Read our long form review here:
► Overview 📝
WCX is a margin trading exchange that is funded only in cryptocurrencies. They are based in Switzerland and were launched in 2017.
Since then, they have grown the exchange and they claim to have taken on 125k traders from 189 countries.
They restrict a number of Geos with the most prominent example being the USA.
► Security 🔑
In terms of security, they have a range of coin management and safety protocols. These include the likes of cold storage and multisignature wallets.
They also have user side security such as two factor authentication and address white-labelling.
► Leverage ⚙️
This is a crypto margin exchange which means that you will be trading with leverage. This leverage can go be up to 300x on some geographies. This is much more than other crypto futures exchanges but is still less than other CFD brokers.
Those traders based in Europe will have a max of 30x leverage. This is because of European ESMA guidelines for brokers.
► Asset Coverage 💎
Looking at asset coverage, WCX lists over 100 different markets including Equities, currencies, commodities and cryptocurrencies. This is quite an extensive range and can rival competing CFD brokers.
► Fees 💸
For trading fees, the only fees that WCX will is charge what they call a “decay” fee. You can think of this as an overnight fee that is applied at other brokers.
Like for like, these are actually larger than the fees that are charged at other CFD brokers.
However, they probably make up for this in that they do not charge deposit / withdrawal fees.
► Registration 🕵🏼
Unlike other crypto margin exchanges, they require KYC to be completed on their traders so you will have to identify yourself. For non KYC exchanges, check out the Coin Bureau.
If you wanted to test out the WCX platform before you sent them any sort of docs, then they have a no obligation demo account.
► Trading Technology 🖥
In terms of the trading platform, it appears to be quite advanced and has a range of features. They make use of tradingview charting software which is well known amoung technical traders.
You also have quite few options when it comes to placing orders. You can easily adjust leverage, stop levels and order life parameters.
For the developers out there, WCX also has an API where you can code your own bots and algorithms. It is pretty standard though with the typical endpoints.
Unfortunately, WCX does not have a mobile app so you will have to use the browser in your phone if you are away from your desk.
► What We Think 💁🏻♂️
In conclusion, WCX are an interesting alternative exchange. A sort of hybrid between a BitMEX and a CFD broker. Their platform is reasonable and their asset coverage is impressive.
There were some things that we think warrant improvement, but they are still a new exchange and may introduce it later.
► Warning!! ⚡️
If you are going to use WCX, make sure that you practice adequate risk management as 300x leverage can be deadly!
► Disclaimer 📜
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
Source: Coin Bureau