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ACX Review - is it scam or safe?

ACX Review - is acx.io scam or good cryptocurrency exchange?

RATING: 3 / 2 REVIEWS ACX

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 Buy 0%, Sell 0%

 

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.

 

>> See our list of regulated bitcoin forex brokers <<

 

- 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.

 

>> See crypto exchanges accepting cards <<

 

- 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.

 

 

Conclusion

 

Apparently ACX has started pretty well and has managed to become one of the leading Australian cryptocurrency exchanges. It boasts a global network of order books that provides deep liquidity and to be the largest Australian cryptocurrency exchange by volume.

 

Like we already noted, it is not regulated, but this is not entirely a problem for cryptocurrency exchanges in general, as most countries still do not have specific legal framework on the matter. On the other hand, we notice that ACX has strict KYC rules and requirements and have not come across client complaints for being ripped off, so the exchange has good reputation.

 

An advantage of ACX are the relatively attractive trading conditions with the 0 trading commission and the fixed 1% fee for withdrawal of fiat currency to a bank account.

 

What we do not like about ACX is that it only works with Australian bank accounts and does not provide other deposit and withdrawal options for fiat currencies. This is a major inconvenience and practically makes it next to impossible for people residing outside of Australia to use ACX’s services.

 

Another disadvantage of ACX is the relatively small selection of cryptocurrencies, compared to some of its Australian peers.

 

 

 

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Traders` reviews for ACX

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Garbage Exchange

Poor exchange cant even fill a $1500 order for BTC Stay away! buying at a loss.
Its supposed to have the highest liquidity volume in Australia.
Far better exchanges out there.

Ian body 07/23/2018

ACX discriminating against Zimbabwea born users because Zimbabwe is on Sanction List

Please understand the contents below:


Dear user,

Your account verification is unsuccessful.

It is not successful because of reasons below:

*Australian sanction laws implement United Nations Security Council (UNSC) sanctions regimes and Australian autonomous sanctions regimes. Therefore, ACX cannot make services available in all markets and jurisdictions. As a result, you do not meet the eligibility requirements.(Republic of Zimbabwe is in the Sanctions List)

You can always submit your request with updated information or documents
Please submit a ticket should you have any questions.

Kind Regards,
The ACX Team

Have a question?

Bernard Sibanda 01/05/2018
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