AscendEX Review: Key Issues Every Trader Should Know

While AscendEX markets itself as a crypto platform for all investor experience levels, offering straightforward solutions, approachable support, and a way to trade, earn, and manage digital assets with confidence, the reality looks much worse, given the plethora of significant user complaints, the freezing of funds, and regulatory issues. This article examines the landscape using a question-and-answer format to help you understand the issues with AscendEX.

Summary of the Alleged Scammer

AscendEX claims to be a reputable crypto exchange; however, numerous users are reporting devastating experiences, including:

Inability to withdraw funds
Customer support that is unresponsive or dismissive
Suspicious holds on accounts or unexplained delays

What is AscendEX?

AscendEX is a cryptocurrency exchange that provides trading, earning, and staking options for digital assets. The website claims it can support investors of all experience levels and provide support as well as tools for the management of crypto assets.

Can I withdraw from AscendEX without KYC?

No. While KYC is not a requirement for initial sign-up, it is required if you want to withdraw or utilize certain features. Users have reported, even after completing KYC, that their withdrawals have continued to be disabled.

Are users complaining about fund lockups?

Yes. Several reviewers mentioned that their funds, and in some cases, tens of thousands of dollars, have been frozen for 90 days or longer. One reviewer stated, “I have had $38,000 frozen in my account with this company for 90 days, and support has done absolutely nothing.”

What do users say about AscendEX support?

Customer service is one of the main sources of frustration. Users have reported having to send multiple messages without any response or being given vague responses. One reviewer said, “The support has so many complaints already from me, and I am hoping they will simply attend to my issue.”

Has AscendEX been flagged by any regulatory authorities?

The FCA in the United Kingdom and the MAS in Singapore issued warnings for AscendEX, classifying the platform as unauthorized to carry out financial services activities within their respective jurisdictions.

Is AscendEX a safe platform?

Due to continuous negative reviews, along with warnings by regulatory agencies, and alleged incidents of freezing funds, it is not suggested for anyone to use AscendEX in crypto trading or investment. Some users even had to reach out to third-party agencies to help them recover their lost money alarming indication of the uncertainty clouding the platform.

Conclusion: If still weighing, it’s best to back away from AscendEX; the risk of losing access to funds seems to be quite high. Whenever you meet any financial investment firm, carry out all research possible and check their regulatory status before depositing any money.