ACX Review – is it scam or safe?

ACX Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.

ACX Review – is it scam or safe?

 

ACX is an Australian cryptocurrency exchange that operates since 2016. It is owned by the Hong Kong-based Peak HK Limited. The company also operates a Cryptocurrency Arbitrage Fund since 2013.

ACX Advantages

– One of the large Australian bitcoin exchanges by volume. – In the short period since its launch in 2016, ACX has managed to rank among the largest Australian exchanges by volume. At the time of writing this review, its 24-hour bitcoin volume was 1,213.3620 BTC (over AUD 12 mln).

– Instrument portfolio: ACX offers trading in Bitcoin, Bitcoin Cash, Ether and the relatively new alt-coin Hcash (HSR) against the Australian dollar. Bitcoin and Ether are the most popular cryptocurrencies and are responsible for the larger part of the cryptocurrency trading volume globally.

– Zero trading fees. – Most cryptocurrency exchanges charge a trading commission, but not ACX.

– 1% withdrawal fee. ACX charges a 1% withdrawal fee for fiat currency to a bank account. This, coupled with the zero trading commissions, makes ACX quite attractive, considering that most exchanges charge both trading commissions and deposit and withdrawal fees, often quite hefty.

– Trading platform. Even though similarly to most cryptocurrency exchanges ACX does not offer trading platforms like the ones usually provided by the forex brokers, with all the bells and whistles, the platform of ACX has the most necessary features. It offers candlestick price charts, order book and the option to place and cancel already opened orders.

ACX Disadvantages

– Not regulated. When it comes to cryptocurrency exchanges, the lack of regulation is relative, as most countries have not come up with a legislative framework on the matter yet.

– Relatively small cryptocurrency selection. – We have listed the Bitcoin and Ether trading in the advantages section, but there are Australian exchanges like BTC Markets and Coinspot who have longer alt-coin instrument list.

– Does not offer leveraged trading in cryptocurrencies. – As a matter of fact, most cryptocurrency exchanges do not offer this, but there are some who do, like Kraken, GDAX (institutional), CexIo, Quoinex. There are also forex brokers who offer leveraged trading on cryptocurrency CFDs.

– No anonymity. Even though most traders are not bothered by the customer verification requirements of the exchanges, the process can be slow and cumbersome. ACX says its KYC procedure takes 2 business days and requires a lot of documents. Besides, the identification requirements defy the initial purpose of cryptocurrencies to provide anonymity.

– Supports withdrawals to Australian bank accounts only. This in essence means it is next to impossible for clients outside the country to trade on ACX.

– Accepts only deposits via bank accounts (from Australian banks). Bank deposits, unlike credit/debit card payments, which are almost instant, take between 1-3 business days to be processed. There, however, are crypto exchanges who accept card payments. Some also accept fiat currency payments via online payment systems like Paypal.

– Withdrawal limits. ACX has daily withdrawal limits, both for individual and corporate accounts.

For individual accounts: A$10,000, US$10,000 or BTC 100. For business accounts: A$30,000, US$30,000 or BTC 200.

ACX Review – is it scam or safe? Conclusion

 

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