Reviews of the AscendEX Cryptocurrency Exchange, Key Facts
The AscendEX cryptocurrency exchange attracts clients with its slogan “Rise higher and faster with us,” however, its reliability and responsibility raise doubts. Numerous trader reviews indicate problems with withdrawals and violations related to misappropriation of funds by scammers. Trader texts also point to AscendEX’s connection with other fraudulent projects.
Key Facts about AscendEX
AscendEX is presented with a multilingual website, implying the company’s desire to operate internationally. However, it is worth noting that the translation into Russian does not extend to internal documents describing the rights and obligations of the parties. This is likely done to lure traders, suppressing their attention to details and making them believe in false promises.
According to the company’s statement, AscendEX has been successfully operating since 2018. However, analysis shows that the ascendex.com website was launched in 2008, before the era of cryptocurrencies. Researching internet archives revealed that until 2021, this platform belonged to another company – Audigy, specializing in audits and business consulting. AscendEX acquired this website to create a false impression of its achievements and scale.
Reviews express dissatisfaction with the lack of opportunity for constructive dialogue with the company’s support. The phone support service is absent, and the provided email address turns out to be unreliable.
AscendEX claims to operate in accordance with Singaporean legislation and is officially registered in that country. However, there are no official documents confirming the legitimacy of the company’s operations – no registration certificate or license. Verification by local regulatory bodies such as the Monetary Authority of Singapore (MAS) does not confirm the legality of AscendEX’s actions.
Based on available reviews, AscendEX is associated with the fraudulent cryptocurrency exchange Bitmax, which faced negative user reactions. The legend and offerings on both platforms are very similar.
What AscendEX Cryptocurrency Exchange Offers
- Spot trading of cryptocurrencies in pairs with USDT, BTC, and ETH with fees ranging from 0.1% to 0.2%. Additional discounts are promised for large volumes traded. The platform offers around 300 coins for trading. Margin trading with leverage up to 1:25 is available.
- Futures trading. Fees are 0.02% for makers and 0.06% for takers. Leverage up to 1:100 is offered.
AscendEX actively promotes its native token ASD. However, reviews indicate that investing in this coin is similar to investing in the already failed Luna. According to CoinmarketCap, ASD has low performance, and its price is constantly in decline. Various reviews do not see prospects in this token.
AscendEX also offers passive income through participation in the affiliate program. Referrers are promised up to 40% of commission fees for the activity of invited traders.
Ex-Clients’ Reviews
AscendEX follows the sad example of Bitmax and is accompanied by a huge number of negative reviews. Users share their anger and disappointment as large sums have been lost.
How Scammers Deceive Cryptotraders
According to reviews, the scheme of deceiving cryptotraders is extremely simple: scammers pay for attracting newcomers, and professional fraudsters stimulate active investments. As a result, traders starting with a minimum amount lose significant funds until they realize they have become victims of fraud.
Attempts to recover lost funds are unsuccessful as scammers simply disappear. Once the funds are transferred in cryptocurrency transactions, their recovery becomes almost impossible even through the chargeback procedure.
Conclusions of the Comprehensive Review
It is not worth risking by collaborating with AscendEX – a fraudulent cryptocurrency exchange engaged in financial fraud and not providing opportunities to earn on trading digital assets. The company simply disappears with invested funds and hides in offshore zones, justifying itself with lies about its legality. For the safety and growth of your capital, explore trusted trading platforms, avoiding such deceitful schemes.
