AscendEX Review: Is It Worth It?

In this AscendEX Review, we will be looking into all of AscendEX's features and assessing whether or not AscendEX is a good choice.

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Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.

Table Of Contents
    AscendEX Review 5

    Background and History

    AscendEX stands as a global pioneer in digital asset exchanges, catering to an extensive spectrum of clients ranging from retail enthusiasts to institutional giants. The bedrock of this trading platform is forged by a collective of seasoned Wall Street quant trading veterans, who have meticulously crafted a system engineered for impeccable reliability, swift trade execution, and effortless connectivity.

    Formerly known as BitMax, AscendEX operates at the forefront of the digital asset trading landscape, offering an innovative platform that spans a wide array of products and services to cater to both global retail users and institutional clients. This all-encompassing approach extends its benefits to institutions, proficient traders, and private investors alike. The core management team behind AscendEX brings together a constellation of experienced executives who have previously held prominent positions at revered financial institutions including Deutsche Bank, Barclays Capital, Morgan Stanley, and Goldman Sachs. Complementing this lineup are technical leaders armed with academic credentials from globally renowned institutions such as Columbia University, the University of Chicago, and Peking University. Notably, AscendEX has garnered strategic investments from esteemed venture capital firms, including the likes of MatrixPartners China, FBG Capital, BitMain, and Danhua Capital.

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    Fees

    Spot Trading Fees

    - AscendEX implemented a new tiered VIP transaction fee & rebate structure for both traders and BTMX holders within the AscendEX ecosystem. VIP tiers have discounts set against base trading fees and are based off (i) trailing 30-day trade volume across both asset classes (in USDT) OR (ii) trailing 30-day average unlock BTMX holdings.

    - User’s trailing 30-day trade volume (in USDT) will be calculated every day at UTC 0:00 based on the daily average price of each trading pair in USDT.

    - User’s trailing 30-day average unlock BTMX holdings (excluding BTMX Investment under BitTreasure) will be calculated every day at UTC 0:00 based on the user’s average holding period.

    - Cash trading and margin trading are subject to the same VIP level structure and transaction fee schedule.

    - For futures trading, there will be a separate set of VIP level structures and transaction fee schedules.

    - Transaction fee for UAT/USDT is 0.2%.

    - Transaction fee for BTMXP/USDT is 0.5%.

    Futures Trading Fees

    - AscendEX implemented a new tiered VIP transaction fee & rebate structure for both traders and BTMX holders within the AscendEX ecosystem. VIP tiers have discounts set against base trading fees and are based on (i) trailing 30-day trade volume across both asset classes (in USDT) OR (ii) trailing 30-day average unlock BTMX holdings.

    - User’s trailing 30-day trade volume (in USDT) will be calculated every day at UTC 0:00 based on the daily average price of each trading pair in USDT.

    - User’s trailing 30-day average unlock BTMX holdings (excluding BTMX Investment under BitTreasure) will be calculated every day at UTC 0:00 based on the user’s average holding period.

    AscendEX Review 3

    Staking

    Staking, a cornerstone of the cryptocurrency world, has found a home within AscendEX's offerings. This practice allows users to harness the rewards of digital asset mining without the burden of costly hardware investments or maintenance concerns. It's a concept that brings passive income into play by simply holding digital assets on the exchange – a user-friendly alternative to the more intricate process of active mining.

    So, what exactly does staking entail, and how is AscendEX innovatively addressing the needs of staking participants?

    Staking is a process where users lock their tokens into a chosen Proof of Stake (PoS) blockchain. These tokens serve a pivotal role in the consensus mechanism, essential for upholding network security and validating new transactions on the blockchain. AscendEX presents an opportunity for users to not only diversify their income streams but also to put their idle assets to productive use within this staking framework.

    The rewards for staking materialize as new coins issued by the network. These rewards correlate directly with the quantity of tokens staked – the more tokens staked, the higher the validation power and, consequently, the greater the rewards.

    However, conventional staking methods come with their share of challenges. Opting for traditional staking implies a commitment to lock assets for a significant duration. This approach involves an unbinding period during which users are unable to access their assets or reap staking rewards. Two primary concerns emerge:

    Illiquid Position Management: Users encounter difficulty when attempting to trade out of their asset positions, particularly when anticipating unfavorable market shifts. The inability to execute sell orders during the staking phase curtails their maneuverability.

    Inflexible Asset Management: The extended unbinding period restricts users from seamlessly transferring assets between platforms, hampering efficient portfolio management.

    AscendEX's response to these challenges comes in the form of "Instant Unbonding." This innovation enables users to promptly unstake their assets, granting them the freedom to trade and transfer without any delay. Augmenting this is AscendEX's maintenance of a liquidity pool of assets that users can access immediately post-unstaking. This rapid access empowers users to manage their staked assets effortlessly, even in cases where networks have prolonged unbonding periods.

    However, the true essence of AscendEX's approach lies in the capacity to trade staked assets while concurrently earning rewards. Furthermore, these staked assets can serve as margin collateral, fostering marketplace efficiency. This unique feature empowers users to engage in both long and short positions, hedging their exposure while continuing to enjoy the benefits of staking rewards. This applies to assets endorsed by the platform for margin trading.

    Security

    To ensure swift access for user withdrawals, a portion of the assets on deposit is kept in a hot wallet. This practice is rooted in the need to meet the demands of users during the daily withdrawal period promptly. This strategic allocation ensures that users can make timely withdrawals without unnecessary delays.

    However, recognizing the vulnerabilities associated with keeping all assets in a hot wallet, AscendEX employs a more comprehensive approach. A significant proportion of the assets on deposit is securely maintained in access-controlled cold storage. This advanced security measure provides a safeguarded haven for customers' digital assets, shielding them from the threats that can accompany the online realm.

    An integral element of AscendEX's infrastructure involves its utilization of Amazon Web Services (AWS). By hosting its primary production environment on AWS, AscendEX demonstrates its commitment to leveraging industry-standard solutions to ensure operational efficiency and reliability.

    While no organization is immune to the evolving landscape of cyber threats, AscendEX's approach to adversity reflects a blend of professionalism and resilience. In 2021, the platform faced a significant breach that tested its mettle. However, the manner in which the team navigated and resolved the issue showcased a level of professionalism that is commendable. The incident underscored the importance of robust security measures, but also demonstrated the importance of a swift and competent response in mitigating potential damages.

    AscendEX Pros & Cons

    AscendEX: Pros

    • Anonymous accounts are allowed
    • Fee discount when using BTMX
    • High liquidity
    • Many crypto assets

    AscendEX: Cons

    • Unavailable in the US
    • Doesn't allow direct fiat deposits
    • Usability isn't great
    • Suffered a major hack in 2021

    AscendEX Review: Verdict

    AscendEX is a really user-friendly exchange, the interface is very appealing and easy to use, most beginners won't have a problem using it.

    The fact that AscendEX allows for anonymous trading may also be a big advantage for some users, naturally, this has its limitations and in order to access all features, KYC is required.

    AscendEX offers a considerable amount of crypto assets and has high liquidity, a portion of assets on deposit is maintained in a hot wallet, although the majority of assets are maintained in access-controlled cold storage.

    In 2021, Ascendex suffered a major hack, nevertheless, the transparent, quick way they handled it, and how fast they reimbursed their customers and resumed service, as usual, was admirable.

    Unfortunately, at the time of writing, AscendEX is not available for US residents, another letdown is the fact that it doesn't allow for direct fiat deposits, hopefully, fiat deposits will be available in the future, and US residents will be allowed to use the exchange.

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    • OVERALL SCORE

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    AscendEX Review 6
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