WCX Video Review
VIDEO Investor Protection & Regulations
“WCX is not a licensed or regulated online trading brokerage”
The holding company is a British Virgin Islands-registered company. The company itself are unregulated and do not offer a compensation scheme should the company become insolvent. It’s worth mentioning that there are no regulatory frameworks for those purposes at this time. In terms of reliability and security, WCX has seemingly made securing their customers’ data and funds a real priority. The company offers full-account 2-factor authentication which provides an extra layer of security by protecting account access and withdrawal operations. Furthermore SSL (Secure socket layer encryption is activated to protect client data.
Their server traffic is encrypted end-to-end. They segregate their network and servers into different subnetworks and availability zones, and protect traffic with tight routing, firewalling & access control.
According to the broker, more than 98% of the customer funds are stored in cold storage with the clients crypto keys stored offline. Approximately 2% of funds are kept in hot wallets protected by industry-leading security.
“Over 100+ trading assets covering 5 different asset classes”
As for the assets that WCX
offer for trading, they include forex, Contracts for Difference (CFDs) on cryptocurrencies, commodities, stocks and market indices. The following table shows the range of assets offered by WCX: Account opening
“One standard account with demo account facility”
WCX currently only offer one type of trading account. Opening an account is a simple process which requires you to fill out a registration form. Once you have completed the registration form, you will have access to a demo account with 10 virtual BTC.
If you wish to conduct live trading, you will be required to complete the verification step, where you will upload a photo ID of yourself and a scanned copy of your bank statement with your address on the statement. Only when you have completed the verification step will you be able to deposit Bitcoin (the sole deposit type) and conduct live trading.
Account registration is currently open to traders from all over the world except for traders from the following countries:
Deposit & Withdrawals options
“No deposit and withdrawal fee. Deal in BTC only”
Deposit and withdrawals are only possible once you have verified your trading account. At present, there is no support for fiat money. WCX only accepts
deposits made in Bitcoin. There are no fees for deposits and withdrawal except for the blockchain transaction fee. Withdrawals are processed within an hour. However, some withdrawals which require reviews from WCX offline wallets may require a 24 hour processing time. *This is all according to information the broker’s website at the time of writing. Web & Desktop Trading Platforms
“Proprietary web-based platform with a user-friendly interface”
As for the
WCX trading platform, the broker currently uses a proprietary web-based trading platform. The trading engine for the trading platform is nicknamed “The Juggernaut”. WCX calls their trading engine as such as it is supposed to be able to process a million transactions a second, according to the broker a feat currently unrivaled by any payment processor in the industry. For example, the average speed of Bitcoin processing is only 3 to 4 transactions per second while Ethereum processes around 20 transactions per second. Even VISA which the world’s leader in payment processing is said to be able to only process up to 56,000 transactions per second.
In addition to its fast speed, the trading platform comes with an integrated chart which can be shown in 6 different time frames. You also have more than 70 different types of technical indicators which you can integrate onto your trading charts. The trading platform also supports several powerful risk management features such as Stop Loss and Take Profit.
In addition to the trading platform, WCX also offers a cryptocurrency exchange based on the WCX native cryptocurrency token called XT. On the exchange, you can trade in Bitcoin using XT. Currently, WCX does not charge any trading fees for trading on the exchange. But there are plans in the future to impose a fee of 0.1% per transaction which is extremely low for the cryptocurrency markets. *This is according to information on the broker’s website.
Mobile Trading Platforms
“No dedicated mobile app but web-based platform accessible through a web browser”
WCX does not offer a dedicated mobile app for its trading platform. As the trading platform is web-based, any internet capable smartphone can access the trading platform and exchange with a web browser.
“Trading platform suited to beginners, with ranging leverage ratio”
Features which are available on the trading platform apart from the stop loss and take profit levels include margin trading with leverage as high as 1:300 for the currency pairs, up to 1:30 on Gold, 1:12 on indices and 1:15 on Stocks at time of writing. With a slide bar, you can also adjust the amount of leverage which you want to use.
Commissions & Spreads
“Low spreads of 0.5 pips and no exchange trading fees”
WCX does not charge its clients any commission on the trades made on its trading platform. Instead, they have to pay a small spread of around 0.5 pips. For trades done on the exchange, there are also no trading fees payable.
*This is all according to the broker’s website. Bonus & Promotions
“No bonuses or promotional offers currently”
Apart from the 50% revenue share for affiliates, WCX does not offer any kind of sign bonuses or promotional offers.
“Limited customer support service through support ticket only”
Customer support is currently only available through a support ticket and in English only. WCX does not offer any live chat support or telephone support.
“No research review or additional trading tools provided”
There is no research resource provided by WCX currently. In addition, WCX does not offer any economic calendar.
“Limited video resources and a basic FAQ”
As for educational resources, WCX presently only have two video tutorials for its trading platform and a basic FAQ section.
“Good for beginner crypto traders who also wants to trade the financial markets from a single platform”
In terms of the trading experience offered by WCX, it seems from our review, that the broker is focused heavily on making it easy for anyone to access the financial markets with Bitcoins. The exchange service offered by WCX also makes trading in BTC and WCX native token easy. The user interface of the trading platform requires no training and all the functions are quite self-explanatory.
How do I open an account with WCX?
To open an account with WCX, simply fill out the registration form. Once you have completed the registration process, you will be able to access the demo account. To access the live trading account, you will need to verify your account first by submitting all the necessary documentation.
How to deposit funds into my WCX trading account?
To deposit funds into your WCX trading account, you will need to have a Bitcoin wallet first. This is because WCX currently only accepts Bitcoins.
Does WCX accept fiat money as deposits?
WCX does not accept fiat money as deposits. Deposits have to be made in Bitcoins.
From where are the prices derived from?
WCX derives the prices for the
trading assets from various sources. For cryptocurrencies, the prices are derived from Bitstamp, Binance and Coinbase Pro. These prices are weighed equally. For forex, the prices are derived from major brokers and liquidity pools such as ActiveTick, Thomson Reuters and Oanda. Prices for stocks are derived directly from the exchange where the stock is traded.
Does WCX close my market positions automatically at the end of the day?
No. All market positions are not closed automatically at the end of the trading day.
WCX offers a nice and easy to use trading platform for beginner crypto traders. The charts are adequate for most purposes and you get leverage as high as 1:300. There is also a wide range of assets which you can trade covering five different asset classes. On the negative side, WCX was only recently launched and there are very few corporate details available on the broker. In addition, the broker does not seem to have any regulatory oversight.
User-Friendly Trading Platform
High Leverage up to 1:300 on Forex
Exchange Service also Available
Over 100+ instruments
No details about who is behind the broker
Does not support fiat money
Lack of educational resources
Lack of transparency
Customer support only through a ticket system