Exchange Review: ANXPRO

ANXPRO
  • Editor Rating
  • Rated 2.1 stars
  • 42%

  • ANXPRO
  • Reviewed by:
  • Published on:
  • Last modified: July 8, 2017
  • Trading
    Editor: 44%
  • Funding
    Editor: 84%
  • Platform
    Editor: 68%
  • Help & Support
    Editor: 50%
  • Legitimacy
    Editor: 13%

Hong Kong based exchange ANXPRO originated from the ANXBTC platform and was launched in June 2013 under its former name.

Trading

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.

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.

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.

ANXPRO Trading Summary



Funding

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.

ANXPRO Funding Summary



Platform

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.

ANXPRO

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.

Legitimacy

The company’s legitimacy has been evaluated with the help of a Fraud Risk Assessment. A summary is provided below, and the full assessment can be found by following this link.



A weighting factor of 40% is applied to legitimacy in calculating the final rating. A weighting factor of 25% is applied to both trading and funding, while a weighting factor of only 15% is applied to both platform and support. If the legitimacy score is 0% then the total rating is automatically set to the lowest possible result.

Pros

• Supports all major global currencies
• Adaptive user interface

Cons

• No margin trading/short selling
• Relatively high trade fees
• Illiquid order books and wide bid-ask spreads

  • I’m so disappointed with this product and service. I have two ANXBTC cards. The first I ordered two years ago and it’s been great! No problems, but it’s about to expire. I ordered another card last month and the experience has been horrible and, frankly, terrifying. We bitcoin enthusiasts prefer cryptocurrency for two reasons; privacy and security. ANXBTC has destroyed both with their new system.

    Before my card even arrived by mail, ANXBTC took the liberty to register my card with Transforex using a phony email address that resembles mine but is one from their own server. They used my card number, my full name, the expiration date, and the CV to register the card with a third party without my permission. By doing so, the card is bound to their account and email and no one, including me, can register the card. That means they can track every transaction. It also means I can not. I can not follow the transaction history, query my balance, or check to ensure my card is secure. Only ANX can do that.

    ANX provided me with a link (https://anx.cards/login) to view the last ten transactions (never more and with no history), but it has not worked in two weeks. That means, with large fees, I have no idea what my balance is at any time. I have no access to any information regarding the use of my card.

    The worst part is that the link https://anx.cards/login requires the user to enter every secure piece of info on the card during login. There is virtually no other piece of information missing that would prevent anyone from hacking the login page and retrieving a user’s full credit card number, the expiration date, and the CV. Seriously, you need every piece of secure information to login to a site that doesn’t work. It get’s worse. The login page remembers every piece of data except for the CV. I clear cookies each time and the site remembers my data.

    Transforex has recommended I cancel the card and get a new one. From where? If I get it from ANX, I’ll have to pay another $75 for shipping and they’re just going to register my card while it’s in transit. I’ll have the same problem because THAT’S THEIR NEW POLICY.

    You need to rethink this ANX. Registering a user’s card with a third party without one’s permission or knowledge is a horrible practice. Preventing a user from being able to access personal information regarding their own spending and balances is negligent. Creating a workaround that exposes every piece of necessary data to steal the card and its information to hackers is criminal. Giving me the runaround for two weeks without providing a solution proves a once great product is a colossal waste of money, time and energy.

    • Mike Gold

      customer service is not their concern

  • Mike Gold

    I would avoid ANXpro, have found their staff to be unhelpful and very slow (probably Mainland workers) . Also they charge a fee for taking BTC out; while the exchanges in Hong Kong don’t.

    • Kim

      Where other exchanges would not charge in withdrawal?