WBF Exchange Review
What is WBF Exchange?
WBF Exchange is a cryptocurrency exchange registered in Singapore. It has been up and running since 2019.
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that WBF Exchange’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play.
WBF Exchange also offers leveraged trading to its users. As far as we can tell, they only offer perpetuals (i.e. futures without expiry dates). The maximum leverage level for their perpetuals is 250x (i.e. twohundredfifty times the relevant amount).
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information from the exchange, US-investors are not permitted to trade here. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.
WBF Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at WBF Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Let’s say that you hold a very large amount of a certain cryptocurrency. You want to sell that amount. Should you do that on a regular trading platform like everyone else? Maybe not. One of many reasons for executing large trades outside of the normal market place is that large trades may affect the market price of the relevant crypto. Another reason, which is connected to the foregoing, is that the order book might be too thin to execute the relevant trade. A solution to these problems is what we call OTC-trading (Over The Counter).
WBF Exchange offers OTC-trading, which might be helpful to all the “whales” out there (and maybe also to all the “dolphins”).
WBF Exchange Fees
WBF Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
WBF Exchange charges what we call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.20%. These spot trading taker fees are quite in line with the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.217% and the corresponding spot trading maker fees were 0.164%.
We have not been able to find any information on WBF Exchange's contract trading fees. If the exchange charges 0.20% flat fee for both takers and makers in their contracts trading as well, it is an extremely high fee (around three times the average for takers and more than 10 times the average for makers). Accordingly, we believe that their contract trading fees are lower. But we have not yet been able to find these fees.
WBF Exchange Withdrawal fees
We have not been able to find any information on this exchange’s withdrawal fees. This is potentially a risk for you as an investor. Whenever an exchange does not inform of a fee, there is a higher risk that such fee is high. As soon as we receive information on the withdrawal fees at WBF Exchange, we will update this review and post them here.
In addition to depositing cryptocurrency to the platform, WBF Exchange also lets you deposit fiat currency. Both through wire transfer and credit or debit card purchases.
This makes WBF Exchange an easy place to start trading at for the new cryptocurrency traders out there.