- Support of SegWit Protocol
- API Connectivity
|Support Types||Chat , Email|
|Languages||English, Russian, Chinese|
|Trading Platform||Web-based | Mobile (open-source)|
|Minimum 1st Deposit||No Minimum|
|Free Demo Account|
|Trading Currency||BTC , LTC , ETH , NMC , NVC , , PPC , DSH , BCH , ZEC|
|Account Currency||USD , EUR , RUR|
|US Traders Allowed|
- Commission Free for Crypto Deposits
- WEX tokens
- No Debit/Credit Card Deposit
- LImited Altcoins
- Poor User Experience
What is WEX Exchange
WEX is a cryptocurrency exchange established in 2017 and is based in Singapore. WEX considered being quite large exchange with more then16,000 users and trading volume of more than $50 million daily, on average. Actually, WEX is a re-branded Russia-based cryptocurrency exchange BTC-e, which was fine by FinCEN for $110 million in 2017 linked to the money laundering case. Right now, WEX is trying to distance itself from its former stigma-tainted life and even re-established itself in Singapore. However, Russian links are still quite obvious. Looks like the Russian language is dominant on the website, certain documentation is available in Russian only and even some English translations sounds a bit strange (and it’s clear that it was translated by a non-English speaker). In this WEX review, we will try to cover the main features of WEX trading platform, account opening process, trading fees, limits and other aspects related to cryptocurrencies trading on WEX Exchange.
WEX Review – How to Buy Bitcoin
WEX Exchange considered to be quite large by daily trading volumes and attracts many medium and large scale experienced traders. On WEX users can invest in the following cryptocurrencies:
- Bitcoin (BTC)
- Litecoin (LTC)
- Namecoin (NMC)
- Ethereum (ETH)
- Dash (DSH)
- Novacoin (NVC)
- Bitcoin Cash (BCH)
- Peercoin (PPC)
- Zcash (ZEC)
WEX accepts USD, EUR and RUB fiat currencies and offers 40 trading pairs in total.
The list of altcoins is pretty extensive compared to many other large crypto exchanges but the trading platforms are pretty basic. WEX offers only spot trading, no leverage, no charting / analytic tools or any other advanced features. Investors only have to BUY and SELL fields and an order book.
On a positive side, WEX offers API connectivity for algorithmic trading.
WEX Review – Opening an Account
Registration with WEX is pretty simple and you only need to provide an email and choose a password. Users can deposit, trade and trade cryptocurrencies without verification. If you want to deposit fiat currency, you would be asked to complete verification and the list of documents/information is pretty standard. Users will be asked to provide their full name, date of birth, a copy of IDs and proof of residential address such as utility bill. Verification usually takes 3-4 days.
WEX Review – Fees & Limits
WEX has a flat trading fee for all pairs which is 0.2%. Depositing fee for all cryptocurrencies is 0% and withdrawal fee varies. Deposit fee for fiat varies between 0 and 6% depending on a payment method, the same applies to withdrawal fees full list of which could be found here.
The choice of payment methods is quite extensive, but unfortunately, most of them are available in Russia only. There is no option to deposit money with a debit/credit card which makes it quite inconvenient.
WEX Review – Security
WEX claims to have solid security systems and no hacks have been reported so far. It offers two-factor identification but apart from that no so much information is available on a company website in relation to security measures.
WEX Review – Customer Support
WEX Exchange customer support seems to be relatively poor and it only offers email/chat support in English, Russian and Chinese. There is an FAQ section available on the website covering the main issues. This WEX review won’t be complete without mentioning that there also was a number of complaints in relation to poor customer support and user issues not properly dealt with.
WEX Review – Pros & Cons
- Commission-free for cryptocurrency deposits
- Support of SegWit protocol
- WEX tokens
- API connectivity
- Strange passwords system (generated not by the user but by a company)
- Limited coins
- No debit/credit card deposit
- Stigma from the history with BTC-E
WEX Review – Conclusion
After competing this WEX review our feelings are a bit mixed, to be honest. On one side, WEX exchange offers a decent choice of altcoins to trade and is pretty large by trading volume. However, there is a number of flaws which are quite apparent such as very basic website design and user interface, limited information on the WEX website about the company, its owners etc. There is no credit/deposit card deposit option so unless you are based in Russia it is pretty difficult to deposit money there. Deposit fees for fiat are also quite high.
We think that WEX could be a suitable trading venue for investing in Bitcoin or Ethereal only if you are based in Russia or China. If you are based in UK, Europe or the US there are other trading venues which are more reliable, secure, have a user-friendly interface, advanced trading platforms features and are much easier to use in general. If you want to invest in Bitcoin, Ethereum or other cryptos you can trade with one of the leading CFD brokers such as eToro, CityIndex or other cryptocurrency exchanges such as Binance, CEX.io or Coinbase.
Read our comprehensive CFD Brokers Review to find our alternative options on how to invest in Ethereum.
You can check our comprehensive Crypto Exchanges Review.
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- Go long or short on Cryptos from 10p a point
- Risk management tools
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