Today we review the AscendEX exchange with the goal of showing our readers what type of platform this is, what they offer, how it works, and whether or not we think it is a good pick. Our expert takes a closer look at fees, limits, products, and of course the ease of use. They say that Ascendex is an up-and-coming trading platform for traders with beginner to intermediate experience in the crypto space. You better not miss this complete and detailed review if you are thinking of joining the platform, keep reading to find out more about the company and its flagship product.
• Leveraged tokens
• Option to earn passive income with crypto
• Buy or trade crypto with fiat money
• Non-regulated crypto platform
• Does not offer a live chat
• No available for traders in the USA
In this section of our AscendEX review we have highlighted 6 special features that sets them apart when compared to other platforms.
The AscendEX crypto exchange platform launched back in 2018 and has since then managed to rebrand from the old name Bitmax, added a bunch of new cryptocurrencies available to trade, opened up for leveraged token trading, and included a passive income feature called Earn.
Even though the platform has changed its name and looks, the former CEO Shane Molidor still runs the business from Singapore where the exchange is headquartered.
Now, Ascendex has a mixed arsenal of products to offer investors and traders alike which makes it a suitable platform for both long-term portfolio managers and short-term active traders.
Why we like AscendEX
I have always been a fan of crypto day trading platforms that are easy to understand and navigate. AscendEX is one of them and it is one of the main reasons I chose to make this review. I want our readers to know about this relatively new exchange since I know it will fit the majority of traders visiting our review pages.
AscendEX also ticks many boxes when it comes to security. Even though it is a non-regulated exchange there are several security features that can be activated to secure your account and this is a crucial factor for each centralized exchange that we inspect.
AscendEX is an all-around platform that will catch the attention of both investors and day traders. However, this can be both a positive and a negative factor. In our years of reviewing platforms, we have found out that exchanges that try to satisfy several groups of speculator usually fails by only being half-decent in each aspect.
Although, if you are a beginner trader or investor looking for a new place to both buy and trade cryptocurrencies, then AscendEX will do the job for you.
What does Ascendex offer?
There are several different trading products for day traders and several different ways to buy cryptocurrencies with fiat money. The crypto futures trading platform and the crypto margin trading platform are the two flagships when it comes to trading with a chart-based interface with more complex order selections offered.
The fiat-to-crypto exchange lets you buy crypto with credit cards, bank wires, Apple Pay, Google Pay, and some other lesser-known payment methods.
On top of these features, AscendEX also has a pretty prominent staking program that offers up to 19.19% annual yield through their native token ASD. If you currently don’t own crypto yourself you can easily buy your chosen coin with any of the fiat currencies available for an instant deposit. Simply add the payment method you prefer, go through the KYC check, and then purchase the coin you want to stake on AscendEX.
Lastly, it’s worth mentioning that the platform offerers some cool rewards for doing smaller tasks once you have registered an account. These tasks would be completing the KYC process or funding your account for the first time.
When doing these simple tasks you get rewarded with SATS(Satoshis) which are the smallest fraction of a Bitcoin. Once you have reached a reward total of 100.000 you are free to make a withdrawal of the total balance.
How to use AscendEX
To buy crypto with fiat on AscendEX, follow these steps:
- Create an account.
- Complete the KYC process.
- In the main menu, choose Wire Transfer for Bank Transfers.
- For Credit Card payments, choose Other 3rd party payment vendors.
- Select the amount you want to deposit.
- Choose the coin you want to purchase.
- Click Buy.
To trade futures, margin, leveraged tokens, or cash on AscendEX, follow these steps:
- Create an account.
- Buy crypto with fiat or send your own coins to the AscendEX wallet.
- From the main menu, select Cash, Margin, Futures, or Leveraged Token.
- To enter the Pro Interface, click Pro View in the main menu.
- From the trading interface, select your position size to the right.
- Select the order type and stop loss/take profit before entering.
- Click Buy or Sell.
AscendEX at a glance
Things to improve on
The first thing I would like to point out as a miss on AscendEX is the lack of a live chat. As a beginner, it might be very difficult to find different features or understand certain aspects of the platform and a live chat would solve a lot of problems for new members.
Secondly, since the exchange is not regulated by any government boy I have to stress the security factor. Recently, we have seen plenty of crypto projects and exchanges go under due to taking on too much risk without offering sufficient insurance for their clients.
In the case of AscendEX, we don’t have any reason to worry but the lack of a complete security infrastructure makes us consider the potential risks associated with using the platform.
AscendEX Trading Fees
What type of special features does Ascendex have?
For a crypto speculator that is looking for an exchange with the option of both day trading and investing, AscendEX ticks many boxes. The exchange provides excellent short-term trading as well as long-term portfolio management with a staking protocol that is able to generate generous annual yields.
If you also want an easy platform to navigate with a sleek design then you might have found a winner. The AscendEX interface is very clean and there is not much fluff that could distract you. Even for un-experienced traders, there will be question marks when it comes to the signup process, KYC process, or the actual trading part.
Buy crypto with fiat money
Just as it sounds, you can buy cryptocurrencies on AscendEX with your fiat money such as USD, EUR, GBP, or ZAR. To do this your first need to complete the KYC process and choose one of the options in the main menu. You can choose between purchasing coins with a bank wire or any other standard payment method such as credit card, Apple Pay, or Google Pay.
Leveraged tokens have been introduced quite recently to the crypto scene. This trading contract offers leveraged markets to the most popular cryptocurrencies. When trading these contracts you are not trading the underlying asset, instead, the contract mirrors the price of the underlying security and gives you a boost from between 3x and 5x leverage which increases your profits and losses up to 3 or 5 times.
This is great for traders with solid crypto margin trading strategies in order to boost profit margins. However, be careful, these contracts can also cause heavy losses when treated without care.
The futures trading pit on AscendEX offers up to 100x leverage for verified traders. These are high-risk contracts that should only be attempted by experienced traders. Make sure that you use a stop-loss before entering a market with high leverage.
Futures contracts are derivatives contracts that mirror the price of a certain asset. In this case, the contract mirrors the price of cryptocurrencies, and when you trade these contracts you do not own the underlying asset.
One of the most interesting features of AsendEX is probably the staking protocol which offers a very generous annual yield. Keep in mind though, long lock-up periods mean that if something were to go wrong with the AscendEX platform, your coins might be out of reach for you.
Only attempt to lock up the coins that you are not going to need for the full duration of the lockup. Once locked up, you can see the total yield earn in the interface of the Earn page.
Tasks and rewards
After completing small tasks such as funding your account and completing your KYC process you can unlock rewards that give you SATS (satoshis). You can later use these SATS to either withdraw or pay for things on the exchange.
This is a great way for beginners to learn the platform while at the same time earning a small profit.
Our own experience with AscendEX
AscendEX Funding Methods
|Max Withdrawal Limits||No limit|
|Min Withdrawal Limits||BTC 0.01|
|Min Deposit Limits||$50|
AscendEX Withdrawal Fee
Is AscendEX a regulated exchange?
No, it’s not regulated in any jurisdiction.
Is AscendEX safe to use?
After searching online for customer reviews we could not find any negative comments except for some stuck transactions and slow verification processes which are common with any platform on the market.
We consider AscendEX to be a safe crypto exchange.
What security protocols does AscendEX follow?
These security features can be activated through the security page:
- Phone verification
- Email verification
- 2FA verification
- Anti-phishing code
Make sure to have all of these enabled with your own email and phone to receive a confirmation message each time you make a withdrawal or change your account settings.
Frequently asked questions
Get answers to the most frequently asked questions about AsdendEX without searching the web.
When comparing the exchange against other similar names we consider Ascendex to be trustworthy and reliable. Keep in mind though, all crypto investments come with a certain level of risk and you can never be sure to realize the profits or yields promised by any operator.
The withdrawal process is simple. Head over to your Wallet page and choose an account. From here, select coin and click Transfer. Now, choose the Withdraw tab and follow the instructions. To withdraw cryptocurrencies from AscendEX you need to activate either the 2FA or the phone verification.
You can deposit money in two ways on AscendEX, with cryptocurrency or with fiat money. To make a crypto deposit you first need to copy the wallet address to the corresponding coin which you can find in your wallet under the Deposit tab. Copy the wallet address and paste it into the other wallet from where you are sending the coins. To deposit fiat money such as EUR or USD you first need to go through the KYC process. After that is done you can either choose to deposit through your bank account, credit/debit card, or any of the other fiat payment vendors available. All of these offers can be found under the Buy Crypto tab in the main menu. Follow the instructions to proceed with each transaction.
To trade on AscendEX you have five different options. You can make a simple convert crypto-to-crypto, use the cash trading pit, trade futures, margin trade, or trade leveraged tokens. All of these features are available from the main menu under Trade or Buy Crypto.
Yes, in order to trade or buy crypto you need to complete the KYC process.
No, the platform is currently unavailable for US traders.
Yes, as of March 22 2021 Bitmax is now known as AscendEX.
AscendEX is located and headquartered in Singapore.
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