The only market more competitive than cryptocurrency is the cryptocurrency exchange market. Binance CEO Changpeng Zhao has called the crypto exchange market "a race to the bottom". This is because trading fees will eventually be so low that it will no longer be profitable to operate an exchange. However, this pessimistic rhetoric has not stopped AAX from coming in to prove CZ wrong.
AAX is a cryptocurrency exchange that is building a bridge between traditional financial markets and crypto markets without aliening the average retail investor. AAX's commitment to its values of integrity, performance, and security has seen the cryptocurrency exchange grow significantly since its release almost 1 year ago. Since then it has continued to add new features, such as its deflationary AAB token.
AAX is a cryptocurrency exchange which describes itself as "an institutional grade platform for everyone". It is the first digital currency exchange powered by London Stock Exchange Group technology. This is the same technology used for stock trading on the London Stock Exchange, the Singapore Stock Exchange, the Johannesburg Stock Exchange, and the Borsa Italiana.
AAX is short for ATOM Asset Exchange, which refers to ATOM International Technology, AAX's parent company. In contrast to many other cryptocurrency exchanges, AAX is focused on building a secure, scalable, and future-proof trading platform that can accommodate the level of institutional participation AAX believes will inevitably come to the crypto market.
AAX Overview? AAX is based in South East Asia and Thor Chan is the CEO. AAX's licence is based in Seychelles.
Thor has held many high investment and management positions at various companies including HSBC and Nokia. Michael has over a decade of experience working at IBM as an IT architect and as their blockchain development lead. He has also worked for TedEx and various NGO organizations. AAX also boasts a solid advisory board which includes Paul Jackson, Mike Newell, and Jamie Khurshid.
AAX Regulation? Yes. The AAX cryptocurrency exchange is registered in Malta as AAX Exchange (Malta) Limited. Operating a cryptocurrency exchange out of Malta is quite common, as Malta has more lenient regulations when it comes to cryptocurrency exchanges.
AAX's parent company ATOM International Technology is registered in Hong Kong as ATOM International Technology Limited. As such, they are regulated by the appropriate Hong Kong authorities.
Is The AAX Exchange Safe? Yes. The AAX cryptocurrency exchange keeps most of its digital assets in cold storage wallets that require multiple parties to access (multi-sig wallets). AAX even offers insured custody of cryptocurrencies upon request. AAX also has Kroll as its security advisor, a company which assess structural risks for over 4000 companies around the world.
AAX Platfrom Review The biggest difference between the AAX exchange and other cryptocurrency exchanges is its use of LSEG technology for trading. This allows it to process anywhere between 60-100 thousand transactions per second with very low latency. AAX COO Michael Wong has noted that even at 99% capacity, the exchange platform can execute trades at a speed of 850 microseconds (millionth of a second).
Know Your Customer (KYC) documentation such as a passport or driver's license is not required to create a trading account on the AAX cryptocurrency exchange. This is due to the lax regulations in Malta where the exchange is registered. However, some features on AAX cannot be accessed without KYC.
The AAX cryptocurrency exchange has 3 levels of KYC. At Level 0 (email only) there is a daily withdrawal limit of 2 BTC, which will suffice for most traders. All features are available except for OTC Trading and AAX Savings.
These are unlocked with Level 1 KYC verification, which requires a passport, national ID, or driver's license to complete. Level 2 KYC verification requires you to provide biometric data (face authentication). The only difference between Levels 1 and 2 is the internal transfer limit (5 BTC vs. 10 BTC).
Unlike most cryptocurrency exchanges, AAX has a very transparent and easily accessible fee schedule for trading and withdrawal. Spot Trading fees on AAX are some of the lowest of any exchange and can be further reduced with greater trading volume and/or by using the AAB token to pay for trading fees.
Futures Trading fees on AAX are the same regardless of the trading pair, but again be reduced using the AAB token. AAX also provides a full list of minimum withdrawal limits and costs for all of the cryptocurrencies it supports. Deposits and internal transfers are free.
Cryptocurrency can be easily bought on the AAX exchange using a debit card, credit card, or bank transfer using one of AAX's 4 fiat-crypto payment providers. Note that all four require the completion of Level 1 KYC on AAX except for Itez, which lets you buy up to 300$USD of cryptocurrency without KYC.
The AAX cryptocurrency exchange does not support fiat withdrawals (e.g. wire to a bank account). This is also likely due to the increased regulation the exchange would be subject to if it began allowing fiat withdrawals.
The AAX cryptocurrency exchange supports over 40 cryptocurrencies. This list includes the obvious choices like Bitcoin, Ethereum, and XRP, and also includes almost every major DeFi token such as YFI, CRV, UNI, and UMA.
While all 40+ cryptocurrencies are available for Spot Trading, only 5 are available on AAX's Futures market. These are BTC, ETH, COMP, LINK, and BCH. Former AAX CEO Peter Lin noted in an early interview that the exchange only lists cryptocurrencies which align with the exchange's values (Integrity, Performance, Security).
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.
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