WEX Review (Updated 2019)

wex review

March 21, 2019

FrederikNielsen
31

What is WEX?

WEX is an exchange platform that was founded in 2017, although many would argue that it is a re-branded BTC-e after its closure due to some legal difficulties.  FBI accused BTC-e for money laundering and other crime related actions that are illegal in most of countries and forced to closure of exchange. However former BTC-e accepted US based investors and WEX does not do that.

Wex Review

New WEX exchange was founded in financial capital of Far East in Singapore, and it obeys only to the local regulations. And in Singapore cryptocurrencies are approved by Monetary Authority of Singapore (MAS) and classified as security. The only regulation required in this country is SFA standing for Securities and Features Act.

wex review

How to open an account on WEX

Getting an account on platform is not the easiest process among other platforms. So to open up an account firstly users need an active email and after that to feel 2 step verification. Also platform requires in case of need to provide ID and home country address and even selfie picture with your ID or passport for proof of document.

What can you trade on WEX?

It is very easy for new users to enter the platform, it can be done with both fiat or cryptocurrency since both of them are supported. Platform unquestionably accepts major coins like Bitcoin,  Ethereum and Litecoin but also supports many altcoins like Zcash, Peercoin, Bitcoin Cash, Novacoin, Dash and Namecoin. Although credit cards are very popular among traders Wex does not support any transactions on cards.

wex review

What are the fees on WEX?

Similar to other exchange platforms Wex generates profit from charging users a commission fee for transactions. Developing new account is completely free both for individual users and corporations however depositing any amount will cost users at least 20 USD/EUR and industry standard 0.2% for trading betwee different tokens supported by platform.

The WEX platform

WEX is a very young platform and for now it offers just a trading platform and nothing more. It is good for attracting new comers to crypto currency market with the simplicity in interface design. It has only place to sell and place to buy and no place for advanced charts on statistics. That is the reason why platform is not popular among more experienced users who need to see on time statistics on platform.

https://www.youtube.com/watch?v=R8myDzXyFWo

WEX security

Today crypto exchange platforms are becoming more like a traditional banks with the billion dollar operations. And as any bank they are more and more being targeted for heist by hackers. It is hard to guarantee full security even if the platform is in such technologically advanced countries like Japan or South Korea. As it is mentioned before WEX takes serious steps on securing its users and very carefully accepts new users. Exchange reported that in the first month of the year they handled over 100 hacker attack to their user accounts.

Conclusion

It is absolutely clear that WEX is much improved version of its ancestor and it had learned all lessons from past experience. However it still has long path of overcoming prejudices regarding its former users and customer who cannot access their accounts. Even though platform enhanced its security technology it lack many other aspects of exchange platforms and WEX have to work hard to compete with other more established players on market.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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