ACX cryptocurrency exchange review
Buy and sell bitcoin and several other popular cryptocurrencies with a 0.2% trading fee.
Warning - 23/1/2019
ACX users are reporting a range of issues, including withdrawal issues. Some people are saying the ACX office locations are empty, and that they cannot get in touch with the ACX team.
If you're looking for a cryptocurrency exchange, you may want to look at alternatives to ACX.
|Product Name||ACX Cryptocurrency Exchange|
|Cryptocurrencies||BTC, BCH, ETH, HSR, DASH, FUEL, UBTC, USDT, ETC|
|Trading Fee||0.2% (0.1% for Super-trader)|
Cryptocurrency: Miner fee varies
What is ACX?
ACX is a cryptocurrency exchange that allows traders to buy and sell bitcoin and several other cryptocurrencies. Customers can deposit and withdraw funds using either fiat or cryptocurrencies, and ACX claims to offer the most liquidity and the deepest order book among Australian crypto exchanges.
Headquartered in Hong Kong and with a regional office in Melbourne, ACX is structured as a joint initiative among four companies:
- Peak HK Limited, which houses traders’ interests, the exchange platform itself, the platform’s customers and the customers’ activities
- ACX Tech Pty Ltd, which is ACX’s R&D and development arm
- Digital Custodians Limited, which provides custodian and escrow services in partnership with Perpetual
- Blockchain Global Corporate Accelerator (Bitfund Pty Ltd), ACX’s cornerstone investor
ACX only accepts fiat deposits from Australian bank accounts.
However, international citizens can create an account with ACX, so contact the provider directly for a full list of supported countries.
Which payment methods are accepted?
You can deposit funds into your ACX account using the following methods:
- Bank transfer
- Cryptocurrency deposit
ACX fees and charges
The table below outlines the fees and charges you’ll need to be aware of when trading cryptocurrency with ACX:
|Trading fee||Bid fee: 0.2%|
Ask fee 0.2%(This fee is charged when the trade is made. There is no fee for placing an order.)
|Fiat currency deposits||$0|
|Fiat currency withdrawals||$20 to Australian bank accounts|
|Cryptocurrency withdrawals||Mining fee (These fees are subject to change without notice due to network volatility.)|
How fast will my funds be available?
The time it will take for the funds you deposit to become available for trading depends on the type of currency you deposit:
- Cryptocurrency deposits are automatically added to your account balance once they have enough confirmations on the blockchain network. Bitcoin deposits require 3 confirmations, while all other cryptocurrencies require 10 confirmations. Confirmation time may be delayed if there is network congestion.
- Fiat currency deposits can take up to 3 business days, with processing times varying depending on your bank.
Are there any limits?
There are no limits on how much you can deposit into your ACX account. If you wish to make a withdrawal, the following limits apply:
- Individual account. AUD$25,000 daily and BTC 100 daily.
- Corporate account. AUD$100,000 daily and BTC 200 daily.
Is it safe to use ACX?
When you sign up for an account with ACX, in order to satisfy Know Your Customer (KYC) requirements, you will need to provide proof of ID, such as a passport or driver’s licence that is valid for at least six months. You can also provide proof-of-address documents that are less than three months old. ACX also allows you to set up two-factor authentication when logging into your account for increased security.
ACX stores more than 95% of its digital assets offline in its proprietary Cold Storage system, which involves two-factor authentication. The company also says that its security system undergoes continuous improvement and regular IT security and financial audits to maintain the security of client funds.
If you ever have a question about your account or need help with a transaction, ACX offers an online help centre with answers to a wide range of frequently asked questions. Email customer support is also available.
Pros and cons
- Easy to understand trading interface
- Access to a large liquidity pool
- Australia’s largest bitcoin order book
- Allows deposits and withdrawals of both fiat and cryptocurrencies
- Application programming interface (API) allows you to create charts and track your orders and trading history
- Only allows you to access a limited range of cryptocurrencies
- Doesn’t offer some advanced features that experienced traders might need
- $20 fee for withdrawing AUD to an Australian bank account
- No online chat customer support
If you’ve compared your options and you’d like to sign up for an account with ACX, it’s quick and easy to do so online. You can register by providing your email address and creating a strong password, but in order to start trading you’ll need to verify your email address, set up two-factor authentication and then provide a valid form of ID.