AscendEX is a global centralized cryptocurrency exchange headquartered in Singapore and serving both retail and institutional clients in over 200 countries and regions. The company was initially launched in August 2018 as BitMax with the goal of providing high-quality digital assets and comprehensive product offerings to global crypto investors and traders. On March 22, 2021, it was rebranded to AscendEX striving to become the leading financial platform for cryptocurrencies combining the core strengths of a centralized trading platform with DeFi.
As part of its user protection plan, the company is focused on identifying high-quality listing candidates. The process is based on a variety of factors, including the project's business model and value proposition, token economics, user base, community, and funding sources.
Also, AscendEX is consistently working to improve its risk management program. It has partnered with independent security companies for regular smart contract audits and security tests. Besides, it uses a combination of hot and cold wallets, multi-firewall design, and real-time monitoring to protect users' funds and mitigate security risks.
Users are required to complete their identity verification that includes facial recognition and ID check, after which they get exclusive benefits and higher withdrawal limits. In addition to a verified account users need to use Google two-factor authentication (2FA) to access the platform.
On December 11, 2021, the AscendEX trading platform fell victim to a hacking attempt. There were several unauthorized transfers from some of AscendEX's hot wallets, so the company immediately locked all other assets in the cold storage. It also notified law enforcement and contacted other crypto exchanges so they could blacklist the wallets involved in the theft. Blockchain security company PeckShield reported that a total of $77.7 million was stolen across three chains: Ethereum, Binance Smart Chain (BSC), and Polygon. It managed to trace most of the stolen funds and claimed that the hackers’ wallets were with Binance, Bitfinex, and OKEx. The AscendEX company has pledged to pay compensation to all affected customers.
The exchange offers 200+ cryptocurrencies from a wide range of blockchain projects for trading including BTC, USDT, ETH, LTC, DOGE, altcoins, stablecoins, and platform tokens. The currencies are organized in 260+ trading pairs.
Cross-Asset Margin Mode allows to borrow and repay directly through trading, borrow interest-free within 8 hours, and close all positions with one click. Also, the platform gives users the possibility to stake assets and then use them as collateral to trade perpetual futures contracts.
The staking service has some unique features that help users maximize their returns. They include instant unbonding, compound mode, and the possibility of using stacked assets as margin collateral.
AscendEX Earn product allows users to stake, yield farm, lend and perform liquidity pooling across 70+ assets.
AscendEX has a mobile application that allows monitoring markets and trading anywhere, anytime. It offers the full functionality of the platform, supports 14 languages, and can be downloaded from App Store and Google Play.
The referral program encourages users to invite their friends to trade on the platform. They receive a reward of 10% of their referral's commission for cash and margin trading and 25-40% for futures trading depending on the total trading volume of all referrals. Referral rewards are available only during the valid referral period.
The AscendEX token
ASD is the native utility token of AscendEX. The maximum ASD supply is limited to 1 billion coins. It is utilized as the platform currency, i.e. the unit of exchange for all services and operations on AscendEX. For example, users pay fees in ASD for taking part in promotional activities. Also, ASD can be used to purchase platform benefit cards and products such as Point Card or Volatility Card.
ASD holders get access to a number of platform services and benefits. Since ASD is an investment product users can stake it to earn daily rewards in USDT, BTC, and ETH. In addition, holding ASD allows users to receive commission discounts of different levels, membership upgrades, interest on margin loans, airdrops, etc.
The ASD token can be bought or traded on such exchanges as AscendEX, FTX, KuCoin, Gate.io, and WOO Network.
Deposits and withdrawals
AscendEX has partnered with several fiat payment service providers including Mercuryo, MoonPay, and Simplex enabling users to buy cryptocurrencies with 60+ fiat currencies in a few clicks. Also, users can deposit cryptocurrencies to AscendEX from external platforms or wallets via a deposit address on the platform.
The minimum deposit amount depends on the asset. The maximum daily withdrawal amount is capped at 2 BTC for an unverified account. A verified account allows you to withdraw up to 100 BTC a day.
The AscendEX exchange offers multiple trading options and order types to fit the needs of different clients. To buy or sell an asset at a specific price, traders can use the limit order function. A market order option is provided to immediately buy or sell at the best available price in the market. Additionally, users can always set a stop-loss order, which helps limit potential losses.
The platform is based on advanced order matching algorithms, real-time messaging, and other technologies. Users can choose between spot trading, margin trading, and futures trading.
AscendEX does not charge any fees for deposits as well as for internal transfers. Withdrawals are not free, though, with the fee size depending on the asset.
There are 9 VIP levels determined by 30-day trade volume and 30-day average ASD holdings. The transaction commissions depend on the user’s VIP level. Fees for large market cap assets are 0-0.1% for makers and 0.02-0.1% for takers. For altcoins, the maker fees are 0-0.2%, while the taker fees make up 0.02-0.2%.
AscendEX team and partners
AscendEX was founded by professionals with profound expertise in traditional finance, financial analysis, exchange infrastructure, blockchain technology, and business development.
George Cao is AscendEX CEO. Ariel Ling is the company’s co-founder and COO. She is a former CEO of Bithumb Futures with backgrounds at Deutsche Bank, Commerzbank AG, and Barclays Investment Bank. Shane Molidor serves as the Chief Revenue Officer. Alex Makino is the Director of Institutional Sales and Business Development responsible for institutional onboarding for trade counterparties and project listings.
Polychain Capital, Hack VC, Jump Capital, Alameda Research, AcheronTrading, and Nothing Research are some of the investors behind AscendEX.