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 WEX consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 February 2019: We have not been able to access this exchange’s website in February 2019. Accordingly, we believe that the exchange has closed down its operations.
WEX is another cryptocurrency exchange based in Singapore. Singapore is one of Asia’s biggest birth givers to cryptocurrency exchanges. There are SO many. If we would mention only one of them (gun to our head), it would be Coinut that has received a lot of praise from the crypto community lately.
The team of people behind the exchange seems to Ukrainian and Russian nationals though.
There have been recent concerns in the media about WEX being some form of scam. An article from Coindesk dated 13 July 2018 explains how a number of investors have not been allowed to withdraw their funds. Additionally, the price of BTC at WEX is way over USD 9,000 and has been at such level for more than two months, in spite of the price everywhere else ranging from USD 6,000-7,000. That is odd indeed… We will follow this story and report to you how it unfolds.
US-investors may not trade here. The reason for excluding US-investors are primarily regulatory reasons. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC (which is a very burdensome process). Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
WEX Trading fees
This trading platform offers a flat trading fee of 0.20%. WEX does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. 0.20% is also a very reasonable fee level as 0.25% is arguably the global industry average.
WEX Withdrawal fees
WEX charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is also in line with industry average, but not particularly low.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason (collecting airline company points, Membership Rewards or whatever).
WEX’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):