EST 5'000 BTC
WEX is a cryptocurrency exchange that was founded in 2017 and is operating in and beyond Singapore. It was established by BTC-e as a form of re-branding after it was raided and fined $110 million by FinCEN in July 2017. It is restructuring its platform to ensure that its operations are within the ambit of the law. This is being done to ensure that there is adequate security and enhanced the user experience for users. It uses know-your-customer and anti-money laundering protocol as its standard, which is, a common law established in its countries of operation.
It offers exchanges for cryptocurrencies such as Bitcoin, Litecoin, Novacoin, Ether, Dash, Peercoin, Namecoin, Bitcoin Cash, and Zcash. Because the company is at its budding stage, it has been incentivized such that newcomers on the platform will be issued bonuses of Bitcoins and other cryptocurrencies.
The areas where usage of this platform can be found include Singapore, United States of America and Australia.
You can find your WEX account using cryptocurrencies or Fiat currency. You can find using Fiat currency by linking your bank account to your WEX account and initiate an international bank transfer. Funding cannot be done using a credit card.
WEX charges a minimum of 0.2% for all trades. There is no charge associated with making deposits using cryptocurrencies or Fiat currency. During withdrawal, there is a fee charged depending on the currency. There are also some fees linked with funding done via bank transfers.
WEX has some security features, which ensures that the users’ assets are secured. There is the two-factor authentication using Google authentication. In February 2018, there were over 100 attempts to hack the account and since then measures have been set up to counter future hacking attempts.
This cryptocurrency exchange requires registration before usage. After filling your personal details and submitting your request, you will be sent a verification link to your email to verify your account. This can take a hefty length of time but the good thing is that you can commence depositing, withdrawal and trading without verification. There are three different languages available on the WEX platform, which includes English, Russia, and Chinese.
WEX is offering returning BTC-e users a choice to accept approximately 55% of their assets from the outdated system or wait to receive debt tokens, which are known as bonuses.
There have been no cons so far after the US officials fined it. Nevertheless, investors are wary of investing against raiding and closure by relevant authorities based on operation outside the law.
The WEX platform has been restructured in a way that it is going to be operated within the sphere of the law. Users are going to experience a better and new benefits trading on this platform. WEX so far has not seen any complaint from relevant authorities and are not likely to have legal issues in the future. It is safe to say that it is secured to use.