Time: Feb 21, Friday, 11am HKT
Speaker: Michael Wong
AAX is passionate about connecting with communities to increase brand awareness among traders globally. This week, our very own Chief Operating Officer, Michael Wong hosted an ‘ask me anything’ on Telegram, here’s what happened…
I’m the COO for AAX — previously I worked extensively with stock exchange and financial markets trading technology, with clients including the LSE and other venues in the US, Europe and Africa. Before coming to AAX, I was leading IBM’s Blockchain Business Development here in Hong Kong.
AAX is the world’s first cryptocurrency exchange built with LSEG Technology — we’ve built the exchange as a platform that will bring institutional-grade technology to everyone — both retail and institutional investors across crypto and new digital asset markets
Questions posed by community members
What are the advantages of LSEG Technology?
To answer your question about the advantages of LSEG Technology; we are using the Millennium Exchange’s low latency, resilient, and scalable matching engine which provides AAX with market-leading performance and reliability. This is the same code base which runs the London Stock Exchange markets as well as other major exchanges, including Borsa Italiana and Oslo Stock Exchange.
We believe there are four main benefits to our users:
1. Deployed in trusted markets — transparent, proven, reliable, scalable. Because the same matching engine at AAX is used in regulated markets where fairness and transparency is required, our users can trade at AAX with confidence and reassurance knowing they’ll be treated fairly
2. High performance and high capacity — we look forward to the growth of crypto markets. The LSEG Technology matching engine gives us the capacity to grow and scale to 10s or 100s the capacity needed for the future of crypto markets
3. Familiar to institutional users — we see the growth future of crypto markets as more retail and institutions come online to trade. Our matching engine features FIX and Native Gateway connections, which allow us to provide users with trading speeds up to 10x faster when compared with other exchanges
4. AAX can rapidly deploy new products — in the future we plan more futures contracts and new product classes e.g. options, commodities (gold/agricultural/energy products); our matching engine and platform allows us to roll out new crypto products, derivatives and other digital assets quickly
Do I need to complete KYC Verification to use the exchange?
Yes — KYC / AML checks are standard but you’ll be able to start trading immediately while you submit and verify documents which will give you greater trading and withdrawal limits.
What can AAX Exchange provide to instill trust, especially when it comes to the liquidity and price difference when trading?
1. AAX offers an OTC onramp service, which will allow users to buy their first crypto from other users. We currently support CNY, HKD, and USD. This works as an escrow service, first the seller of crypto will deposit their tokens at AAX. Second the buyer transfers their fiat directly to the sellers’ fiat bank account and finally when the seller confirms the arrival of the fiat deposit, AAX will release the crypto the buyer. We also offer customer service and dispute resolution to ensure this process is smooth for both parties. If you’re a OTC Merchant and would like to explore joining the platform, please do get in touch; we’d love to hear from you.
2. On the exchange side, AAX is currently a crypto-to-crypto exchange with fiat services for other listings planned. When you trade on AAX, you can trust the liquidity and prices of our crypto pairs because we use the trusted matching engine from LSEG Technology which is live in the London Stock Exchange and other regulated markets like the Borsa Italiana and Oslo Stock Exchange in which regulators require transparency and fairness of pricing
3. We also run coin checks and screening, so we can offer you confidence that the coins you’re buying are clean and aren’t involved in illicit, dark market transactions
4. For any of our new products and projects, we spend a lot of time and resources to understand the team and the listings before they go live on AAX — we want to ensure our users get access to quality listings
Integrity is one of our core values at AAX and we’re constantly working to ensure that our users will be treated fairly and that the products and crypto we’re handling have been checked and screened to help ensure they are clean
Security plays a major role when dealing with crypto exchanges. What is my data secured by?
We fully encrypt all our users’ data and their positions using the latest available technology on the Cloud and we work with experts to review and ensure we are using the latest in best practices.
We deploy monitoring on all our environments using state of the art automated technology in use by tier 1 finance and government organizations backed up by elite security analyst teams — this means we’re constantly watching our systems and platforms to proactively spot and catch any system attacks.
We also use the Cryptocurrency Security Standard (CCSS) — which is an open-source standard to ensure that our operations, processes and wallet management are secured to the highest levels. This covers our hot / cold wallets, multi-sig solutions, and crypto asset management processes.
Cryptocompare recently featured AAX as one of the top 20 exchanges in the world in their benchmark report; we’re really excited about this as we only launched at the end of last year — and it recognizes AAX strengths in security, data provision and legal
Is the API trading feature available on AAX Exchange? Can you trade cryptocurrencies through an API of AAX exchange?
Yes, we currently offer a REST API for developers; details are available on our website. Coming soon will be a FIX and possibly a binary interface for those who prefer faster, institutional style interfaces
What does the vision of AAX look like? Which markets are you focusing on?
Our vision at AAX is for a future of crypto and digital assets that blends both the new crypto world and traditional assets. We want to build a platform that allows users to trade classic crypto such as bitcoin and ethereum and new emerging digital assets; such as futures contracts and traditional assets e.g. gold and other commodities.
We are a global platform and except for the US we want to promote our platform across the world and especially growing markets in South East Asia!
Currently, in the crypto market there are lots of exchanges providing many features and products ! So, what’s special about AAX exchange? Which unique features do you offer?
We believe our technology core (matching engine) sets a new level of performance and fairness in the market — which will be the foundation for many new products in the future. Today we list many popular crypto pairs in spot and futures markets, and we also uniquely have a single integrated wallet between the spot and futures market. Soon we are looking to list new futures pairs for popular cryptocurrencies and also have some exciting new projects lined up in commodities!
When you look back at your first day of AAX exchange, are you pleased, proud, and satisfied with its progress?
We’re so excited about AAX exchange; when we founded the company nearly 20 months ago, the idea of an exchange with integrity, performance and security and the core was pioneering for the crypto markets. Since then we’ve seen lots of new players come in — some really large, a crypto winter and the steady emergence of a maybe a new crypto spring — new products, new investment and new assets.
We believe the crypto market is here to stay and will continue to evolve and are excited to speak with communities around the world to share and explore and build the future of this market!