AAX is a cryptocurrency exchange powered by London Stock Exchange Group (LSEG) technology. Launched in November 2019 and headquartered in Seychelles, this platform features high performance, security, compliance, and integrity. LSEG enables AAX to match orders with ultra-low latency for the ultimate trading experience.
The AAX exchange provides a wide range of order systems and trading tools supporting 20+ fiat currencies and 35+ cryptocurrencies including stablecoins. It provides 24/7 customer service, access to trading bots, and automated portfolio management. In addition, AAX offers OTC trading, spot trading, P2P trading, automated trading, and investing options.
Users have an opportunity to trade futures contracts with leverage and minimal slippage. For example, BTC and ETH futures can be traded with up to 100x leverage.
AAX Vault supports AAX savings and transfer functions. AAB Reward records the receipt and the use of the AAB (AAX’s native token) reward. The platform is available on mobile devices as well giving its clients an opportunity to trade anywhere, anytime.
AAX complies with the Cryptocurrency Security Standard (CCSS) to ensure the safety of clients’ funds and data. In addition, to enhance the funds’ protection, it has built a multi-signature wallet system with robust recovery protocols. Also, it keeps the majority of digital assets in cold storage or secure offline storage facilities to protect them from cyber-attacks.
To verify their accounts and get access to all AAX services users need to complete the Know Your Customer (KYC) process, which is also required for legal and regulatory purposes. There are two KYC levels on AAX. KYC Level 1 allows clients to access buying and selling functions via P2P trading or quick buy/sell services by uploading their proof of ID documents. KYC Level 2 gives users access to fiat deposit and withdrawal functions. For that, they have to upload proof of residency documents. KYC is optional for a purchase under 300 EUR/USD.
To prevent unauthorized access and add one more protection layer, the AAΧ exchange requires two-factor authentication (2FA). Additionally, AAX has Hardware Security Modules (HSMs) in place to protect end-user private keys used to co-sign transactions. Upon request, AAX is also able to offer insured crypto custody within fully regulated entities.
The account types on the AAX platform are segregated by the management style as they can be individual or corporate. Apart from that, the exchange offers several sub-accounts with different functions. They include a spot account, a futures account, a fiat account, and a savings account.
The spot account supports spot trading of 50+ crypto-to-crypto pairs, deposits, withdrawals, internal transfers, participation in the platform activities, market surveillance, etc. The futures account offers futures trading and transfer functions. The fiat account provides one-click currency purchases, P2P transactions, and transfer functions.
The cryptocurrency savings account (AAX savings) is a high-interest sub-account that gives users an opportunity to earn 4-20% APY. There are also limited-time offers that can go up to 60% per annum. For the savings accounts, the platform does not charge any subscription or top-up fees. For different coins, there are different fees when it comes to withdrawing funds, though.
The AAB token
AAB is the native utility token of the AAX exchange based on the Ethereum network. Its initial max supply was 50 million AAB, of which 25 million coins have already been burnt at the time of writing. The token is deeply integrated with AAX products providing special benefits to users such as discounts on trading fees, quarterly buybacks, and random airdrops. It can be bought or traded on AAX and HitBTC exchanges.
The AAX fees
The platform does not charge any fees for deposits or internal transfers. Withdrawal fees are determined by the cryptocurrency. For instance, users have to pay 0.0004 BTC to withdraw bitcoins and 0.005 ETH for ether withdrawals. Makers must pay 0.016% trade commissions while takers pay 0.032%. In addition, the fees can be reduced by 20% if paid with AAB.
Quick Buy is an improved fast cryptocurrency buying service on AAX that offers three ways to purchase assets with cash: using a credit/debit card or a bank transfer, through 20+ payment providers, and via the Peer-to-peer (P2P) service. Quick Buy supports AliPay, Apple Pay, Google Pay, SEPA, ADVCASH, and ITEZ. The main advantage of the service is that all methods are located in one place. The AXX exchange supports various fiat currencies including AUD, EUR, RUB, JPY, and TRY, as well as some less popular options.
AAX has launched a bug bounty program to reward developers who find vulnerabilities in the system. The reward can make up from 10 to 1000 USDT depending on the risk level of issues found.
To participate in the reward program, new users have to complete their name authentication which allows earning up to 50 USDT for depositing and spot trading. In addition, there is a “first-time exclusive” offer that enables them to earn 60% APY for BTC and ETH.
The referral program rewards users for inviting their friends to register and trade on the AAX platform. They can enjoy 4 types of rewards such as returning commissions (up to 20 USDT), 5% fixed savings rebate, 20% futures rebate, and 20% spot rebate. The validity period of getting rewards after inviting a friend is 365 days.
AAX team and partners
Thor Chan is the CEO of the company. He previously worked as COO at FDT Group and Microsoft. Andy Hu is the CTO at AAX leading the tech team of 50+ developers. He has 20+ years of experience in technology development and systems architecture and skills in OS400, messaging on SaaS, FinTech, and blockchain technology. He is also a former software engineer at IBM. Among other team members are Ben Caselin, Head of Research and Strategy, Helen Wu, a Human Resources Manager, Daniel Chen, the Deputy Head Of Treasury & Global Markets, Kenneth Lam, the Treasury Specialist.
The AAX exchange has already established cooperative relationships with Google Authenticator, data providers CoinGecko, CoinMarketCap, payment partners Xanpool, Mercuryo, Coinify, and Epay for cryptocurrency purchases.