Spotlighting our expert reviews on: @AscendEX_
AscendEX (formerly BitMax) is a Singapore based cryptocurrency exchange launched in 2018, offering spot trading, futures, copy trading and optional KYC for basic account access.
Our OG expert reviewers note that AscendEX provides easy onboarding, copy trading features and leveraged trading options that appeal to active traders. However, issues remain around withdrawal restrictions, account freezes during compliance reviews, high withdrawal minimums, delisting disputes and limited regulatory oversight. The exchange reimbursed users after its 2021 security incident and maintains an insurance fund but details about that fund remain largely undisclosed. Additionally, the absence of a fully verifiable Proof of Reserves system continues to be a transparency weakness.
Can traders comfortably trust an exchange without transparent reserves and clear insurance disclosures or are those becoming minimum requirements after the lessons of recent crypto failures?
Category: Centralized Exchange
24H Volume: $1.551B
Markets: 665
Fees: Spot: 0.10% maker, 0.10% taker
Future: 0.04% maker, 0.06% taker
Token: $ASD
Year Established: 2018
Country: Singapore
OG (Trust) Score: 11.06
OG Score Rank: #42/46
Reviewed by 5 OG Auditors.
More on the OG audit review and the Exchange info here: ogaudit(.)com/exchanges/ascendex-bitmax
https://t.co/Z0FKNq4P4R
