UPDATE 13 November 2020: It has been brought to our attention by members of the cryptocommunity that this exchange has stopped processing withdrawal requests since mid-September. There are also a few other details around this exchange which constitutes sources of concern. For instance, the exchange claims to be from 2003, but there are a lot of things indicating that they are in fact from 2019. We recommend any person interested in opening an account with this exchange to proceed with caution.
UPDATE 1 November 2021: The only crypto offering that this platform is currently providing is a referral link to BitMEX. Accordingly, we have marked this exchange as dead and moved it to our Exchange Graveyard.
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World Markets Review
World Markets is a trading platform that to our understanding is based in Switzerland. It does however have "registered office & meeting locations" also in Norway, Iceland and in China (Wuhan first and foremost, but soon also Shanghai). The platform surely has an international presence.
World Markets is not a pure cryptocurrency exchange. Rather, it deals with a rich plethora of different trading options. As it is not only a crypto exchange, it has actually been around since 2003 (which, from a pure crypto exchange's perspective, seems like ancient times). The platform offers trading in, inter alia, gold & silver, "exotic metals" (Platinum, Palladium, Copper and Rhodium) and - last but not least - cryptocurrencies.
Cryptocurrency trading is offered through a partnership with BitMEX. So, if you are trading cryptocurrencies via World Markets, you are really trading via BitMEX. This also means that when you trade cryptocurrencies through World Markets, you are actually trading derivatives. For most people, this doesn't really matter seeing as most crypto investments are made for speculative purposes. And if you trade with speculative purposes, it doesn't matter to you if the value of your investment comes from a certain amount of Bitcoin, or a certain amount of Bitcoin contracts which has the same price movements.
AI Managed Accounts
World Markets also offer something that most other exchanges we list in our Exchange List does not, namely an integrated AI Trading System. The platform has invested heavily into "advanced super-computing systems", which according to the platform has achieved strong performance. According to information from World Markets' website, it has even won a lot of different prizes:
World Markets does not allow US-investors on its exchange. But if you’re from the US and you’re looking for an exchange that is just right for you, don’t worry. Use our Exchange Filters to find a trading platform accepting US-investors.
World Markets Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at BitMEX (which is the trading view you will deal with when trading crypto via World Markets, due to its partnership with BitMEX):
From our perspective, the trading view makes sense. You have the diagrams in the middle, the history to the right, and the current order book to the left. It’s an easy overview. Also, this exchange’s mobile implementation is fully-fledged. The picture above is the standard setting but you can also activate the “night mode” if that is more soothing to your eyes or your experience.
Visavi the partnership with BitMEX, World Markets also offers leveraged trading. On BTC, you can get leveraged maximum 100x (on spot and futures), both when going long and going short. This can lead to massive returns but – on the contrary – also to massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
World Markets Fees
World Markets Trading fees
When it comes to the crypto trading at World Markets, again, the fees charged by World Markets are actually the fees charged by BitMEX. These fees are as follows.
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers “makers” because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
BitMEX’s trading fees for takers are 0.075% which is extremely low. This fee is materially below the industry average which is around 0.25% and thus constitutes a strong competitive advantage for BitMEX against the majority of other top crypto exchanges. But that isn’t enough… BitMEX pays you for making maker orders (!). They have a negative fee for makers. So if you make a maker order worth USD 100,000 which is picked up by a taker, you get paid USD 25 for providing the liquidity. Sure, USD 25 isn’t that much for an order of that size, but still, you get paid! We are extremely impressed by this.
It should be clarified here that BitMEX – unlike most crypto exchanges – mainly focuses on option trading. They divide their fees into the following option contract groups: perpetual contracts, traditional futures, upside profit contracts and downside profit contracts. Fees are set as follows in those different groups:
World Markets Withdrawal fees
This exchange (visavi BitMEX) charges a withdrawal fee amounting to only the network fee when you withdraw crypto from the platform. This fee is below the industry average and is an advantage against most other exchanges out there.
World Markets accepts deposits through both wire transfer and credit cards. Many crypto investors view this as very positive of course. Seeing as World Markets accepts deposits of fiat currency, the exchange qualifies as a so called “entry-level exchange”, at which new crypto investors can take their first steps into the exciting crypto world. The following picture shows a few of the various deposit methods availabe: