AAX Review: Is It A Safe Exchange In 2021?

Finding a reputable and safe crypto platform to buy/sell digital currencies can be a difficult task. There are several considerations such as whether the platform is regulated, supports local fiat currency, adopts high-security standards and has low trading fees.  

One of the leading exchanges in the world for high-speed transactions and advanced trading features is AAX.  

While we aim to provide you with accurate and the latest information in this AAX review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

Key  Features:

  • Purchase crypto with 20+ fiat currencies
  • P2P desk to buy or sell with verified merchants
  • No KYC to begin trading the spot market
  • Earn interest on crypto within a savings wallet
  • Crypto margin trading up to 100x on BTC and USDT contracts
  • Competitive trading fees
  • Advanced TradingView charts

overall 

4/5

Ease of use

User interface

Fees

Security

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Before getting started, it is recommended to use a Bitcoin hardware wallet such as the Ledger Nano X when buying and selling cryptocurrency. If you don't have a wallet, read our guide on the best hardware wallets to store crypto.

aax website

What Is AAX Exchange?

AAX is a cryptocurrency trading exchange that was founded in early 2018 and successfully launched in 2019. The platform has been designed to appeal to the retail trading community to increase the adoption of blockchain technology. AAX features advanced digital products and services such as a crypto spot market, futures contract exchange and interest accounts.

The AAX team comprises of 200 individuals across Asia and the Pacific and is a leading digital currency exchange in the region. AAX Exchange is led by their CEO Thor Chan, who has held previous roles with FDT Group, App Annie and Microsoft. Mr Chan has also built low-latency trading systems that have been the foundation for developing AAX into a leading institution-grade cryptocurrency exchange.

Quick Summary

Exchange Name

AAX

Cryptocurrency

BTC, ETH, LTC, XRP, BCH, LINK, XTZ & 41 more

Fiat Gateway

Yes

Leverage

Up to 100x

Trading Fee

0.06% to 0.1%

Withdrawal Fee

Varies on coin

TP/SL Order

No

Mobile App

Yes

AAX Compared

Cutting-edge security measures, an intuitive user interface, the ability to earn interest in crypto and a mobile trading app are important features on AAX. This comparison table lists our top-rated crypto trading exchanges like AAX.

Exchange

Trading Fees

Rating

Review

Promotion

Website

binance

Binance

0.1%

4.8/5

10% off trading fees

coinbase

Coinbase

0.5% - 3.99%

4.7/5

$5 BTC bonus (USA only)

FTX Exchange

FTX

0.02% / 0.07%

4.6/5

5% off trading fees

For USA, visit FTX.US

Features & Benefits

AAX is a cryptocurrency exchange that offers a full suite of digital currency services to individuals all over the globe. The exchange started off with its spot exchange to allow individuals to speculate on the prices of the most popular cryptocurrencies such as Bitcoin, Ethereum and XRP. The trading platform has branched out to provide several products such as a futures market, fiat-to-crypto exchange and crypto savings account with high interest.

AAX features

Institutional-Grade Trading Exchange

AAX is the only crypto exchange in the world that is powered by the same LSEG technology used by the London Stock Exchange, Borsa Italiana and Oslo Stock Exchange. The LSEG technology allows traders to fill orders instantly and to obtain the best execution price. 

Convert Cash To Cryptocurrency

New users that create an account with AAX can purchase Bitcoin, USDT and Ethereum on the exchange to fund their trading wallet. AAX supports 20+ fiat currencies such as USD, CAD, EUR, GBP and AUD. There are multiple payment methods to choose from such as bank transfer or using a credit/debit card. The options depend on the individual's country of origin.

aax buy crypto

Advanced Trading Platform

AAX features a modern, sleek and beginner-friendly user interface for traders of all experience levels. The crypto charting software is powered by the highly-reliable platform TradingView which offers advanced trading tools, indicators and chart pattern overlays that is available for spot and futures trading. The innovative trading software is also available on iOS and Android mobile devices.

USDT Settled Futures Contracts

Intermediate and advanced traders can use AAX's futures markets to trade crypto with leverage up to 100 times. There is the option to choose between BTC or USDT backed settlement. The latter is a popular method for traders to short Bitcoin and hedge against market volatility and strong price moves in the market.

Earn Interest On Crypto

A benefit of using AAX Exchange is the ability to earn interest on digital currencies held within the savings wallet. Users can transfer funds from the trading account to start earning interest on crypto that generates returns every minute. There are no fees and the coins can be withdrawn out at any time for trading on the exchange. 

aax earn interest

Is AAX Safe?

AAX appears to be a safe and secure exchange that features multiple security measures to ensure the protection of customer funds and personnel information. AAX Exchange complies with the Cryptocurrency Security Standard (CCSS), which is a universally recognized standard for securing cryptocurrency systems. Examples of security measures include as 2 Factor Authentication (2FA), cold wallet storage and hardware security modules to protect the Bitcoin private keys. There is also the option for users to obtain insured crypto custody within fully regulated entities on request.

Has AAX Been Hacked?

Since AAX's launch, the exchange has never been hacked or compromised resulting in the loss of funds or data breach according to our research. For this reason, AAX is considered a safe environment to buy, trade and sell cryptocurrencies. However, the safest place to store digital currencies is on a reputable hardware wallet such as the Ledger Nano X.

Getting Started

To buy, sell, send and receive cryptocurrency using AAX, users will need to create an account and be at least 18 years or older. There is no fees to create or maintain an AAX Exchange account or wallet. A basic account will allow the deposit of Bitcoin for trading purposes. For fiat deposits or to increase account limits, a Know Your Customer (KYC) process will need to be completed.

Verification & Limits

AAX has 3 levels of verification that can be completed to increase the withdrawal limit per account. A valid email address or phone number is required to create a basic account (Level 0). This will allow users to deposit funds, trade the spot market and withdraw up to 2BTC per day.

Verification Level

Info. Required

Internal Transfer

Withdraw Limit

Level 0

Email or phone number

1BTC

2BTC

Level 1

Personal information

5BTC

100BTC

Level 2

Face authentication

10BTC

100BTC

To increase the withdrawal limit or amount of crypto that can be transferred internally between wallets, an enhanced verification process will need to be completed that will require uploading a state-issued ID, driver’s license, passport or face authentication. Additional verification documents may be required for the user's in other countries like proof of address (e.g. bank statement, utility bill, or mobile phone bill).

AAX ID verification usually takes less than 24 hours to complete once the documents have been uploaded correctly. As with most fiat-to-crypto exchanges, completing the KYC process takes patience and can be rejected multiple times.

aax verification

Deposit Methods

AAX offers several ways to fund an account for trading using the spot exchange. The 2 main methods include depositing funds using fiat currency or digital assets.  The traditional payment method is to use the fiat-to-crypto gateway that is provided via a number of strategic partners. The user will need to complete the AAX ID verification and KYC process to use this feature.

Depending on the country of origin, the method to deposit fiat currency includes bank transfer, VISA and Mastercard credit/debit card transactions. For example, cryptocurrency traders in the USA can transfer US Dollars to AAX Exchange using third-party providers such as Coinify, ePay, itez or Mercuryo.

aax fiat gateway

The best and cheapest way to deposit funds to AAX Exchange is from an external hardware wallet. The process involves navigating to the particular wallet in AAX to scan the QR code or copy the unique wallet address. Transferring digital assets such as Bitcoin from an external hardware wallet device usually requires 2 network confirmations to be processed. This can take around 20-60 minutes to send Bitcoin depending on the network usage at the time of the request.

aax deposit bitcoin

Trading Cryptocurrency

AAX users can speculate on digital currencies using the spot exchange or futures market. There are 48 digital coins that can be bought, traded and sold on the exchange against the BTC and USDT pairs. For the futures market, the selection of trading pairs includes the most popular contracts such as BTC/USD, BTC/USDT, ETH/USDT and even LINK/USD.

One of the best features of AAX Exchange is the simple-to-use, yet powerful trading platform across its spot and leveraged futures markets. The user interface is powered by the popular crypto charting platform called TradingView, which provides a comprehensive suite of technical analysis tools that can be used within AAX.

aax futures contracts

Traders can open and manage live positions using three different order types such as limit, market and stop-limit. These are the basic order types and will suit retail traders. However, for more advanced users there is no option to set a take-profit or stop-loss order which cancels each other out when one condition is met. This is often referring to as One-Cancels-the-Other (OCO) and should be co

The order entry window is highly intuitive and features percentage-based volume buttons and the ability to populate the coin price by clicking on the order book. This is a great tool for beginners to ensure the correct price is entered, as opposed to manually typing it in and making a mistake.

aax order box

Automated Trading

Intermediate and advanced cryptocurrency users can invest and trade using AAX's automated trading partners such as Quadency and Stacked. These platforms allow individuals to trade across multiple exchanges such as AAX using a single platform to monitor all positions and orders. For example, Quadency is well-known for its automating trading strategies and back-testing. 

AAX automatic trading bots

AAX Token

The AAB coin is the native token of the AAX cryptocurrency platform that is based on the Ethereum network. The token provides an integral part of the exchange that offers several benefits to holders of the AAB token for supporting the growth of the platform. The advantages of purchasing and holding the AAB tokens include:

  • 20% trading fee discounts on spot and futures markets
  • Trading fee discounts based on the proportion of AAB tokens to the user's overall portfolio
  • Special promotions for lending, borrowing and staking features
  • Unlock exclusive and limited services such as trading bots and trading signals 
  • Increased competition bonuses
  • Receive random airdrops
  • Quarterly buybacks

Trading Fees

AAX Exchange trading fee is based on a maker and taker fee structure that begins from 0.06% and 0.1% for limit and market orders respectively. Based on the traders 30-day rolling trading amount, the trading fees can be reduced to as low as 0.010% / 0.010% In comparison to other popular crypto spot exchanges such as Binance and KuCoin which offers a flat 0.1% cost per transaction, the spot fees on AAX are a little high without the AAB fee discount.

Spot Volume

Trading Fee

<400 BTC

0.060% / 0.100%

<800 BTC

0.055% / 0.090%

<1700 BTC

0.050% / 0.080%

<3500 BTC

0.045% / 0.070%

<7500 BTC

0.040% / 0.060%

Users that hold the platform's AAB token can reduce fees with a 20% discount. Accounts with a trading volume of less than 400 BTC per month can benefit from fees of 0.048% / 0.080% which is quite competitive. For example, an account with the same monthly trading volume (<400BTC), Binance fees with the 25% BNB discount is slightly higher at 0.06% / 0.75%.

AAX futures fees

For futures traders, AAX Exchange uses a similar maker and taker model as the spot exchange. The AAX futures trading fees is a flat 0.02% / 0.04%. The 20% AAB token discount on fees also applies to the futures markets for each contract (e.g. BTC/USDT and ETH/USDT) reducing the cost per contract to 0.016% / 0.032% for maker and taker orders which is similar to Binance USDT futures fees.

In comparison to the popular leverage exchanges with crypto futures contracts such as BybitFTX and BitMEX, AAX does not offer a maker fee rebate for providing liquidity to the exchange's order book. These derivatives platforms will appeal to high net-worth traders that place large pending orders and waiver the trading fee.

Deposit Fees

AAX is a cryptocurrency trading exchange that allows the deposit of digital assets only. There are no deposit fees to transfer funds from a hardware storage device or a different exchange to the AAX wallet. There is also no fees to transfer crypto internally between AAX accounts.

Withdrawal Fees

There are withdrawal fees to transfer Bitcoin or another cryptocurrency out from AAX Exchange. The fee varies on each coin and there are minimum amount limits to be aware of. The withdrawal fee of 0.0004BTC for Bitcoin is competitive in the market.

AAX Mobile App

AAX offers an intuitive and responsive mobile application for its users to trade the crypto markets at any time and from any place. The AAX app is available for download and supported on certain iOS and Android devices. The majority of the features on the desktop version of the site can be accessed using the trading app. Overall, the AAX app was easy to use however can be demanding of the mobile device resources. There are some mixed reviews about the verification process using the app.

AAX app

AAX Bots

Trading bots have become a popular tool for individuals to automate a trading strategy to refine their edge. AAX Exchange has partnered with Quadency, a portfolio management platform to bring a range of automated strategies. Once AAX is conected to Quadency via a secure API, user's can access a suite of automated strategies such as Portfolio Rebalancer, Grid Trader, Market Maker, MACD and Mean Reversion.

Users that are familiar with spatial arbitrage trading can use the Market Maker strategy. This bot works by attempting to buy low and sell high by placing 2 simultaneous limits orders on both sides of the order book. The difference between the trades minus the fees will be realized profit.

Security

The security of customer funds held on any crypto exchange and their personal information should be a top priority to increase user confidence. AAX has implemented strict controls that govern the security infrastructure, account security, integrity of transactions and safety of funds stored by the company. For example, all accounts can be activate with Two Factor Authentication (2FA) to increase the difficulty of fraudulent access.

aax security

The majority of funds within AAX wallets are stored in cold storage that require multiple trusted employees to accessing the funds (often referred to as 'multi-sig'). This process provides an air-gap between stored funds and the internet. For high net-worth investors, AAX also offers an insurance custody scheme of assets.

Frequently Asked Questions

Which Countries Are Supported?

AAX has multiple offices spread across the Asia Pacific region to support cryptocurrency traders using the exchange in countries such as Taiwan, Singapore, Malaysia, Thailand, China, Australia and New Zealand. However, a number of jurisdictions and countries where customers are not allowed to access the AAX exchange or use any of its services. 

The list of banned countries includes Afghanistan, Myanmar; North Korea, Belarus, Botswana, Bosnia and Herzegovina, Burundi, Central African Republic, Democratic Republic of Congo, Egypt, Eritrea, Ghana, Guinea-Bissau, Iran, Iraq, Libya, Mali, Moldova, Syria, Somalia, Sudan, South Sudan, Tunisia, Zimbabwe, Crimea, Sevastopol, Yemen and the USA (including all states and territories).

Are US Traders Allowed To Use AAX?

Customers from the US are not allowed to buy crypto using AAX Exchange according to the Term's of Use. Residents from this region will need to find a cryptocurrency exchange in the US that is regulated under the US Government or the particular state/territory such as CoinZoom.

Can You Demo Trade With AAX?

AAX Exchange does not offer a trading environment to allow its traders to use practice money to trade cryptocurrencies. To place orders and start trading using the AAX platform, individuals will need to fund an account with Bitcoin or another crypto asset.

Conclusion

To conclude this AAX Exchange review, the platform is fast becoming one of the best trading exchanges in the Asian-Pacific region by providing an all-in-one destination for crypto investors and traders. Individuals can create an account in minutes to buy and sell crypto with fiat, trade cryptocurrency spot or with leverage and earn crypto through high-interest savings wallets. 

Overall, AAX Exchange is a suitable cryptocurrency trading platform for all experience levels with competitive trading fees. With its institutional-grade infrastructure, TradingView charts and abundance of features, the exchange will appeal to retail traders and investors that are looking to diversify their investment portfolio or hedge the market using the USDT settled futures contracts.

You Might Also Be Interested In:

AAX

4

Ease of use

4.5/5

Reputation

3.5/5

Trading fees

4.0/5

Security

4.0/5

Customer support

4.0/5

Pros

  • Beginner-friendly and easy to use
  • No KYC to start trading crypto
  • Option to buy crypto with fiat
  • Highly intuitive mobile app
  • Earn interest on crypto using savings wallet

Cons

  • Low trading volume and liquidity
  • US investors are not allowed
  • Mobile app can be slow
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.