AscendEX Review

AscendEX Review

AscendEX Review:

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

AscendEX Review

AscendEX: Background

AscendEX is a global operator of digital asset exchanges for diverse groups of clients from retail to institutions. The trading platform, architected by a group of Wall Street quant trading veterans, is designed for reliability, speed of trade execution, and ease of connectivity.

AscendEX (formerly BitMax) is the global operator of an innovative digital asset trading platform with a broad range of products and services for global retail and institutional clients (including institutions, professional traders, and private investors). With a core management team comprised of experienced executives from Wall Street top-tier institutions, Deutsche Bank, Barclays Capital, Morgan Stanley, and Goldman Sachs, as well as highly skilled technical leaders with academic credentials from top-tier global institutions such as Columbia University, the University of Chicago, and Peking University, the AscendeEX team has attracted strategic investment from top venture capitals including MatrixPartners China, FBG Capital, BitMain, and Danhua Capital.

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AscendEX Review: 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 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.

AscendEX Review 3

AscendEX Review: Staking

AscendEX offers a staking service for several tokens, but what is staking, and what innovative solutions does AscendEX provide to support staking users?

Staking is a way to reap digital asset mining rewards without investing in expensive hardware or having maintenance to worry about. It is a convenient way to generate passive income from holding digital assets on an exchange.

In this article, you will learn the basics and review AscendEX’s solutions to staking pain points before getting started with staking your digital assets on AscendEX.

When staking tokens, a user locks their tokens into their chosen Proof of Stake (PoS) blockchain. These tokens are used to achieve consensus, which is necessary to keep the network secure while validating every new transaction on the blockchain. By staking, users can diversify their income stream and monetize their idle funds on AscendEX.

By offering up tokens, users are rewarded with new coins from the network. These rewards are proportionate to the number of tokens staked; the higher the number of tokens staked, the greater the validation power.

Pain Points of Traditional Staking

Under a traditional staking mechanism, when a user elects to stake an asset, they agree to lock up the asset for an extended period of time. Unlocking the staked asset requires a lengthy unbinding period during which they neither have access to their asset nor are they eligible to receive staking rewards. There are two major pain points associated with traditional staking:

Illiquid Position Management: The user’s ability to trade out of an asset position is limited especially in anticipation of an adverse market movement because the user cannot place orders to sell while the asset is being staked.

Inflexible Asset Management: Users give up the ability to actively move assets from one platform to another in a seamless manner because of the lengthy unlock period associated with unbinding.

AscendEX’s Solution: Instant Unbonding

AscendEX allows users to unstake assets to trade and transfer immediately. To enhance users’ staking experience, AscendEX maintains a liquidity pool of assets for immediate access after an asset is unstaked. “Instant Unbonding” allows users to manage staked assets at their own discretion even when delegating to a network with a lengthy unbonding period.

AscendEX allows users to trade staked assets while earning rewards. To further promote marketplace efficiency, AscendEX allows for staked assets to be used as margin collateral. So, users can go long or short to hedge exposure while continuing to earn rewards. This applies only to assets supported by the platform for margin trading.

AscendEX: Security

A portion of assets on deposit is maintained in a hot wallet in order to satisfy timely withdrawal requests on behalf of users during the daily withdrawal period.

A large percentage of assets on deposit is maintained in access-controlled cold storage for the secure custody of customer’s digital assets.

AscendEX Futures’ primary production environment is hosted on Amazon Web Services (“AWS”).

AscendEX: Pros & Cons

AscendEX: Pros

  • User-friendly interface
  • 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

AscendEX: 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 is maintained in access-controlled cold storage.

Unfortunately, at the time of writing, AscendEX is not available for US residents, another let down 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.

If you'd like to get 15% OFF trading fees on AscendEX, you can do so by following the link below!

  • OVERALL SCORE

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AscendEX Review 2

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