Декабрь 16, 2018
Markets

WEX

WEX

WEX exchange had its ups and downs in the exchange world. They managed to do a lot from the start. The owner is recently changed and the whole staff. WEX is the platform that is launched by BTC-e. But the company denied that they received any investment from BTC-e. The organization is located in Singapore but by the New Zealand domain and offers to exchange most popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, Zcash, and more. The website is not a beauty, but on the main page, you can see the charts of pretty much every major cryptocurrency. The exchange does not offer leveraged trading. For those who wish to engage in leveraged trading, there are some cryptocurrency exchanges like Kraken, bitFlyer, Coincheck, Poloniex, Bitfinex, etc, who offer this type of service. WEX is indeed a spinoff of BTC-E, launched primarily to serve the needs of the former clients of the defunct exchange and has migrated the user database, but claims it is not directly related to it.

Registration

It is very easy to register on WEX. All you need to do is to input your email twice and come up with a username. They recommend using Gmail because it has the ability of two-factor authentication. After typing in the email and username they will give you a password that you should save somewhere safe. You will also get a confirmation email for your account. They tried not to make it complicated, so the least information is required. After logging in you will see a panel of your current information, and the next step will be to verify your account.

Verification

To verify your account you should go to your profile and click on Verification on the left side of the page. After inputting basic information like your name, middle name, state, address, you will need some more advanced information. A photograph or a scanned copy of one of these documents: a two-page spread of a civil passport (page with a photo), a two-page spread of a foreign passport (page with a photo) or an ID card. This is necessary to verify your identity. A photograph or a scanned copy of one of the listed documents: bank statements, utility bills, tax documents, a document confirming your residence permit issued by local authorities, court documents or documents issued by the state or other competent authorities. Since these documents are needed to confirm the actual residence, the address of your actual residence must be indicated on them. Photo of yourself with a passport or ID card in hand is required. Images should be colored, should not be edited (trimming, photo filters, etc.), there should be no light spots, glare, shadows and other artifacts. File size – no more than 2 MB, extension -.jpg, .png. The quality of the images should be very good – you and the photo documents should be clearly visible, and the text – easily readable. The recommended resolution starts at 300 dpi.
If your verification has been denied, administrators will necessarily indicate the reason for the denial, so that you can make the appropriate changes and apply for verification again. The rejected verification form is not saved.

Make a deposit

To manage your funds, to deposit or withdrawal, you will need to go to Finance page. On this page, you can see the coins traded on the exchange: Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, Dash, Ethereum, Bitcoin cash, Zcash, dollars, rubles, and euros. Before making a deposit read the information about the conditions for deposits, they differ for each currency. If you want to deposit in fiat currencies, press the Deposit button. You will see your wallet address on the exchange, use it as a deposit address when making a transfer from another trading venue or wallet. The wallet address can be changed if necessary. Besides that, you can make an instant deposit without fees with the help of WEX-code. It is simple to use.

Withdrawal

To withdraw currency from WEX, you need to go to Finance page and pick which coin you would like to withdraw. Before that make the trade so you will have the balance of the coin you wish to have. When you open withdraw of your coin, there you will see available funds, the limit you can withdraw, the box to put the address of the wallet where you will be sending the currency, and after they count the fee, how much you will get. On the right side, you will see the minimum amount of withdrawal, that is usually 0.002 BTC, and with the WEX code 0.001 BTC. The fee is 0.001 BTC, and with the WEX code, it’s free. Your daily withdrawal limit is 50 BTC.

Pros

A good thing with WEX is that they accept fiat currencies, also, the major ones: dollars, euros, rubles. Their platform is newbie-friendly, and in a couple of days, you can learn everything. With a new owner and staff, they are rising above expectations. The improved platform has been seen by many users, so there can be a good future for the exchange, but the major thing to change is location and marketing.

Cons

Besides that, they accept fiat currencies, they don’t accept credit cards. The biggest con of WEX is that what was going on before changing the platform. They are relatively new on the map and the start was bad, many users complained about bad support and not having a chance to withdrawal, but now that is changed, and they are working constantly to update. Fees for digital currencies are not that high but for the fiat currencies they are very big, the biggest out there for exchange. For withdrawal fee is 100 USD or EUR and for the deposit fee is 20 USD or EUR.

Customer feedback

There are many complains about what WEX was doing at the start. At the start, they had major issues with the platform, and users were complaining about withdrawal and support. In recent time they are getting a better review, users are seeing their motivation to solve problems that accrued earlier. There are some complaints on the support not answering in the 12h time period, but if that will help them do a better job in a year, we will understand. Many people don’t like that they aren’t USA friendly.

Conclusion

The new website gives a lot of promise to the users. It also promises to be compliant with the law so that it is not subject to the drama of the previous one. The entire help section of the site, for example, is in Russian, and the majority of the convenient fiat currency funding options, are through Russian electronic payment platforms. This is not necessarily a bad thing but suggests that WEX is mostly targeting those clients and does not care much about the other countries. Considering that Russia is mulling legal restrictions on cryptocurrencies, it is yet to see what the fate of WEX will be.

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