WEX Review

Overview

WEX is one of the young, but very popular crypto exchanges, which offers its users an advantageous trading in cryptocurrencies.

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Details

Broker WEX
Website URL wex.nz
Founded 2017
Headquarters HIGH STREET PLAZA, 179433 SINGAPORE
Support Types Skype, online chat, web application
Languages Russian, English
Trading Platform MetaTrader 4
Free Demo Account No
Account Types Standard
Deposit Methods Bank transfers Sberbank, Privat24, Alfa Bank, Tinkoff, AdvCash, Perfect Money, WebMoney, Yandex.Money, Qiwi, Jojo.cash, Ultrachange.biz, 100monet.pro, etc.
Withdrawal Methods Bank transfers Sberbank, Privat24, Alfa Bank, Tinkoff, AdvCash, Perfect Money, WebMoney, Yandex.Money, Qiwi, Jojo.cash, Ultrachange.biz, 100monet.pro, etc.
Number of Assets 27
Types of Assets Bitcoin, Dollars, Ethereum Classic, Dash, Litecoin, Ethereum, Zcash, Monero, Ripple, RRT, Bitconnect Coin, BitcoinUnlimited, etc.
Account Currency USD, EUR, RUR, Cryptocurrency
US Traders Allowed No
Overall Score 9.7/10

Additional Information

  • Exchange Commission: yes
  • Trading volume: more than 44 756 730 USD/day
  • Channels of communication: online chat, Telegram, Twitter, etc.
  • Users: 1 116 411 people
  • The possibility of exchanging for fiat currencies: yes
  • Number of crypts: 27
  • Mining: yes
  • Mining software: no
  • Autotrading: yes
  • Training: no
  • Analytics: no
  • Affiliate Programs: no
  • WEX API: yes

Full Review

WEX is one of the most popular crypto exchanges, which has been operating since September 2017. It offers its users an opportunity to trade in cryptocurrencies and exchange them for real money and various other digital coins. Ensuring the security of user information, convenience and functionality – these are the main objectives of the new platform.

Well, you’re eager to know whether WEX is another fraudster, subject to hacking or it’s something deserving its users’ trust. Let’s answer this question in this review.

WEX Review

WEX (WORLD EXCHANGE SERVICES PTE LTD) appears to be a new platform for operations with cryptocurrencies (are cryptocurrencies a scam?). It previously worked under the name BTC-e. One of its major advantages is the convenient exchange of cryptocurrencies (Bitcoin, Ethereum, Dash, etc.) for fiat money. However, the service was forced to suspend its work being accused by the US authorities of money laundering.

After a quick and successful rebranding, the company returned to the crypto market. It has moved its history and also its clients’ accounts to the new domain wex.nz domain. It’s on the verge of developing new areas (for example, trading, mining, investments, arbitration, ICO, counseling, etc.). In this updated project users have recognized a familiar website, a legendary chat as well as a tried-and-true trading interface. After the restart, the verification of those users who intend to work with fiat currencies via bank transfers, SEPA and other payment systems became obligatory. However, the verification procedure isn’t required if the client trades in all currency pairs, replenishes and withdraws funds through the codes of the new site (the wex code). The company has a large stabilization fund in US dollars, ensuring the safety of customers’ savings.

The company pays much attention to security of trading. For the purpose WEX implements a two-factor authentication, robust encryption technology, one-time temporary addresses for depositing and withdrawing funds, etc. All of this enables to protect information from unauthorized access. Now the activity of the site is regulated in accordance with the laws of AML/KYC. The platform supports a large number of currencies for exchange (BTC, LTC, NMC, NVC, PPC, DSH, ETH, BCH). It offers an easy sharing of wex code, exchange, purchase and sale of digital assets, anonymous participation in financial transactions, not to mention a possibility of trading in the automatic mode. Moreover, the company provides lucrative options for transactions and demonstrates high efficiency of its technical section.

Potential clients of the updated exchange can make use of a large number of ways to deposit and withdraw their funds. So, now the company offers to work with such payment systems as AdvCash, Perfect Money, Savings, WebMoney, Yandex, Qiwi, Privat24, Alfa Bank, Tinkoff, exchange services Jojo.cash, Ultrachange.biz and 100monet.pro. Moreover, the company is planning to add up to 20 new services. The administration promises to reduce commissions. Besides this, the company has just rolled out the VIP section for traders working with large volumes. These exceptional clients are offered special conditions, including profitable terms, personal managers, etc.

Using their web portal users can conveniently follow actual news of the market, communicate with other traders a comfortable online chat. They can also make use of the available API (Public API, Trade API, Push API). In general, one can say that despite serious problems, WEX managed to cope with them. Now it’s one of the most promising projects on the market. Along with entire online community, we hope that the new crypt exchange will be a worthy successor of its predecessor, BTC-e.

 

Replenishment and withdrawal of earnings

Today, the crypto exchange WEX offers different ways of replenishment and withdrawal of funds:

  • Bank transfers: Sberbank, Privat24, Alfa Bank, Tinkoff;
  • Electronic payment systems AdvCash, Perfect Money, WebMoney, Yandex.Money, Qiwi;
  • Exchange services Jojo.cash, Ultrachange.biz, 100monet.pro (extra 20 exchange services will be added soon).

 

Complaints about WEX

The new project has been working successfully for just over 1 month. Therefore, there aren’t many reviews about it on the Internet yet. However, users are already posting positive feedback about the launch of the site, pointing to its decency, reliability and serious intentions. They also appreciate how it fulfills its obligations (for example, giving tokens to users who have lost their money, transferring user data to a new resource, maintaining balances). Aside from that, users hope the company will keep its promises, such as the introduction of new methods of replenishment and withdrawal of funds and so on. The company’s customers appreciate how the support service treats them. In general, the new site functions unstoppably, offering new opportunities.

Due to the fact that the site has just started working, there are few negative reviews on the web. As usual negative reviews have to do with the problems the users faced on the previous web resource (problems with withdrawal of money, a long verification procedure, incompetence of administrators, freezing of accounts, etc.).

 

Is WEX a scam?

WEX is a new crypto exchange, which has been successfully operating since September 2017. It provides its users with a wide range of trading and exchange services for cryptocurrencies. The project turns out to be a rebranding of one of the popular BTC-e exchanges, which held high positions in the ratings, offered a profitable exchange rate, but it had to suspend its operations. Having successfully started, the new service introduced even more attractive features. It managed to preserve its old tried-and-true interface and the popular online chat. At the same time, accounts and information about customers were transferred to a new site. As a result, the users were able to enter their personal offices, and balances on their accounts were preserved.

Adequately responding to the suspension of work, the crypto exchange provided tokens to traders who lost funds. They are free to use these tokens as they wish. The administration of the project fulfills its obligations to its customers, and this characterizes it as a serious organization, deeply concerned with maintaining its reputation. So, it’s not a fraudster at all. All of this has been positively noted in those few reviews about the new resource.

The exchange follows the instructions of the AML/KYC regulatory laws. It ensures enhanced information security for users. The company does everything to make trading more profitable and the site more functional. Boasting more than a million users on its site, the company offers different ways of withdrawal of funds. It also provides trading, exchange of wex code and cryptocurrencies.  The company is in process of reducing commissions. A bunch of new opportunities are expected to show up soon, such as mining, trading, counseling, etc.

Having completed its rebranding, the service has shifted to the dynamic development as well as preservation of the reputation of the previous brand. Today, there are still few reviews about the crypto exchange on the web. It’s quite natural, considering that it has been operating for a bit more than a month. However, there are enough positive reviews of traders who praise the amazing decency and reliability of the platform that fulfills its obligations to them. In addition to this, users note that the support team works well and the core functions work smoothly. Despite the fact that the image of the company is generally good, there are traders who sell the tokens offered by the system and choose other sites to trade in cryptocurrencies. WEX isn’t a fraudster because it fully fulfills its obligations to its users (it timely conducts payments, monitors security of accounts, ensures stability of payment systems, and does everything to avoid hacker attacks, etc.).

Should we consider the crypto exchange WEX to be a fraudster? We answer in the negative because the site, having successfully started, came up with new opportunities for its users. It boasts a large base of traders working on the site. Its reputation is indisputably high. The company keeps improving its security, and plans to roll out new services. The vast majority of users trust this crypto exchange, considering it to be a reliable and serious organization. We can only see over time how well the company keeps its promises, generating new positive reviews about the service.

 

Regulation of the crypto exchange WEX

The crypto exchange WEX doesn’t provide clear information about available licenses, but it emphasizes that it fully adheres to the AML and KYC rules:

  • AML (Anti-Money Laundering). In compliance with the rule, the company doesn’t tolerate money laundering, or in other words any deeds having to do with the withdrawal of illegal funds from the system. The service guarantees that it pursues a clear policy with respect to money laundering and any other illegal actions in the financial sphere.
  • KYC – Know Your Customer. Within the KYC policy, the administration identifies its customer in the system, using all the necessary data (such as their passport data, etc.).

WEX is owned by WORLD EXCHANGE SERVICES PTE. LTD. This company has the legal registration of Singapore and therefore follows its legislation. Providing services in the market of cryptocurrencies (how to get money out of cryptocurrency?), WEX is obliged to always keep its users’ funds separate from the company’s corporate capital. The company claims not to use these funds for its own purposes and it guarantees their safety. The exchange pays serious attention to the identification of the real identity of the trader, so it has the right to ask for corresponding documents to verify the trader’s identity, while providing the wrong data is prohibited.

The company guarantees the complete safety and confidentiality of information about its users. It can cease cooperation with customers who violate the rules of the resource, break the laws of the country-regulator or if they have been noticed in fraud, or they publish obscene materials, pay for drugs, steroids, etc. WEX can impose fines on such users. More information on the rules of the exchange you can read on its website in the «User Agreement» section.

Read the User Agreement on the WEX exchange website
Read the AML Policy on the WEX website

 

Conclusion

The WEX cryptocurrency exchange is a new service in this niche, but it started successfully a month ago. Being a successful rebranding of the popular BTC-e site, the resource has retained its tried-and-true user interface and also a popular online chat. At the same time the company has managed to offer a variety of new ways for exchange, replenishment and withdrawal of cryptocurrencies (2018 cryptocurrency forecast), a VIP-section and so on. In addition, the exchange, having already received more than one positive feedback from its grateful clients, is seriously set for further development. It will keep polishing its security, while reducing commissions, adding more options for replenishment/withdrawing of funds, etc.

We can only hope that WEX will proceed with its dynamic development and provide even more unique opportunities to its clients. As a result, there will be more reviews on the work of the service. Today we won’t label the crypto exchange as a fraudster. However, the traders’ responses we are waiting for this article can not only significantly affect the rating of the WEX cryptocurrency exchange, but also warn people of possible problems.

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