- Editor Rating
- Rated 2.5 stars
- Reviewed by:
- Published on:
- Last modified:
- TradesEditor: 44%
- FundingEditor: 60%
- ComplianceEditor: 45%
- PlatformEditor: 70%
- Help & SupportEditor: 50%
Hong Kong based exchange ANX was launched in June 2013 under its former name Asia Nexgen. The exchange offers two trading platforms, ANXBTC and ANXPRO. ANXBTC represents ANX’ core activity, since inception, while ANXPRO was later added to accommodate more sophisticated trading. Since the two are largely integrated this review will cover both unless explicitly mentioned otherwise.
ANXPRO supports trading for several cryptocurrencies and a rare high number of fiat currencies including all of the world’s major currencies, but also charges a high trading fee of 60 basis points (taker fee) which may be the cause of the order books for most currency pairs looking thin.
|Fiat||USD, EUR, GBP, CNY, HKD, CAD, AUD, SGD, JPY, NZD|
|Crypto||BTC, LTC, DOGE, XRP, ATHENC, EGD, START, STR|
The lack of liquidity subsequently translates to relatively wide bid-ask spreads. The lowest best-bid ask spread was found on the BTC/USD currency pair and averaged on 66 basis points. Adjusted for impact on an order worth $1,000 additional slippage could amount to 78 basis points. Trades in other currency pairs are facing significantly worse bid-ask spreads. Even for BTC/HKD the spread was found to be wider than two percent, despite ANX being a Hong Kong based exchange.
Surprisingly, using ANXPRO can be cheaper for BTC/USD trades than using ANXBTC which charges no trading fees. For a small order of 1 BTC ANXBTC quoted a price of $218.62, while at the same time 1 BTC would have cost $216.34 on ANXPRO including trading fees and slippage costs. The difference is bigger than one percentage point. ANXPRO remained cheaper even at a bigger order of 10 BTC, where ANXBTC quoted $2,185.74 while the same order would have cost $2,184.84 on ANXPRO. The difference may be minimal at just 4 basis points, but it reduces the added value of ANXBTC in general. The situation for ANXBTC could be worse depending on how the fee schedule on ANXPRO develops, given that a constant trade fee of 60 basis points was used to reach the previous conclusion. The fee can drop to 5 basis points depending on volume, but a fee schedule could not be found.
ANXPRO furthermore lacks several features that may be expected from a platform aimed at more professional traders. There is no support for short selling/margin trading, and also advanced order types such as stop orders are missing. On the upside the platform did enable hotkeys that allow the available options to be set swiftly.
ANX supports all major global currencies, and therefore also has to offer a wide range of funding options. The platform supports local transfers for AUD and HKD, while EU may benefit from the ability to deposit funds via a SEPA transfer. The latter one may be the best one, because SEPA transfer costs are (near-)zero and ANX does not charge additional fees on deposits. By comparison, local transfers in Hong Kong may still cost a few dollars to be processed. In the case of SEPA transfers transactions may be processed on the same day, although instant deposits are only available for customers using EgoPay.
EgoPay is also the only funding option for US customers besides wire transfers. Both are expensive to use due to additional bank charges (outgoing wire transfer may easily cost $45 or more) for either sending money directly to ANX or funding EgoPay. EgoPay does support faster funding options, but these will be even more expensive to use. Wire transfer are the slowest options with transactions requiring 3-5 business days to be processed.
ANX’ holding company MEGA IDEA HOLDINGS LIMITED is a licensed Money Services Operator (MSO) in Hong Kong (license no. 13-09-01268). Even though this registration is a positive thing, being based in Hong Kong means that ANX operates within an uncertain regulatory environment, in a country that has already taken measures against Bitcoin several times.
The exchange tries to establish itself as a safe and secure platform with claims that “100 percent of funds held in cold storage”, but it also states that “BTC withdrawals are generally processed automatically without delay”. Initially these two seem conflicting because it is not possible to immediately process BTC transactions without a hot wallet. A cold wallet requires several manual steps in order to access it. A reserve greater than 100 percent would thus be required to accommodate immediate transfers, but this is much harder to maintain due to the fluctuating level of deposits. This is why most exchanges typically keep around 3 percent of funds in a hot wallet.
ANX does not clarify how it manages to keep 100 percent of funds in cold storage. The documentation does include a statement that seems to confirm that 100 percent may be at least be exaggerated: “The vast majority of crypto-coins are held in cold storage. ANX maintains an online wallet of which is loaded with only a very small amount of coins required for operational purposes”. Exaggeration, however, will not win ANX the title of most reliable exchange. The exchange did not participate in a public Proof of Reserves audit either, leaving much to be desired in terms of transparency and auditability.
The biggest benefit of offering an integrated platform is that users can easily switch between the extremely simplistic ANXBTC platform, and the more advanced ANXPRO platform depending on their needs.
The added hotkeys on ANXPRO also help in getting orders through quickly. The design is also responsive, making it more mobile-friendly. Only the performance could use an upgrade, as speed test results are not very positive. There is little value in being able to swiftly set up a trade when the page is taking a long time to be reached.
Help & Support
Besides email support, there are not of alternatives to contact ANX. There is no live support in the form of a chat or telephone number. The available guides only partially compensate for this. The documentation addresses how to get started, covers basic trading terms and provides references on Bitcoin. Sadly, it only points out the advantages of Bitcoin without any risk disclosures, and may contain incomplete or inaccurate information as argued with regard to compliance. Lastly, the fee schedule for ANXPRO is missing as mentioned with regard to trading on the platform.
• Supports all major global currencies
• Adaptive user interface
• No margin trading/short selling
• Relatively high trade fees
• Illiquid order books and wide bid-ask spreads