AEX Exchange is comparatively new in the crypto market only started operating in 2017. Furthermore, the platform shares its CEO with btc38. However, since they are new, the platform lacks credibility. Hence, in this AEX exchange review, we will try to find out it is legit or not.
Summary (TL;DR)
- AEX is a chinese crypto exchange platform. It offers a trading platform – standard and professional, and other services- DeFi Pool, Mortgage, and Staking.
- The exchange has two separate trading platforms for beginners and experienced traders.
- It has a mobile app for trading on iOS and Android. (Use referral code 874445 to get a discount on fee.)
- It has a simple sign-up, without any KYC, via email ID or mobile number.
- The platform does not comply with any regulations, that is, unregulated. Overall, the Security system is weak; the platform is risky.
- It does not accept any fiat currencies and is fully functional on Cryptocurrencies. Deposit and Withdrawal all take place through wallet-to-wallet transfers.
- AEX exchange supports a wide array of countries and cryptocurrencies. However, some smaller cryptos have small trading quantities due to low liquidity and availability.
- The platform has low trading fees – 0.10% {same for maker and taker}. But, withdrawal fees are high and vary with the cryptocurrency you’re trading.
- The customer support offered caters to Chinese traders mainly and is not inclusive.
What is AEX?
AEX is a Chinese cryptocurrency exchange and is registered in the United Kingdom to offer its services all over the world. However, it is unregulated and essentially serves Chinese traders.
The platform provides its services to over 1 million users. It provides a wide array of crypto assets and over 300 pairs of crypto for trading. The trading and overall operations are quick.
AEX exchange is prevalent for giveaways, bonuses, and other rewarding schemes. They are part of normal operations and offer their users many rewards.
The platform offers many bonuses, giveaways, and other rewards. Furthermore, AEX is a crypto exchange platform and offers its users the following services:
- A Trading Platform
- Other Services
AEX Exchange Review: Trading Platform
AEX features two trading platforms- Standard and Professional. These platforms cater to both amateur and veteran traders. However, there is no difference in both platforms except for their interface. Furthermore, liquidity is a recurring issue on the platform.
Standard Trading platform
It offers simple charts, an order book, and a trading history (below the chart). Moreover, It provides few essential features and has a simple interface. Overall, It is easy-to-use and beginner-friendly. Nevertheless, AEX disposes of beginners’ tools they need to trade without any complex peculiarities that might confuse them.
Professional Trading Platform
The professional platform is appropriate for experienced traders. Furthermore, it offers an advanced chart, technical indicators, and tools for analysis, and all the advanced tools and services required for trading. Moreover, The elaborate interface features a detailed order book and trading history.
AEX Exchange Review: Products
DeFi Pool
The DeFi machine gun pool utilizes contracts to select the optimal arbitrage path among several DeFi projects on Ethereum, bringing users higher benefits than participating in liquidity mining by themselves. Moreover, AEX‘s DeFi machine gun pool product produces currency which it sells in real-time. Additionally, the income is locked, the principal and interest are paid after maturity; that is, USDT for USDT, ETH for ETH, and BTC for BTC.
AEX Loan
AEX offers two mortgage services- AEX Loan and C2C Loan services. C2C lending is a free crypto lending service to meet the borrowing and investment needs of various users. Moreover, investors make a profit by bidding in the form of advertising. Furthermore, borrowing users can borrow freely according to their needs. C2C loan benefits are: free setting of daily interest rate, free control of borrowing funds, fund security is guaranteed, and free choice of the loan cycle.
ETH 2.0 Mining
AEX exchange offers a dedicated platform for ethereum mining, where traders can earn rewards with just 0.1ETH. Furthermore, it provides flexible withdrawal and additional passive income. Becoming part of this mining pool is easy. Firstly, Users need to replace ETH with ETH2 on the platform. Here, Traders can earn interest income through holding positions. Moreover, Traders can enjoy GAT mining rewards by participating in ETH-ETH2 liquidity market-making in ASwap.
Now, Traders can earn entire fee income via the ETH-ETH2 liquidity pool. Further, the top ten users of the liquidity pool receive Iphone12 or USDT rewards.
Also, read Binance ETH 2.0 Staking – Everything You need to Know.
AEX Exchange Review: Aswap
AEX has a platform for Aswap, where you can exchange crypto assets. It is primarily a platform for fast swap between crypto-assets and lockless mining facilities. Furthermore, a customizable slippage limit on the platform makes it more appealing. AEX charges a fee of 0.3%.
AEX Perpetual Swap
Perpetual swaps are a type of cryptocurrency derivatives offered by AEX. By trading long or short depending on your own assessment, you can benefit from the increasing or decreasing values of digital currencies. The AEX Perpetual Swap is a novel investing strategy with significant risks and a high level of professionalism.
Staking
AEX offers staking opportunities with a digital asset bank. In addition, It provides a seven-layer risk control system and a 100% risk guarantee fund. Moreover, It claims to offer up to 24% of expected revenue and also offers Initial Lock Offerings.
Also, read Staking Crypto – An Ultimate Guide on Crypto Staking [2021]
How to use AEX Exchange?
AEX exchange does not comply with any regulation and hence has a basic registration procedure. They do not have any KYC or other intricate steps for trading. Following are steps to register and start with trading.
- Sign-up: On their website or app, add your email ID/ mobile number and a strong new password.
- Verification: A link sent on the email/ mobile number takes you to the website and completes any verification required.
- Deposits/ Withdrawal: AEX does not accept any fiat currency. Furthermore, any deposit/ withdrawal takes place with crypto in the form of a wallet-to-wallet transfer.
- Trade: Firstly, choose a currency to buy and a trading pair to buy. Secondly, select the desired amount of crypto for trade. Finally, execute the trade and balance appears in AEX Wallet.
- Storing Coins: Once the balance updates, transfer crypto to a secure external wallet for safety. Storing significant nuber of assets is not safe at an exchange platform.
AEX Fees
Unlike many exchanges, AEX charges a very low fee for deposit, withdrawal, and trading.
Deposit/ Withdrawal Fees
AEX withdrawal fees are not constant and vary from crypto to crypto. For instance, Bitcoin Withdrawal costs 0.0005 BTC, Ethereum 0.008 ETH, and Ripple o.5% of the total amount withdrawn as withdrawal fees. You can see a detailed list of fees charged on the AEX Fee page. Also, deposit fees vary from wallet to wallet. However, it offers a fee discount as well under some conditions.
Trading fees
The platform charges makers and traders the same fees. As stated, fees on AEX are lower than any other exchange. Trading fees are 0.10% for takers and makers. However, this standard trading fee is balanced by high withdrawal fees.
AEX Exchange Review: Mobile App
AEX crypto exchange offers a mobile app that acts as a digital asset bank in the pocket. It allows users to follow market trends and trade anytime/ anywhere. Furthermore, the app is available for both iOS and Android.
The mobile app extends many services- spot trading, contracts, OTC, and many more. The app has a sevenfold security system and supports 27 cryptocurrencies. Overall, the mobile app stores an exceptional trading experience.
AEX Exchange Review: Security
AEX is not considered secure among traders. It holds a bad reputation among traders. It has a bad reputation as it shares CEO with btc38, and btc38 lost users’ millions of dollars. Moreover, AEX does not comply with any regulations.
Crypto exchanges should not be prone to get hacked. Hence, this lack of security measures is not a good sign. However, this is beneficial for anonymous traders. Users need not provide any personal or banking details. AEX has not reported any hacks, red flags, or issues as of July 2021.
AEX Consumer Support
The platform concerns majorly Chinese Traders. Hence, AEX‘s customer support consists of tutorials, articles, and FAQs on its website in Mandarin and English. However, overall customer support for English speakers is weak. On the website, chat is also solely available in Mandarin.
Referral Programme
AEX has a referral program for the traders to earn additional passive income. Here, traders invite people through their networks and earn rewards when they register and start trading. A trader gets a commission on spot trading, Aswap mining, Finance, Pledge lending transaction of the referee. They receive multiple commissions in the form of:
- Trading Commission,
- ASwap Commission,
- Saving Commission,
- Staking Commission
AEX Exchange Review: Pros & Cons
Like any other Exchange platform, AEX has its baggage of pros and cons.
Pros
- Support various crypto assets
- Provides many rewards, bonuses
- Low Trading Fees
- Suitable for Beginner and experienced traders
- Mobile App for iOS and Android
- Simple Sign up procedure
- Great for Anonymous Traders
Cons
- Poor Customer Support
- Lacks Security
- High Withdrawal Fees
- No fiat currency supported
- Bad Reputation
- Not Regulated
- Low Liquidity
AEX Exchange Review: Conclusion
The AEX exchange is a Chinese crypto exchange and offers services such as Staking, Defi pool, etc. However, It lacks Security and customer support. This exchange is risky to use and favorable for anonymous traders. It has low trading fees and high withdrawal fees. It can provide profits when used cautiously. AEX exchange needs to work on its website and offer a comprehensive experience to users globally.
Frequently Asked Questions
Is AEX exchange safe or Scam?
AEX has not reported any red flags, issues, and hacks till now and seems reliable. However, it lacks security. We advise you to trade on the exchange and transfer all the crypto asap to a third-party safe wallet.
Is AEX exchange legit?
AEX is a crypto exchange platform that caters majorly to Chinese traders. It is legit and has massive trading volume, primarily from China. It offers a wide array of services and crypto-assets.
Does AEX have any mobile App?
Yes! AEX offers a mobile application for iOS, Android users. It functions perfectly for trade and other services.
Is AEX regulated?
No. AEX is an unregulated cryptocurrency exchange. It does not comply with any regulations.
How does one deposit/ withdraw in an AEX account?
AEX does not support any fiat currencies and functions entirely on cryptocurrencies. One can deposit/ withdraw crypto by making a wallet-to-wallet transfer.
How does AEX make money?
AEX makes money from the difference between withdrawal and trading fees. The exchange charges low trading fees and high withdrawal fees that vary from crypto to crypto.
