AEX is a cryptocurrency exchange oriented mainly towards the Chinese market. On the surface, the company offers very good trading conditions, but there are a lot of suspicious factors when it comes to their credibility. At the time of writing of this review, they are only 4 months old and still have to prove themselves.
Multiple coins traded – AEX is what one would call an altcoin exchange. With more than 60 trading pairs, and trading against Bitcoin, USDT and BitCNY there is something for everyone. Additionally, most of the assets are rather popular coins (in the top 20-50 in terms of market capitalization).
Fees are almost non-existent – since late January 2018, the trading fees at AEX have been reduced to a tiny 0.05%. Since most reputable exchanges charge something around 0.25%, trading with this one is approximately 5 times cheaper.
2FA supported – this is the most notable security feature at AEX. For those of you who don’t know, this is a system which allows you to download an app on your mobile phone, which then serves as a login verification. While this is a great security feature, nothing extra is mentioned.
Two versions of the platform – trading at AEX is done through two possible interfaces. First of all there is the standard layout, which isn’t that impressive – you see the top 5 bids and offers as well as a simple chart. The trading history (or tape) is located a long ways down on the page.
On the other hand, a “pro” view is available. This is a whole different story – the charts are much better, the order book and tape are in a more logical place and technical indicators are present. This is what veterans call an actual platform.
A lot of negative reviews – when it comes to more established companies, one should always take user reviews with a grain of salt. That being said AEX is a new exchange, so taking a look at the feedback is necessary. Sadly, most people have had negative experiences – the most common complaint is not being able to withdraw your coins from the exchange.
Team is unknown – the “About us” section of AEX’s website has several people listed as the executives. We didn’t manage to find credible information on them – not even LinkedIn, nor Facebook profiles. While this may be a coincidence the first two names were similar to those of an actor and a football (soccer for the US readers) player.
No fiat currency support – the fact this is a digital assets exchange only isn’t that big of a negative. However it is worth pointing out for those of you who are used to trading at more traditional venues.
Two “tether” coins traded– the two fiat currencies available at AEX are represented by coins which are allegedly backed by the actual coins. USD Tether is one of them and those who follow the news surrounding it will know there are serious doubts about their actual dollar holdings. BitCNY is a BitShares based CNY version.
Leverage is not offered – another not that surprising fact for an alcoin exchange. Very few ones provide trading on margin and even they offer a rather low ratio. A much better alternative for aggressive short term trading is provided by some forex brokers.
The way this is done is via the so called Contracts For Difference (CFDs). This is a type of instrument which only moves in sync with the asset it follows. In essence you don’t actually buy Bitcoin but only speculate with its price. There are several key points you must know, which can be found here.
A lot of bonus offers – AEX provides over ten different promotions at the time of writing. Some of you may consider this to be a positive, but in our opinion this is a negative. It makes the website look more like an online casino, than a serious trading venue.
AEX is a cryptocurrency exchange, which provides little information about itself. We are not certain of their base of operation, while they have a serious focus on China. The low costs of trading, when combined with the plethora of bonus offers are the main attraction of this exchange. That being said, there are a lot of negative user comments about the exchange. The combination of these factors leads us to believe this is a rather shady website.
On the other hand, the world of crypto in general is still a bit like the Wild West. In order to get a higher level of security one should take a closer look at the forex brokers offering CFDs. Some of them are also not very trustworthy, but there are highly regulated companies, which will never steal your funds.
AEX Review Conclusion
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