Weex Exchange Review
What is Weex Exchange?
Weex Exchange is a cryptocurrency exchange registered in Singapore. It has allegedly been active since 2018.
This exchange is a so called derivatives exchange, meaning that 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 accordingly derive its values from the prices of specific cryptocurrencies. You can engage in derivatives trading connected to the following trading pairs here: BTC/USDT, ETH/USDT, LTC/USDT, TRX/USDT, DOGE/USDT, BCH/USDT and ETC/USDT.
The "most secure"
We are generally not big fans of bombastic statements like "the best in the world", "the fastest", "the most secure" etc., when it comes to crypto trading platforms (or anyone else either to be honest). Accordingly, the below picture is not to our liking. A lot of questions arise, such as:
- Which metrics/data points have you used when determining that you are more secure than any other crypto trading platform?
- How have you obtained the relevant metrics/data points from all other crypto trading platforms in the world?
- Is the report in which the comparison metrics/data points are compiled available for anyone to review?
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 Weex’s trading platform is also mobile compatible as apps 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 derivatvies with regular cash. The method of fiat currency payment possible is wire transfer. Credit or debit card deposits are however not available here yet.
New crypto investors rarely start their crypto trading journey by investing in crypto derivatives, but they can theoretically do so. Accordingly, this exchange qualifies as an "entry-level exchange".
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 an affiliate program. Through this program, you can earn up to 90% commissions on Weex Exchange's trading fees generated from the trading of your referrals. We have never heard of an affiliate program paying out 90% of generated commissions to their affiliates. We have difficulties believing that it would be correct. The below is the picture they use when providing information on their affiliate program.
Weex 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.
Unfortunately, we have not been able to obtain a picture of the trading view at Weex Exchange, but we will post it here as soon as we do.
Weex Exchange Fees
Weex 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.
This platform doesn't have any spot trading, so the taker and maker fees we have listed in our database relates only to the contracts trading. Here, takers pay 0.06% and makers pay 0.02%.
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.