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AscendEx Review

Last Updated: Aug 10, 2022  |  Published: Jan 12, 2022


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3.7/5

πŸ’° Fees

Average

πŸ”’ Security

Average

πŸ“² Features

Above Average

🏦 Deposits & Withdrawals

Below average

πŸ‘ Ease Of Use

Average

The Bottom Line

  • AscendEx is best if you want to trade and withdraw crypto with limited KYC and no ID
  • The main downsides are no fiat deposit/withdrawals are supported and cheaper platforms are available
  • We found, there are better alternatives overall with more coins, volume, features and slightly lower fees (eg. Binance and KuCoin)

Where It Shines

  • Lots of Features: Spot trading, copy trading, rewards, staking, margin, futures and more
  • Partial KYC: Very easy to start trading, all you need is an email address. Users can withdraw up to 1 BTC per day without verification

Where It Falls Short

  • No Fiat Currencies: All trading pairs are in USDT and only crypto withdrawals are available
  • Fees: Cheaper platforms are available like Binance or KuCoin. AscendEx charges a 0.20% trading fee on altcoins and their volume is significantly lower than bigger platforms
  • Customer Support: We tried contacting their support team two separate times and never received a response
  • Not Licensed: AscendEx is not regulated in every country it operates in

Screenshots

  • Desktop

  • App

Overview

πŸ“² Features

Header

πŸ” Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Staking

Margin

Futures

OTC

24/7 Support

240+

Yes

Yes

No

Yes

Yes

No

Yes

Yes

Yes

No

Yes

App 2FA

Uses Cold Storage?

Hacks or Incidents?

Insurance Policy

See Login History

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Yes

Yes (2021)

No

Yes

Yes

Yes

2018

No

πŸ’° Fees

0.0/5

🏦 Deposits & Withdrawals

0.0/5

Maker Fee

Taker Fee

Crypto Deposits

BTC Withdrawal Fee

ETH Withdrawal Fee

0.1%-0.2%

0.1%-0.2%

Free

0.0005 BTC

0.01 ETH

Fiat Wallet Currencies

Instant Buy Currencies

Withdraw Fiat Currency?

Credit/Debit

P2P Exchange

0

90+

No

Yes

No

  • Table last updated: Jan 12, 2021

Compared

Compare the world's most popular cryptocurrency exchanges:

Name

Coins

# of Features

Standard Trading Fee

Supported Countries

Fiat Wallets?

BTC Withdrawal Fee

Website

240+

15+

0.10%

190+

No

0.0005 BTC

Binance

Binance πŸ†(#1 overall)

600+

30+

0.10%

100+

Yes

0.0005 BTC

150+

15+

0.20%

?

Yes

0.0004 BTC

750+

10+

0.25%

180+

No

0.0005 BTC

50+

5+

0.50%

?

Yes

0.0005 BTC

300+

5+

0.75%

100+

Yes

0.0003 BTC

140+

15+

0.10%

180+

No

0.0005 BTC

170+

10+

3.99%

100+

Yes

Dynamic

110+

5+

0.60%

100+

Yes

Dynamic

30+

10+

0.10%

150+

Yes

0.15%

250+

20+

0.40%

90+

Yes

0.0006 BTC

40+

10+

0%

50+

Yes

0.50%

190+

20+

0.07%

180+

Yes

Free/Dynamic

1000+

30+

0.195%

190+

No

0.001 BTC

60+

15+

1.49%+

60+

Yes

0.001 BTC

60+

10+

0%

100+

Yes

0.0005 BTC

500+

20+

0.20%

130+

Yes

0.0005 BTC

190+

10+

0.26%

190+

Yes

0.00002 BTC

500+

20+

0.10%

190+

No

0.0005 BTC

350+

25+

0.10%

100+

No

0.0002 BTC*

300+

10+

0.155%

100+

No

0.0005 BTC

130+

10+

0%

180+

Yes

0.0003 BTC + $2.99

About

AscendEX (formerly known as BitMax) is a Singapore-based cryptocurrency exchange that was founded in 2018. According to their website they have over 1 million users in 180+ countries around the globe.

The platform offers a variety of products such as spot trading, futures, staking, copy trading, airdrops and much more. They also have their own token, β€œASD”, which is a top 250 coin on CoinMarketCap and can be used to get a discount on the exchange.

Some Stats:

  • Available in 180+ countries
  • Over 1 million users
  • $100m+ USD daily volume
  • Rebranded to AscendEx in 2021

Supported Countries

AscendEx is supported 190+ countries around the world. Click here to view the full list.

Security

Security is one of the most important parts of any crypto exchange. Here is everything we found on AscendEx's security features and reputation.

Company Security Features

  • Majority of crypto assets held in cold storage
  • Smart contract audits
  • Real-time exchange monitoring

User Security Features

  • Two-factor authentication for login and withdrawals (SMS, email or Google Authenticator)
  • Anti-phishing code for emails
  • Device management
  • View login history (login times, locations, IP addresses, etc)
  • Freeze account button in case of unauthorized activity

AscendEx Hack (Dec 11, 2021)

AscendEx suffered it’s only hack on the 11th of December 2021. AscendEx detected unauthorized transactions in its hot wallets and lost an estimated $77 million. Upon discovering the incident, AscendEx immediately disabled deposits and withdrawals and reported the incident to its users.

In the following days, deposits and withdrawals were reactivated and AscendEx announced it would reimburse affected customers.

Is AscendEx Safe?

AscendEx is considered a safe platform that's been operating for years. In the one case of a hack, they reimbursed users 100% of what they lost and they offer various security features including cold storage, 2FA, and more.

However, a point to consider is AscendEx doesn't operate with fiat currencies or banks. They are under less regulatory pressures than exchanges which operate inside the banking system.

KYC Verification

Application Time

  • 60 seconds (partial verification)
  • 25 minutes (full verification)

KYC Verification

AscendEx has partial verification. You can withdraw 2 BTC per day without going through KYC. 

Time to Get Verified

72 hours

Who Is Eligible?

  • 190+ countries

Sign Up Requirements 

Partial Verification (withdraw 2 BTC/day):

  • Email address and password
  • First and last name
  • Phone (optional)

Full Verification (withdraw 100 BTC/day):

  • Everything above plus;
  • Country
  • Date of birth
  • ID (passport, driver's license or national id)
  • Personal image through their app

AscendEX requires only an email and password to open an account if you want to withdraw up to 2 BTC per day. You can raise the withdrawal limit to 100 BTC per day if you go through their KYC verification.

If you wish to get verified, you'll need to provide your ID, date of birth, face verification and other info. In most cases, the KYC application can be completed in a matter of minutes. However, our experience with the app was painfully difficult, and it took us 25 minutes to complete KYC.

Features

List of Features:

  • iOS, Android and Web App
  • Credit/debit card buys
  • 1 click convert
  • Advanced trading
  • Margin trading
  • Futures trading
  • Copy trading
  • Staking
  • DOT slot auctions
  • ASD token
  • Referral program
  • Investment multiple card
  • Points card

1. 1-Click Convert

1-click convert is the easiest way to trade assets instantly with zero fees.

1 Click Convert

2. Trading View

AscendEX offers an advanced trading dashboard with limit orders, market orders and stop loss orders. They offer:

  • Spot trading
  • Margin trading
  • Futures trading
Trading View

3. Copy Trading

Follow other investors with the click of a button for a monthly fee.

Copy Trading

4. Staking (AscendEx Earn)

AscendEx Earn offers staking, DeFi yield farming, liquidity mining, and other ways to earn more value from your tokens.

  • 60+ projects available
  • APY's ranging from 2% to 796%
  • Staked assets can be used as collateral for margin and futures trading
  • Earn rewards after one day
AscendEx Earn

5. ASD Native Token

AscendEx Token (ASD) is the native token of the exchange. ASD holders are eligible for trading fee discounts, higher rewards, discounted margin interest, and more.

ASD Native Token

6. Referral Program

Users can invite their friends and receive up to 40% of their invited users trading fees.

Referral Program

Other Features

  • DOT slot auctions
  • Institutional accounts
  • Pro API
  • Rewards Center - complete tasks to earn rewards
  • Point Card - Get a 50% discount on the repayment of your margin interest 
  • Investment Multiple Card - ASD holders have an opportunity to 5x their investment profit
  • Lucky airdrop

Deposit & Withdrawals

AscendEx does not operate with fiat currencies except for instant purchases. All other operations inside the exchange happen in USDT pairs. Additionally, only crypto withdrawals are available.

To avoid high fees, the best way to fund your AscendEx account is by depositing crypto from a local exchange that supports your bank account. When cashing out, you can also withdraw your crypto to that local exchange.

Buying Crypto

When you click "Buy Crypto" AscendEx shows you this page below. The only option is to instant purchase via Banxa, Moonpay, Simplex or other third-party platforms. These third-parties offer a variety of payment methods in over 90 currencies but can be extremely expensive (up to 7% in fees).

  • No fiat wallets - Instant purchases only
  • No fiat withdrawals - only crypto withdrawals are supported 
Credit Card Buy

Crypto Withdrawals

  • Bitcoin: 0.0005 BTC withdrawal fee
  • Ethereum: 0.01 ETH withdrawal fee
  • All crypto withdrawal fees can be found here

Fees

Overall, AscendEx is a slightly more expensive platform than some competitors. They have 0.10% to 0.20% trading fees and roughly $100 million in 24 hour trading volume as of Jan 25, 2022.

Trading Fees

Like many platforms, AscendEx offers lower trading fees the more you trade. Large market cap assets have a 0.10% trading fee while other altcoins have a 0.20% trading fee.

AscendEx Trading Fees

Volume

According to CoinMarketCap data (which isn't always 100% accurate), AscendEx had $100 million in 24 hour trading volume as of Jan 25, 2022. In comparison, Binance was the highest at over $16 billion in 24 hour trading volume. 

Customer Support

Customer Support

AscendEX offers customer support via the following channels:

  • Email
  • Chatbot
  • Telegram communities
  • Help center with FAQs and walkthroughs

Our personal experience with customer support was not good. We contacted AscendEx two separate times via email but never received a response.

Best AscendEx Alternatives

Binance
  • 350+ coins
  • Largest crypto exchange in the world by trading volume
  • Lots of features
  • Restricted features in some countries
  • 500+ coins
  • Lots of features
  • Higher volume than AscendEx and laid back KYC
  • No fiat wallets
  • Great advanced features
  • Global reputation and security
  • Limited features overall
  • Only 90+ coins

FAQ

Is AscendEx Insured?

AscendEx does not offer insurance on cryptocurrencies or assets in your account. In the AscendEx terms of service it states, "Deposits in your Digital Asset Account are not insured." 

What Happened to BitMax?

BitMax.io changed its name and rebranded to AscendEx in 2021. Their CEO said, "This new brand name is inspired by the rapid rise of both our industry, and that of the many people taking part in it.'

Does AscendEx Require KYC for Withdrawal?

AscendEx does not require KYC to withdraw crypto. Users can withdraw up to 1 BTC per day without KYC verification and verified users can withdraw 100 BTC per day.

Is AscendEx Legit?

Yes, AscendEx is a legitimate cryptocurrency exchange founded in 2018. It is based in Singapore and has over 1 million users in 180+ countries.

Where is AscendEx Most Popular?

According to SimilarWeb, 11.87% of AscenedEx traffic comes from Russia, 5.95% from Ukraine, 5.83% from Vietnam, and 3.93% from Kazakhstan. The rest of the traffic is distributed across 180+ countries.

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