AscendEX, formerly known as BitMax, is a prominent centralized cryptocurrency exchange that has established itself as a competitive player in the global digital asset trading landscape. With strong trading volume, a broad selection of markets, and a range of advanced trading tools, AscendEX caters to both retail and institutional investors seeking flexibility and performance.
Ranked #96 on leading exchange trackers, AscendEX has demonstrated consistent market activity, reporting a 24-hour trading volume of $1,054,483,496** and a weekly volume exceeding **$608 billion. This level of liquidity underscores its relevance in today’s fast-moving crypto markets.
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Exchange Features and Market Offerings
AscendEX currently supports 730 cryptocurrencies, 1 fiat currency, and hosts 863 trading pairs, making it one of the more diverse exchanges in terms of market availability. While direct fiat onboarding is limited, the platform enables seamless crypto-to-crypto trading with major stablecoins like USDT and USD Token, alongside flagship assets such as BTC and ETH, forming the backbone of its spot trading ecosystem.
The spot market on AscendEX is branded as Cash Trading, offering users instant access to buy and sell digital assets without leverage. For more advanced participants, the exchange provides:
- Margin trading with up to 25x leverage
- Leveraged tokens for amplified exposure
- Derivatives markets including futures contracts
- Copy trading, allowing users to mirror strategies of top-performing traders
These features position AscendEX as a one-stop destination for traders across experience levels—from beginners exploring passive income to professionals executing complex hedging strategies.
Leveraged Tokens and Interest Mechanics
Leveraged tokens on AscendEX simplify access to leveraged positions without requiring users to manage margin balances manually. However, these instruments come with daily funding fees that vary depending on the underlying asset and leverage ratio. These interest rates are dynamic and may be adjusted in response to market volatility or liquidity conditions.
While convenient, leveraged tokens are best suited for short-term trading due to compounding effects and rebalancing risks. Users should carefully review fee schedules before committing capital.
Copy Trading: Mirror Top Performers
One of AscendEX’s standout offerings is its copy trading functionality—a subscription-based service that allows users to automatically replicate the trades of proven traders on the platform. This feature promotes transparency by showcasing trader performance histories, win rates, and risk profiles.
By lowering the barrier to skilled trading strategies, copy trading empowers newcomers to learn through observation while enabling experienced users to monetize their expertise.
Fees, VIP Tiers, and Trading Incentives
AscendEX operates a tiered fee structure based on the maker-taker model, with rates determined by user activity and loyalty status across nine VIP levels (VIP0–VIP9). The system rewards high-volume traders and long-term token holders alike.
| Asset Type | VIP0 Maker Fee | VIP0 Taker Fee |
|---|---|---|
| Large-cap assets | 0.10% | 0.10% |
| Altcoins | 0.20% | 0.20% |
As users progress through VIP tiers—based on either 30-day trading volume or ASD token holdings—fees decrease significantly:
- At VIP8, maker fees drop to 0%
- At VIP9, makers receive a 0.0150% rebate on large-cap and altcoin trades
- Taker fees at VIP9 are reduced to just 0.020%
Futures trading follows a similar incentive model, with VIP6 and VIP7 achieving zero maker fees, and VIP8–VIP9 earning rebates of up to 0.0150%.
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Native Token: ASD (AscendEX Token)
The platform’s native utility token, ASD (formerly BitMax Token), plays a central role in its ecosystem. Holding ASD grants users:
- Reduced trading fees
- Priority access to token sales
- Eligibility for higher VIP tiers
ASD can be staked or held to meet tier requirements, creating additional utility beyond simple transaction discounts.
Security, Withdrawals, and Accessibility
AscendEX enforces strict KYC (Know Your Customer) policies, requiring identity verification for full account functionality. This compliance enhances platform security and regulatory alignment, supporting operations in over 200 countries—though notably excluding users from the United States.
Withdrawal limits are tiered:
- Unverified accounts: up to 2 BTC/day
- Verified accounts: up to 100 BTC/day
Funds are primarily safeguarded through cold storage protocols. Following a $77 million hack in December 2021, AscendEX responded swiftly by transferring remaining assets to secure wallets and fully reimbursing affected users—an action that reinforced trust in its risk management practices.
Withdrawal fees are variable, adjusting according to network congestion and blockchain transaction costs.
Investment and Earning Programs
Beyond trading, AscendEX offers a robust suite of financial services under two main banners:
AscendEX Invest
A commission-free investment program designed for long-term holders. Users can diversify portfolios with curated digital assets without incurring additional fees.
AscendEX Earn
An integrated ecosystem offering multiple avenues for passive income:
- Staking: Lock assets to earn rewards
- DeFi yield farming: Participate in decentralized protocols
- Liquidity mining: Provide liquidity for trading pairs
- Lending: Earn interest by loaning out crypto
Additionally, AscendEX hosts periodic crypto auctions, where users can participate in token launches, receive airdrops, or benefit from buyback programs tied to inflationary assets.
API Access for Developers
For algorithmic and high-frequency traders, AscendEX provides the Pro API, granting access to real-time public and private data streams—including order books, trade history, and account balances. The API supports WebSocket connections for low-latency execution and includes Python demo codes to accelerate strategy development.
This developer-friendly infrastructure makes AscendEX appealing to quantitative traders building automated systems.
Company Background and Leadership
Founded in August 2018 by George Cao, a former General Manager at Delpha Capital Management, AscendEX launched as BitMax before rebranding in March 2021. Headquartered in Singapore, the exchange has grown to serve over 1 million traders globally.
In late 2021, AscendEX secured $50 million in funding** from investors including Alameda Research, then led by Sam Bankman-Fried. At the time, the platform reported average daily trading volumes surpassing **$200 million, signaling strong market adoption.
Leadership transitioned in June 2022 when Shane Molidor, previously Chief Revenue Officer, was appointed CEO, succeeding George Cao, who remains Chairman.
Frequently Asked Questions (FAQ)
Q: Is AscendEX available in the United States?
A: No. Due to regulatory restrictions, AscendEX does not support users from the United States.
Q: What is the difference between Cash Trading and Margin Trading on AscendEX?
A: Cash Trading refers to spot trading without leverage, while Margin Trading allows borrowing funds for positions with up to 25x leverage.
Q: How do I reduce my trading fees on AscendEX?
A: You can lower fees by increasing your 30-day trading volume or holding ASD tokens to qualify for higher VIP tiers.
Q: Does AscendEX offer staking?
A: Yes. Through AscendEX Earn, users can stake select cryptocurrencies and earn passive income.
Q: Was AscendEX ever hacked?
A: Yes. In December 2021, a hot wallet was compromised for approximately $77 million. All affected users were reimbursed, and security measures were strengthened afterward.
Q: Can I automate trades on AscendEX?
A: Yes. The AscendEX Pro API supports automated trading with real-time data feeds and WebSocket integration.
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