UPDATE 11 January 2023: When trying to access the website of AAX today, we were unsuccessful. There have been no preceding messages on system maintenance or new websites or anything similar. We are met with the following error message:
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is AAX?
AAX is a platform based in Malta that launched on 16 September 2019. It claims to be the first crypto exchange powered by The London Stock Exchange Group's LSEG Technology. AAX preferred way of expressing this is that they have institutional-grade technology adopted by world-class financial institutions.
AAX offers trading in 21 different cryptocurrencies. You can find all of the biggest cryptos (in terms of market capitalization) here.
An exchange's trading volume is very important for any user of such an exchange. A large trading volume often (but not always) correlates with deep liquidity. When the liquidity at a platform is deep, it means that it will be less difficult for you to find a buyer to your sell order or a seller to your purchase order.
On the date of last updating this review (2 December 2021), the 24-hour trading volume here was USD 1.8 billion, according to Coinmarketcap compared to USD 503 million on 21 September 2021. A decent trading volume, for sure.
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
AAX also offers leveraged trading on its platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
AAX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book. Or, at least part of the order book. They also show a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at AAX:
AAX Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order.
This exchange’s trading fees for takers are 0.15%. This fee is below the historical industry average, which is arguably around 0.25%. However, we are today seeing more and more exchanges moving towards lower trading fees, and new industry averages are starting to form around 0.10%. So in comparison with the new emerging trading fee averages, AAX is in line with industry average.
One of this exchange’s strong offerings is that it also offers trading fee discounts for makers, who trade at 0.10% (33.33% discount compared to takers). This maker/taker fee model promotes the liquidity at the exchange and is a strong aspect for this platform.
AAX Withdrawal fees
AAX charges a withdrawal fee amounting to 0.0004 BTC when you withdraw BTC. This is below the global industry average with roughly 50% (seeing as the global industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal, at least when we did our most recent empirical study of withdrawal fees).
All in all, the fees here are low and thus also consumer-friendly.
Deposit Methods and US-investors
AAX does not accept any other deposit method than cryptos, so new investors are restricted from trading here. If you are a new crypto investor and you wish to start trading here, you will have to purchase cryptos from another exchange first and then deposit them at this exchange.
To find an exchange where you can deposit fiat currency, just use our Exchange Filters and we’ll help you through it.
We have not found any information on this exchange's website that indicates that US-investors are restricted from trading here. However, many exchanges do not allow US-investors in spite of not having any clear prohibitions obtainable on their respective websites. Accordingly, we urge any US-investor interested in trading here to perform their own analysis of whether they can indeed trade here or not. Sometimes, exchanges might even allow investors from certain states in the US but not investors from other states in the US. So the answer to whether you can or cannot trade at an exchange if you're from the US is not always obvious. Rather the opposite.