WEX Review 2019

WEXReview

WEX is a peculiar cryptocurrency exchange as it strongly resembles the troubled exchange of BTC-E which was shut down by US authorities in 2017. The exchange claims to not be affiliated with BTC-E, but we as well as many others have our suspicions because the look and functionality are exactly the same. The WEX cryptocurrency exchange claims to be based out of Singapore but this is somewhat confusing as they use a New Zealand domain.

Contents

The exchange offers to trade for all the most popular cryptocurrencies and many other altcoins and supports fiat deposits as well. Despite being based out of Singapore where cryptocurrency laws are quite advanced, the WEX exchange does not appear to be under any reputable regulations. However, this comes as no surprise as most cryptocurrency exchanges are not yet regulated.

The WEX exchange is a multinational cryptocurrency exchange as they accept traders and investors from all around the world. The languages they support are English, French, and Mandarin. Since the exchange resembles the corrupt and controversial BTC-E exchange, can WEX be trusted? In the following review, we delve deep into the aspects that make up this cryptocurrency exchange and see what sets WEX apart from the competition and whether or not they can be trusted.

Exchange Platform

The WEX exchange platform is a very basic trading platform that only offers spot trading. The platform and website as a whole looks to be like something from the 90s and does not look up to today’s standards. However, some traders like this classical look as it is simple and easy to use. The platform features a small chart in the middle of the page where traders can analyze the price movements with basic technical indicators and charting tools. They have access to various settings for the chart which can be useful, but the chart size is so small, it would have been nice for a full-screen option as well. Below the chart is the simple buy and sells fields an order book and the trade history. Then to the right of all this is what’s called a “troll box” where users can chat with one another and discuss the price. This is a nice feature, however much of what’s talked about is non-sense and traders shouldn’t take it seriously. All in all, the exchange platform operates quite smoothly and is easy to use. The features may be limited but are more than sufficient for most cryptocurrency traders.

Exchange Markets

The WEX exchange is built for trading and exchanging cryptocurrencies for one another but also supports fiat currencies to be exchanged with cryptocurrencies as well. The markets in which WEX supports various cryptocurrencies to be exchanged are:

  • Bitcoin (BTC)
  • Ethereum (ETC)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Zcash (ZEC)
  • US Dollars (USD)
  • Euros (EUR)
  • Russian Ruble (RUR)

The above currencies and cryptocurrencies can be exchanged for one another, and additional cryptocurrencies which can be exchanged for fiat currencies and Bitcoin are:

  • Namecoin (NMC)
  • Novacoin (NVC)
  • Peercoin (PPC)

Fees

The WEX exchange is very transparent with their fees as the exact fee amount is always clearly stated when you go to purchase or sell cryptocurrency. Also, the entire fee list can be found on the website, but we will inform you of the fees here. For trading fees, there is a 0.2% fee per trade. This fee is quite low and competitive in the cryptocurrency industry.

WEX does not charge any fees for depositing cryptocurrencies, but as for fiat currencies, deposit fees apply. When depositing USD, EUR, or RUR on the exchange, traders incur a 20% fee for ADV Cash deposits, a 2% fee for Perfect Money deposits, a 2% fee for ePay, and a 20% fee for Payeer.

As for withdrawal fees, they differ between cryptocurrencies. Here we will show the withdrawal fees for the most popular cryptocurrencies. For Bitcoin the withdrawal fee is 0.0003 BTC, for Litecoin it’s 0.001 LTC, and for Ethereum it’s 0.003 ETH. Withdrawal fees for fiat currencies vary depending on the method of withdrawal but range from 0% up to 6%.

Security and Fairness

The security measures implemented by the WEX exchange are somewhat unknown. We do know that the exchange enforces know your customer (KYC) and anti-money laundering (AML) laws, but as for the website and exchange platforms security, it’s not stated. All traders are treated equally because there is only one type of account, there are no promotions or benefits for traders with a higher trade volume, so the exchange attracts generic everyday traders rather than experienced professionals.

Support

WEX offers their customers support via a support ticket system. This support system is well organized and helps the user to identify their problem, but the response time on the representative’s half is rather slow. There have been numerous reports of traders not being able to contact support and claim WEX is a scam. However, this is only in some cases, when we contacted support we got a reply within 24 hrs. Another method of support is through the exchanges social media channels such as Twitter. The exchange keeps an active presence on twitter and facebook.

Pros and Cons

Pros

  • Easy to use
  • Accepts fiat currencies
  • Low and competitive fees

Cons

  • Slow customer service and limited options
  • Very basic user interface and exchange
  • Low liquidity
  • Poor reputation

FAQ

Here are some of the most common questions that are asked about WEX crypto trading service.

  • Is WEX regulated?

No. WEX is not a regulated cryptocurrency exchange.

  • Where is WEX based?

WEX is based out of Singapore.

  • How does WEX make money?

WEX charges market maker and taker fees for each trade transaction. As well, they charge deposit fees on fiat currencies and withdrawal fees for fiat and cryptocurrencies.

  • How do I deposit in WEX account?

WEX accepts cryptocurrency deposits as well as fiat deposits via ADVCash, Perfect Money, Epay, Payeer, Alfa Bank, and QIWI

  • How do I withdraw money from WEX?

You can withdraw from WEX through sending your cryptocurrency to your personal wallet address. Also, you can use the same method you used for depositing fiat currency.

  • Can I trade on WEX with my mobile device?

No, there is no mobile application and the website is not mobile friendly.

  • Is WEX reliable?

WEX has a somewhat shady background and may not be trusted.

  • Is WEX a scam?

Not entirely. Many people like and use the WEX exchange, while others claim it’s a scam.

Conclusion

The WEX exchange is commonly associated with the controversial and troubled BTC-E exchange and this hurts their reputation. However, they claim to be associated with this exchange even though they have the same look and feel. The exchange platform seems to be somewhat dated and limited with the features they offer. However, the exchange platform is easy to use and sufficient enough for a beginner to intermediate traders. Also, the exchange offers a fair variety of cryptocurrency assets and supports fiat currencies as well. All in all, WEX is decent cryptocurrency exchange but traders should take caution as they do not have the best reputation.

WEXUser Reviews

Rate this exchange

WEXFeatures

Coins Available
  • Bitcoin
  • Litecoin
  • Dash
  • peercoin
  • Bitcoin Cash
  • Ethereum
  • Zcash
Accepted Countries
  • Australia
  • Cameroon
  • Chad
  • Canada
  • Denmark
  • France
  • Greece
  • Haiti
  • Iceland
  • Libya
  • Mexico
  • Nepal
  • Belize
  • Romania
  • Cape Verde
  • Senegal
  • United Kingdom
  • Eritrea
  • Gambia
  • Indonesia
  • Lebanon
  • Angola
  • Malta
  • Bahamas
  • Benin
  • Chile
  • Ghana
  • Gibraltar
  • Grenada
  • Serbia
  • Guinea-Bissau
  • Tonga
  • Kenya
  • Finland
  • Namibia
  • Oman
  • Jamaica
  • Palau
  • Solomon Islands
  • Kyrgyzstan
  • Montenegro
  • Peru
  • Sweden
  • Bahrain
  • Belarus
  • Bulgaria
  • Colombia
  • Cuba
  • Cyprus
  • Algeria
  • Burkina Faso
  • Cambodia
  • Kuwait
  • Russian Federation
  • Saint Lucia
  • South Sudan
  • Tanzania
  • Turkey
  • Virgin Islands, British
  • Japan
  • South Korea
  • Malawi
  • Maldives
  • Netherlands
  • Botswana
  • Qatar
  • Saint Kitts and Nevis
  • Saint Vincent and the Grenadines
  • Slovenia
  • Sudan
  • Taiwan
  • Tuvalu
  • Vatican City
  • Uruguay
  • Malaysia
  • Moldova
  • Nauru
  • Papua New Guinea
  • Zambia
  • Andorra
  • Bolivia
  • Afghanistan
  • Congo
  • Cote d'Ivoire
  • Laos
  • Dominican Republic
  • Mauritania
  • Egypt
  • Gabon
  • Morocco
  • Uganda
  • Nigeria
  • Swaziland
  • Vietnam
  • Austria
  • Barbados
  • Djibouti
  • Equatorial Guinea
  • Comoros
  • Estonia
  • Fiji
  • Mali
  • Hong Kong
  • Ireland
  • Italy
  • Philippines
  • Macedonia
  • Poland
  • Madagascar
  • Sierra Leone
  • Panama
  • Portugal
  • Samoa
  • Saudi Arabia
  • Timor-Leste
  • Albania
  • Burundi
  • Guinea
  • Armenia
  • Bangladesh
  • Belgium
  • Kiribati
  • Lithuania
  • Bhutan
  • Mongolia
  • Cayman Islands
  • Myanmar
  • Niger
  • Rwanda
  • Sao Tome and Principe
  • Slovakia
  • Czech Republic
  • Thailand
  • United Arab Emirates
  • Ecuador
  • Germany
  • India
  • Liberia
  • Liechtenstein
  • Luxembourg
  • Marshall Islands
  • Monaco
  • Mozambique
  • New Zealand
  • Pakistan
  • Togo
  • Uzbekistan
  • Venezuela
  • Zimbabwe
  • Antigua and Barbuda
  • Croatia
  • Argentina
  • Guyana
  • Kazakhstan
  • Lesotho
  • Central African Republic
  • Norway
  • Paraguay
  • San Marino
  • Spain
  • Suriname
  • Switzerland
  • Tajikistan
  • Guatemala
  • Honduras
  • Mauritius
  • Nicaragua
  • Singapore
  • Somalia
  • Azerbaijan
  • Brazil
  • Brunei
  • China
  • Costa Rica
  • El Salvador
  • Georgia
  • Hungary
  • Israel
  • Jordan
  • Latvia
  • Micronesia
  • Seychelles
  • South Africa
  • Turkmenistan
  • Ukraine
  • Isle of Man
  • Kosovo
  • Dominica

Payment Method

Deposit Options
Wire Transfer, cash
Withdrawal Options
Wire Transfer, cash
Company Information
Exchange DetailsInfo
Headquarters CountrySingapore
Foundation Year2011
Typeexchange
Trading AllowedYes
Contact Information

Latest Tweets by @WEXnz

Top Wallets