AOFEX Review – Is AOFEX Scam or Legit?
AOFEX Review
AOFEX is a brokerage company based in London, United Kingdom. It is a regulated exchange which allows traders to trade, stake, mine, etc. AOFEX was licensed by MSB which allows it to trade digital currency in the US. It has become a route for institutional investors looking to invest in digital currency. Choosing an exchange for trading is an important decision you will have to make, hence in this article you will be provided with an exchange review of AOFEX, which will ultimately help you in your decision.
AOFEX is the trading platform used by millions of institutional investors and qualified investors. AOFEX has its Asian Pacific Headquarters situated in Singapore, and also has other headquarters around the world. AOFEX is a platform that follows regulations guiding the industry which are meant to protect traders and brokers from risk. Every trader in the fiat currency trading zone of AOFEX are required to complete the Know Your Customer (KYC) verification. Also, they are required to deposit a minimum amount of funds on the platform which processes online order in real time.
The exchange has a risk control system that ensures that your funds with them is secure at all time. It was also the first exchange to verify the legal currency traders via a live detection system which shows that the platform is one that embraces innovation to improve its service delivery. Due to this live detection system, the platform essentially help you to reduce the chances of card freezing while carrying out transactions with the platform.
AOFEX is an exchange that has over 1.6 million registered users and over 300,000 daily users. The trading platform has a vision of growing its customer base of institutional investors and qualified investors to over 10 million. The platform has an easy-to-use interface that is simple enough that even new traders can easily learn to trade using the platform, while still having great tools to be used by expert traders. AOFEX has high liquidity and generates over $450 million in average daily trading volume which shows it is used by many traders to generate such high trading volume.
AOFEX solves several problems encountered by crypto traders including avoiding centralization which could result in traders paying higher fees while getting less selection. The platform also provides some of the best features available to any exchange which ensures that you can access great tools that will enhance your trading experience. While trading on AOFEX, you can monitor your investments in real time which will help you stay ahead of other traders. The platform also provides scalability and security which is an essential component of a good broker.
AOFEX Features
AOFEX is an exchange with lots of interesting features that will make your trading experience pleasant. The platform provides you with a wide array of cryptocurrency for you to choose from, this allows you unprecedented options in choosing preferred cryptocurrency. Also, they offer over 400 trading pairs including the popular crypto like Bitcoin, Ethereum, Litecoin etc. These array of options is one of the reasons why the platform is so popular among traders, hence you should consider AOFEX while deciding on which exchange you want to use for your trading.
AOFEX provides you with lots of charting tools to monitor trends in the market. Also, features such as derivatives trading, limit and market buys and sells are supported by the crypto exchange.
Navigating the AOFEX platform through the dashboard will reveal the array of features available to you. You can access market, exchange, swap, options, and buy crypto through the platform which has a simple user-friendly interface.
Another feature of the crypto exchange is the perpetual swap services which can allow you to gain leverage while trading Bitcoin, Ethereum and EOS. AOFEX also allows a 1000× margin on perpetual swaps which is quite impressive, as you can increase your profits exponentially. Also you can open short or long swaps on AOFEX to earn higher gains.
You can also trade options and other derivatives on the crypto exchange. The platform offers options including BTC/USDT, ETH/USDT, and EOS/USDT which are quite popular among options traders. Also, BCHABC/USDT, BSV/USDT, and ETC/USDT are other options available to traders. The contract time for these options can vary significantly.
Aside from cryptocurrency, investors can also access various index funds, an option introduced via a partnership between AOFEX and ICFM. Hence, traders can diversify their portfolio by investing in these index funds.
Security
Security of a trading platform is one of the most important factor to consider while choosing a broker. AOFEX is a platform that ensures its platform is safe and secure for users and that their funds are safe. In order to ensure safety of your digital assets, the platform uses a risk reserve mechanism and different proprietary control systems.
Since security was a big issue for developers, they integrated enterprise-level security protocol to protect the digital assets of users. Also, the platform uses a two database authentication protocol to further improve its security and safety. Hence, if you trade with AOFEX, you can be sure that you are using one of the most secure trading platforms.
AOFEX has always taken steps to comply with regulations and was one of the first exchange platform to use the Vivo detection system. This system helps in the verification of fiat currency traders. Hence, this helps to prevent money laundering on its platform and to achieve this, they also created anti-money laundering team that monitors and look into unusual activities.
AOFEX API
AOFEX introduced API interface to its platform two years ago, this API gives you a powerful automated trading tool which is also simple to use. If you use AOFEX API, you can access trading pairs much faster and with ease. Also, you can access market transactions and depth, transaction accuracy, etc. quickly and easily. API is a trading tool that is intended to help you efficiently integrate trading functions into their applications.
The API introduced by AOFEX can be divided into account, trading, and quotation. As a developer, you can use the API for automatic trading after you create an account with the platform, as the interface serves as the basis for the services. To use the accounts and transaction API, you will need to be authenticated before you can use the service. After authentication, you can place it withdraw orders, query orders and account information. While the market API serves the role of providing market data and all interfaces are open.
Staking
You should be aware that AOFEX is a platform that has some DeFi features like staking. Hence, by trading with AOFEX, you can engage in staking, a feature which is nor available on many exchange platforms. Staking is becoming increasingly popular and this can be attributed to its simplicity and also the fact that you can get more consistent rewards than you get when trading. It is increasingly becoming a must-have feature on DeFi platforms due to its growing popularity.
You can stake your tokens on AOFEX using different methods. You can stake the traditional way by locking your tokens in a smart contract, and this is done in order to get rewards. Also, there are other ways of staking aside from the traditional method. An example of which is the subscription-based model which is a new form of staking you can engage in. Also, you can also stake ETH 2.0 and other high performance projects.
Margin Trading
Another factor to consider when assessing a cryptocurrency exchange is the leverage offered by the exchange. Margin trading allows you to trade more crypto assets than you can ordinarily afford. With a deposit, depending on the leverage you can trade on multiple times the amount of deposit you have. The implication of this is that you can make a lot of profit while investing little, on the other hand, you can easily lose all your capital. Hence, margin trading has higher risk than traditional trading.
Leverage is an interesting tool available to traders that can be used to maximize gain despite the bigger risk associated with it. A number of professional traders tend to use margin trading to strengthen their position, which can be either short or long positions.
Another reason way margin trading can be useful to you is that it can allow you to short the market. Shorting is an investment terminology which refers to the strategy that involves taking a loan and buying a crypto before the drop in market value. Then the trader sells the asset such as crypto before the market downturn. When the value of the asset such as crypto drops, then the trader will buy the asset at a reduced cost. Thereafter, the trader can pay back the loan and keep the profit made.
How to Create an Account With AOFEX
After you decide to trade with AOFEX, the first thing you will need to do is to create an account with AOFEX. This is necessary because it’s not possible to trade with AOFEX without having an account with them. You should be aware that it is straightforward to create an account with AOFEX. Creating an account on some platform is a cumbersome and stressful process for new users which could discourage traders from registering with them. This isn’t applicable to AOFEX with its straightforward signup process.
To create an account, you need to enter the AOFEX website and click on the sign-up link. Then you will fill a form including your name, mobile number, email address and password. You can also enter a referral code, if you have one. After submitting details, an activation email will be sent to you, which you should click on the confirmation email. Your account with AOFEX will be activated thereafter, and you will be sent a 6 digit OTP. You will need to enter this OTP after logging into your account. With this done, you have successfully created an account with AOFEX.
Deposit Options
After you’ve created an account with AOFEX successfully and your account verified, then you can deposit money into your account with AOFEX. To deposit money, you will have to choose which currency you want to deposit, and then you will be given details of where you should transfer the money to.
One advantage of trading with AOFEX is the free deposit you can enjoy while trading with them. Although depending on your method of payment, you may be charged by payment service provider even though AOFEX doesn’t charge you.
Once you’ve funded your account with AOFEX, then you can begin trading on the platform. You can choose which trading pair you want to trade, and at what amount, and whether its limit order or market order you want to do. You can thereafter continue your trading after making these decisions.
Withdrawal Options
AOFEX makes it quite easy for users to withdraw their funds when they want. This implies that you can be assured easy withdrawal of funds while trading with AOFEX. To withdraw from your account, you will need to secure your account with two-factor authorization or white whitelisted addresses.
AOFEX Trading Fees
While trading with an exchange, you are charged when you place an order. It is important for you to be aware of the charges you will accrue while trading with a broker because these charges differ among brokers. Some charge very little or almost negligible fees while others are more costly to trade with. The trading fee charged by brokers is usually a percentage of the trade order’s value. The fee charged is usually divided between the takers and makers.
AOFEX charges flat fees that implies that both the takers and makers pay the same amount which starts at 0.2%. So the fee charged by AOFEX is around the average crypto trading fees charged in the industry which is about 0.2% for taker fee and 0.16% for maker fee.
You should note that the trading fees at AOFEX reduces as your trading volume increases because they offer discount to your trading fee based on the volume of trade you did over the preceding 30 days. Hence, the more your trading volume with AOFEX, the lesser your trading fees.
You pay maker fees when you add liquidity to AOFEX order book, while you pay taker fees when you remove liquidity from the exchange’s order book. Also, you will be charged taker fees when your orders is filled by others orders. You should note that taker implies that your order is executed with the current maker. The fees you pay is in the final exchange product, and it will be deducted from the total executed orders. So if you exchange assets to USDT, then you will pay the fees in USDT.
Level | 30 Days Turnover(USDT) | Taker | Maker |
VIP0 | <22,500 | 2.00% | 1.90% |
VIP1 | ≥22,500 | 1.95% | 1.90% |
VIP2 | ≥375,000 | 1.90% | 1.85% |
VIP3 | ≥1,500,000 | 1.85% | 1.80% |
VIP4 | ≥7,500,000 | 1.50% | 1.40% |
VIP5 | ≥22,500,000 | 1.20% | 1.10% |
VIP6 | ≥75,000,000 | 0.90% | 0.80% |
SVIP | ≥225,000,000 | 0.60% | 0.40% |
Customer Service
Customer service is another aspect of an exchange that is very important to traders. This is because traders, even experienced ones, may encounter some challenges sometimes and will need the help of customer service to resolve the problems. The availability and quality of the customer service could be the difference between a frustrated customer and a happy one.
So it is important for you to assess the quality of customer service your broker provides before investing your hard-earned money with them. This is where AOFEX excels, as they give priority to ensuring you are satisfied while using their platform. Hence, you can access 24/7 quality and professional customer service if you invest with AOFEX. They look towards resolving your problems as fast as possible in order to make your time of the platform pleasant.
Summary
AOFEX exchange is a brokerage company based in London and also licensed by MSB in the United States. It has headquarters across the globe and is trusted by millions of investors as the exchange to invest with. The platform engages with over 300,000 daily users per day which shows a high degree of user engagement with the platform. The platform provides users with an array of features that will make trading easier and enjoyable.
AOFEX allows investors to monitor investment in real time while also providing scalability and security to users. The platform also offers over 400 trading pairs, advanced charting tools, and derivatives trading on a user-friendly interface. Also, you can also access perpetual swap services and index funds for trading on the platform. Furthermore, margin trading on crypto assets is possible on the platform while DeFi features like staking is also present.
Creating an account with AOFEX is fast and straightforward and can be done on the AOFEX platform. After creating an account, you are not charged by AOFEX for depositing funds to your account. Also, withdrawal of funds from your account is straightforward especially if you have done the two-factor authorization. Trading fee charged by AOFEX is a percentage of your trade order and starts at a modest 0.2% which can e further reduced when you increase your trade volume. Also, you can access 24/7 customer service while trading with AOFEX which will help resolve your problems quickly.
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