What is WEX?
The exchange was officially released in September 2017. Nevertheless, many people claim that it resembles another defunct exchange called BTC-e. FBI seized this exchange for accusations that it engaged in loan laundering and other prohibited activities. These difficulties caused the closure of the exchange. BTC-e accepted American investors, WEX does not receive investors from the nation.
Considered that the exchange is based in Singapore, it is right to state that Wex coin was launched based upon the country’s law. Virtual currencies are considered as securities and get approval from the Monetary Authority of Singapore (MAS). Additionally, the law requires the issuers of these currencies to run under the country’s Securities and Futures Act (SFA).
How to open an account on WEX
To register on WEX, you require to offer an e-mail and be prepared for two-factor authentication requirement. To prove your ID and house country after experiencing difficulties accessing your account, you might be needed to offer passport, utility expenses, a selfie with picture ID, and picture ID to name a few documents.
What can you trade on WEX?
WEX exchange supports both fiat and virtual currencies making it easy for individuals to get to the crypto space. The exchange accepts popular altcoins such as Bitcoin, Zcash, Peercoin, Bitcoin Cash, Novacoin, Dash, Ether, Litecoin, and Namecoin. The use of these fiat currencies has enhanced the gain access to of this exchange to more individuals worldwide. Despite credit cards being so popular, this exchange appears not to support transactions in this approach.
What are the fees on WEX?
Just as the majority of the other cryptocurrency exchanges, WEX depends on the costs it charges its customers to run and make earnings. The exchange does not charge for opening a brand-new account, whether private or corporate. It charges a minimum of $/ EUR20 as a deposit charge. The exchange charges a 0.2 percent commission for trading the numerous currency sets available on the site.
The WEX platform
WEX cryptocurrency exchange provides its customers with area trading. It is for that reason easy for beginners in the crypto sector to utilize. The exchange only has the sell and purchase fields for its customers. Due to the lack of essential functions like charts and analysis tools, the site may not be of much aid to experienced traders who need access to real-time data.
Cryptocurrency exchanges mostly deal with coins worth even billions of dollars. Whether they remain in Japan or South Korea or any other nation, exchanges are a significant target for hackers searching for fast ways to make some money. In February this year, the exchange posted on its Facebook page that it had found over 100 tried hacks on its clients’ accounts in January the very same year.
WEX appears to be an improvement of its former variation. However, it has a long way to go to eliminate the preconception specifically among those who could not access their accounts. Although a lack of assistance on this platform may be frustrating, the exchange has enhanced its security by maintaining strict KYC/AML standards. The exchange might take some time before overtaking the other more established exchanges.