ABIT is a centralized crypto exchange founded in Australia and officially launched in October 2019. Headquartered in Sydney, ABIT has operations centers in major countries and regions in the Asia-Pacific area, with the purpose to provide the most secure trading services to investors all over the world.
One of the basic peculiar features of this exchange is the approach that its team utilizes towards their international performance. Usually, crypto exchanges are focused on Europe, Northeast Asia, and North America since these markets provide the highest level of cash flow compared to other parts of the world. On the contrary, ABIT plans to pay more attention to the countries of South Asia, North Africa, and South America that are usually outsiders when it comes to IT and blockchain-related projects. Thus, Abit aims to cover the residents of the APAC territory and provide them with access to cryptocurrency markets. One of ABIT’s purposes is to provide an entrance for fiat currencies and small languages of these countries to the crypto world.
The website is multilingual and the choice of languages is explained by ABIT’s focus on the countries of the Southeast Asia region since most of these countries have difficulties with European languages. These are two variants of Chinese, Hindi, Arabic, Thai, and Bengali. English is the only European language on this list.
ABIT exchange is completely legal. It is licensed by AUSTRAC, the financial transactions and reports analysis center of Australia. In December 2020, ABIT announced that it would acquire BITRADX, an Indonesian exchange, and this means that it will officially receive the Indonesian Digital Asset Exchange License. The project’s team continues to apply actively for licenses or operating authorizations in other countries.
ABIT exchange offers a wide range of trading opportunities including spot trading, OTC, derivatives trading, and a complex of investment choices.
There are three trading sections on the market. In the first section (FIAT), tokens are paired with stable coins that are pegged to the USD value, such as USDT, USDC, DAI, etc. In the second section (BTC), the coins are paired with BTC as one of the most requested coins. And in the third section (ALTS), coins are paired with other cryptos. At the time of writing, there are only 2 pairs available in the last section: YSKF/ETH and BTCR/KTC.
ABIT supports over 30 currencies in total. The team of the exchange aims to offer only competitive coins with high trading volume, that is why all listed tokens and trading pairs are regularly reviewed. Poor operations, inactive market involvement, or any potential safety risks are the main reasons for delisting.
On ABIT, users can buy crypto for fiat money at the OTC trading section. At the time of writing, the only fiat currency that is accepted is THB (Thai Baht). It replaced CNY (Chinese Yuan) that was removed from the OTC trading section. It is possible to pay via Alipay or with a bank card. KYC identity authentication is obligatory for participation in C2C transactions.
ABIT doesn’t charge any deposit fee. The fee on spot trading amounts to 0.2%. There is no difference in trading fees for makers and takers. The withdrawal fees and limits depend on a definite token. Thus, in order to withdraw bitcoins, one will have to pay 0.001 BTC. For ethers, the sum would be 0.1 ETH per withdrawal.
Special features of ABIT
Apart from the trading options, ABIT also offers some more opportunities for its users. These are the IEO and ABIT Derivative Cloud. While there is not much information about how a project cal list a token to participate in Initial Exchange Offerings, the page about ABIT Cloud provides a bit more details. This option has been created to provide users with top tier derivative solutions with a high level of liquidity. One may trade perpetual contracts with up to 100x leverage and at the same time make use of perpetual swaps in double direction.
There is no information on the referral program on the platform but ABIT has announced a Referral Commission Rebate event without fixed time limits. The users get the commission rebate which makes up 30% of their friends’ transaction fees.
AB is the only native currency of the platform. This is an ERC-20 standard decentralized token based on the Ethereum network. It is intended to support the operation of the entire ABIT ecosystem but at the time of writing, the total issued AB volume (180,000,000) is locked up. Private sales or ICOs are not planned, all the tokens will be distributed via various campaigns of ABIT’s super nodes (35%). 25% will be dedicated to ABIT Eco Fund. 20% will be assigned to the Developer and Operations Team. 15% will be dedicated to the Insurance Fund, and 5% will be allocated to Angel VC Capitals.
ABIT team pays much attention to the security, usability, and efficiency of the platform. They introduced a number of measures to create a safer environment for their users. Hot and cold wallet isolation, user behavior monitoring, and anti-DDoS systems help to reduce risks on all the stages of performance.
Team and Partners
The team members don’t discover their identities, neither the names nor the rank structure of the team is open to the public. The project has no dedicated page on LinkedIn or other professional resources. There are only some references in media to the team’s experience in the traditional finance industry prior to ABIT. The only person mentioned in media is Wendy Ren, the CPO of ABIT Exchange. No other information about her experience is available in public.
The list of partners is long and includes a number of industry top players: MyToken, Coinpaprika, Nomics, CoinCodex, etc.