As crypto becomes more integral to our daily lives, new exchanges are popping up left and right. With so many choices available, you may be overwhelmed to pick a platform catering to both novice and expert traders. In this AscendEX review, I'll provide more than a glimpse into a crypto trading hub that might just tick your boxes.
Similar to Binance, Bybit, and Kraken, AscendEX offers spot, margin, and futures trading for 300+ cryptocurrencies. Through its robust trading features, the exchange aspires to help its users "ascend" in their crypto journey and make the most of their assets.
If any of this sounds interesting and you’re curious about this exchange, you’re in the right place. After all, in this AscendEX review, I'll leave no stone unturned. So, what does this platform have to offer? Let’s dive into the full AscendEX crypto experience!
Verdict at a Glance: AscendEX is an exchange serving retail and institutional traders' needs. It has a wide selection of crypto pairs and user-friendly tools for spot, margin, and futures trading. The platform also provides the AscendEX Invest program and copy trading that appeals to beginner users, along with an OTC desk that offers a personalized experience for large-scale traders. That said, some users report slow response from the customer service. At the time of writing, AscendEX is not available in the US.
Pros
- Improved security
- Comprehensive trading features
- Earning programs
- 25x leveraged tokens
- Buy/sell crypto with 0% commission
Cons
- Inaccessible to US traders
- Slow customer service
- No crypto-fiat pairs
Table of Contents
- 1. What is AscendEX?
- 2. AscendEX Review: PROS
- 2.1. Improved Security
- 2.2. Buy and Sell Crypto Commission-Free
- 2.3. Broad Trading Offerings
- 2.4. The ASD Token for Extra Perks
- 2.5. Various Features to Earn Passively
- 3. AscendEX Review: CONS
- 3.1. Not Yet Available for US Users
- 3.2. Customer Support Delay
- 4. AscendEX Fee Structure
- 5. How to Use AscendEX
- 5.1. How to Sign Up on AscendEX
- 5.2. How to Start Trading on AscendEX
- 6. Conclusions
What is AscendEX?
To kick off this AscendEX review, let’s first go over the basics of what the platform is all about.
AscendEX, formerly known as Bitmax, is a cryptocurrency exchange launched in 2018 by a team of Wall Street veterans with expertise in asset management, banking, and finance. The platform was established with the primary goal of offering simple solutions for both retail and institutional traders to invest in and grow their crypto portfolio.
To achieve this, the platform has continuously expanded its services. What started as a platform for spot, margin, and futures trading has now evolved into additional staking services and DeFi yield farming. As of now, the platform boasts over 9 million registered traders and has more than $1.9 billion in daily trade volume.
Additionally, AscendEX takes an inclusive approach, offering something for everyone. Beginners can take advantage of the copy trading feature, allowing them to mirror the strategies of experienced traders for a fee. Meanwhile, large-scale traders can benefit from the Over-the-Counter (OTC) service, where they can receive tailored solutions for high-volume trades with minimal market impact.
And, whether you're new or old to crypto trading, you'd likely understand the importance of a smooth user experience (UX) and an easy-to-use interface in minimizing errors.[1] AscendEX doubles down on that with its clean, organized layout. This simplicity isn't only limited to the desktop version; it extends to the mobile app that is available on both iOS and Android.
AscendEX Review: PROS
Now that we’ve got a general idea of what this crypto exchange is all about, let’s dive deeper into this AscendEX review as I guide you through the features that attract both beginners and seasoned traders alike.
Improved Security
One key concern most users look for in an AscendEX exchange review is how the platform performs in security. Unfortunately, in December 2021, AscendEX suffered a major exchange hack, with over $70 million in assets stolen from the platform’s hot wallet. However, the exchange swiftly informed its users via social media and fully reimbursed those impacted by the hack.
Since then, AscendEX has deployed an entirely new hot wallet infrastructure, ensuring no single aspect of its legacy technology was reused. This upgrade is complemented by multi-signature (multi-sig) wallets, two-factor authentication (2FA), and cold storage solutions for most user funds, enhancing user security.
Over time, AscendEX has consistently enhanced its security measures to align with enterprise-grade standards. In the event of a hack or theft of your assets, AscendEX offers protection through its principal balance sheet, with a portion of the total amount safeguarded by its Insurance Fund.
The exchange operates round-the-clock to monitor suspicious activities. When detected, vulnerabilities are tackled instantly, thanks to the CEX's real-time updates. Now, you won't have to worry much about your personal information getting tampered with. All sensitive details are locked behind the tight bars of access-controlled data warehouses, ensuring no intruders.
Sure, AscendEX has suffered a security breach in the past, but the platform has learned the hard way and taken those challenges as valuable lessons. It has since committed to strengthening its security measures, sealing any potential vulnerabilities to prevent similar issues from transpiring in the future.
Buy and Sell Crypto Commission-Free
Have you ever felt confused navigating a crypto platform? There's one feature in this AscendEX review that could be the right tool to guide you through your trading journey.
It's called AscendEX Invest, but what is it exactly? It's a program to help novice users simplify the whole process of buying and selling cryptocurrencies, or in other words, "making your crypto holdings work harder".
Traders can buy and sell crypto like SOL and DOGE, along with select newly-listed altcoins like PUCCA (as of writing). The real kicker here is that there's no commission or fee. So, if you buy $100 BTC, you'll get the full amount in return.
And that’s not all, as there are handy tools available for beginners. An example is the portfolio management feature that helps you track your investments and performance metrics. You can also access real-time market analytics, which includes price charts and trading volumes, to make more informed decisions.
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Broad Trading Offerings
One of the main goals of AscendEX is to be a trading platform that helps users, no matter their experience level, to smoothly “ascent” in their crypto trading journey. This is especially shown in the variety of trading options I am going to highlight in this AscendEX review.
As a primer, the platform supports a fairly extensive collection of 300+ cryptocurrencies, including:
As always, when you're trading on CEXs, you'll encounter fees. However, I can say that AscendEX charges competitive fees, falling between 0.2% to 1% depending on the cryptocurrency.
Now, let's dive into the core details of the features of AscendEX's trading platform.
Spot Trading
Before diving deeper, it’s worth noting that AscendEX refers to its "spot trading" feature as "cash trading". Both terms actually mean the same.
From my observations, AscendEX's spot market strikes quite an impression with its diverse range of meme coins.
Alongside classics like DOGE, it spices things up with off-the-wall picks like BRETT, PNUT, and ALF, which are rather hard to come across on other crypto exchanges.
Nearly all of the meme coins on AscendEX are tradable with USDT. Some, like SHIB, offer 3x leverage. For those seeking higher leverage, AscendEX provides options through top runners like BTC and ETH. However, executing these trades requires margin trading.
Margin Trading
With margin trading, users can boost their position with a leverage of up to 25x for selected assets (BTC and ETH). However, mind that higher leverage heightens the risk of forced liquidation.
There are two margin modes available:
- Cross Margin. The collateral is shared among all open positions, therefore distributing the risk across the trader's portfolio. This helps minimize the risks of rapid liquidation.
- Isolated Margin. Each position opened will have its own collateral. So, if one position is liquidated, the others aren’t affected.
The interest on margin loans is updated every 8 hours. If the user repays the loan within the 8-hour settlement cycle, no interest is charged, which some traders find flexible.
Futures Trading
On the futures side, AscendEX offers perpetual USDT-based contracts with a leverage of up to 100x. With the platform’s cross-asset collateral mechanism, traders can deposit one or different cryptocurrencies for futures trades, which is a neat feature for portfolio diversification.
AscendEX's futures trading module also runs on an intelligent risk engine. This advanced technology is designed to optimize returns, which traders can make use of to minimize potential losses.
What's more, AscendEX enables you to 'ascend' in your futures trading with its technical analysis tools. Utilizing different order types, like Fill-or-Kill, Good-till-Canceled, Immediate-or-Cancel, or Stop-Loss, you can sharpen your market entry timing and trade more strategically.
Copy Trading
Beginners might be interested in AscendEX's copy trading feature. What's the real appeal, you may ask? Just like the name suggests, copy trading lets users automatically replicate the strategies of top traders on the platform with just a single click.
However, right now, it’s only available for futures products. Some of the available trading pairs include BTC/USDT, ETH/USDT, and DOGE/USDT.
In their profile, you’ll be able to see their total followers, previous profit and loss (PnL), win rate, and trading preferences. That way, you can make an informed decision on which traders to copy.
Suppose you’ve got more than one trader in mind, no worries! The platform doesn’t limit the number of traders you can follow, so you can diversify your strategies as long as you have enough funds in your futures account. The only limitation? Each trader can have a maximum of 400 followers, so if their limit is reached, you’ll have to wait for an opening.
This feature is also quite customizable. The amount that a user can set for a single copied trade ranges from 20 to 10,000 USDT. Traders can also adjust the leverage for each copied position, allowing more control over the size of their trades. There are also configurations to set take-profit (TP) and stop-loss (SL) levels, which can range from 10% to 400%.
However, there are a few requirements to keep in mind. To use this feature, you need a minimum balance of 500 USDT in your futures account, and your profile must be verified. On top of that, copy trading does come with monthly subscription fees.
Read More: Best Copy Trading Platforms
OTC Trading
Of course, a platform like AscendEX wouldn’t be as inclusive as it is now without offering something for high-profile traders. It has an OTC program, a tailored service designed for institutional investors who need to execute large trades without shaking things up in the market.[2]
How does OTC work? AscendEX provides access to deep liquidity pools so that large orders can be processed with minimal price slippage. This is great for big players who want to make large-scale transactions quietly and efficiently.
AscendEX's OTC desk is supported by its high-performance infrastructure, which can handle over 400,000 transactions per second. Thus, even the highest-volume trades can be processed quickly.
Another aspect to note in this AscendEX review is the pricing for OTC trades, which often offers more favorable offerings than what’s available on the public market. In addition, the platform partners with Prime Trust, a regulated custodian, to ensure all trades meet regulatory standards and that all assets are protected.
However, accessing the OTC desk does come with some requirements. Users need to pass a KYC verification, and the minimum transaction size is set at $100,000.
The ASD Token for Extra Perks
If you’re planning to experience the AscendEX crypto experience to the fullest, maybe you’re curious about ASD, the platform's native utility token that is vital to the exchange's ecosystem. Let’s further explore its uses and perks in this AscendEX review.
ASD is integrated into various AscendEX services, including margin and futures trading. Consequently, users can stake their ASD tokens to earn potential rewards.
What’s more interesting than the token’s utility is the multiple incentives it offers to the holders. There are discounts for trading fees that they can receive. Holding a certain amount of ASD tokens can waive up to 80% of your transaction fees.
Owning a specific amount of ASD tokens can also transition users to higher VIP levels. There are additional benefits entailed to this, including reduced trading fees. Essentially, the more frequently you trade on AscendEX, the more the platform will reward you.
If you’re interested in holding ASD tokens, they are available not only on the AscendEX exchange but also on platforms like Bybit. The price may vary across different exchanges, depending on market conditions.
Various Features to Earn Passively
In the previous section of this AscendEX review, we briefly touched on staking rewards with ASD.
You might be happy to know that the platform has a few more features that you can use to earn passively.
For instance, the staking mechanism on AscendEX is pretty similar to other exchanges. Users can lock up a certain amount of cryptocurrencies in a wallet to support the operations of a blockchain network. They will earn rewards in return for their contribution.
Additionally, staked assets can be used as collateral for futures trading, so users can still hedge positions while potentially earning rewards. However, this feature is limited to select assets, namely USDT, BTC, and ATOM.
On top of staking, AscendEX offers yield farming, which allows users to earn potential returns by provisioning into liquidity pools. What sets this program apart is how low the entry level is for the users. The backend integrations with the DeFi protocols are 100% handled by the AscendEX team, so users can start yield farming with just one click.
There is no gas fee required for yield farming either. AscendEX understands that this activity can be a resource-intensive process. Unlike traditional DeFi platforms, where gas fees can cut into your earnings, AscendEX eliminates this cost, making it a more attractive option for traders.
Furthermore, yield farming on AscendEX does not require a predetermined lock-up period. Users are able to deposit and withdraw their assets anytime, with the ability to receive their reward in a timely manner. That said, yield farming is only accessible on AscendEX's mobile app.
Suppose all of these earning programs may sound a bit complex to you, no worries. For beginner traders reading this AscendEX exchange review, you can earn Satoshis by doing tasks provided in the Reward Platform.
The amount of incentives given varies depending on the task users complete. The assignments range from simple to more advanced actions, such as:
- Signing up;
- Completing KYC;
- Funding accounts;
- Purchasing crypto with a credit card;
- Engaging in margin and futures trading.
Once a task is completed, users can also boost the amount of SATs they obtain up to 2.5x. But first, they'll need to earn Reward Multiplier. For that, you need to complete the tasks assigned after signing in.
SATs can even be earned just by staying active on the platform, applicable for both mobile and desktop devices. Once users accumulate 100,000 SATs, they can choose to redeem, withdraw, or sell them for USDT or BTC on AscendEX.
Did you know?
All Crypto Exchanges may look similar to you but they're NOT all the same!
AscendEX Review: CONS
As you can see, AscendEX has much to offer its users, but no platform is without its limitations.
Not Yet Available for US Users
One of the key limitations of AscendEX is that it’s not yet available to users in the United States.
This can be a bit of a disappointment for US investors interested in innovative features AscendEX brings to the table, such as its copy trading service.
According to the platform's Terms of Service, its offerings are restricted to residents of other regions. But if you're from the US and looking to engage in crypto trading, there's still good news: other trustworthy options like Kraken or Coinbase provide services to US-based traders.
Customer Support Delay
Customer service response time is another commonly raised issue in user AscendEX reviews.
While the platform provides various official support channels, including multi-language Telegram groups and dedicated email addresses, users often experience delays in resolving specific issues. The response times can be a bit frustrating for users encountering technical problems or needing personalized assistance.
AscendEX does have a support ticket system, though. You can always reach out to a trained support staff who will help with tailored solutions. However, several users in AscendEX reviews have noted that responses can take quite a bit of time, which isn't ideal for those facing urgent issues. There are, on the other hand, extensive guides and FAQs on its website to help users navigate common problems.
That said, users will eventually get by and receive assistance, but they may need to exercise a bit of patience if the issue requires a staff's intervention.
AscendEX Fee Structure
I've covered the platform's pros and cons, but there is one aspect not to be left out before deciding if this CEX is truly for you: the fee structure.
For spot and margin trading, as I've mentioned in this AscendEX exchange review, the transaction fees can fall between 0.2% to 1%, but here are the details:
- UAT/USDT is subject to a transaction fee of 0.2%;
- ASDP/USDT is subject to a transaction fee of 1%.
However, in general, the maker/taker fees are 0.1% respectively for large market cap assets, like BTC, and 0.2% for the rest of the altcoins.
Special assets are subject to a trading fee of 0.4%. Most of the assets categorized as "special" are meme coins like BONK, WIF, and MEW.
On top of that, there is a tiered VIP system with reduced fees based on the user's spot or margin trading volume and ASD holdings over 30 trailing days (ranging from 100,000 to 500,000,000 USDT).
VIP Level | Maker/Taker Fee (Large Market Cap Assets) | Maker/Taker Fee (Altcoins) |
---|---|---|
VIP1 | 0.09% / 0.1% | 0.18% / 0.2% |
VIP2 | 0.075% / 0.085% | 0.16% / 0.18% |
VIP3 | 0.6% / 0.07% | 0.13% / 0.15% |
VIP4 | 0.05% / 0.06% | 0.1% / 0.12% |
VIP5 | 0.04% / 0.05% | 0.075% / 0.1% |
VIP6 | 0.03% / 0.04% | 0.05% / 0.07% |
VIP7 | 0.02% / 0.03% | 0.02% / 0.04% |
VIP8 | 0% / 0.025% | 0% / 0.025% |
VIP9 | -0.015% / 0.02% | -0.015% / 0.02% |
Table: AscendEX's spot and margin VIP-tiered fees
What about futures trading? Well, there are some key differences. Maker fees start at 0.4%, while taker fees begin at 0.6%. However, the more ASD you hold and the more actively you trade over a 30-day period, the lower your rates become.
How to Use AscendEX
So far, I've covered the extensive features AscendEX offers for traders of all experience levels. Now, if you’re ready to try the platform yourself, this section of the AscendEX review will walk you through a step-by-step guide on how to sign up for an account.
How to Sign Up on AscendEX
The sign-up process is simple, thanks to the platform’s clean and user-friendly interface.
As mentioned earlier in this AscendEX review, the platform is available on both PC and mobile devices. For this guide, we’ll focus on the former.
Here’s how to get started:
Step 1: Visit the AscendEX exchange.
Step 2: Go to the top right corner of the website and click “Register”.
Step 3: You’ll be taken to the registration page. You can sign up by entering your email address and creating a password or by linking your Google or Apple ID.
Step 4: Once you’re done entering the email and password, tick the Terms of Service and Privacy Policy agreement boxes, then click “Continue”.
Step 5: Quickly check your email inbox for the verification code sent by AscendEX. Enter the code on the platform and click "Register".
And that’s it—you’re all set!
How to Start Trading on AscendEX
The only thing left to figure out in this AscendEX exchange review is how to open your position and begin trading.
Interestingly, the platform allows you to trade either through its "Markets" or "Trade" sections. The difference between them is that the former does not display the usual trading interface you see. Instead, there will be a list of crypto pairs with all the metrics. But, once you click "Trade", you will be directed to the actual trading module.
As for trading on "Markets", it's pretty straightforward. I'll instead show you how to do spot or cash trading on the AscendEX crypto exchange.
Step 1: Navigate to the "Trade" section in the upper menu, then click "Cash Trading" in the dropdown.
Step 2: Select the crypto pair you'd like to trade. Note that as of writing, AscendEX only has crypto-crypto and no crypto-fiat pairs.
Step 3: Decide if you'd like to take a limit, market, or stop-loss order.
Step 4: Determine how much crypto you'd like to trade for another asset.
Step 5: Proceed to check out.
There you have it. The process is quite simple.
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
- Fiat currencies - accepted
- Simple to use
- Accepts only the most trustworthy cryptocurrencies
- A leading cryptocurrency exchange platform
- Best for beginner investors
- Accepts fiat currencies
- Fully reserved and transparent
- Multiple tradable asset classes
- Early new token support
- 265 supports cryptocurrencies
- Secure & transparent
- Fully reserved
Conclusions
To sum up this AscendEX review, I can say that it is quite a comprehensive exchange designed to fit beginner, experienced, and institutional traders, especially if you’re looking to elevate your crypto trading experience.
The platform is packed with trading options, including spot, margin, and futures, along with DeFi staking opportunities for passive income. Even beginners aren’t left out—users can complete tasks and earn incentives via the Rewards Center. However, the real standout feature is copy trading, which allows users to follow and replicate the strategies of more experienced traders.
That said, while AscendEX crypto solutions offer something for every trader, it does have drawbacks. Unfortunately, the platform isn’t available to US residents, limiting its accessibility. If you're looking for CEX alternatives in the US, try out Kraken. Followingly, AscendEX does not offer any crypto-fiat pairs. So, if those are what you're looking for, perhaps you should try visiting Bybit.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Voskobojnikov A., Wiese O., Koushki M. M., Roth V., Beznosov K.: 'The U in Crypto Stands for Usable: An Empirical Study of User Experience with Mobile Cryptocurrency Wallets';
2. Nezamaikin V.: ‘Contemporary Challenges of OTC Trading in Digital Assets’.