Weex Exchange Review
What is Weex Exchange?
Weex Exchange is a cryptocurrency exchange registered in Singapore, focusing on derivatives trading available through its intuitive desktop site and mobile trading app. It has been active since 2018, providing a first-rate service to a global client base.
This exchange is a derivatives exchange, meaning they focus on derivatives trading. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives derive their values from the prices of specific cryptocurrencies. You can enjoy the fruits of derivatives trading connected to a wide variety of trading pairs: BTC/USDT, ETH/USDT, LTC/USDT, TRX/USDT, DOGE/USDT, BCH/USDT, and ETC/USDT.
We are generally not big fans of bombastic statements like "the best in the world," "the fastest," and the likes of "the most secure." But we feel that it is worth mentioning here that Weex Exchange at least claims to be "the most secure and easy-to-use contract trading platform".
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 simultaneously—as is so often the case when we see traders with multi-screen setups.
The Weex 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 Weex’s trading platform is also mobile-compatible as an app for both iPhones and Android users.
Deposit Methods and US-investors
This exchange has a so-called “fiat on-ramp,” meaning that it is an exchange where you can purchase crypto derivatives with regular cash. The main method of fiat currency payment possible is a wire transfer. Credit or debit card deposits are, however, not available at this time.
New crypto investors rarely start their crypto trading journey by investing in crypto derivatives, but they can theoretically do so. As such, this exchange could qualify as an "entry-level exchange." Derivatives trading comes with risk, so we wouldn't recommend beginner traders to start at Weex.
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 Weex Exchange to us here at Cryptowisser.com, the platform apparently does allow US-investors on its exchange. However, all US-investors should form their own opinion on whether state rules or federal rules affects their foreign trading activities or not.
Weex Exchange has a unique affiliate program which offers huge returns to those bringing new customers to the Weex community. Through this program, you can earn up to 90% commissions on Weex Exchange's trading fees generated from trading your referrals.
The referral program offers staggering returns, something we have never heard of in an affiliate program paying out 90% of generated commissions to their affiliates. You can navigate to the affiliate program through the desktop site or mobile trading app.
Weex Exchange Trading View
Every trading platform has a trading view. The trading view is part of the exchange’s website, where you can see the price chart of a certain cryptocurrency and its current price. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto. 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.
Weex Exchange Fees
Weex Exchange Trading fees
The exchange charges you a trading fee every time you place an order. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide fees between takers and makers. A Taker fee is the one that “takes” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.0591% for takers and 0.0215% for makers. Accordingly, Weex Exchange is quite close to average (a bit higher for takers and a bit lower for makers).
Weex Exchange Withdrawal fees
Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was approx. 0.00053 BTC per BTC-withdrawal. The report is available here.
Weex Exchange charges 0.0006 BTC per BTC-withdrawal, which is only slightly above the global industry average and thus an acceptable fee.