AEX Review 2019
AEX is a new cryptocurrency exchange that was launched in October of 2017. The exchange offers their services in both English and Chinese as AEX is a Chinese cryptocurrency exchange. However, the exchange is registered and based out of London, United Kingdom, but even so, they primarily service Chinese clients. AEX also accepts traders from all over the world including the United States. This is largely due to the exchange allowing traders to stay anonymous and not requiring them to submit any KYC (know your customer) information or banking information. The exchange does not follow any regulatory compliance, but this is understandable because the exchange is so new and there are very few cryptocurrency exchanges in the industry that become regulated.
The AEX exchange is said to be associated with btc38.com as their CEO is the same for both. This association is not a good thing, however, as btc38.com has many known issues and red flags associated with them. Never the less, AEX has gained substantial popularity from Chinese traders and has an average daily trading volume of $25 million according to coinmarketcap.com. The cryptocurrency exchange hosts a wide variety of cryptocurrency assets and ICOs available for trade.
With all the cryptocurrency exchanges to choose from, how do you know which one is right for you and which one can be trusted? In the following review, we delve deep into the aspects that make up this cryptocurrency exchange and see what sets AEX apart from the competition and whether or not they can be trusted.
The AEX cryptocurrency exchange features not one but two proprietary web-based trading platforms. First, there’s the standard exchange platform which is the most basic and geared towards beginner traders. This platform incorporates a simple chart with basic features for viewing the price and a simple order book and trading history below the chart. The interface is simple and straightforward which is exactly what this platform was going for.
The second exchange platform is much more advanced than the first and is obviously meant for experienced cryptocurrency traders. The platform takes up the whole screen, so the traders are fully immersed in the platform. It features an advanced chart in the middle stretching to the left of the screen. Traders have access to more than 50 technical indicators and a variety of drawing tools and more for the analyzation of price. The order book and trade history are positioned in more logical places and are more suited for advanced traders and what they’re used too.
All in all, we were quite satisfied with both exchange platforms and the demographic they serve. AEX does a good job at providing services to both experienced and beginner traders.
AEX is what you would call an altcoin exchange due to their extensive list of cryptocurrency trading pairs. Unfortunately, AEX does not support any fiat currencies but do support many other markets to exchange cryptos. The cryptocurrencies they feature can be traded in six different markets; Bitcoin (BTC), Ethereum (ETH), Bitshares (BTS), (CNC), Tether (USDT), and (BitCNY) which is like Tether but pegged to the Chinese Yuan opposed to the US Dollar. The cryptocurrencies offered by AEX includes all of the most popular coins that are in the top 20-50 in terms of market capitalization. As well, they feature some newer and more exotic altcoins including ICO coins. As well, the exchange features new coins all the time in which users can vote on to get them listed.
The AEX cryptocurrency exchange has some of the lowest fees in the entire industry with trading fees as low as 0.05% per trade. Most other cryptocurrency exchanges charge fees around 0.25%, so trading fees of 0.05% are significantly cheaper. AEX also charges withdrawal fees, as do all cryptocurrency exchanges. The withdrawal fees vary from crypto to crypto, but for Bitcoin withdrawals, traders are charged 0.001 BTC, Ethereum withdrawals are 0.01 ETH and Ripple withdrawals are charged 0.5% of the total amount withdrawn. These withdrawal fees are significantly higher than most other exchanges and are how AEX is able to charge such miniscule trading fees.
Security and Fairness
Users of the AEX exchange are all treated fairly and are not required to provide the exchange with any personal or banking information. All a user needs to create an account is a valid email address and a strong password. Users can make their account more secure by enabling two-factor authentication techniques, but other than that, there are no other security measures mentioned. We are a bit hesitant on the security of this exchange because of their association with btc38.com which was hacked in 2016 with $1.5 million worth of cryptocurrencies stolen. However, this doesn’t necessarily mean that AEX implements the same security measures and the exchange has so far produced a good track record with no reported hacks.
The AEX exchange primarily services Chinese clients and this is evident through their support. Support offered in languages other than mandarin are limited, which should not be the case if they accept traders from all over the world and offer their site and services in English. Support representatives can only be contacted via email and are very slow to respond to any messages. Traders can sometimes get support via the FAQ page, but even this page is very limited in English, the Chinese FAQ page is much more in depth. All in all, the support offered by AEX is very poor.
Pros and Cons
- A wide variety of cryptocurrency assets and markets
- Very low trading fees
- Two trading platforms available
- Slow customer service and limited options
- No fiat currencies supported
- Not a regulated exchange
- Negative reputation
Here are some of the most common questions that are asked about AEX crypto trading service.
Is AEX regulated?
No. AEX is not a regulated cryptocurrency exchange.
Where is AEX based?
AEX is based out of London, United Kingdom, but is a Chinese exchange.
How does AEX make money?
AEX charges a very low trading fee for each trade transaction. As well, they charge withdrawal fees which are higher.
How do I deposit in AEX account?
AEX only accepts cryptocurrency deposits.
How do I withdraw money from AEX?
You can withdraw from AEX through sending your cryptocurrency to your personal wallet address.
Can I trade on AEX with my mobile device?
Yes, you can use your mobile device to trade on AEX through their downloadable mobile application.
Is AEX reliable?
AEX has proven to be a reliable and trusted exchange that has yet to be hacked. However, they do not have the best reputation and traders should proceed with extreme caution.
Is AEX a scam?
No. AEX has not been proven to be a scam.
The AEX cryptocurrency exchange is fairly new and has yet to prove themselves as a reputable exchange. However, they achieve a great deal of trading volume primarily by Chinese investors. The exchange features a wide variety of cryptocurrency assets but no fiat currency pairs. The customer support and security of the exchange are areas of uncertainty and need to be improved upon. However, the exchange does offer favorable trading fees and features two great trading platforms for both beginner and advanced traders.
- Ethereum Classic
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man