Topic: idAx.mn is horrible exchange, do not use it. (Read 290 times)

I don't trade at IDAX but hear a lot about it. The fake volume is undisputed, it is also characteristic of many other exchanges. However, IDax is a regular model of promoting listings from the IEO combined. This means that many investors will go into it and the valid evidence will be raised later. If you suspect honesty from Idax, look for another reputable trading platform.

Idax have now turned legit, so I assume because they are now listed in the top 50 crypto exchange by cmc.
The thread starter might have also resolved his problems with idax since the thread is already over 6 months, may be it escaped his mind to update the thread.

Just like what happened on Blockchain.info to Blockchain.com migration. You can access on both url and this situation goes same with idax.

The op has issues with idax.mn and the exchange listed is https://www.idax.pro and not https://www.idax.mn. They have similar name but different domain extensions.

IDAX now in the market are belong to top 10 exchange platform https://coinmarketcap.com/rankings/exchanges/
in fact, I've been using it for a months now and so far so good. So I don't kno what IDAX you are talking about dude.
Because this what I'm telling you is one of the good trading platform actually.

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This does not necessarily mean that they are fake, it means that they are shady at least.
And i dont see many reasons in this situation, i deposited and after few hours wanted to withdraw the same token, they ask for ID. There is no rational explanation and this is the first i have heard of it. Also the country of their residence is suspicious- Mongolia.

There are many reasons why they can ask for id verification, being fake exchange may be one reason also nut we couldn't name them fake without having a solid proof.
If you are sure their trade volume is not reals, you should simply move to any popular exchange to make sure you will not lose your coins

Since i dont have a solid proof that they are scamming people, just very shady practices.
I dont think that scam section is appropriate but his thread on other hand will be in google search after a while and people will potentially see it before registration.

No,there is need for self moderated thread if their newbie trolls come here and write comments with no solid ground .

Hmm,
I still remember a long while ago in my coin telegram group called "BitWhite" someone joins our group and he confess himself as idax admin, he offers to our group admin to FREE listing our coin to this exchange.
Our admin group and other members decided to check it first to see he is a real admin or not by visiting idax.mn site and join the idax official telegram group, and obviously he is a real admin from idax...

After checking and some discussion, our admin decided to reject their offer for a listing our coin to this exchange because we don't know the origin of this exchange comes and about their reputation. Our admin afraid they just trying to scam us....

Here the screenshoot of proof


sorry for my bad english

No need on creating a self-moderated thread when you do tend to speak out some exchange issues.

If we do saw a token of ours that's only available on an unknown exchange it cant really be avoided for us to deposit because we would like to sell it off but we should really ready ourselves on what would be the possible issues to be faced. KYC for withdrawal is possible and I have seen some exchange no matter how small it is you would still need to comply which is horrible if we do compared on most exchangers nowadays that doesn't really require any verifications.

Tis exchange have ANN thread in bitcointalk,if they have then better create this thread to scam accusation section and tag them for their shady activities so it will be really helpful for the other newbies.BTW I never hear that exchange name yet until now.

 
 In last few days I have had the worst experience with this exchange and I want to share so others wont have to go trough this.
 The exchange is called idax.mn ,yes idax.mn not idex.

 I saw that token of interest had a decent volume there so i decided to deposit, which went very well but then i noticed something off about this particular token trades . Trades where fake and done by bots thus the volume was fake. Ok , this was frustrating but it is nothing new in crypto world, since there was no way my order is gonna go trough with those bots, I decided to withdraw. To my surprise after I wanted to withdraw, they ask for my ID. This is unseen, the token value was few hundred dollars. And i did not sell and I did not buy anything on their platform, there is no legal reason for them to ask my ID.

I tried contacting the support, after about 4 emails back and forth, they did not understand the difference between " withdrawing" and " depositing". Either they did not understand English ( english support btw) or there was bots. After I got more aggressive, they told that i have to do ID nevertheless.

Since I am an EU citizen, my KYC goes under GDPR and with line of GDPR in this case they are most likely breaking it by forcing me to submit KYC and they are not explaining why they ask ID in this situation. Nevertheless they did not react to GDPR as well. I could not find the location of them, but possibly it is Chinese so they cant be touched by any foreign law.

I dont have problem with KYC in general but in this case there are several RED FLAGS. They have fake volume, horrible support, and no reason for ID verification in general.
There is a high chance that their side business is ID selling.

Thanks for reading and be careful.