In the vast landscape of cryptocurrency exchanges, ACX stands as a prominent player in the Australian market. With its inception in 2016, ACX has garnered a reputation for its extensive liquidity pool and user-friendly interface. However, as we delve into this ACX Review 2023, it is imperative to objectively examine its features, functionality, security measures, and regulations.
ACX caters primarily to Australian users, enabling them to deposit Australian dollars and engage in trading various coins and CFDs. While it offers a seamless experience for both novice traders and experienced investors, it may fall short in terms of advanced tools for professional traders. Moreover, ACX’s limited customer service options and acceptance of only Australian bank accounts for fiat deposits might pose challenges for international customers. Through this review, we aim to provide a comprehensive analysis of ACX, shedding light on its pros and cons in the ever-evolving cryptocurrency landscape.
Key Takeaways
- ACX is a cryptocurrency exchange founded in Australia in 2016, with the largest liquidity pool in the country.
- The platform allows users to deposit in Australian dollars and trade in various coins and CFDs.
- ACX has a straightforward interface but lacks advanced trading tools and only offers limited customer service options.
- The platform prioritizes security with SSL encryption, DDoS protection, two-factor authentication, and the majority of coins stored in multi-stage cold wallets.
ACX Exchange: Overview and History
ACX, founded in Australia in 2016 and owned by Hong Kong-based Peak HK Limited, is a cryptocurrency exchange with the largest liquidity pool in Australia, allowing users to deposit in Australian dollars and trade various coins and CFDs. ACX has experienced significant market growth since its establishment, primarily catering to Australian customers. The platform has gained popularity among both newbie traders and investors with some experience.
However, it may not be ideal for international users due to its limited support for fiat currencies other than AUD. ACX offers a straightforward and easy-to-use interface, making it accessible to a wide range of users. While it lacks advanced trading tools, the platform has attracted a significant number of users due to its large liquidity pool and the ability to trade in multiple cryptocurrencies. ACX has also conducted regular financial and security audits, ensuring the safety of user funds.
Features and Functionality of ACX Crypto Exchange
The cryptocurrency exchange platform offers a range of basic trading tools and features, although it falls short in providing advanced options for professional traders. ACX provides a straightforward and easy-to-use interface, making it suitable for newbie traders and investors with some experience. However, it lacks advanced trading tools that professional traders often require. In terms of customer support options, ACX only offers email support, which may be limiting for users who prefer real-time assistance. The platform could benefit from additional customer service channels to enhance the overall trading experience.
| Features | Functionality |
|---|---|
| Straightforward interface | ACX has a user-friendly interface that makes it easy for users to navigate and execute trades. |
| Limited trading tools | ACX lacks advanced trading tools such as advanced charting, technical indicators, and advanced order types. |
| Limited customer support options | ACX only offers email support, which may not be sufficient for users who require real-time assistance. |
ACX: Security and Regulations
Security and regulations are key considerations for users of cryptocurrency exchanges. ACX takes the security of its platform and users’ funds seriously by implementing various security measures. These measures include SSL encryption, DDoS protection, and two-factor authentication, which help protect against hacking and unauthorized access. Additionally, ACX stores the majority of its coins in multi-stage cold wallets, which adds an extra layer of security.
ACX also conducts regular financial and security audits to ensure the integrity of its platform. In terms of regulatory compliance, ACX requires mandatory KYC verification for new users, which helps prevent money laundering and ensures compliance with anti-money laundering (AML) rules. By adhering to these security measures and regulatory requirements, ACX aims to provide a secure and trustworthy trading environment for its users.
Pros and Cons of ACX Exchange
One aspect that should be considered regarding ACX is the presence of both advantages and disadvantages. Pros of ACX include its largest liquidity pool in Australia, allowing users to deposit in Australian dollars, and a straightforward and easy-to-use interface. ACX also employs SSL encryption, DDoS protection, and two-factor authentication for security, ensuring the safety of user funds.
| Pros | Cons |
|---|---|
| Wide Range of Cryptocurrencies Supported | Limited Payment Options |
| User-Friendly Interface | Relatively New Exchange |
| High Liquidity and Trading Volume | Customer Support Response Time Can Be Slow |
| Robust Security Measures | Limited Advanced Trading Features |
| Competitive Trading Fees | Not Available to Users in Some Countries |
| Mobile App for On-The-Go Trading | Limited Educational Resources for Beginners |
| Regular Promotions and Incentive Programs | Limited Liquidity for Some Less Popular Coins |
Additionally, ACX conducts regular financial and security audits and requires mandatory KYC verification for new users, complying with Australian trading regulations and AML rules. However, there are also some cons of ACX to be aware of. The platform lacks advanced trading tools, limiting its appeal to professional traders. ACX only accepts Australian bank accounts for fiat deposits, limiting its accessibility to international users. Furthermore, the platform has limited customer service options, with email support being the only option, which may be a drawback for users seeking immediate assistance.
Frequently Asked Questions
How long does it take for the KYC verification process to be completed on ACX?
The KYC verification process on ACX typically takes up to 2 business days to be completed. This timeframe allows for the necessary checks and procedures to ensure compliance with Australian trading regulations and AML rules. However, it is important to note that the duration of the KYC verification process may vary based on the volume of applications and any potential challenges that may arise. These challenges could include issues with document verification or delays in communication between the user and the platform’s support team.
What are the fees for CFD trading on ACX?
The fees for CFD trading on ACX are determined by the platform’s fee structure. ACX charges a fee of 0.20% for both makers and takers in CFD trading. It is important to note that CFD trading fees may vary depending on the specific cryptocurrency being traded. ACX also charges a withdrawal fee of 0.0001 BTC for Bitcoin withdrawals, while there are no withdrawal fees for Australian dollar (AUD) withdrawals. These fees are subject to change and it is recommended to refer to the ACX platform for the most up-to-date fee information.
Can international investors use ACX for cryptocurrency trading?
International investors can use ACX for cryptocurrency trading, but there are certain limitations. ACX primarily caters to Australian customers and only accepts Australian bank accounts for fiat transactions. This means that international investors may face difficulties in depositing and withdrawing funds. Additionally, ACX supports AUD as the only fiat currency and does not cater to other international currencies. However, ACX complies with international regulations for cryptocurrency trading and offers a secure and regulated platform for investors.
Is there a minimum deposit requirement for cryptocurrencies on ACX?
The minimum deposit requirement for cryptocurrencies on ACX is not specified in the provided information. However, it is mentioned that ACX allows users to deposit and trade in various coins. To deposit cryptocurrencies on ACX, users can simply initiate a cryptocurrency deposit and wait for it to be confirmed by the network. The platform does not provide details on any specific requirements or restrictions related to cryptocurrency deposits.
What are the available customer service options on ACX, besides email support?
The available customer service options on ACX, besides email support, are phone support and live chat support. These options provide users with additional channels to seek assistance or resolve any issues they may encounter on the platform. Phone support allows users to directly communicate with a customer service representative, while live chat support offers real-time messaging for immediate assistance. These options enhance the customer experience by providing prompt and efficient support to users.
