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, “ASD”, which is a top 250 coin on CoinMarketCap and can be used to get a discount on the exchange.
Available in 180+ countries
Over 1 million users
$100m+ USD daily volume
Rebranded to AscendEx in 2021
AscendEx is supported 190+ countries around the world. Click here to view the full list.
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
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.
60 seconds (partial verification)
25 minutes (full verification)
AscendEx has partial verification. You can withdraw 2 BTC per day without going through KYC.
Time to Get Verified
Who Is Eligible?
Sign Up Requirements
Partial Verification (withdraw 2 BTC/day):
Email address and password
First and last name
Full Verification (withdraw 100 BTC/day):
Everything above plus;
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.
List of Features:
iOS, Android and Web App
Credit/debit card buys
1 click convert
DOT slot auctions
Investment multiple card
1. 1-Click Convert
1-click convert is the easiest way to trade assets instantly with zero fees.
2. Trading View
AscendEX offers an advanced trading dashboard with limit orders, market orders and stop loss orders. They offer:
3. Copy Trading
Follow other investors with the click of a button for a monthly fee.
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
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.
6. Referral Program
Users can invite their friends and receive up to 40% of their invited users trading fees.
DOT slot auctions
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
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.
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
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.
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.
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.
AscendEX offers customer support via the following channels: