AscendEX Exchange Review (BitMax)
AscendEX (BitMax) is a centralized exchange that occupies #124 on Guru InvestingExchange Tracker. AscendEX (BitMax) has trading volume US$179,311,589 in the last 24 hours and US$78,075,821,228 in the last 7 days.
AscendEX (BitMax) currently has 352 cryptocurrencies, 1 paper currencies and 410 markets (cryptocurrency trading pairs). The most popular trading pair on AscendEX (BitMax) is BTC/USDT.
Compare AscendEX (BitMax) next to other exchanges here: Exchange comparison tool.
AscendEX, formerly known as BitMax, is a centralized cryptocurrency exchange. The platform, based in Singapore, offers spot and derivatives markets, margin trading and leveraged tokens. Clients can also access crypto investment services and earning programs.
Cryptocurrency exchange AscendEX (BitMax) KYC compliant and requires proof of identity. The platform is available in more than 200 countries and territories. US users cannot access the services. Trading is available on desktop and mobile devices.
Markets
AscendEX supports cryptocurrency trading. While fiat currencies are not tradable, stablecoins such as USDT And US dollar token listed. USDT, US dollar token, BTCAnd ETH are the main markets for spot traders. In total, there are over 550 AscendEX trading pairs available, consisting of over 250 assets.
The AscendEX spot market is known as Cash trading. Clients can access margin trading and use leveraged tokens using leverage up to 25x. Clients can choose their preferred leverage rate and long or short positions.
Clients who use leveraged tokens are subject to daily interest fees for AscendEX cryptocurrency. The rate varies depending on the selected token and the amount of leverage. Interest rates may be adjusted depending on market conditions.
Additionally, the AscendEX crypto exchange offers its users copy trade. This feature allows clients to view the profiles of the most famous traders on the platform and copy their trading strategies. Copy trading is a subscription based service.
Like many cryptocurrency exchanges, AscendEX has its own token. ASD. Token holders are entitled to discounts at VIP levels. You can learn more about AscendEX cryptocurrency price and market performance by clicking here.
AscendEX exchange fees are based on a tiered structure and follow a producer-receiver model. Levels are based on VIP: VIP0 to VIP9. Fees vary for large market cap assets and altcoins. The producer/receiver fee for large assets is 0.1%, and the fee for altcoins is 0.2%.
Higher VIP levels are determined by one of two criteria:
- Trailing 30-day trading volume AscendEX
- Rolling 30-day average supply of ASD tokens
On VIP1, the large cap producer fee is reduced to 0.09%, and the altcoin producer fee is reduced to 0.18%. At this level, the AscendEX volume requirement is at least $100,000, or you must have 500 ASD. Starting with VIP2, taker fees also drop to 0.0850% for large cap assets and 0.180% for altcoins.
At VIP8, maker fees drop to zero, and at VIP9, both large-cap and altcoin makers receive a 0.0150% discount. The taker fee for both large market cap assets and altcoins is 0.020%.
The futures market also has a similar VIP structure, although some criteria may differ. Maker and taker fees for VIP0 are 0.20% and 0.060% respectively. Maker fees in VIP6 and VIP7 are reduced to zero, while in VIP8 and VIP9 makers receive discounts of 0.005% and 0.0150% respectively.
Unverified accounts cannot withdraw more than 2 BTC per day, and the limit for verified users is 100 BTC. The maximum price and amount of AscendEX cryptocurrency that can be borrowed may vary depending on the asset chosen. Withdrawal fees are flexible and may change depending on blockchain conditions and network congestion.
AscendEX also offers its clients “Invite and Earn” program. By inviting new users to the platform, clients can earn up to 40% commission from the trading commissions of their invitees.
other services
In addition to the AscendEX cryptocurrency exchange (BitMax), customers can also access other financial services. AscendEX Invest This is an investment program that offers 0% commissions. Invest and earn The feature allows users to earn passive income from their investments.
Make money on AscendEX is an ecosystem of programs for earning cryptocurrency. It offers several ways to earn rewards, including staking, DeFi farming, liquidity mining and lending. AscendEX also hosts crypto auctions. Participants can receive new token airdrops, inflation buybacks, and other rewards.
Developers can access API tools. API AscendEX Pro provides access to private and public data feeds, providing information such as the latest AscendEX cryptocurrency prices. The toolkit also offers demo Python codes that can be used to develop new trading strategies.
About company
The AscendEX (BitMax) cryptocurrency exchange was launched in August 2018 by the company George Cao. Rebranding from BitMax to AscendEX took place in March 2021. The company is based in Singapore, where its headquarters are located. As of the end of 2021, the clientele consists of over 1 million individual and institutional traders.
In November 2021, it was reported that AscendEX had raised $50 million from financial backers including Alameda Research, a trading firm led by FTX CEO Sam Bankman-Fried. At the same time it was announced that AscendEX’s average daily trading volume exceeded $200 million.
In December 2021, a hot wallet belonging to the AscendEX trading platform was hacked. It was estimated that the value of the stolen AscendEX cryptocurrency was approximately $77 million. After the hack, unaffected funds were moved to cold storage, and the company pledged to reimburse affected customers.
George Cao is the Chairman and former CEO of cryptocurrency exchange AscendEX. Before founding the platform, Cao was the CEO of Delpha Capital Management. Shane Molidor was appointed as the new CEO in June 2022. He was previously the company’s chief revenue officer.
Pages related to AscendEX (BitMax)
Read the hottest Crypto news.
Watch the animated crypt Video explanation.
Learn Cryptocurrency From scratch.
A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
