Aofex Review – Fees, Supported Countries & Coins, Deposits & Withdrawals
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Aofex Overview
We are approaching the peak of the bull run on the crypto market. More and more people are entering the market every day. Now more than ever, it is important for crypto investors and traders to wisely choose the exchange that suits their needs the best way.
That is not an easy task since the features and services that exchanges offer to their users are pretty similar and it is hard to find the exchange that separates itself from others. In this article, I will take a close look at one of the exchanges that got our attention due to the variety of features available. The name of the exchange is Aofex.
In fact, Aofex is a brokerage company based in London, the United Kingdom. It was launched back in 2019. A variety of services are offered to users such as trading, mining, or staking. I will try to explain the platform as closely as I can and perhaps help you make a decision regarding your crypto exchange.
Aofex is a global platform with its Asian Pacific Headquarters situated in Singapore, and also has other headquarters around the world. If you want to figure out how big the platform is, just look at their numbers. Aofex has over one million and six hundred thousand registered users and over three hundred thousand daily users.
The main advantage of Aofex is that they have a nice combination of an easy-to-use interface and advanced trading tools. This means that Aofex is suitable for both beginners and experienced crypto traders and therefore, their potential is enormous.
To be precise, when you first open the Aofex mobile app, you will be immediately asked whether you are an experienced crypto trader or a complete beginner. Based on your answer, you will be directed to either the Aofex pro or lite app version.
Services & Features
As already mentioned, Aofex offers a variety of features to its users such as buying crypto, market analysis, trading (future, margin), etc. Let me break each one and go to the vocal points of the article. So, let’s go!
Buy crypto
One of the main features of Aofex is the “buy crypto” section. At the time of writing (November 2021), with Aofex you can buy four cryptocurrencies:
- AQ (Aofex native token, more about it later in the article)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
You need to select the crypto you want to buy and then enter the amount. The amount of crypto is compared against the Chinese yuan renminbi (CNY), US Dollar, Japanese Yen, and other currencies.
Spot exchange
For those of you not familiar with the term, A Spot Market is a market where you can trade assets with other traders in real-time. As the name suggests, transactions are settled immediately or “on the spot” as soon as the buying/selling order is filled.
Aofex’s exchange section looks pretty well organized. The platform offers more than 400 trading pairs including popular crypto like Bitcoin, Ethereum, Litecoin, DASH, XRP, and many others. Furthermore, the charts look clear. You can select the price movements in the time frame
Margin
“Margin” trading is the section next to “Exchange”. To simply explain it, margin trading is borrowing capital from a broker to invest in crypto. So, the main difference with “regular” trading is the fact that you can gain access to larger sums of capital and leverage your position. You can have earn higher profits, but lose more money, so margin trading has higher risks than the “regular” one.
Yet another section on Aofes that looks well organized. Below the charts, you can see open orders and orders history which is pretty standard.
Swap
Another feature of the Aofex exchange is the swap service. It allows you to trade Bitcoin, Ethereum, and EOS. Aofex’s swap is the perpetual swap service that allows you a 1000× margin on perpetual swaps which is quite impressive, as you can increase your profits greatly.
Options trading
Options trading is an advanced type of trading so I would not recommend it if you are a complete beginner in the crypto world. However, it is exciting that Aofex offers options trading as well.
Crypto options trade the same as any other basic call or put option, where an investor pays a premium for the right—but not the obligation—to buy or sell an agreed amount of crypto on an agreed date. The contract time for these options can vary significantly.
Finance
The finance section is one of the most recent features established by the Aofex exchange. In fact, when you open the Aofex website, the Finance section still has that “new” badge next to it. Finance consists of staking, mining new coins, and funds tabs. So, let me break each one.
Staking
On Aofex you can do flexible, regular, and “time-limited” staking. Flexible Saking allows you to earn competitive yields with low risk on your staked tokens — (BTC, ETH, USDT), with stable APYs.
Regular staking provides you with “Rich cycles, higher returns” while “time-limited” staking, as the name suggests, offers time-limited products. Usually, products are limited to 7 days.
Mining
As the name suggests, you can mine different tokens here. You can see different offers here that include expected ARR, project period, total amount, start and pledge time, and pledge progress.
Fund
An innovative feature, based on Aofex’s website this is the first professional asset management platform and ecology. You can see the name of the project, expected ARR, max drawdown, period, and types of funds.
Aofexs further explanation of the feature is “The fund products jointly created by AOFEX and ICFM are professional digital asset services for professional investors. All fund product projects are provided by third-party quantitative institutions and teams, and there are threshold restrictions such as subscription amount, total circulation, and a total number of people.”
Aofex supported coins
Aofex supports more than 200 cryptocurrencies such as BTC, ETH, DASH, EOS, USDT, BCH, LTC, XRP, ADA, LINK, SHIB, AKITA, DOGE, SOL, and many others.
Aofex deposits & withdrawals
Once you verify your account, you can deposit funds to your account, either fiat or crypto. Just make sure to choose the currency you would like to deposit.
With Aofex, you can buy crypto via credit card which is particularly useful for beginners who do not own any crypto yet.
As per users’ experience, withdrawals are pretty straightforward. However, before withdrawing you will have to set up two-factor authorization or white whitelisted addresses.
Fees
Deposits are completely free of charge. When it comes to withdrawal fees, I was not able to find this information. This should be considered risky since whenever an exchange does not provide withdrawal fee info, it could mean that it’s high.
Aofex Trading Fees
The trading fee is 0.2% on Aofex for both traders and makers. Aofex’s trading fee is around the average crypto trading fee charged in the industry which is about 0.2% for the taker fee and 0.16% for the maker fee.
Does Aofex have mandatory KYC?
Every user in the fiat currency trading zone of AOFEX is required to complete the Know Your Customer (KYC) verification. Furthermore, they are required to deposit a minimum amount of funds on the platform which processes online orders in real-time.
Aofex supported countries
Here is a full list of countries where Aofex is available:
- United Kingdom
- China
- Canada
- Japan
- India
- Argentina
- Australia
- Brazil
- Colombia
- Denmark
- Honk Kong
- Indonesia
- Korea
- Malaysia
- Netherlands
- New Zeland
- Nigeria
- Norway
- Philippines
- Russia
- South Africa
- Sweden
- Switzerland
- Taiwan
- Thailand
- Turkey
- Ukraine
- Venezuela
Are US investors allowed on Aofex?
No, as far as I saw, US investors are indeed permitted to use the Aofex exchange. A big part of the crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). Aofex is one of those exchanges that are not available in the US.
Does Aofex have Fiat Deposit?
Yes, Aofex does support fiat deposits.
What is an AQ token?
AQ is a token Aofex first established for options trading rewards a couple of years ago. Today, AQ is a native token of the platform that you can buy on the exchange with your credit card.
Is Aofex legit and safe?
Aofex pays a lot of attention to the security and safety of its users. To be precise, every user needs to go through the KYC (Know Your Customer) verification process Furthermore, before withdrawing you will have to set up two-factor authorization or white whitelisted addresses.
All of these steps increase safety and security and reduce the chance for a scammer on the exchange. Therefore, I can conclude Aofex is a legit and safe platform.
Conclusion
Aofex has its positive and negative sides. A variety of features and services is definitely a number one thing that separates Aofex from other exchanges. Features include mining, staking, different types of trading, etc. The security and safety of the platform seem pretty high as well.
On the other hand, no withdrawal fee is always a red flag for me. Why would exchange hide the information like this? You won’t like what you see is the only logical answer.
Keep in mind that these are only my opinions based on my thorough investigation of the exchange. Please do your own research before deciding whether you want to use the Aofex exchange or not.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
If you are not fond of the Aofex exchange, make sure to check out our guides on other cryptocurrency exchanges:
- HotBit Exchange Review
- WhiteBIT Review
- Azbit Review
- Crypto.com Review
- Hotcoin Global Review
- LBank Review
- FTX.US Review
- Phemex review
- MXC Exchange Review
- Paybis Review
- Bitget Review
- Is BitForex Legit & Safe To Use?
- Is STEX Exchange Legit & Safe To Use?
- ACDX Review
- Is ZGB Legit & Safe To Use?
- PrimeXBT Review
- YoBit Review
- Uphold Review
FAQs
What devices can I use Aofex on?
Aofex is available on desktop, iOS and, Android versions.
Can I trade with leverage on Aofex?
Yes, Aofex odes support leverage trading. Have a look at our analysis of their “Margin” section.
Does Aofex have a wallet?
Yes, Aofex does have a native wallet. You can check your balance, transaction history, deposit, or withdrawal.
Does Aofex report to IRS?
I was not able to find 100% correct info when it comes to Aofex and IRS, but my assumption is that the answer is no here. If Aofex is not available in the US, then they do not have to report to the IRS.
The post Aofex Review – Fees, Supported Countries & Coins, Deposits & Withdrawals appeared first on CaptainAltcoin.
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