Wootrade Network Review
What is Wootrade Network?
Wootrade Network is a platform registered in the British Virgin Island that has been active since 2020.
On the date of first writing this review (18 June 2021), Coinmarketcap reported a 24 hour trading volume for Wootrade Network of USD 89.2 million. This 24 hour trading volume is quite good, but there is clearly room for improvement as well. Trading volume and order book depth is very important for any trader as it ensures that he/she can sell/buy whenever he feels like it and won't get stuck holding positions that he/she would like to divest but can't due to poor liquidity. According to CoinMarketCap, this trading volume was approximately USD 818.5 million on the date of last updating this review (2 December 2021)
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.
It is unclear to us whether Wootrade Network permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Wootrade Network though.
Wootrade Network 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. This is the trading view at Wootrade Network:
It is up to you – and only you – to decide if the above trading view is suitable to 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.
Wootrade Network Fees
Wootrade Network 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.
According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.229% and the corresponding spot trading maker fees were 0.185%.
To our understanding, Wootrade Network only charges 0.03% for takers and makers. These fees are extremely competitive indeed if we have understood this platform's fee model correctly.
Wootrade Network 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). It varies from cryptocurrency to cryptocurrency.
The global industry average, the last time we did our empirical study, was approx. 0.00053 BTC when you withdraw BTC. Wootrade only charges you 0.0005 BTC. Accordingly, their BTC-withdrawal fee is somewhat below the global industry average.
All in all, the fees here are competitive.
To our understanding, in order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Wootrade Network is cryptocurrency. However, if you really like Wootrade Network but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.