What is Wollito?
Wollito is a cryptocurrency exchange from Cyprus, but registered in Lithuania (previously the Seychelles). It launched in 2021.
On this platform, you can trade Bitcoin, Dogecoin, Ethereum, Litecoin, Tether and Uniswap. A potential user might wish to have even more cryptos to, but there are of course two sides of the "same coin" here. A large number of supported cryptos means that even the most exotic altcoin trader can stay at a platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the flip side, however, this might also mean that there could be more scam coins available for trading at such platform. Exchanges with a smaller number of supported cryptos generally only support the bigger crypto projects (like Wollito does), which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A newly launched altcoin has not been subject to the same scrutiny.
As advantages with the platform, they emphasize their 24/7 support and their focus on security.
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.
Wollito does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters, you can sort the exchanges based on whether or not they accept US-investors.
Wollito 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 concerning 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 Wollito:
It is up to you – and only you – to decide if the above trading view is suitable for 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.
Wollito 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.
Wollito charges takers 0.20% per trade, and makers 0.10% per trade.
In the largest and most recent empirical study performed on industry average crypto trading fees, we found that the industry average spot trading taker fee was 0.221% and the corresponding spot trading maker fee was 0.171%. Here, as you recall, the taker fees are 0.20% and the maker fees are 0.10%. Consequently, Wollito's trading fees are quite in line with (even slightly below) the global industry average.
Wollito Withdrawal fees
When withdrawing BTC from Wollito’s trading platform, you will have to pay 0.00052 BTC. According to the most recent empirical withdrawal fee study that has been made, the industry average BTC-withdrawal fee in Q2 2021 was 0.00057 BTC per BTC-withdrawal. This means that Wollito's withdrawal fees are slightly below the industry average. On the date of first writing this review (7 September 2021), 0.00052 BTC corresponded to approx. 27 US dollars.
Wollito offers wire transfer as a deposit method, but you can’t deposit via credit card. According to information we have been provided from the platform, credit card deposits will however be enabled "soon".
The fact that Wollito offers you the opportunity to deposit fiat currency at all does however make it an “entry-level exchange”.