UPDATE 17 March 2020: This exchange has been revealed to be a scam. It is no longer accessible. We have marked it as “dead” and moved it to the Exchange Graveyard.
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A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of WCX consists of four parts: general information, fees, deposit methods and security.
The most prominent team members of WCX are also its co-founders, hereinafter referred to as Amatsu Soyonubu (CEO) and Tagawa Hayashida (CTO). Amatsu leads WCX and has 16 years software and financial engineering experience. He is responsible for setting the company’s vision and spends 80% of his time with our product teams. Tagawa apparently leads the engineering team and has 12 years software engineering experience. He is focused on hiring engineering talent and building next-generation crypto products.
WCX is a bitcoin-funded derivatives trading platform, not a crypto-to-crypto exchange. Trading on WCX allegedly has a number of advantages compared to trading on a “traditional cryptocurrency exchange”. The primary advantages are set out in this picture from the WCX-website:
This exchange is not open to citizens or residents from the United States of America. If you are a resident or citizen of the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting investors such as yourself.
WCX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at WCX:
This trading platform also offers leveraged trading. A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
At WCX, you can invest with 300x leverage (if you’re a resident of the European Union, the maximum leverage is 30x).
WCX Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange normally charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. This is a bit different at derivatives exchanges however. At derivatives exchanges, the fees consist of the market spread.
On WCX, your total cost of trading is the market spread, meaning that you pay no additional trading fees at all on top of the spread. This is a competitive offering indeed.
WCX Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency.
WCX only charges the so called “network fees” when you make a withdrawal fee. The network fee varies from day-to-day depending on the pressure on the network. However, the network fee is currently substantially below the global industry average BTC-withdrawal fee, being 0.000812 BTC per BTC-withdrawal.
All in all, the fees at WCX are very competitive.
Fiat currency deposits are not allowed here, so if you’re looking for an exchange where you can deposit fiat currency, this is not the one. This also means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We also run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is also one of many indicators of the exchange’s security. WCX received a D-score in this test. This is actually above average. Surprisingly enough, if you would like at the median value (and not the mean, or average, number) of the Mozilla Observatory Test-security scores, the median value among all exchanges in our Cryptocurrency Exchange List would actually be F.
But also, as mentioned in the foregoing, there are numerous other things to consider when assessing an exchange’s security. For instance, WCX claims on its website that it has 98% of all user funds placed in cold storage. Private lending insurance companies insure the remaining 2%. They also have “end-to-end encryption, comprehensive DDOS protection, 2-factor authentication, and offline storage for client crypto keys”.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):