INDX exchange review: features, commissions and recommendations

Nadezhda Zakharova 03/10/2018

INDX is a stock exchange from the legendary Russian payment system Webmoney.

Previously, it only allowed trading traditional assets, but after the blockchain revolution, it added the ability to trade cryptocurrencies.

Story

The exchange appeared back in 2005. Officially, its owner is INDX Transaction, a company registered in the British Virgin Islands. The ultimate beneficiary of the company is the Webmoney payment system, without which INDX’s operation is simply impossible.

Initially, the exchange was intended for trading traditional assets - shares, indices and other valuable funds. The platform started with companies from its homeland. But over time, the platform added more and more trading instruments, including foreign ones: shares of IBM, Apple, Microsoft, etc.

At this time, technology did not stand still and a blockchain revolution took place in the world, as a result of which hundreds of cryptocurrencies appeared.

The exchange did not stand aside from the global trend and allowed crypto investors to trade popular crypto coins on its platform.

At first, the platform added only the most famous cryptocurrencies – bitcoin and ethereum. But she didn’t stop there and gradually expanded the selection of trading instruments. The last “update” occurred at the beginning of 2018. Then the exchange added DASH and BTG cryptocurrencies to the listing.

Currently, only eight cryptocurrencies are represented on the crypto platform: BTC, ETH, BCH, LTC, XRP, DASH, XMR, BTG.

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Overview of external markets

The weighted average rate — 53837.5682
Data on 2021-04-26 20:16

1 from the current rate of exchange

Peculiarities

The main feature is that the crypto exchange does not trade the asset itself, but a derivative instrument, the so-called “note”. This note is a measure of value.

Moreover, it is measured only in the electronic currency Webmoney (WM). That is, in essence, on this crypto platform, investors trade not BTC itself, for example, but a certain part of its value in WM.

The crypto exchange itself determines in what ratio to equate cryptocurrencies to Webmoney notes.

For example, at the end of January the service introduced the dash cryptocurrency. Then 1 DASH was equal to 1,000 notes. A little earlier, ripple appeared on the crypto platform. It was rated 1 to 1. That is, one ripple is equal to one note.

INDX does not participate in transactions. This is an automated platform that is located entirely on the Internet and allows you to carry out transactions without brokers and their exorbitant commissions.

Margin trading is another advantage of this crypto exchange. Its meaning is that if a trader does not have enough money to carry out a transaction, the crypto platform will lend him funds using leverage. The size of the loan depends on the specific cryptocurrency, the trader’s overall investment portfolio, as well as his obligations. Accordingly, the fewer obligations a crypto investor has and the more investments, the higher his leverage.

The site also has its own API, which allows a trader to automate all the functionality of the stock exchange.

With the API, an investor can view his balance, asset price dynamics, and trade. To configure the API, you will need programming knowledge.

You can find the main API parameters by going from the INDX main page to the Software Interfaces section.

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Cryptocurrency Trading Tips for Beginners

Before trading on indx, urgently study what cryptocurrencies are in general, and what a particular coin is. A thorough analysis of cryptocurrencies will give you the opportunity to understand their idea and how much it is in demand in our world.

Don’t get involved in trading without understanding what cryptocurrencies are and what idea this or that coin promotes! There is no need to explore the entire market; a few coins will be enough.

Don't buy “everything”. No matter how promising the offer may seem, never buy with all your money! It's better to miss out on some income than to expose yourself to incredible risks. We are here to make money, and not to “play for everything,” right?

Select your favorite cryptocurrency. As you study crypto assets, you will learn more and more about them. Choose a currency that you like and study it especially carefully!

Firstly:

Registration on INDX

All functioning of INDX is “tied” to Webmoney. Therefore, you will not be able to trade without an account of this payment system.

1. To register on Webmoney, go to the official website and click on Registration.

1. Further registration is divided into 4 stages. On the first one, you need to indicate the phone number to which a confirmation code will be sent in the future.

1. On the second, WebMoney will ask you to provide personal data , including your first and last name, email. You also need to come up with an answer to the security question that will be needed in case of password recovery.
2. After this, WebMoney will check the phone number. At the last stage, you need to come up with a password for your profile.
3. When this is done, go to the INDX exchange website and click Login.

1. INDX will require a password for your WebMoney account , as well as the phone number specified during registration.

1. Registration alone is not enough to trade on a crypto exchange. You will also need to undergo identity verification and obtain a formal certificate. The crypto exchange will offer to do this immediately after entering the stock exchange.

To verify your identity, you will have to provide detailed information about yourself, including your residential address and passport information. Moreover, all information must be confirmed by uploading scans of documents. The support team will check the provided documents and issue a formal certificate to the client, after which the verification process will be completed.

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FAQ¶

I have 100 WMZ. I urgently need WMP. What is the best and fastest way to do this?

If efficiency is more important than profit, then you need to do the following.

• Check that your Z-wallet has an amount of no less than 100.8 wmz
• Open the list of current WM exchanges.
• Select the exchange direction “I want WMP, I’ll give WMZ.”
• Left-click on the first application in the list.
• In the “Submitting a counter request for WM exchange” window, in the “How much WMZ do you have” field, enter the value “100”, in the “P Wallet to which you will receive WMP” field, enter the number of your P-wallet.
• Click the “Pay Application” button and then make a direct payment through the Merchant.
• Go to the keeper window and press the F5 button.

How can I exchange 100 WMZ for WMP at the best rate?

• Check that your Z-wallet has an amount of no less than 100.8 wmz
• Open the Current WM exchange list window and select the exchange direction “I want WMZ, I will give WMP”.
• Determine in which line of the list you would like to see your application and calculate the amount of WMP that you can receive using the reverse exchange rate.
• Open the window Submitting a new request for WM exchange.
• Select the exchange direction “WMZ -> WMP”.
• In the “How much WMZ do you have” field, enter the value “100”.
• In the “How much WMP do you need” field, enter the calculated exchange amount, and in the “WMP wallet to which you will receive WMP” field, enter the number of your P-wallet.
• Click the “Pay Application” button and then make a direct payment through the Merchant.
• Monitor the position of your application in the exchange list, adjusting the rate if necessary.

I need to exchange a large amount of WMZ for WMP. Time is running out, and all applications on the list offer no more than 20-50 WMZ for exchange. What to do?

It is necessary to buy several applications. In the list of current exchanges there is a column “Total WM”. Find the row of the table in which the value of this column exceeds the amount you need for the exchange. If there are no more than 3-5 applications, then they can be bought sequentially one after another. If there are more than 7-10 applications, then it is advisable to take the following steps.

• Submit and pay for your new application in the direction WMZ -> WMP at an inflated rate.
• Open a new order and under the table with the most profitable order from the list of opposite exchanges, click the link “Buy this order (turning your new one into a counter to this one).”
• Repeat the previous operation several times until your application is fully paid off.

When I change the rate of my new application, an error is given that the rate has been changed by more than 20% and everything remains the same, but I am sure that I entered the correct rate. What to do?

Most likely, you made a mistake in choosing the type of course - Direct or Reverse.

Yesterday I submitted a new request at the best rate for buyers, but no one has paid for it yet. What's the matter?

Check the position of your application in the exchange list; most likely, other participants have “pushed” it from the first positions. Change the exchange rate.

I created and paid for a new request, but it is not in the current exchange list...?

Make sure that the status of your application is “Paid, exchange in progress.” Compare the rate of your application with the rate of the most recent application in the exchange list, only the first 50 applications are displayed on this page.

Website: https://wm.exchanger.money

Deposit and withdrawal of money INDX

After verifying your identity, you can proceed to replenish your exchange account.

The INDX exchange allows you to top up your exchange account using Webmoney electronic money (WMZ, WME, WMR).

You can also deposit cryptocurrencies on a crypto exchange.

To top up your account, go to your account, then go to the Wallet tab and select, for example, bitcoin and click on Top up and Create address.

The INDX exchange will generate an address to which you can later send cryptocurrency.

After confirming the transaction in the Bitcoin network, the cryptocoin will be credited to the wallet and can be disposed of at your own discretion.

On the same tab you can withdraw cryptocurrency. To do this, you only need to indicate the recipient's wallet address.

INDX does not directly work with fiat currencies. But here there is an electronic analogue of fiat Webmoney. The exchange supports WMZ (dollar), WME (euro), and WMR (ruble). Therefore, before turning your balance into traditional money, you will have to exchange WMX. There are a lot of services for this. The easiest one is to use WebMoney services.

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Advantages of the exchange

INDX ru is an exchange created for easy management of your capital. The main compelling argument is the system for depositing and withdrawing funds.

Firstly, the input and output of the balance is linked to the WebMoney wallet, which makes transfers much more convenient. On other exchanges such as Bittrex, Binance or Poloneix, the Russian-speaking population does not have direct ways to complete a fiat transaction. Therefore, you have to use different exchangers and lose a percentage on commissions. The WebMoney payment system has established its own rules for moving money.

And so, the exchange commission when replenishing an account is 0.8%. There is no fee for servicing wallets or conducting transactions. All funds that are on the trader’s balance belong only to him. The balance can be freely withdrawn, replenished and exchanged throughout the day.

In some cases, when a trader receives a loan, the account may be subject to rules set by the lender. Secondly, a lending system is included. A verified Webmoney user can apply for a loan to purchase a particular currency.

The system itself determines the loan amount and regulates its repayment. Since the INDX exchange is a small platform, it has all the tools for convenient trading.

How to trade on INDX

Trading takes place through the creation of orders. To create an application, select the desired cryptocurrency, for example, bitcoin, click “Buy BTC” or “Sell BTC”, indicate the transaction amount and confirm the operation.

The exchange will execute the order as soon as another trader creates a corresponding order, only in the opposite direction.

If there is no such offer on the market, the trader’s order will be active until it appears, or until the crypto investor himself deletes the order.

When creating a purchase order, the corresponding amount will be blocked on the trader’s account until it is executed or deleted.

You don’t have to create a personal trading order. On the same page, the platform will provide offers from other investors. To buy or sell cryptocurrency, you simply need to agree to their terms.

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Trading instruments

Trading volumes on the platform are increasing every day. A small but precise selection of tools is provided by the INDX Transaction Limited development team. For investing in shares of large Russian and global companies, here are: Apple, Amazon, Google, Gazprom, Yandex and many others. If we consider trading or investing in cryptocurrency, the developers have added the TOP 5 major digital coins to the exchange.

When it comes to cryptocurrency trading, the platform has its own rules. Selling or buying coins is carried out using notes - ECU. That is, if you need to purchase BTC currency, the minimum purchase is BTC.ECU = 0.001 BTC. Same with Ether, buying a coin from one ETH.ECU = 0.001 ETH. Also on the WebMoney wallet there is an internal currency WMX, which is equivalent to 0.001 Bitcoin or a currency WMH, which is 0.001 BCH.

An interesting fact is that the exchange rate on the INDX exchange is always higher than on other exchanges. Therefore, during large market fluctuations, some traders make money on arbitrage.

Merging multiple applications¶

If a user has multiple current new exchange applications, the user can merge these applications. To do that, go to the details page of the application, which other applications will be added to, select a number of the application to be attached, and click “Merge the entered application with the opened application”. After the transaction is confirmed, all funds of the entered application are moved to the opened application, and the attached application is deleted. The exchange rate of the opened application is not changed, but the exchange amount is increased accordingly. You can only merge the applications belonging to one and the same WM identifier and having the same exchange direction.

Review of foreign markets

Weighted average exchange rate - 53837.5682

Data as of 2021-04-26 20:16

1 from the current exchange rate

Are there third party Webmoney currency exchangers?

At the time of writing (May 2022), WebMoney offers 186 authorized exchangers, the most popular of which are:

• wmx.wmtransfer.com
• obmenka.ua
• www.cashinout.su
• 7pay.me
• epayservices.com

You can also find a large number of other exchange services on the Internet. For example, BestChange is a large and well-known one.

Advantages and disadvantages of third-party exchangers

Despite the fact that the Webmoney system exchange has a large number of currency exchange offers in various services, sometimes they may not be enough. In this case, you should turn to third-party services, for example, BestChange.