The first thing our review considers is the number of different cryptocurrencies supported by the platform. ACX claims the largest Bitcoin order book in Australia and the platform feels geared more towards BTC at first glance. However, it also supports transactions in several of the most popular coins: Ethereum, Bitcoin Cash, Litecoin, Etherparty, United Bitcoin, Hshare, Tether and Ripple. Whilst this offering is less than some competitors, ACX also offers CFD trading – which allows trading on numerous additional coins paired against Bitcoin, Tether or Australian dollars.
The limited offering of supported cryptos might be seen as a slightly negative aspect of the platform, but it is perhaps tempered by the fact that the platform occupies the middle ground between a good entry-level exchange and one suitable for the more serious trader. A smaller number of cryptos makes it easier for the beginner to navigate the more complex metrics and pairing options. It is also important to note that several coins have been added to the platform in recent months and it is likely that ACX will review its offering on a regular basis.
Naturally, a key factor in appraising any trading platform is the fee structure for making trades as well as depositing and withdrawing funds. ACX puts in a fairly good showing in this respect – with fees being slightly below the market average. The fee for both makers and takers is 0.20%, compared to the industry-standard 0.25%. This is charged when the trade is made. There is no extra cost for placing an order.
ACX charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. Once again, our ACX exchange review deemed this to be below the industry average, which stands at around 0.000812 BTC per BTC-withdrawals – ACX’s fee equates to just 12% of this figure.
Another plus point was the absence of any ACX withdrawal fees for the fiat currency AUD. This certainly isn’t the norm for the industry so it gives ACX a distinct advantage over its competitors for Australian users.
ACX is undoubtedly geared towards the Australian market and anyone visiting the website could be forgiven for thinking it only operates in this jurisdiction, however, upon further investigation, we found that the platform is actually open to investors from around the world. The platform does not provide an exhaustive list of accepted countries but simply states that international citizens can create an account. However, it should be noted that only Australian bank accounts can be used in fiat transactions, so traders from other countries will likely be limited to cryptocurrencies. The only country explicitly stated as unsupported is the US, due to American trading regulations.
Our ACX review found that whilst the platform is available globally, it is very much geared towards Australian customers and there are perhaps more suitable exchanges for international traders.
The website is available in English and Chinese.
So far our ACX exchange review has focused on what the platform has to offer. Now we will look at how trading is actually done.
The first thing to do is to register an account. This can be easily done by clicking on the “Sign Up” tab which appears in the top right corner of the homepage. Initially, users just have to enter their email and select a password, as well as the ACX referral code if they have one. After this initial step begins a more in-depth verification process, to comply with Australian trading regulations and AML rules. Our ACX exchange review found that this involves little more than the usual couple of selfies next to a valid ID document and a few additional details – but it can take 2 business days for ACX to complete their validation of the documents.
As soon as the account is verified, the first ACX deposit needs to be made. This can easily be done by clicking the “Funds” tab and selecting the deposit option. ACX has a minimum deposit of 100 AUD – however, there is no indication of the ACX minimum deposit for cryptocurrencies. Bank transfers can only be made from Australian bank accounts and take up to three days to show in your wallet. Crypto deposits will clear as soon as they are confirmed by the network.
Once the deposit has cleared, then you can start making trades. Our ACX exchange review found the ACX market tools fairly straightforward. The “Order Book” will display a list of buy/sell options. All you need do is select the pair you want and click on the relevant order under the “Trade Now” tab. This will then populate an order form, which lets you choose amounts before confirming the transaction. The AFX price chart then displays the current value of whichever coin you select from the drop-down menu in the top left side of the window. It should be noted that the platform does not offer leveraged trading in cryptocurrencies, which puts it at odds with many of its competitors.
Withdrawals are also easy. Under the “Funds” tab you can select the currency you wish to withdraw and confirm. You enter your wallet address as normal for crypto, or bank details if you wish to withdraw fiat currency to an Australian bank account. Our ACX review did find that the platform can send an additional confirmation email, which must be responded to within 30 minutes of receipt to continue processing the withdrawal.