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Exemption of registration, deposit and withdrawal makes Newdex surpass IDEX rapidly

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Exemption of registration, deposit and withdrawal makes Newdex surpass IDEX rapidly

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Currently the number of EOS accounts has exceeded 500,000. These EOS accounts receive a fair amount of airdrops every day.
If airdrops don’t get to circulate, they are just a bunch of worthless random characters. It seems to be a common sense for early EOS users that once you got airdrops, you trade them on Newdex. This allows Newdex to quickly overtake the top ETH decentralized exchange IDEX in both daily active users and 24h trading volume.

Data Image | Source: SpiderStore

Data Image | Source: SpiderStore

Getting Rid of Registration and KYC, Newdex Gives Users its First Hit
When users start their journey on some kinds of exchanges, the first step it comes is registration. Such process could take users a lot of time to fill out their personal details. Email or mobile text verification might also be included.
Some exchanges even require users to show certification titling “I [CERTAIN NAME] certify to register the [CERTAIN EXCHANGE] exchange”, then upload a picture of them holding that certification. Process like this drives users away from their exchanges.
As exchanges for cryptocurrency, registration that requires KYC verification contradicts the anonymity principle of decentralization. Therefore, Newdex was able to impress users firstly by its friendly user experience that allows them to skip the registration.
Open Newdex’s official website, click on Sign In, the interface will show up as follows:

Users can sign in and start trading simply by authorizing with either Scatter Extension or mobile wallets. Both ways are starter-friendly, there is tutorial about using Scatter on the sign-in interface. For wallets, installing navigations are all very clear on their official sites.
There are 11 wallets supported on Newdex Web Version, including TokenPocket, MEETONE, Math Wallet, Bitpie, NovaWallet, EOS.Live, MOREWallet, Starteos, 51Token, Pocket EOS and PRABOX.
Despite IDEX requires no registration as well, they don’t support the function of code scanning, users still need to import wallet to start trading.
The Exemption of Registration Allows Users to Skip Deposit and Withdrawal
Behind the exemption of registration, users private keys are guarded by wallet.
On Newdex, users authorize with wallet directly. Because users do not need to make any deposit, their assets will be protected until deals are finished. Once orders are matched, selling assets will be charged from wallet, greatly reducing the time that assets are exposed.
When deals are finished, buying assets will be transferred to wallet directly, meanwhile the transfer details are clear and traceable on EOS main net. Users do not need to submit any withdrawing claim.
Although IDEX is a decentralized exchange, this platform still requires deposit and withdrawal. Not to mention the loads of withdrawing time effected by Ethereum’s poor performance.
Capturing User Needs is the Fundamental to Newdex
No withdrawal means no withdrawal charge on Newdex.
Limited to the operating cost on Ethereum, IDEX charges fees on placing and revoking order. Apparently such charging list is unacceptable by most users.
With friendly user experience, fast trading and various Tokens [listing 102 trading pairs], Newdex is able to seize target users firmly.
For investors who haven’t step in EOS ecology yet, it is not too late to get engaged and learn more about EOS.


Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.
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