AAX Review: A New Exchange to Buy Crypto, Trade Spot & Futures
AAX exchange is stepping into the crypto markets and providing a professional platform that anyone could explore and get used to trading crypto with security, performance, and integrity.
Founded in 2018 by an experienced team led by CEO Thor Chan, AAX was one of the first exchanges to enter the market after cryptos saw a big decline. It was developed with a forward-looking vision, it anticipated the future of mass adoption of crypto and a second coming of the crypto market.
The crypto market is currently seeing an influx of new and young investors looking for a way to diversify their assets. But, with an abundance of platforms available in the market with hundreds of different features, it can be hard to choose the right exchange.
AAX is worth a look for any crypto investor – no matter if you are a seasoned trader – or just looking to learn about the markets.
AAX – The Exchange
The exchange prides itself on being one of the first exchanges to be a part of the London Stock Exchange Group (LSEG) Partner Platform, inheriting the same matching engine, the Millennium Exchange, and all of its perks such as extremely low latency, record trading speed and top tier security that is comparable to stock exchanges worldwide.
AAX provides simple four steps over-the-counter trading (OTC), quick crypto buying and selling of over 50 crypto pairs – over 30 pairs in the spot market, and support for more than 20 fiat options accompanied by easy crypto onramp and offramp straight to a bank account.
The platform also provides robust spot and future trading positions and also AAX Savings.
AAX Savings guarantees a return than the 50% higher than the market –and will generate returns every minute. The service requires no fee at all and users could deposit and withdraw funds at any time.
Furthermore, AAX Saving is extremely user and beginner-friendly, investors can make a deposit with four easy steps and will then receive interests the very next day.
AAX Embracing DeFi
Ever since the inception of the DeFi token COMP on June 15 of this year, offering lucrative return through investment through yield farming, where idle cryptos could be utilized through different decentralized finance (DeFi) applications, promising large returns.
However, since DeFi is still relatively new and things are uncertain, Thor Chan believes it is too risky for newcomers. He said: “I think the defi craze is scaring off some new joiners to the crypto game…We wanna make it very easy for the crypto newbie to start with these first.”
AAX is a progressive exchange and adopts and provides investors with exposure to the lucrative DeFi market by supporting various DeFi tokens such as ChainLink and Compound – among others.
AAX Founders
The highly resourceful development team at AAX lies in tandem with the leadership and expertise of its CEO. Thor has had an abundance of experience in the field, managing equities and derivatives, brokerage, and trading operations in Hong Kong.
Additionally, Thor was Deputy COO at FDT Group followed up with managerial roles at Microsoft, HSBC, Publicis, and App Annie. Thor’s resourcefulness translated to putting together a talented team at AAX – and he is committed to making the exchange a global leader.
AAB Token
The exchange comes with its native token called AAB. The token has a top of the line built-in deflation mechanism, where the exchange will automatically burn AAB every day. It provides full transparency, and the amount burned is updated every day through their website.
The plan of the exchange is to ultimately burn off 50% of AAB token and these tokens are funded by 100% revenue of the AAX exchange.
Investors can expect to receive tremendous benefits while using AAB on the exchange.
Users can get as much as a 50% discount on any spot and future transaction and up to 100% discount on trading fees when settlements are made by AAB. Users can also enjoy higher interest rates when lending and borrowing with AAB making it one of the best crypto asset management tools.
Though its relatively new, but AAB token performance had been outstanding considering the state of the economy. Despite the stock market crash in March 2020, the release saw an astounding 9 million AAB being sold more than 2 days after its release.
Since then, the trajectory of the token has nowhere to go but up, volume in the futures market skyrocketed from under 10 million per day, reaching a record of half a billion per day in August the same year.
As of the time of writing, historical data shows the token is exhibiting substantial growth in the past 90 days.
Demand for the token continuously grew at a phenomenal rate, in its Summer Flash Sales in September, 500,000 AAB were purchased in less than seven minutes, and further in September, seven minutes turned into 57 seconds.
Quoting AAX website: “The demand for AAB is growing, but the supply is shrinking!”
Trading Fees
When it comes to trading fees, AAX spot trading possesses a 10 tier model, catering to different types of investors with different volumes, the higher the tier, the lower the fees.
Spot Trading Fees
| Level | Trading Amount (BTC) | maker/taker | maker / taker AAB 20% discount |
|---|---|---|---|
| Level 1 | <400 | 0.060% / 0.100% | 0.048% / 0.080% |
| Level 2 | <800 | 0.055% / 0.090% | 0.044% / 0.072% |
| Level 3 | <1700 | 0.050% / 0.080% | 0.040% / 0.064% |
| Level 4 | <3500 | 0.045% / 0.070% | 0.036% / 0.056% |
| Level 5 | <7500 | 0.040% / 0.060% | 0.032% / 0.048% |
| Level 6 | <15800 | 0.035% / 0.050% | 0.028% / 0.040% |
| Level 7 | <33500 | 0.030% / 0.040% | 0.024% / 0.032% |
| Level 8 | <70900 | 0.025% / 0.030% | 0.020% / 0.024% |
| Level 9 | <150000 | 0.020% / 0.020% | 0.016% / 0.016% |
| Level 10 | ≥150000 | 0.010% / 0.010% | 0.008% / 0.008% |
The most interesting thing is in comparison to other competitors in the market, AAX seems to offer the lowest fee in every tier. Even at tier one, investors are offered 0.06%/0.1% with respect to maker/taker fee.
To put into perspective, Binance, one of many major exchanges, charges a flat rate of 0.1% on all trades, even in the lowest tier, AAX fee is much more competitive in terms of the value proposition.
Futures Trading Fees
| Contract | Type | Value | maker/taker | maker / taker AAB 20% discount |
|---|---|---|---|---|
| BTCUSDT | USDTsettlement | 0.001 BTC | 0.02% / 0.04% | 0.016% / 0.032% |
| BTCUSD | BTCsettlement | 1USD | 0.02% / 0.04% | 0.016% / 0.032% |
| ETHUSD | BTCsettlement | 0.000001 BTC / 1 USD | 0.02% / 0.04% | 0.016% / 0.032% |
| COMPUSDT | BTCsettlement | 0.1 COMP | 0.02% / 0.04% | 0.016% / 0.032% |
| LINKUSDT | BTCsettlement | 1 LINK | 0.02% / 0.04% | 0.016% / 0.032% |
| BCHUSDT | BTCsettlement | 0.01 BCH | 0.02% / 0.04% | 0.016% / 0.032% |
| ETHUSDT | BTCsettlement | 0.01 ETH | 0.02% / 0.04% | 0.016% / 0.032% |
Connections in the Community
A company, a platform, or an exchange is only as strong as its partners. AAX has cemented ties with some of the best companies in the financial community – and it continues to create value for both clients and partners.
The aforementioned infrastructure of the exchange is a key consideration – as it uses the same matching engine as the LSTX in partnership with the LSEG.
The exchange was able to operate at a rate that has not yet been seen in the crypto industry without any downtime. The purpose of such power according to Thor is to hedge for the inevitable period of mass crypto adoption.
Among its partners, Solidus Labs provides the most important aspect that an exchange needs to possess, security. Solidus Labs provides a market surveillance tool to combat cybersecurity and fraudulent behaviors on the exchange.
As the crypto world runs rampant with crypto launderers and other crypto crimes, the partnership allows AAX to withhold its high-security standards, protecting not only the consumers’ cash but providing ease of mind for investors, especially the newcomers.
In regards to cybersecurity, Kroll and Refinitiv also play an important role, providing crisis management, risk assessment, and customer screening using a global watchlist.
As the legality of crypto is made clearer, specific rules and regulations must be met for an exchange to legally and reliably operate. Therefore, the partnership with Elliptic is extremely valuable. Elliptic will monitor on-chain capital flow to keep up with the most recent regulatory changes.
The partners of AAX cohesively represent the three cornerstone standards of the exchange, integrity, security, and performance.
AAX Promotions
The exchange constantly hosts promotional events that both old and new investors could greatly benefit from. For new investors, up to a generous $55 worth of bitcoin could be earned from “AAX Welcome Bonus Program”.
AAX is also hosting an ongoing giveaway with a prize pool of 1,500 USDT in addition to flash sales of AAB tokens where investors could earn free token through a draw.
It also has a community building referral program called “Tribe”, where investors could earn up to 40% on the trading fee of the person who used his/her referral code and another 10% if that person decided to refer somebody else. As the “tribe leader” climbs up in rank, the more commission they will earn and substantially cheaper trading fees.
With other ongoing promotions, not only AAX brings incredible value through many of its features, but it also provides investors a new and creative way to win extra crypto and gain a much more immersive experience through its referral program.
Conclusion
As the crypto market becomes larger and larger, more and more investors will be making their first transaction. With AAX, buying and selling crypto should not be such a hassle, unlike previous archaic exchanges that came before.
Available on both desktop and mobile, the exchange is not only easily accessible, but it is also beginner-friendly for young investors who are looking for other ways to diversify their assets with crypto.
With AAX Savings and benefits from using AAB, the exchange is a great vehicle for effective crypto asset management. Furthermore, new and old investors could all benefit from the peace of mind when investing their crypto in a platform such as AAX.
If you want to learn more about AAX, or sign up for an account – just click right here for more information.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow