AscendEX, formerly known as BitMax, is a centralized cryptocurrency exchange. Based in Singapore, the platform offers spot and derivatives markets, margin trading, and leveraged tokens. Customers can also access crypto investment services and earning programs.
The AscendEX (BitMax) crypto exchange is KYC-compliant and requires ID verification. The platform is available in more than 200 countries and territories. Users from the USA are unable to access the services. Trading is enabled on desktop and mobile devices.
AscendEX supports crypto-crypto trading. While fiat currencies cannot be traded, stablecoins like USDT and USD Token are listed. USDT, USD Token, BTC, and ETH are the main markets for spot traders. Overall, there are over 550 AscendEX trading pairs available, consisting of more than 250 assets.
The AscendEX spot market is known as Cash Trading. Customers can access margin trading and use leveraged tokens with up to 25x leverage. Customers can select their preferred leverage rate and long or short positions.
Customers that use leveraged tokens are subject to daily interest AscendEX crypto fees. The rate varies based on the selected token and leverage amount. Interest rates may be adjusted based on market conditions.
Additionally, the AscendEX crypto exchange offers its users copy trading. This feature lets customers view the profiles of the most prominent traders on the platform and copy their trading strategies. Copy trading is a subscription-based service.
Like many cryptocurrency exchanges, AscendEX has its native token, ASD. Token holders are eligible for discounts in the VIP tiers. You can learn more about the AscendEX crypto price and market performance by clicking here.
AscendEX exchange fees are based on a multi-tier structure and follow the maker-taker model. The tiers are VIP-based, going from VIP0 to VIP9. The fees for large market cap assets and altcoins differ. The large asset maker/taker fee is 0.1%, while the altcoin fee is 0.2%.
The higher VIP tiers are determined by one of the two criteria:
- Trailing 30-day AscendEX trade volume
- Trailing 30-day average ASD token holdings
At VIP1, the maker’s fee for large-cap assets is reduced to 0.09%, while the altcoin maker’s fee is down to 0.18%. At this tier, the required AscendEX volume is at least $100,000, or you must hold 5,00 ASD. Starting at VIP2, taker fees are also reduced to 0.0850% for large-cap assets and 0.180% for altcoins.
At the VIP8 tier, maker fees drop to zero, and at VIP9, both large cap and altcoin makers receive a 0.0150% rebate. The taker fees for both large market cap assets and altcoins are 0.020%.
The futures market also follows a similar VIP structure, although some criteria may vary. The VIP0 maker-taker fees are 0.20% and 0.060%, respectively. VIP6 and VIP7 maker fees are reduced to zero, while at VIP8 and VIP9, makers receive rebates of 0.005% and 0.0150%, respectively.
Unverified accounts cannot withdraw more than 2 BTC a day, while the limit for verified users is 100 BTC. The maximum borrowable AscendEX crypto price and the amount may vary based on the selected asset. Withdrawal fees are flexible and subject to change based on blockchain conditions and network congestion.
AscendEX also offers its customers an Invite & Earn program. By inviting new users to the platform, customers can earn up to 40% commission from the trading fees of their invitees.
Alongside the AscendEX (BitMax) cryptocurrency exchange, customers can also access other financial services. AscendEX Invest is an investment program that offers 0% commissions. The Invest & Earn feature lets users earn passive income on their investments.
AscendEX Earn is an ecosystem of cryptocurrency-earning programs. It offers several means of earning rewards, including staking, DeFi yield farming, liquidity mining, and lending. AscendEX also hosts crypto auctions. Participants can receive airdrops for new tokens, buybacks for inflationary assets, and other rewards.
Developers can gain access to API tools. AscendEX Pro API provides access to private and public data channels, providing information such as up-to-date AscendEX crypto prices. The toolkit also offers Python demo codes that can be used to develop new trading strategies.
About the Company
The AscendEX (BitMax) crypto exchange was launched in August 2018 by George Cao. The rebranding from BitMax to AscendEX occurred in March 2021. The company was founded in Singapore, where its headquarters are located. According to data from late 2021, the clientele consists of more than 1 million individual and institutional traders.
In November 2021, it was reported that AscendEX received $50 million from financial backers, including Alameda Research, a trading firm led by FTX’s CEO Sam Bankman-Fried. At the time, it was also announced that the average daily AscendEX trade volume surpassed $200 million.
In December 2021, a hot wallet belonging to the AscendEX trading platform was hacked. It was estimated that the stolen AscendEX crypto price was around $77 million. Following the hack, unaffected funds were transferred to cold storage, and the company pledged to reimburse affected customers.
George Cao is the Chairman and former CEO of the AscendEX cryptocurrency exchange. Before founding the platform, Cao was the General Manager at Delpha Capital Management. Shane Molidor was appointed as the new CEO in June 2022. He was previously the company’s Chief Revenue Officer.