- Very easy to use trading platform
- Accepts fiat currencies
- Transparent fee structure
- Slow customer service and limited options
- Very basic user interface and exchange
- Low liquidity
- Poor reputation
WEX is a fairly new cryptocurrency exchange that was just recently established in 2017. The exchange strongly resembles the BTC-E exchange which was shut down by US authorities in 2017, just before the WEX exchange was launched. Therefore, we as well as many others have our suspicions about the WEX exchange, as it could be affiliated with the controversial and troubled BTC-E exchange. However, we must give WEX a chance and delve into it further to see whether this exchange can be trusted and if they offer reputable services.
WEX is based out of Singapore but has a New Zealand domain, which is somewhat odd, but we believe it’s because they primarily serve and market themselves to New Zealand traders. However, they are not restricted to offering their services in New Zealand as they are an international brokerage accepting traders from all around the world and offering their services in English, French and Chinese. WEX is not a regulated cryptocurrency exchange but this is nothing out of the ordinary. What is out of the ordinary is that WEX strongly resembles the troubled BTC-E exchange. So, can WEX be trusted? Do they offer competent investment products and trading services? Let’s find out in the following review.
WEX provides traders with their very own proprietary web-based trading platform that looks as if it is straight out of the 90s. The platform has an old school design and is very simple and easy to use. This may be attractive to older traders, but for the majority of younger traders the platform will feel dated. The platform features all the tools and features a trader needs, including a sophisticated chart complete with over 70 technical indicators, 17 different time frames, 12 chart types, and a variety of other features. However, the chart is very small and there is no option to make it full screen and really take advantage of the advanced charting features. On the same trading screen, traders will find the simple order book, trade history, market depth, and a troll box where traders can communicate with one another. All in all, the trading platform operates very smoothly, is easy to use and has enough features for experienced traders.
The WEX exchange deals strictly with the trading of cryptocurrencies and does not offer anything to do with trading in the traditional markets like forex, stocks, etc. That being said, WEX features a small variety of cryptocurrencies which can be exchanged with one another and the following fiat currencies; US Dollars (USD), Euros (EUR), Russian Rubles (RUB). See a list of the supported cryptocurrencies below.
- Bitcoin (BTC)
- Ethereum (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Zcash (ZEC)
- Namecoin (NMC)
- Novacoin (NVC)
- Peercoin (PPC)
Fees and Commission
The fees imposed on traders at WEX are not necessarily competitive with industry standards, but rather standard. Maker and Taker trading fees are the same and equate to 0.2% per trade. Upon making a trade on the exchange the fee amount is clearly stated which makes for a very transparent fee structure. As for the deposit and withdrawal fees, crypto deposits are free of charge and fiat currency deposits are 2% for e-wallets and a whopping 20% for Payeer and ADV Cash deposits. Withdrawal fees vary between cryptos and are compliant with the standard industry rates. As for fiat currency withdrawals, the fees range from 0% to 6% depending on the withdrawal method used.
Security and Fairness
A major aspect of any cryptocurrency exchange are the security measures employed by them. What’s unfortunate about the WEX exchange is that they do not mention anything regarding the security measures, protocols, or technology they use to protect their traders information and funds. However, it is clear that all traders are treated fairly and equally as there is only one type of trading account, and there are no bonuses or incentives for higher trading volumes. If you intend to trade with WEX, proceed with extreme caution as they do not have much of a reputation and there are many unknowns about the exchange.
The methods of support available at WEX are limited to a support ticket system. While this is the only system, it is well organized and helps to identify your problem. However, support tickets can be slow to respond to and are not ideal for back and forth communication. Other methods of support include contact through the exchanges social media channels such as Facebook and Twitter. Additionally, traders can find extensive information through the exchanges FAQ section and support page. Here traders have access to numerous articles and content about different aspects of the exchange.
Overall, the WEX cryptocurrency exchange provides traders with good trading services through their easy to use trading platform and a decent selection of crypto assets. However, the exchange is fairly new and does not have the best reputation or much experience. The support available is mediocre and the trading fees are just average. So, all in all, the WEX exchange should be something to keep an eye on, but we don’t recommend trading with them.
The following are the common questions that customers inquired about WEX.
Is WEX regulated?
No, it is not regulated.
Is WEX a scam?
Not really. Many people like and use the WEX exchange, but others claim it’s a scam.
Where is WEX based?
WEX is based out of Singapore.