Is IDEX a safe exchange to use. They have an option that asks for private keys. - page 2.

glowing10

full member

Activity: 812

Merit: 142

Quote from: deadthings on February 04, 2018, 09:47:34 PM

Has anyone opened new wallet on IDEX and then tried to transfer there ETH (or even better some token) to this new wallet? In other words, was someone depositing at the created address on IDEX?
I don't know if I'm so tired or stupid, but I can't do it and I've lost my patience!!

I am staying away from such site as private key is your personal password sort and if you share it you are exposing your wallet keys and can be very harmful . So better not to register on any site which does ask for the private keys and better to register on other better exchanges which does exists.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: KwizatzHaderach on January 03, 2018, 04:18:20 PM

Not really sure why they have that option. Its like giving the keys to the house to a stranger.

It would be safe if you are accessing the right site. It is a decentralized exchange so if you need to import your wallet then you need to provide your address and private keys. It is just like etherdelta wherein if you need to trade then you just import your wallet and then deposit your coins there and then trade. IDEX is a lot better than etherdelta though in terms of interface but then it has low volume so many people are still trading in etherdelta. If you don't want to compromise your main wallet then better create a new one and transfer your coins there and then import your wallet so that your other coins would be safe.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: KwizatzHaderach on January 03, 2018, 04:18:20 PM

Not really sure why they have that option. Its like giving the keys to the house to a stranger.

Apparently they are a decentralized ethereum asset exchange, which I have had no experience with.

But if any site tries to get you to give them your private keys, for whatever reason, even if it's for signing a smart contract, it's probably best to avoid them or at least try to find the best alternative that has a longer track record.

For example, Etherdelta seems to be widely used and probably the most popular decentralized exchange without much complaints and concern about security.

Even if you were to trade on Idex, make sure you use a disposable address so that you don't reveal the private key of the wallet that you usually send and receive funds on.

deadthings

sr. member

Activity: 1106

Merit: 255

Betking.io - Best Bitcoin Casino

Has anyone opened new wallet on IDEX and then tried to transfer there ETH (or even better some token) to this new wallet? In other words, was someone depositing at the created address on IDEX?
I don't know if I'm so tired or stupid, but I can't do it and I've lost my patience!!

Laland

full member

Activity: 317

Merit: 104

Bounty manager

Thats why it has the option to use metamask and other wallets. If you are used to just using private wallets then then its better to use trezors or ledgers. I've traded in idex and so far with just .02 eth because i still dont trust that site with huge amounts and so far, no problems occured expcet for its updates where the whole service would be shutdown and you wont see your balance until the maintenance is all done.

reliable

full member

Activity: 868

Merit: 151

Quote from: tora on January 04, 2018, 02:05:34 PM

Asking for key or address. Key a definite no,no.

Well definitely this is a red flag exchange if any such thing do occur because no one is suppose to ask or will ask for the private key. Consider the private key as your password to bank account. Will you ever give your bank password to any one in the same way private key should never ever be given to anyone irrespective of any one asking for it.

bigfish321

member

Activity: 90

Merit: 10

i just found out about IDEX and used it with no problems. i kind of like it a lot. way more than etherdelta anyway. it is fairly decentralized so you need to have your own wallet. i used it with a ledger nano s. i would be scared to give it my private key but its same as My Ether Wallet i guess. i made a new ETH wallet for IDEX to be safe and transferred everything from IDEX to my main ETH wallet also.

davlulham

newbie

Activity: 9

Merit: 0

Quote from: tora on January 04, 2018, 02:05:34 PM

Asking for key or address. Key a definite no,no.

So, obviously don't give them the keys to your main wallet!!!

1) Create a new ETH wallet. (They even have the the option to do this through their site)

2) Transfer the coins you want to trade into this new wallet.

3) Trade

4) Transfer the coins back into your main wallet

Haven't actually used this exchange, but I am considering it to get some TAU, as it's only available through IDEX and Ether Delta at the moment.

Not sure which of the two to use though? Don't know which has the lowest fees? They both seem a bit crap!

tora

member

Activity: 532

Merit: 13

Asking for key or address. Key a definite no,no.

BTCforJoe

hero member

Activity: 882

Merit: 976

Quote from: KwizatzHaderach on January 03, 2018, 04:18:20 PM

Not really sure why they have that option. Its like giving the keys to the house to a stranger.

You just answered your own question.

You should be extremely weary and cautious of any service that asks you for private keys. That's like a member on the forums here asking you for your account password to verify that you're a real member...

Looking at IDEX, do you know what raises red flags immediately for me? The part where it says:

Quote

Learn how you get paid to trade on IDEX!

Yeah, I wouldn't touch that site with a 10-foot pole.

KwizatzHaderach

full member

Activity: 196

Merit: 100

Not really sure why they have that option. Its like giving the keys to the house to a stranger.

Topic: Is IDEX a safe exchange to use. They have an option that asks for private keys. - page 2. (Read 1057 times)