AAX Futures Exchange Adds Fiat Onramp for 11 Currencies
The newly enhanced multi-account wallet AAX has provided its users supports all of the newly added fiat currencies as well as the USDT stablecoin.
By Julia SakovichUpdated
3 mins readPhoto: AAX Exchange / Instagram
AAX, the rising crypto futures exchange, has announced support for 11 fiat currencies as it looks to stake its claim as a top-tier platform. The addition of a fiat on- and off-ramp for citizens of 11 new countries will be welcomed by the exchange’s 500,000 users. Popular across the CIS states, Europe, and Singapore, AAX has been on a tear lately, recording record volume as interest in cryptocurrency has increased and BTC has tested new highs.
Following the rollout of AAX’s new fiat pipeline, users will be able to deposit and withdraw funds directly into their bank account. The newly supported currencies are the Australian Dollar (AUD), Canadian Dollar (CAD), Chinese Yuan (CNH), Swiss Franc (CHF), Euro (EUR), British Pounds (GBP), Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Singapore Dollar (SGD), and US Dollar (USD).
Stable Currency Meets Stablecoin
The newly enhanced multi-account wallet AAX has provided its users supports all of the newly added fiat currencies as well as the USDT stablecoin. Traders can swap between fiat currencies and USD, before swapping into the national currency of their choice if desired. As a result, AAX can be used for currency exchange as well as for swapping crypto assets. Its instant swaps service supports BTC, ETH, EOS, NEO, and USDT, all of which can be swapped for a range of fiat currencies. This enables users to save on exchange fees by taking a direct route to exiting the cryptoconomy.
AAX cryptocurrency exchange, which saw over $2.4 billion trades on its busiest day last month, has set its withdrawal fees for bank transfers at just 0.3%, but with a minimum fee of $10. Deposits of over $1,000 USD, or its foreign currency equivalent, are free, while those under $1,000 are subject to a $25 fee. ETH is the most popular spot market on AAX, followed by BTC and then its native AAX token.
Futures Demand Climbs
Much of AAX’s business has been built off the back of its futures market, where both BTC and USDT settled contracts are available. The exchange offers up to 100x leverage, placing it in the same bracket as derivatives platforms like BitMEX, Binance, and Bybit. Demand for bitcoin futures has been rising across the board, as the mood of the market turns increasingly bullish. The barriers to trading futures contracts have also been lowered, thanks to exchanges such as AAX that have focused on perfecting the user experience and making it easier for retail users to have skin in the game and leverage on the line.
In November, crypto futures volume reached a record high of $871 billion. On CME’s institutional exchange, new highs were also hit in November, with close to $20 billion of bitcoin futures recorded. While the past month has been kind to bitcoin bulls, there has been the odd day when the market has turned against them. On November 25, a record $1 billion of BTC longs were liquidated across the crypto market.
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