Is AAX a Safe Crypto Exchange? What We Found Out!!

 

The one market extra aggressive than cryptocurrency is the cryptocurrency alternate market. Binance CEO Changpeng Zhao has called the crypto alternate market “a race to the underside”. It’s because buying and selling charges will ultimately be so low that it’s going to not be worthwhile to function an alternate. Nevertheless, this pessimistic rhetoric has not stopped AAX from coming in to show CZ improper.

AAX is a cryptocurrency alternate that’s constructing a bridge between conventional monetary markets and crypto markets with out aliening the typical retail investor. AAX’s dedication to its values of integrity, efficiency, and safety has seen the cryptocurrency alternate develop considerably since its launch nearly 1 yr in the past. Since then it has continued so as to add new options, corresponding to its deflationary AAB token.

What Is AAX?

AAX is a cryptocurrency alternate which describes itself as “an institutional grade platform for everybody”. It’s the first digital forex alternate powered by London Stock Exchange Group expertise. This is similar expertise used for inventory buying and selling on the London Inventory Alternate, the Singapore Inventory Alternate, the Johannesburg Inventory Alternate, and the Borsa Italiana.

AAX Exchange Story

AAX is brief for ATOM Asset Alternate, which refers to ATOM International Technology, AAX’s guardian firm. In distinction to many different cryptocurrency exchanges, AAX is targeted on constructing a safe, scalable, and future-proof trading platform that may accommodate the extent of institutional participation AAX believes will inevitably come to the crypto market.

AAX Overview?

AAX relies in South East Asia and Thor Chan is the CEO. AAX’s licence relies in Seychelles.

AAX Founders

AAX cryptocurrency alternate COO Michael Wong (left) and CEO Thor Chan (proper). Picture through South China Morning Post

Thor has held many excessive funding and administration positions at numerous corporations together with HSBC and Nokia. Michael has over a decade of expertise working at IBM as an IT architect and as their blockchain improvement lead. He has additionally labored for TedEx and numerous NGO organizations. AAX additionally boasts a stable advisory board which incorporates Paul Jackson, Mike Newell, and Jamie Khurshid.

AAX Regulation?

Sure. The AAX cryptocurrency alternate is registered in Malta as AAX Alternate (Malta) Restricted. Working a cryptocurrency alternate out of Malta is kind of widespread, as Malta has extra lenient rules in the case of cryptocurrency exchanges.

AAX Hong Kong Register

Registration particulars for Atom Worldwide Expertise Restricted.

AAX’s guardian firm ATOM Worldwide Expertise is registered in Hong Kong as ATOM Worldwide Expertise Restricted. As such, they’re regulated by the suitable Hong Kong authorities.

Is The AAX Alternate Protected?

Sure. The AAX cryptocurrency alternate retains most of its digital belongings in chilly storage wallets that require a number of events to entry (multi-sig wallets). AAX even offers insured custody of cryptocurrencies upon request. AAX additionally has Kroll as its safety advisor, an organization which assess structural dangers for over 4000 corporations all over the world.

AAX Exchange Security

Safety particulars for the AAX alternate.

AAX additionally works with numerous blockchain evaluation companies to forestall laundered funds from being despatched its alternate. In Might this yr, AAX partnered with Solidus Labs, a software program firm primarily based in New-York that identifies any market manipulation going down on cryptocurrency exchanges. This makes AAX one of many solely exchanges to make use of a third-party firm to forestall market manipulation on its platform.

AAX Alternate Restrictions

AAX states in its legal documentation that residents and corporations working in a choose variety of nations are usually not allowed to make use of the platform. The complete record of nations may be seen beneath.

AAX Exchange Restrictions

Residents from the nations listed below are technically not allowed to make use of the AAX alternate.

That stated, this may be simply bypassed utilizing a VPN since AAX doesn’t require any private documentation (KYC) to make a buying and selling account (extra on this within the KYC part).

AAX Platfrom Evaluate

The most important distinction between the AAX alternate and different cryptocurrency exchanges is its use of LSEG expertise for buying and selling. This enables it to course of anyplace between 60-100 thousand transactions per second with very low latency. AAX COO Michael Wong has noted that even at 99% capability, the alternate platform can execute trades at a pace of 850 microseconds (millionth of a second).

AAX Alternate KYC

Know Your Buyer (KYC) documentation corresponding to a passport or driver’s license shouldn’t be required to create a trading account on the AAX cryptocurrency alternate. That is because of the lax rules in Malta the place the alternate is registered. Nevertheless, some options on AAX can’t be accessed with out KYC.

AAX Exchange KYC

AAX alternate’s three KYC ranges.

The AAX cryptocurrency alternate has three ranges of KYC. At Stage zero (electronic mail solely) there’s a day by day withdrawal restrict of two BTC, which is able to suffice for many merchants. All options can be found aside from OTC Buying and selling and AAX Financial savings.

These are unlocked with Stage 1 KYC verification, which requires a passport, nationwide ID, or driver’s license to finish. Stage 2 KYC verification requires you to offer biometric knowledge (face authentication). The one distinction between Ranges 1 and a couple of is the interior switch restrict (5 BTC vs. 10 BTC).

AAX Alternate Buying and selling Charges

In contrast to most cryptocurrency exchanges, AAX has a really clear and simply accessible fee schedule for buying and selling and withdrawal. Spot Buying and selling charges on AAX are among the lowest of any alternate and may be additional decreased with better buying and selling quantity and/or through the use of the AAB token to pay for buying and selling charges.

AAX Exchange Fees

The Spot Buying and selling payment schedule for the AAX alternate.

Futures Buying and selling charges on AAX are the identical whatever the buying and selling pair, however once more be decreased utilizing the AAB token. AAX additionally supplies a full record of minimal withdrawal limits and prices for the entire cryptocurrencies it helps. Deposits and inside transfers are free.

AAX Alternate Fiat Withdrawals And Deposits

Cryptocurrency can be easily bought on the AAX alternate utilizing a debit card, bank card, or financial institution switch utilizing one in all AAX’s four fiat-crypto fee suppliers. Be aware that every one 4 require the completion of Stage 1 KYC on AAX aside from Itez, which helps you to purchase as much as 300$USD of cryptocurrency with out KYC.

AAX Exchange Fiat

AAX’s 4 fiat fee gateways.

The AAX cryptocurrency alternate doesn’t assist fiat withdrawals (e.g. wire to a checking account). That is additionally seemingly because of the elevated regulation the alternate can be topic to if it started permitting fiat withdrawals.

AAX Alternate Cryptocurrencies

The AAX cryptocurrency alternate helps over 40 cryptocurrencies. This record contains the apparent decisions like Bitcoin, Ethereum, and XRP, and in addition contains nearly each main DeFi token corresponding to YFI, CRV, UNI, and UMA.

Whereas all 40+ cryptocurrencies can be found for Spot Buying and selling, solely 5 can be found on AAX’s Futures market. These are BTC, ETH, COMP, LINK, and BCH. Former AAX CEO Peter Lin noted in an early interview that the alternate solely lists cryptocurrencies which align with the alternate’s values (Integrity, Efficiency, Safety).

AAX Alternate Rewards And Promotions

The AAX cryptocurrency alternate presents a slew of rewards and promotions to its customers. Finishing all of the actions famous on the Rewards Hub rewards a person with 45 AAB tokens (roughly 7.25$USD).

AAX Exchange Rewards

The completely different actions which yield AAB token rewards on the AAX alternate.

Finishing every job additionally offers you a ticket you should utilize to spin on the AAB slot machine to win a “random” quantity of AAB tokens. You can too earn additional tickets by inviting associates to affix the platform.

AAX Exchange Giveaway

AAX additionally presents a weekly occasion referred to as the AAB Flash Sale, whereby 1000 customers can purchase as much as 1000 AAB tokens at a reduction, and one other 500 random customers will get AAB tokens totally free. KYC Stage 1 is required to take part within the AAB Flash Sale and giveaway.

AAX Exchange Tribe

The AAX Tribe is AAX’s associates program. Right here customers can earn a lower of the buying and selling charges of the individuals they referred to the platform. There are a number of tiers and situations, and essentially the most notable is that in the event you refer somebody to the platform they usually subsequently refer one other individual, you additionally get a lower of that different individual’s buying and selling charges.

AAX Alternate Spot Buying and selling

There are over 50 market pairs obtainable for Spot Trading on AAX. Nevertheless, it’s value noting that the liquidity for these buying and selling pairs varies considerably.

AAX Exchange Spot

The Spot Buying and selling dashboard on the AAX alternate.

Most buying and selling exercise is going down on the ETH/USDT, BTC/USDT, AAB/USDT, and LINK/USDT buying and selling pairs. Some buying and selling pairs have close to zero$ 24-hour buying and selling quantity.

AAX Alternate Futures Buying and selling

In distinction to its Spot Buying and selling market, AAX’s Futures Trading market is extremely lively. It presents each BTC settled trades and USDT settled trades with as much as 100x leverage.

AAX Exchange Futures

The Futures Buying and selling dashboard on AAX.

Sadly, there are solely 7 buying and selling pairs: BTC/USDT, BTC/USD, ETH/USDT, ETH/USD, BCH/USDT, COMP/USDT, and LINK/USDT.

AAX Alternate OTC Buying and selling

AAX’s OTC Trading characteristic permits customers to immediately commerce USDT, BTC, and AAB tokens for fiat off the order books.

AAX Exchange OTC

AAX alternate OTC Buying and selling dashboard. Picture through Cryptoninjas

The AAX alternate mediates the transactions between the 2 events, escrowing the cryptocurrency being traded and releasing it solely as soon as the vendor of the cryptocurrency confirms they’ve obtained fiat fee. KYC Stage 1 is required to entry the OTC Buying and selling characteristic on AAX.

Alternate Financial savings

The AAX cryptocurrency alternate presents a number of no-lockup cryptocurrency savings accounts with as much as over 6% APY.

AAX Exchange Savings

The Financial savings dashboard on the AAX alternate.

Supported belongings embody BTC, ETH, XRP, BCH, EOS, and AAB. Be aware that you could full KYC Stage 1 to entry the Financial savings characteristic on AAX.

AAX Cell App

The AAX cryptocurrency alternate presents a full-service mobile app for each Android and iOS units.

AAX Exchange Mobile

An preliminary visualization of the AAX cell all. The actual cell app really seems approach higher than this.

It incorporates all of the options discovered on the desktop model of the alternate together with push notifications and a feed containing the most recent updates and weblog posts from AAX.

Alternate Academy

The AAX Academy presents a treasure trove of helpful sources to for all cryptocurrency lovers. This doesn’t simply embody AAX alternate guides, however cryptocurrency explainers, buying and selling tutorials, and basic explainers for individuals who are nonetheless studying.

AAX Exchange Academy

The AAX cryptocurrency alternate can be very lively on YouTube the place they submit in-depth, simple to observe guides on how one can use the varied merchandise on their platform. In addition they provide market insights and technical evaluation for among the hottest cryptocurrencies.

AAX Alternate Buyer Assist

The AAX cryptocurrency alternate presents 24/7 buyer assist through its built-in chat and Telegram channels. Whereas their built-in chat shouldn’t be very responsive, their buyer assist brokers reply nearly instantly to requests in most of their localized Telegram channels.

AAX Exchange Help

The AAX Assist Heart.

AAX additionally has an elaborate and user-friendly Help Center the place the solutions to most basic questions in regards to the alternate may be simply discovered.

AAB Token

AAB is an ERC-20 token that provides particular perks to AAX cryptocurrency alternate customers together with payment reductions, non-obligatory buying and selling indicators, and even entry to buying and selling bots. AAB has a set provide of 50 million which might be launched over 5 years.

AAB Token Burn

Burn particulars for the AAB token.

On October 23rd, AAX finished buying and burning 25 million AAB (50% of the full provide) utilizing buying and selling charges from its futures market as per AAB’s tokenomics.

AAX Cryptocurrency ICO

AAX held 3 back to back IEO rounds for its AAB token in mid-April 2020. This IEO was accessible to all customers on the platform with a KYC degree of 1 or greater. Within the first two rounds, a complete of 1 million AAB tokens have been offered at a value of zero.50$USD per token. Within the third IEO spherical, a complete of 9 million AAB tokens have been offered at a value of 1$USD per token. This generated a complete of 9.5 million USD.

AAB Token Distribution

Of AAB’s complete provide of 50 million tokens, 10 million have been allotted to the three IEO rounds. 5 million AAB tokens have been put aside as danger reserves to compensate customers within the occasion of an alternate hack or glitch. 5 million AAB tokens have been allotted to fund enterprise improvement actions. 10 million AAB tokens are getting used to offer liquidity for AAB market pairs on the AAX alternate.

5 million AAB tokens have been allotted to fund model ambassadors and associates of the AAX alternate. 10 million AAB tokens went to the founders of the AAX alternate in addition to the event staff. The ultimate 5 million AAB tokens have been allotted to funding advertising and marketing actions for the AAX alternate.

AAB Token Whales

Wallets with essentially the most AAB tokens.

It’s value noting that 86% of the remaining 25 million AAB tokens seems to be held by the AAX alternate according to Etherescan. All tokens aside from the 10 million offered through the IEO rounds are topic to a 5 year unlock schedule.

AAB Cryptocurrency Value Evaluation

The AAB token has been on a visual downward development since its IEO in April. It began buying and selling at a value of simply over a greenback earlier than rising to a excessive of round 1.60$USD.

AAB Token Price

Value historical past for the AAB token. Picture through CoinMarketCap

Since then the worth has dropped to just about zero.14$USD, effectively beneath its IEO value of 1$USD. This can be because of the absence of shopping for strain after the AAX alternate completed shopping for and burning 50% to the token’s complete provide in late October.

The place To Get AAB Cryptocurrency

The one place to get the AAB cryptocurrency token is on the AAX exchange, and the one market pair is with USDT. That stated, buying and selling quantity is first rate given the AAB token’s small market cap. No matter you do, don’t go to Fatbtc as it’s recognized to be an alternate with shady practices and fake volume.

AAB Cryptocurrency Wallets

Since AAB is an ERC-20 token, it may be saved on nearly any cryptocurrency pockets that helps Ethereum-based belongings. wallets for the AAB token embody Trezor and Ledger devices. Software program wallets for the AAB token embody the Atomic Wallet and the Exodus Wallet – each can be found on desktop and cell.

AAX Exchange Wallet

The AAX alternate belongings overview tab.

Whereas it’s usually not suggested to maintain your cryptocurrency on an alternate, in the case of alternate tokens corresponding to AAB, the token is actually tied to the AAX alternate. If the AAX was to close down tomorrow, the token would develop into nugatory. This may be a scary thought, nevertheless it additionally means that there’s not a lot level in preserving AAB by yourself private pockets, particularly since it’s not at present provided on another exchanges.

AAX Roadmap

As a part of its IEO, the AAX alternate issued a product roadmap for 2020. Sadly, many of those milestones don’t appear to have been met corresponding to creating tokenized commodities and introducing crypto lending. Nevertheless, the alternate has nonetheless made unimaginable strides in the case of adoption, partnerships, and the few options it has managed to roll out this previous yr.

AAX Exchange Roadmap

Product roadmap for AAX.

Along with partnering with Solidus Labs to watch any attainable market manipulation on the platform, AAX additionally partnered with Quadency and Itez. The previous designs cryptocurrency buying and selling bots and the latter is a fiat fee gateway that lets you buy as much as 300$USD of crypto utilizing a debit/bank card with out KYC.

AAX Exchange Blog

The AAX alternate’s weblog.

So far as person adoption goes, in August AAX introduced that it had doubled its user base from 100 000 to over 200 000 in lower than a yr since its launch. It additionally rolled out its profitable cryptocurrency financial savings providers. AAX has remained extremely lively on its blog the place it supplies in-depth market analyses of varied cryptocurrencies together with helpful articles and tutorials.

Why AAX Will get An A

The AAX cryptocurrency alternate presents a remarkably easy and streamlined cryptocurrency buying and selling skilled in comparison with a lot of its rivals. Creating an account was, fairly frankly, unbelievably simple. It took not than 20 seconds to do, and the absence of any exhausting KYC necessities meant buying and selling was instantly obtainable.

The cell app is likewise very spectacular. Most cryptocurrency alternate apps are typically extremely laggy and inefficient, however the AAX cell app is one way or the other in a position to provide every little thing the desktop model does with out experiencing any notable points.

AAX Exchange Token

AAX’s AAB token can be a wonderful addition regardless of its lackluster value efficiency. It has a tokenomics in contrast to another alternate token and its value is probably going solely being held down by the relative lack of alternate use, which brings us to why AAX will get an A and never an A+.

AAX Exchange Volume

Preliminary projections for buying and selling quantity on the AAX alternate.

Whereas the AAX alternate has made unimaginable progress in its brief lifespan, buying and selling quantity stays low – a lot decrease than they’d apparently projected according to their documentation. Round this time (This autumn 2020) they have been hoping to have a day by day buying and selling quantity of over 500 million USD but have just 1/10th of that.

Cryptocurrency Wash Trading

Unhealthy practices corresponding to wash buying and selling are quite common amongst cryptocurrency exchanges.

That is seemingly because of the relative lack of options the alternate has in comparison with prime exchanges corresponding to Binance. Nevertheless, the options AAX does have are actually rather more sturdy, and AAX’s partnership with Solidus Labs nearly ensures that buying and selling quantity on the alternate is real. This merely can’t be stated for most other cryptocurrency exchanges.

AAX Exchange Features

If AAX is ready to proceed introducing new options that supply genuinely enticing prospects to customers (corresponding to extra profitable financial savings accounts and staking), this might simply deliver it nearer to attaining its purpose of being of the highest exchanges within the crypto area. AAX actually has the potential to say that title, and its latest consideration to the DeFi area additionally places within the perfection place to just do that.

All it takes is one killer app…

Warning ⚡️: Buying and selling leveraged futures merchandise is extremely dangerous. Just remember to observe sufficient danger administration

Featured Picture through AAX

AAX Rankings


eight.three

AAX Ratings


Professionals

  • LSEG Expertise
  • Sturdy Safety
  • OTC Buying and selling
  • Training


Cons

  • Full KYC
  • Restricted Asset Protection
  • No US Merchants

 

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