:BTC, ETH, TRX, XRP, LTC
📊 Leverage:None
📱 Native Mobile App:Yes
🖥️ Free Demo Account:No
🎧 Customer Support:Email, Phone, Twitter, Telegram chat
✅ Verification required:Yes
📈 CFD AvailableNo
📊 Software:Website, web app, mobile app
⚽ Social Trading:No
✂️ Copy Trading:No
👮‍♂️ RegulatorsNone

Pros and Cons of Using IndoEx

Pros

Customer support that is available 24/7
249 market pairs to choose from
A secure cryptocurrency wallet
150 supported countries
Solid indicator and other charting tools

Cons

It can be overwhelming for newcomers to use as it is heavily tailored towards advanced traders
Unintuitive user interface that takes time to understand

IndoEx Cryptocurrencies and Trading Options

What Cryptocurrencies Can You Trade on IndoEx?

IndoEx offers trades on over 180 cryptocurrencies as well as 249 market pairs for traders to choose from. Some of the top-performing tokens on the platform are:

There are many cryptocurrency pairs that you can choose from while using IndoEx. Some of the core pairs include:

  • BTC/USDT

  • BTC/ETH

  • ETH/USDT

  • TRX/BTC

  • BSV/BTC

  • LTC/BTC

  • BCH/BTC

  • XRP/ETH

Different Trading Options Offered by IndoEx

In terms of the trading options, currently IndoEx supports trading on spot markets.

Spot trading is a continuous process of buying as well as selling coins at a spot price for immediate settlement. The top-performing tokens here include:

  • BTC

  • USDT

  • ETH

  • XRP

  • LTC

  • ETC

  • BCH

  • TRX

  • USDC

  • QTUM

Can I Trade with Leverage on IndoEx?

IndoEx does not showcase any information about leverage minimums or maximums anywhere on the website, and we can confirm neither the availability nor the lack of leverage on the platform.

What Are the Spreads?

There are no spreads offered on IndoEx. It charges a fixed percentage trading fee instead of a spread. This is a fee that is divided between takers, who are charged just 0.15%, and makers, who also get the same charge. Takers are the traders that take an existing order from the order book in this case.

Fees, Limits, and Payment Options on IndoEx

What Are the Deposit and Withdrawal Fees, Limits, and Speeds?

There is a range of deposit and withdrawal methods found on IndoEx. The fees are fair and the limits are generous with an overall decent transaction time depending on the method chosen.

Deposit Methods

In terms of the deposit methods, you have:

  • Bitcoin deposits which have a minimum deposit of 0.0017 BTC, charge no fees and are instantaneous.

  • Credit and debit card deposits which have no minimums and no deposit limits, have no fees, and have a speed of 48 to 72 hours.

  • Wire transfer deposits which have no limits and have no fees on the exchange, but the bank might charge you a fee and typically take 2 to 3 business days to complete.

Withdrawal Methods

In terms of the withdrawal methods, you have:

  • Bitcoin withdrawals which have a minimum withdrawal size of 0.0013 BTC, no maximum limit, and have a 0.008 BTC fee and instantaneous transaction speed.

  • Credit or debit card withdrawals which have a minimum withdrawal limit of $75, and a maximum withdrawal limit of $200,000 for verified accounts only, as well as a $30 fee. In terms of the processing time, it takes 2 to 3 days to complete.

How Much Are IndoEx’s Fees and Commissions?

IndoEx will apply fees for trading activity, but the platform will sometimes apply an extra layer of fees alongside that. These are charges which are common within the trading industry.

There are numerous fee types that you need to know about, including:

  • Deposit fees: No fees for any of the provided deposit methods, except for wire transfers, where the bank might charge you a fee.

  • Withdrawal fees: 0.008 BTC for Bitcoin withdrawals and $30 for credit or debit card withdrawals.

  • Maker/taker fees from trading: IndoEx charges traders fixed maker and taker fees of 0.15% each.

  • Commissions and spreads: IndoEx does not charge any commissions and spreads, which means that it will not generate any profits from these spreads.

IndoEx Trade Sizes and Limits

When we go over the trade sizes at IndoEx, it is important to note that they start with a minimum trade of 0.001 lot, which is the smallest possible trade that you can make. That said, there is no maximum trade limit, and you are free to trade as much as you want to.

IndoEx Trading Platform

IndoEx was specifically developed to be accessible from just about any device. This is due to the fact that it has specific applications developed for it that works flawlessly on mobile devices.

Some of the devices you can access IndoEx on include:

  • Windows-based computers: If you have a computer at home that runs the Microsoft Windows operating system, you can easily use the web version of the exchange that works efficiently across many internet browsers.

  • macOS-based computers: Same as above, all you have to do is use either the default or another browser of choice and simply navigate to the official web app of the exchange. It will adapt to just about any resolution and screen size, so it doesn’t really matter which Mac or MacBook you are using here.

  • Android-based smartphones: There is a specific application developed for the Android operating system, and you can find it and download it directly through the Google Play Store. Alternatively, the web app will also work directly through a web browser.

  • iOS-based smartphones: Similarly to Android-based phones, you can download an official specifically-developed IndoEx application. However, this time on the AppStore. Alternatively, the web app will also work.

Can I Use IndoEx in Any Country?

According to the official IndoEx website, it is officially supported in 150 countries. There does not appear to be any restrictions towards using this exchange by traders in any country specifically. Keep in mind that cryptocurrencies are banned in some countries, so it is recommended that you manually check the laws in your specific jurisdiction.

Is IndoEx Available in My Language?

The languages available on IndoEx include:

  • English

  • Dutch

  • Korean

  • Russian

  • French

  • Portuguese,

  • Italian

  • Chinese (simplified)

  • Chinese (traditional)

How Easy Is It to Use IndoEx?

When you initially open the IndoEx application, you will notice that you have specific markets and trading pairs available. However, the moment you click on trade, you will be brought to an advanced menu where you will see countless charting tools, numbers, and coins listed, with stats getting updated each second. It is obvious from this point onward that this is an exchange built with a focus on advanced traders, and it is not as simple or as easy to use for newcomer investors.

Key Features

There are specific features found at IndoEx that are rarely seen by many of its competitors. Here, we will be discussing some of the main features that are worth your attention. Each of them brings something new and unique to the world of trading, and hopefully because of this you will know exactly what makes IndoEx unique in its own way.

Altcoins Offered

Alongside allowing traders access to trade some of the largest cryptocurrencies out there, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), there are hundreds of altcoins available as well, and you will find some lesser-known tokens on the list such as BEXT, BULLS, XLN, INFG, EARN, MLTPX, BTB, NTC, and others.

Gox Compliant API

IndoEx utilizes a Gox compliant API, which means that it fully supports huge transaction volumes as well as quick trading operations. The platform can effectively build system packages through this API and generate web page downloads while also uploading binaries, all of which contribute to the complex algorithm which operates within the exchange.

High Level of Customer Support

Alongside having a 24/7 support team, there’s an email support method where you can send complaints, questions, and specific grievances about the platform. Then there’s Twitter support, where all of the recent announcements of the development of the platform are announced to the users. Additionally, there is a Telegram channel where users can also receive development and upgrade updates, where users can meet with each other and share ideas. There’s also phone support, where the team can be directly called.

Security and Regulation

Is IndoEx Safe?

IndoEx offers a high level of security through utilizing multiple security measurements such as offline cold storage solutions. In fact, they claim that they maintain 98% or more of a client’s digital currency in cold storage solutions while the remainder are kept online due to liquidity requirements. There is also the option to enable two-factor authentication (2FA).

Am I and My Cryptocurrency Protected?

Your cryptocurrencies are at an exchange that has a high level of protection, which has both third-party as well as co-issuer policies that guard against any security breaches, hacks, or theft of your cryptocurrencies.

Is IndoEx Regulated?

Unfortunately IndoEx is currently not regulated by any financial authority in any country. However, this might change in the future.

Do I Have to Verify My Account with IndoEx?

Completing a Know-Your-Customer procedure while using the IndoEx exchange is not mandatory. However, you are severely limited by not doing so as you have limits on both deposits and withdrawals as an unverified account.

Extra Information

Educational Resources

There are currently no official educational resources provided on the official website. However, you do get a FAQ section on the page that covers most of the basics about using the exchange itself, alongside its features, which can fall into this category.

Tools and Charting

You get access to multiple order types, one-click trading shortcuts, and you can even set up your custom charts and indicators. You can also view open orders as well as order history at any time.

Customer Support

IndoEx supports multiple ways you can contact the support team. Additionally, you always get updated on all of the latest developments or maintenance times as well, which is a solid plus for support.

How to Buy and Sell Cryptocurrency on IndoEx

Buying and selling cryptocurrencies on IndoEx is quite a simple process, but to streamline things as much as possible for you, we have created a step-by-step guide on how to both buy and sell crypto on IndoEx with ease.

How to Buy Crypto on IndoEx

  • Step 1 - Visit IndoEx's official site & sign up

Log in to your account from the homepage.

  • Step 2 - Browse trading dashboard

Navigate to the trading dashboard, which should be on the header bar of the website.

  • Step 3 - Set an order

Ensure that you enter the correct number of tokens that you would like to purchase on IndoEx.

  • Step 4 - Make a purchase

Click on the “Buy” button to complete your purchase.

How to Sell Crypto on IndoEx

  • Log in to your account from the homepage.

  • Navigate to the trading dashboard, which should be on the header bar of the website.

  • Enter the current number of tokens that you would like to sell from your IndoEx account.

  • Click on the “sell” button to complete the sale process.

Is there an alternative to crypto brokers?

Yes, there are many more ways to trade cryptocurrencies such as using cryptocurrency robots. Check out some of our reviews for the best trading robots:

Is there an alternative to IndoEx?

1
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Final Thoughts

IndoEx is a cryptocurrency exchange platform that is specifically tailored towards advanced traders that have a goal of diversifying their portfolio. It has a solid API, excellent performance, quick processing speed on transactions, and is available on just about any device.

Keep in mind that there is no single platform that meets the needs or demands of every trader out there, so doing your own research before selecting the right platform for you is essential. When you do end up trading, make sure that you take all of the required precautions to avoid any potential financial losses that might occur.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.