AscendEX: A Comprehensive Review – Is It a Safe Platform for Crypto Trading?

AscendEX: A Comprehensive Review – Is It a Safe Platform for Crypto Trading?

The cryptocurrency exchange market has grown significantly over the past few years, with new platforms launching regularly to offer a range of services to crypto traders. One such platform that has attracted attention is AscendEX (formerly known as BitMax). AscendEX offers a broad selection of digital assets for trading, including spot, margin, and futures trading, as well as staking and more.

While the platform promises a robust and comprehensive trading experience, it’s not without its share of controversies and security concerns. In this blog post, we will dive into the features of AscendEX, its security history, user feedback, and its overall reputation in the crypto space. By the end, you’ll have a clear idea of whether AscendEX is a platform you should consider for your cryptocurrency investments.

What is AscendEX?

AscendEX is a cryptocurrency exchange founded in 2018, initially under the name BitMax. Headquartered in Singapore, the exchange provides a range of services including:

• Spot trading: Buy and sell a variety of cryptocurrencies at market prices.
• Margin trading: Borrow funds to amplify your trades.
• Futures trading: Take advantage of market movements by trading crypto futures contracts.
• Staking: Earn rewards by staking certain cryptocurrencies.

The platform supports a wide array of digital assets, allowing users to trade popular coins like Bitcoin (BTC), Ethereum (ETH), and a range of altcoins, as well as tokenized assets.

AscendEX markets itself as a platform designed for both novice and experienced traders, with features like staking rewards, competitive fees, and a user-friendly interface.

Security Concerns: Is AscendEX Safe to Use?

When it comes to security, AscendEX has faced some significant challenges that users should be aware of:

1. Security Breach in 2021

In December 2021, AscendEX suffered a major security breach where hackers stole an estimated $77 million worth of assets from its hot wallets. The compromised funds affected assets across several blockchains, including Ethereum (ETH), Binance Smart Chain (BSC), and Polygon (MATIC). The breach raised concerns about the platform’s ability to safeguard user assets.

In response to the hack, AscendEX moved unaffected assets to cold wallets and assured its users that it would compensate those who had lost funds due to the breach. However, this incident has left many users questioning the platform’s security measures and its preparedness to prevent future breaches.

2. Phishing Attacks

In addition to the hack, AscendEX has also been targeted by phishing scams, with malicious actors attempting to impersonate the platform to steal user information. The exchange has issued warnings to its users to avoid phishing attempts and has encouraged them to verify official URLs and be cautious of unsolicited communications.

These security issues, combined with the history of the hack, highlight that AscendEX is not immune to cyberattacks and that users should be particularly cautious when trading on the platform.

Regulatory Issues: Is AscendEX Compliant?

AscendEX has faced regulatory scrutiny in multiple jurisdictions, adding to the platform’s potential risks. For example, in September 2024, the Autorité des Marchés Financiers (AMF), France’s financial regulatory authority, blacklisted AscendEX for offering financial services without proper authorization. This regulatory oversight raises questions about whether AscendEX complies with the financial laws of the countries it operates in.

Additionally, AscendEX is not available to users in the United States due to compliance issues and regulatory challenges related to U.S. financial laws. This limitation further raises concerns about the platform’s adherence to global regulatory standards.

User Feedback: What Are Traders Saying About AscendEX?

User reviews of AscendEX have been mixed. While some traders find the platform’s features useful and its interface easy to navigate, others have reported significant issues with account access, withdrawal delays, and poor customer support.

Positive Feedback:

• User Interface: Many users have praised AscendEX for its intuitive and clean user interface, which makes it easy for both beginners and experienced traders to execute trades.
• Wide Range of Assets: Traders appreciate the broad range of cryptocurrencies available for trading, including both popular and lesser-known tokens.

Negative Feedback:

• Account Access Issues: One of the most common complaints about AscendEX is related to account access. Some users have reported difficulties logging into their accounts or retrieving their funds, particularly after the platform’s security breach in 2021.
• Customer Support Problems: Several users have expressed frustration with the customer support at AscendEX, citing slow response times and a lack of resolution for their issues.
• Phishing Scams: As mentioned, users have been targeted by phishing scams that appear to come from AscendEX, which can lead to financial losses if they fall victim.

Trustworthiness and Transparency: Is AscendEX Reliable?

AscendEX’s reputation is somewhat divided. On one hand, the platform provides a wide range of trading options and has managed to attract a substantial user base. However, the platform’s security breach and regulatory challenges have caused many to question its overall reliability.

• Scam Detector assigns AscendEX a medium trust score of 60.8 out of 100, indicating that there may be potential risks associated with using the platform. Concerns about phishing and malware risks have contributed to this score.
• Regulatory scrutiny and the platform’s blacklisting in France also raise alarms about its ability to operate legally in various regions.

Is AscendEX Worth Using Report Them To Us At Forteclaim

If you’re considering using AscendEX, there are several factors to weigh:

• Security: The platform’s security history is concerning, especially with the major breach in 2021. Although AscendEX moved its assets to cold wallets after the hack, its security measures are still questionable, particularly for new users.
• Regulatory Compliance: The blacklisting in France and lack of availability in the U.S. should give potential users pause. Regulatory issues can often signal that a platform is not fully compliant with local laws, which can have serious consequences for users.
• User Experience: While some users appreciate AscendEX’s features and interface, the platform has received significant criticism for poor customer support and issues with withdrawals. This can be frustrating for traders who need fast and reliable service.

Conclusion: Should You Use AscendEX?

AscendEX offers a comprehensive range of cryptocurrency trading features and has become a popular choice for many traders. However, its security breaches, regulatory challenges, and mixed user reviews indicate that it may not be the safest or most reliable platform for everyone.

Before using AscendEX, it’s important to conduct thorough research and consider alternative platforms with stronger reputations for security and customer support. If you do decide to trade on AscendEX, be cautious with your funds and always ensure that you’re using secure practices, like enabling two-factor authentication (2FA) and withdrawing funds to a private wallet.

In the world of cryptocurrency, caution is key. Make sure to stay informed and vigilant to avoid falling victim to potential risks.