AMA Recap - AAX x Game of Bitcoins

By Game of Bitcoins | crypto_amas | 18 Aug 2020



Thanks a lot for actively participating in the AAX AMA held on 18th August 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with AAX

We have with us

Thor Chan (CEO)

I'm Thor Chan, and I'm the CEO at AAX

I have quite a varied background in finance and trade, but also software companies

I got involved with AAX early on, when it was founded

And we really wanted to create something special that would be mature, professional, and be of high enough quality to serve both retail and institutional traders

So we set out to really think about what the best way would be to achieve that

On the one hand, we use technology from established financial institutions

For performance and security

But we also really build stuff especially tailored to the crypto space

About AAX:

AAX uses technology from London Stock Exchange, and runs security protocols designed together with real veterans in the space - we've tried to build and exchange that can keep up to speed with regulation and serve a growing community of traders.

But in terms of our focus, we're very keen on being a hub for investors in crypto, where people can explore new ways of earning, investing, trading and managing wealth

Here we believe new generations play a key role - and so while our tech stack is very solid, in our strategy we're much more focused on delivering an experience beyond trading alone; so people also feel they belong to a community, that they can learn, and that they're enjoying the crypto space

for the Audience: AAX is currently running a campaign which you guys might want to check out

You can visit this site for more details:

Q1. Why AAX decide to open the Summer Flash Sale ? What is the price of $AAB in this Summer Flash Sale? Do I need to KYC to Join the Flash Sale?  Is there any lock up period after I buy $AAB? Can you give me the points that convince me to buy $AAB?

AAB has been a real success for us. It's not just that we had an excellent sale, right after the market crash in March, but it also did a lot of good things for the exchange and the community. Now, we have been growing so fast, and to give it an extra boost, we're organising this flash sale

It's important for AAB to really spread around; this also spreads around influence, and as we expand on the utility of AAB, it will be good if a lot of different users have some of it.

The price is based on the average price over the last 24 hours preceding the sale

You will need to KYC - and you should. It's good to take all the steps to onboard; and in our new Reward Hub, you can get some extra AAB for that as well

The main point about AAB is this

It benefits from coinburns, that are funded by 100% of all revenue earned by us on our futures markets

As we grow, we burn more and more, and so scarcity is quite easy to achieve with AAB

Then we also have some plans in place for some very unique utility

And so, right now, the upside that's there is promising - especially compared to well-established exchange tokens.

Q2. DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi ? And is there a chance #AAB will adopt DeFi

DeFi is important and a great way that blockchain is delivering on its promise to facilitate decentralization in society. It's also an important space to watch, especially as the economy around us continues to shake in its core. It's good that communities are create about how they can create and share value.

It's also good to know that DeFi is not yet fully developed, like everything else in the space, and so there is still a lot of growing to do

With AAX we therefore offer a lot of opportunities to invest in DeFi tokens

And we're also launching contracts for key Defi tokens, in case users want to #shortdefi

And then we have some plans in place for savings products and other interest generating product that could be considered similar to DeFi (although it's more about collective revenue sharing)

It's also important to realise that centralised exchanges play an important role

to enable institutional investors and HODLers that don't look to really go into these Defi-apps to invest

Keep an eye on our spot markets and futures products if you're interested to trade DeFi tokens — price movements are quite extreme indeed

Q3. How can we benefit from AAX? 

I like this question the most because it really hits a very important point that we have in mind with AAX

You see, the business of an exchange lies in trade and transactions - that's it

But for users, for investors and traders, their main motive is to get as much as their assets as possible

The beauty of crypto and this industry is that such benefits can be stretched to the extreme

So we want people to feel that indeed they get benefit from AAX

First of all, once you are onboarded, and you have your trading credit, you can trade with free capital and keep the profit

This helps you to practice

We also reward you in our reward Hub so basically trading is free the first few weeks

Then as you invite your friends, with AAX tribe, you begin to see that you're earning money as they trade

With campaigns and other small promotions, you often have a good chance to win something or increase interest for a limited time

Instead of Hodling, we offer savings products, so you can accumulate rewards

My point is -> there is a lot of benefit to trading with AAX

And I believe once people notice that, it will become very busy at the exchange

That's why we're very supportive of our earliest community members

Q4. Currently what are my options to add USDT to my AAX account?

You can purchase USDT with Fast Buy (we support 20+ fiat currencies) or OTC (peer to peer), or you sell crypto assets for USDT, or you deposit into the exchange :)

Q5. Can you tell us the motivation and benefits for investors to hold $AAB token in a long term investment and What plans do you have to help drive demand and scarcity for the token?

AAB will be precious. I have no doubt. The exchange is growing very fast, and we literally destroyed 600,000 AAB the other day. Mind you, we only have 50 million AAB in existence. I think investors will realize how the growth of our exchange almost directly impacts the performance of AAB; the interesting thing here is that AAB holders can increase the value of their coin by growing their Tribe

Q6. Is AAX platform for professional traders? What is the effect that ordinary investors who are not trading experts can feel from using the AAX platform?

For non-professional traders, beginners may feel a bit overwhelmed. They can start with simple spot trades, for example, buy some AAB; and perhaps trade a few contracts with leverage to see how that works.

But it's also important to learn - that's why we have, where users can learn about the industry, learn how to trade with AAX and also how to do technical analysis

Q7. Explain more about your referral program, how do I benefit from it. Do you have ambassador program for me to spread word about AAX in my country

The AAX Tribe referral program is really something you need to get with early on! The earlier the better. If you do this well, you can basically secure a pretty decent passive income in BTC.

Q8. As we Know Due to Covid, Every Project has been affected, Is there any Delay with AAX's development?

Luckily, covid has not been bad to the crypto industry - it has impacted conferences, but on the whole this is an online industry

Also, with so much uncertainty around the economy, we've seen a lot of demand for crypto.

Yes, we are planning to also offer lending and borrowing functions; and for staking we are currently considering cutting-edge models - we can share more on this later

Q9. Binance has functions such as lending, staking, etc. that interest many investors. So is AAX Exchange planning to launch these functions in the future?

Yes, we are planning to also offer lending and borrowing functions; and for staking we are currently considering cutting-edge models - we can share more on this later

Q10. Currently on the market there are many exchanges have futures function. So in your opinion, why should traders choose AAX Futures as their best option? What are the advantages of AAX Futures?

1. Lowest fees globally. So basically if you trade elsewhere, it will be more expensive

2. Integrated wallet structure making it uniquely easy to trade across spot, futures and otc

3. A fast matching engine, which doesn't break down amidst high volume

Q11. AAX is an excellent exchange by seeing your UI and features like Spot, OTC, Futures at one platform my question Do you plans to add more token in spot so it will be better for traders to move on AAX?

We are adding new tokens every two weeks - just now we listed Compound, Bancor and Lend - we also list new futures contracts every few weeks

Q12. In which regions of the world is AAX primarily focused?

We focus Asia Pacific, but also Europe, Russia, Nigeria - basically global

Q13. When I registered and did KYC I realized many countries are not accepted yet. Why is it? Which ones are you working on to add soon?

Which countries we can accept or not is up to regulators and not really something we can control unfortunately

Q14. The most REVOLUTIONARY feature in exchange nowadays is COPY TRADING, does AAX have copy trading implemented

We recognized the popularity of copy trading indeed - we are thinking about this and want to develop something that's uniquely different from what we see in the space today - stay tuned

Q15. What relationship does AAX have with AAVE, are you guys PARTNERS?

We recently listed LEND, Aave's token - and it's because we see it is a high quality project. And so we want to enable our users to gain exposure to the asset

There is no partnership as such

Q16. As I know, LSEG technology existed in traditional financial market for a long time but it is not proved yet in crypto market, why do you decide to choose this tech to apply for your exchange?

It's pretty special to think that in making the LSEG engine work for crypto, LSEG has actually made changes to the base code. The engine NOW operated by the London Stock Exchange is basically capable of running 24/7 and process digital assets

This is actually unique

We chose that for the significance — as you know, Binance has a pretty interesting matching engine — and for us, we simply wanted to use something proven in financial markets and capable of dealing with billions upon billions of dollars without falling apart

Q17. Does AAX trading Platform support only Crypto Futures assets, or does it plan to support other assets too, like Gold, Silver, etc.?

We do intend to explore commodity tokens - for now it will be digital assets only, although they could be tied to commodities like gold, salmon or even cannabis

But we will not list any securities

Until regulation permits

Q18. The biggest barrier for newcomers in the crypto space today is buying is buying and withdraw with FIAT, how secure and robust is your FIAT GATEWAY and what currencies are currently available for me locally

AAX Fast Buy is pretty good for purchasing crypto with fiat. There is support for 20+ currencies and a wide range of payment methods

Q19. In case of hacking or malicious attack, do you have a reserve fund to help investors and traders? There is a cancer in cryptocurrencies today which is WASH TRADING, would AAXExchange support it? Do you have market markers in place to ensure liquidity?

Thank you - we operate market surveillance technology and do indeed monitor our markets for wash trading. Of course, it's not just technology, this is also about a culture in crypto that we need to develop and grow

Everyone will benefit when crypto markets become more fair and transparent

I would very much like to stress that we have an AAB Flash Sale Tomorrow

And basically if you make sure you're registered and at least in process of doing KYC

You can get 1000 AAB for free

First come first serve :)


Q20. With me Trading Fee and Withdraw Fee is the key that I decide to choose which exchange for using . So what are AAX Marker , Tanker and withdraw fee ?

For fees, please have a look on the AAX website, but you should know that the fees are 20% with AAB, and also in the reward hub you can earn about 200 AAB which you can use for trading :)


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