Dec 16, 2020
AAX Exchange Review 2021 | Referral Code, Trading Fee, Pros and Cons
In this article, we will review AAX exchange. Atom Asset Exchange(AAX) is a cryptocurrency exchange founded in 2018. They commit to integrity, performance, and security. The exchange is a project of ATOM International Technology Private Ltd., a global fintech company with offices in Asia, Europe, and North America.
AAX exchange is the only exchange in the world to be powered by a traditional exchange, The London Stock Exchange Group (LSEG). They are registered in Malta due to lenient regulations. Quadency and Stacked are their automated trading partners. They help AAX to automate trading strategies and monitor their holdings. It has the capacity to carry out 100k transactions per second. The orders are executed with less than 90ms latency.
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AAX Exchange Trading Options
Spot Trading
AAX exchange offers 50 market pairs for spot trading. The most popular trading pairs are ETH/USDT, BTC/USDT, LINK/USDT, and AAB/USDT.
All these pairs vary in daily activity and liquidity.
AAX Futures Trading
- AAX offers both BTC and USDT settled trades with up to 100x leverage. You can check the trading pair below.
- You can either choose to go LONG or SHORT. If you expect that the price will go up, you should select LONG else SHORT.
- You have to submit the amount and leverage with which you want to trade.
- You should keep in mind the liquidation price and make sure to stop loss and take profit at the right time.
Orders
AAX crypto exchange offers three types of orders -
- Limit Order — They are used to buy or sell an asset at a predefined price. You can select the percentage of your asset you want to trade. It can be 25%,50%,75% or 100%.
- Market Order — They are used when you want your orders to get executed instantly. They match your order size with the closest buyers and execute the trade.
- Stop Order — They are of two types ‘Stop Limit’ and ‘Stop Market’. Stop-Limit orders allow you to set a price at which the trade gets activated and then executes like a limit order. Stop Market enables you to set a price at which the trade gets activated and then executes like a market order.
OTC (Over-the-counter) Trading
OTC is useful when you trade in high volumes. It helps in avoiding slippage.
You can directly trade USDT, BTC, and AAB tokens for fiat off the order books. You should have completed KYC Level 1 to access this feature.
Fast Buy
Fast Buy enables you to easily buy BTC, ETH, and USDT using multiple fiat currency gateways. You can make the payment with a bank transfer, credit card, SEPA network, and more.
The purchased crypto can be immediately used to trade on futures and spot markets. It supports 27 fiat currencies.
Different partners have different policies. Coinify takes a few minutes, while Epay can take up to 24 hours. You should have completed Level 1 KYC.
AAB Token
AAX has its native token AAB. It is an ERC-20 token that gives its users a wide range of benefits, including fee discounts, optional trading signals, random airdrop, and even access to trading bots. You can hold AAB and boost the competition ranking.
They have a fixed supply of 50 million, which will be released over five years. On October 23, 2020, half of the total supply has already been bought using trading fees from its’ futures market. They provide complete transparency, and the amount burnt every day is updated.
You can store AAB on any Ethereum compatible wallet such as Atomic wallet or Ledger Nano S.
AAX Exchange Trading Fees
Spot Trading Fee
AAX uses a maker/taker model. They offer a ten tier model depending on the trading amount. Discounts depend on the combined volume of spots and futures.
Futures Trading Fee
The fee depends on the type of contract and settlement.
OTC Trading Fee
You are not charged any fee for OTC trading.
AAX Exchange Review: Security
According to Mozilla’s observatory test, AAX received a D+ score. They comply with the Cryptocurrency Security Standard (CCSS) and use robust recovery protocols.
All accounts require two-factor authentication, adding an extra layer of security. AAX offers a proprietary multi-currency wallet that complies with industry standards. The multi-signature wallets have no single point of failure.
Additionally, Hardware Security Modules (HSM) protects your private keys used for signing transactions.
The majority of the crypto assets are stored securely in cold wallets that are offline and safe. AAX is also capable of offering insured crypto custody within fully regulated entities.
Kroll, a global provider of risk solutions, is AAX’s security advisor. They have also partnered with Solidus Labs that provides a market surveillance tool that helps them identify any market manipulation.
AAX Exchange Review: User Experience
AAX exchange provides a user-friendly and easy to use platform. The platform supports multiple languages.
AAX offers mobile applications that are available on both Android and iOS platforms. It has all the features available on the website. You can also download it by scanning the QR code through the website. Additionally, you can also receive notifications, blog posts, and the latest updates.
AAX Academy
The AAX Academy provides many useful resources such as exchange guides, trading tutorials, futures guides, and general cryptocurrency topics.
AAX Exchange KYC
You can create your AAX account here. They offer three different levels of KYC , ranging from 0 to 2.
AAX Exchange Review: Withdrawals and Deposits
You can buy cryptocurrency using a debit card, credit card, or bank transfer using any of the four payment gateways Itez, Epay, Coinify, Mercuryo. All of them except Itez require at least level 1 KYC. Itez allows you to buy up to 300$USD without KYC. There is no extra fee charged for deposits.
Fiat withdrawals are not allowed. Each cryptocurrency has a minimum withdrawal and withdrawal fee.
If your cryptocurrency is not mentioned in the above table, you can check here.
AAX Savings
The AAX savings offers no-lockup multiple crypto assets savings account that helps you earn passive income. Some of them offer up to 8% APY. You have to complete KYC Level 1 to access the savings account.
You have to transfer the funds from the trading account to the saving account. Then you can start earning interest on your cryptocurrency.
How AAX Saving Works?
You can start your AAX Savings by following simple three steps -
- Transfer your assets to your savings account.
- Then, you can allocate your funds to the product of your choice (e.g., Bitcoin Plus).
- Now you are all set up for earning interest per minute. The first interest earnings will be credited the following day.
You can always take your funds and transfer them back to your trading wallet.
AAX exchange Cryptocurrency Support
AAX exchange supports more than 40 digital assets. The popular ones being BTC, ETH, XRP, UMA, YFI, and more.
AAX Calculator
AAX provides an inbuilt calculator that helps you calculate profits and losses for your positions. You can calculate your ROE percentage and liquidation price. This helps you plan your trades and prevent losses.
AAX Exchange API
You can connect your custom trading strategies, and applications can be connected to AAX via their API. The REST endpoints provide secure access to manage your positions and orders.
The low latency web socket channels help you subscribe to market data, your order status, and more.
The code samples are available in shell and Python, along with the documentation to help you.
AAX Tribe
AAX Tribe is AAX’s affiliate program. Whenever someone registers using your referral link, you can earn a commission on every single trade they make. You can earn up to 40% direct commission and 10% second level commission.
AAX Exchange Review: Customer Support
AAX exchange offers extensive 24/7 customer support. They have live chat functionality where agents are quite helpful. The Telegram channels are also quite active. You can also connect with them on Twitter. The Youtube channel has many informatory videos on how to use the various products on the platform.
AAX also provides a user-friendly support center. If you think you have a familiar doubt, you can also check out their FAQ section.
AAX Exchange Review: Pros and Cons
Pros :
- Multi-tier security architecture
- Ultra-low latency
- The LSEG matching engine is deployed on the cloud.
- A User-friendly interface
- They have extensive 24/7 customer support.
- Fully Regulated
Cons :
- It is a relatively new platform.
AAX Exchange Review: Conclusion
AAX exchange offers impressive features and is evolving rapidly. They are backed by big names from the financial markets, which helps them gain people’s trust. It provides an easy to use platform for beginners. They use an excellent matching engine, robust security protocols, and a variety of trading options.
Frequently Asked Questions
Q: Is AAX exchange is safe and legit?
A: Yes, AAX exchange is the only exchange in the world to be powered by a traditional exchange, The London Stock Exchange Group (LSEG). They are registered in Malta due to lenient regulations. The exchange is a project of ATOM International Technology Private Ltd., a global fintech company with offices in Asia, Europe, and North America.
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