- They provide sophisticated trading platform with important trading tools
- They provide a wide range of cryptocurrency pairs for trading
- Modern security tools are employed to protect user cryptocurrency assets
- Anonymous vendors that provided no address or phone numbers
- Ineffective customer support has led to negative reviews from most users
Tidex is an online cryptocurrency exchange firm. They began operations in 2017 and are based in Russia. Tidex offers trading in Bitcoin, Litecoin, Ethereum, etc. They also offer Waves assets and digitalized versions of dollars and Euro namely; WUSD WEUR. The official website is available in English, Russian, French and Chinese.
Tidex is not regulated and does not provide any information about their company, their office address or key officers in the firm.
Tidex claims that they provide a secured platform, low fees and 24/7 support. We shall find out if these claims are correct and then we will know if they can be trusted or not.
The provided trading platform is web based. It runs on various web browsers and as such, is compatible with different operating systems and devices. The platform is user friendly and has very good charting with different time frames and design options. It features the order book, trading history, troll box and a range of technical analysis indicators. The trade execution times are quite fast. The platform works well on mobile devices like phones, tablets and phablets. Tidex also offers an API for cross platform trading with other exchanges.
Tidex do not accept deposits with credit cards or bank transfer. This is because they do not accept deposits in fiat currency. They only accept deposits in cryptocurrency. This is a problem because when an account is created, the client will have go to another exchange to buy the tokens before coming to Tidex to deposit them.
Very popular cryptocurrencies are available for trading on the trading platform. Some of them are: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Steem, Ripple, etc. Some unknown tokens are available too, like Oceanlab, Monetha, etc. In total, about 200 cryptocurrency pairs can be traded on the platform. The base cryptocurrencies are BTC, ETH, USDT, WAVES, WUSD, and WEUR. Tidex also has its very own wave-based token that trades with the symbol TDX.
Fees and Commissions
Tidex charges fees on both deposits and withdrawals. The amount charged depends on the cryptocurrency asset involved. BTC deposit is charged at 0.0001BTC while a withdrawal is charged at 0.001BTC. The amount charged remains the same no matter the amount of tokens involved.
Tidex also charges a trading fee of 0.1% for every trade placed on their platform. But users who own TDX tokens get discounts on trading fees.
Security and Fairness
Tidex uses the industry standard security technologies to protect their systems from hackers and attacks. The website is protected with the state-of-the-art security systems to ensure that every data entered into the website is encrypted during transmission. Tidex also states that they have put in place risk management and different internal control measures to ensure full security. There have been no reports of hacking associated with this exchange. The website uses “Two Factor Authentication” (2FA) to provide extra security for traders when logging into their accounts. 2FA sends a code to the user’s phone which must be entered before 30 seconds or else, the code automatically changes to a new one.
Active traders are rewarded with their own tokens TDX. Traders who have TDX tokens will also get discounts on commissions.
The Tidex website has a “Knowledge Base” section. This section has lots of ‘Frequently Asked Questions’ (FAQs). The questions are grouped and detailed answers are provided. “Submit a Ticket” is a form on the website for clients and enquirers to fill in order to request for additional information or to solve a problem.The response is received through email. Tidex provides no hotlines for support through the phone. They boldly wrote on their support page that “due to unexpected volumes, their current email response time is 5 days”. This has not been well received by the trading community, especially as the website’s homepage states that support is available 24/7.
Social media support is available. The platforms are Facebook, Twitter, and Telegram.
Tidex is still a very new cryptocurrency exchange firm. Though not regulated, they have a large number of cryptocurrency pairs available for trading. Their trading platform is modern and top class. It provides the necessary trading tools, it is swift in operation and very easy to use. Their security is equally up to date.
However, their inability to provide a company address and phone numbers is worrisome. Besides, different reviewers and user testimonials gave them negative reviews. Some went as far calling them scammers. This is mainly because of their support team that is almost non-existent. Many users needed help with deposit or trading but could not get support for weeks.
Furthermore, their withdrawal fees are also reported to be very high. They also charge deposit fees while most competitors do not.
Phone support is usually very fast and effective but Tidex refused to provide a phone hotline. One plausible reason is because they are scammers who do not wish to reveal their identities. Time will tell if this is true or not. But at the moment, it is in your best interest to avoid Tidex exchange.
Here are some common questions that customers always asked about Tidex.
Is Tidex regulated?
No, they are not regulated. They are a cryptocurrency exchange company that is not regulated like a normal Forex or CFD broker.
Is Tidex a scam?
No, they are not scammers. There are still a few satisfied customers thoughthere are very many unsatisfied and angry customers. The major problem is the slow and inefficient customer support that uses only email.
Where is Tidex based?
They are based in Russia. However, they did not provide their office address.