This article will look into AscendEX, a well-known crypto exchange with its wide range of trading options and competitive fee structures.
We will analyze their specific offerings, such as advanced trading instruments, security measures and overall user experience.
Understanding the scope of services AscendEX offers may help you become a better trader regardless of whether you are an experienced one or just starting in this field.
Introduction
AscendEX (formerly BitMax) is a global digital asset financial platform founded by a group of Wall Street quantitative trading veterans in 2018, building on the core value of “Efficiency, Resilience and Transparency.”
The global cryptocurrency exchange platform serves both retail and institutional clients in more than 200 regions.
A rebranding effort was set in motion on March 22, 2021, as part of an initiative to become the leading financial platform for cryptocurrencies, combining the strengths of a centralized trading platform with DeFi.
Driven by its continuous product development and early-mover advantage in strategic alignment with the DeFi ecosystem, AscendEX offers trading services across over 200 trading pairs across cash, margin, and futures products, in particular margin trading of over 50 tokens in cross-asset collateral mode and futures trading in both cross-asset and isolated margin modes.
On December 11, 2021, malicious actors managed to access the exchange’s hot wallets, reportedly stealing $77.7 million across three chains – Ethereum, Binance Smart Chain, and Polygon.
AscendEX Profile
| Company Name | AscendEX |
| Categories | Cryptocurrency Exchanges |
| Website | https://ascendex.com |
| Year Founded | 2018 |
| Headquarters | Singapore |
| Deposit Fee | Free |
| Withdraw Fee | 0.0005 BTC |
| Mobile Support | Yes |
| Spot Taker Fee | 0.20% |
| Maker Fee | 0.20% |
How to Sign Up on AscendEX Exchange?
To sign up on AscendEX, follow these steps:
Visit the Website: Go to the AscendEX website.
Click on “Sign Up”: Find the “Sign Up” button at the top right of the homepage.
Enter Your Details: Enter your email address or phone number and create a strong password.
Agree to Terms: Read and agree to terms of service.
Verify Your Account: AscendEX will send a verification code to your email or phone after you click to confirm this by keying in this code.
Set Up 2FA: For extra security, establish Two-Factor Authentication (2FA).
How to deposit Bitcoin on AscendEX?
How to withdraw crypto at AscendEX?
AscendEX Exchange Fees
AscendEX Trading fees
Many exchanges implement taker fees for those who execute existing orders and maker fees for those who create new orders.
An alternative approach is charging flat fees, where both takers and makers pay the same rate.
This exchange has a base fee of 0.10% per trade for significant market cap assets and 0.20% for altcoins.
The 0.10% rate applies to users at the lowest VIP level (VIP 0). Higher VIP tier users can benefit from reduced fees, as shown in the chart below:
The fees that AscendEX charges are competitive. This has been 0.25% for many years, but now we see several exchanges going in the direction of lower trading fees (0.05%-0.15%).
The fees charged by AscendEX are competitive against any other exchange you can think of.
AscendEX Withdrawal fees
Before selecting an exchange, it’s essential to consider the withdrawal fee. This fee is typically fixed, meaning it doesn’t change based on the amount of cryptocurrency being withdrawn, and it can differ depending on the specific cryptocurrency.
For BTC withdrawals, this exchange charges 0.0005 BTC, which is slightly below the industry average of around 0.0008 BTC.
Overall, AscendEX offers a highly competitive fee structure.
Deposit Methods
Simplex, which is a European Union-licensed payment processing firm, has partnered with AscendEX to provide credit/debit card payment solutions on the platform.
Simplex now enables users to buy digital currencies just by using their debit and credit cards. Deposits made through Simplex are usually speedy (10-30 minutes), but there is a cost attached.
As far as we can tell, you must pay 3.50% of the total amount deposited if you want to use the Simplex service. The minimum amount to spend in one go is $50.
How Many Types of Trading Options Available
AscendEX, which was initially named BitMax, has been serving the cryptocurrency industry with a host of services. Let’s discuss them:
Spot Trading: AscendEX permits individuals to trade more than 150 cryptocurrencies against various digital and fiat assets. It makes it easy for traders to purchase or sell digital resources at the current market prices.
Margin Trading: Traders have an opportunity to use borrowed funds (margin) to increase their trading positions. AscendEX supports margin trading on over 50 tokens in cross-asset collateral mode.
Futures Trading: AscendEX offers futures perpetual USDT-based trading options. This allows users to take advantage of leverage when speculating on future price movements of cryptocurrencies.
Comprehensive Asset Coverage: At present, AscendEX has listed 200 digital assets from leading blockchain projects, such as large-cap coins, altcoins, DeFi tokens, and NFTs.
Cargo Charter Services (Unrelated): On a separate note, Ascend Express Logistics & Transportation provides customized cargo services, which include international ocean freight, chartered planes, and domestic trucking customs clearance, among other warehouse services.
Who Are the Founders of Ascendex?
Dr. Jing Cao founded AscendEX. He has garnered experience working as the Chief Investment Officer at Delpha Capital Management LLC, Chief Executive Officer for HD Consulting Services Group, Inc., and Portfolio Manager at Knight Capital Group, Inc.
Jing Cao received an undergraduate degree from the University of Science & Technology of China and a doctorate from The University of Chicago.
Ascendex Exchange Features
Wide Range of Cryptocurrencies
AscendEX supports a broad choice of cryptocurrencies that include both popular and upcoming coins.
User-Friendly Interface
The platform has an easy-to-use interface, which is ideal for beginners and experienced traders as well.
Advanced Trading Tools
AscendEX provides sophisticated trading tools such as leverage trading, futures contracts, and staking capabilities.
Security Measures
The exchange has implemented robust security protocols, including Two-Factor Authentication (2FA), to keep user assets safe.
Staking and DeFi
Users can directly participate in the company’s platform in staking and decentralized finance (DeFi).
Competitive Fees
These include affordable trading fees and reasonable withdrawal charges.
AscendEX Exchange Android & IOS Mobile App
AscendEX’s mobile app is accessible via Android and iOS, has a user-friendly interface, and includes all trading functionalities.
It permits users to carry out their trading, as well as handle portfolios on the move, and additionally allows for staking and margin trading, among others.
The App also has embedded strong security measures, thus enabling easy access to trade from anywhere in the world while keeping investors safe.
AscendEX Restricted Countries
According to the company’s terms of service, its services are not offered to residents of Singapore, China (Mainland), the US, and “five US permanently inhabited territories.
Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands in the North Pacific Ocean, and American Samoa in the South Pacific Ocean.
” Furthermore, the services are restricted for citizens and residents of regions where crypto trading is banned.
AscendEX Team
The staff responsible for running the exchange are led by three people: George Cao, who is the Co-founder and CEO of AscendEX,
Ariel Ling is the co-founder and COO of AscendEX, and Shane Molidor is the global head of business development at AscendEX.
Each one of them has a background in asset management, banking, and finance.
Is AscendEX legit?
AscendEX is a legitimate cryptocurrency exchange. It has been in existence since 2018 and is well known for offering different cryptocurrencies, advanced trading tools and top-notch security measures.
The exchange is transparent with competitive fees and also complies with the regulatory framework in different regions.
AscendEX has gained a lot of users lately who have positive reviews about it, which makes it reliable for crypto traders.
AscendEX Customer Support
Crypto exchanges need to have good customer support. It is a point of contact between the platform and its users. AscendEX (BitMax) has decent customer support.
There is an onsite form at AscendEX where traders can attach their grievances. It allows traders to provide images or PDFs for issues.
Telegram boasts of a strong community of team members and traders on AscendEX. The group is always active 24/7, with agents answering customer questions in eight to ten different languages.
These include Turkish, Korean, Vietnamese, Italian, English, Japanese, Arabic and Spanish.
If you have any other questions about the site’s operation, users can reach out via email at support@ascendex.com.
AscendEX Alternative Exchanges
Binance
Binance is the largest global cryptocurrency exchange that supports numerous trading pairs and offers a robust trading platform for traders.
Coinbase Exchange
Coinbase enables people to transact using digital currencies such as Bitcoin, Ethereum and Litecoin. This has made it quite a popular choice among both seasoned and novice investors.
UPHOLD
UPHOLD digitalizes money so as to provide instant financial services securely in more than 200 countries across the world that support crypto as well as fiat currencies.
Conclusion
In conclusion, AscendEX is a versatile and dependable cryptocurrency exchange due to its strong security measures, competitive fees and robust trading features.
It caters to all kinds of traders; whether you are a beginner who wants an easy-to-use platform for spot trading or an advanced investor looking for margin and futures trading tools, AscendEX has your back.
Its dedication to customer care and safety also makes it attractive to both experienced and novice investors.
