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ApeX Exchange

ApeX Pro Exchange Review

2022

Founded 

?

HQ

Last Updated Jan 16, 2023  |  Affiliate Disclosure

  • Review

Overview

  • ApeX is a decentralized crypto exchange (DEX) for derivatives traders
  • It was built by Bybit, a top tier CeFi exchange with over 4 million users
  • ApeX offers perpetual contracts with up to 30x leverage and low maker/taker fees of 0.02%/0.05%

Bottom Line

ApeX has potential but it's still new, only has 5 trading pairs, and it's not available in the US, so not all traders will find it useful. Despite that, it has a great interface, low fees, powerful trading features, and trade-to-earn incentives. It will be interesting to see how this DEX improves.

Pros & Cons

  • Low Fees: Maker & taker fees are 0.02% & 0.05% and there are zero network charges
  • Rewards: Potential to earn from staking, referrals, trade-to-earn, and more
  • Easy to Use: No minimum investment and no KYC or signup requirements. User interface is modeled after Bybit
  • High Security: Non-custodial and it was developed and backed by Bybit, a tier-A exchange
  • Limited trading pairs: only five available currently (BTC, ETH, XRP, ATOM, DOGE)
  • Restricted: Not available to US citizens or residents.
  • Higher Leverage Available: Competitors like GMX offer 50x and Bybit offers 100x
  • Withdrawal Speed: Up to 4 hours for slow withdrawals ($1 fee) over L2 and $5 fee for fast withdrawals

What Is ApeX?

ApeX is a powerful decentralized exchange built for leverage traders. It offers up to 30x leverage, non-custodial trading, multiple trading pairs, and cross-chain L2 support. Investors can visit ApeX.Exchange, connect their crypto wallet, and start trading with up to 30x leverage with no KYC or sign up requirements.

Interestingly, the protocol was created by Bybit, a popular centralized crypto exchange with 300+ coins and 4+ million users. They launched ApeX in 2022 with the intention to build a fully trustless trading environment.

Why Is It Getting Popular?

The ApeX protocol seems to be gaining popularity for several reasons:

  • Association with Bybit: Apex was built by Bybit, a well-known crypto exchange giving users a higher sense of security compared to anonymous projects.
  • Low Fees & Good Trading Interface: The DEX offers a professional and user-friendly trading experience with lower fees than competitors like GMX.
  • Increasing Demand for DEXs and L2 Networks: The growth of decentralized exchanges and the adoption of L2 networks such as Arbitrum and Polygon has contributed to ApeX's popularity.
  • Rewards and Incentives: Apex is attracting users with its Trade-to-Earn opportunities, BANA airdrops, and other rewards.

What Does ApeX Offer?

APEX Exchange Trading Dashboard

Right now, you'll find 5 USDC trading pairs, up to 30x leverage, trade-to-earn opportunities, rewards, and low fees. The team is also focused on the social trading aspects and fostering a DeFi community. Let's break down the key features:

1. Derivatives Trading

Users can trade perpetual contracts with up to 30x leverage on certain pairs. There are 5 trading pairs in total, including BTC, ETH, XRP, ATOM, and DOGE with plans to add many more tokens in 2023. The trading dashboard is user-friendly and similar to Bybit, offering advanced charting tools, trailing stop-loss and take-profit limit, and more. Traders can access these features anytime, anywhere, with no network fees and low waiting times.

2. Multi-Chain Support

ApeX supports multiple blockchain networks, including Ethereum, Arbitrum, Binance Smart Chain, and Polygon. It also offers cross-chain deposits and withdrawals, allowing users to easily move their cryptocurrency between networks and wallets. This feature makes ApeX a convenient and versatile option for trading and managing multiple types of crypto.

3. Trade-to-Earn & Rewards

ApeX's Trade-to-Earn (T2E) program rewards users with BANA tokens for every trade they make on the platform and other holders-only perks. ApeX has also offered weekly competitions, retroactive airdrops, trade bounties, and other campaigns to earn more rewards.

4. APEX and BANA Tokens

ApeX is supported by two tokens: APEX and BANA. APEX is the governance token which allows users to have control over protocol parameters and engage in staking. BANA is a rewards token earned through participation and trading activity on ApeX Pro. BANA is created by burning a portion of the APEX supply. Both tokens play important roles in the ApeX ecosystem and offer unique benefits to their holders.

ApeX vs GMX vs Bybit

To get an objective review, we compared ApeX versus popular competitors to see how it stacks up. One of ApeX's main competitors is GMX, as both platforms offer contract trading on Arbitrum.

Header
Apex.Exchange
GMX.io
ByBit

Token

$APEX, $BANA

$GMX, $GLP

N/A

Blockchains

Ethereum, Binance Chain, Polygon, Arbitrum

Arbitrum, Avalanche

N/A

Leverage Limit

30x

50x

100x

Trading Fee

0.02%-0.05% maker/taker

0.10%

0.10% spot, 0.01%-0.06% derivatives

Profit Sharing

No

Yes

No

Staking

Yes

Yes

Yes

Trading Pairs

5

6

300+

Type

DEX

DEX

CEX

Cell

ApeX Fees

Fee Type

Amount

Maker Fee

0.02%

Taker Fee

0.05%

Crypto Deposits

Free

Crypto Withdrawals

Free

Fast Crypto Withdrawals

0.10% ($5 USDC minimum)

Security 

ApeX is a decentralized exchange that is fully powered by smart contracts and it was developed by Bybit, a major crypto exchange with a good reputation. As a non-custodial platform, ApeX does not hold users' funds, which means that the safety of user funds is largely dependent on the underlying security of the platform.

ApeX uses Arbitrum Layer 2, ZK rollup technology, and Starkware's smart contract software to ensure the security of user funds. ApeX Pro also offers privacy and anonymity to users, as most Web3 wallets do not collect personally identifying information. To trade on ApeX Pro, users simply need to connect to a Web3 wallet, making trades on the platform as private as any other DEX. 

What Is Crypto Twitter Saying About ApeX?

We headed to Twitter to see what users are saying. In a detailed thread, user @CoinSurveyor explained why he switched to ApeX over other Arbitrum DEXs:

  • GMX charges 0.1% of position size when opening and closing a position, 0.2%-0.8% of collateral size in regular swap fees and they also have network execution fees. Apex charges maker-taker fees with maker fee being 0.02% and taker fee being 0.05% and there are no gas fees.
  • 1. Better fees. 2. Better liquidity. 3. Better UX (personal preference)
  • And finally lets take a quick look at Apex compared to popular CEXs fees. As expected some of them provide slightly better fee structures but the difference is not nearly enough to justify putting my funds on a CEX

How To Buy $APEX

The APEX token can be bought on Bybit, a centralized crypto exchange and Uniswap, a decentralized exchange. They published an official buy page on their website with links to these two platforms. Here is a step-by-step walkthrough:

FAQ

Who Owns ApeX?

ApeX exchange is owned by Bybit, one of the largest crypto exchanges. It was launched as a decentralized version of the exchange with similar leverage trading features.

Is ApeX Exchange Available In All Countries?

ApeX exchange is available in all countries except the United States. Citizens or residents of the United States are prohibited from trading on ApeX exchange.

ApeX Resources


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