WEEX

Overview of WEEX

Founded in 2018 in Singapore, Weex is a cryptocurrency trading platform known for its derivatives focus. With over 1 million users in Asia and a daily trading volume exceeding $1.5 billion, it's gained substantial popularity. In 2023, Weex introduced its English website version, prompting this review.

Specializing in derivatives trading, Weex offers USDT perpetual, inverse, and simulated contracts. It's also beginner-friendly, providing zero-fee spot trading and copy trading for newcomers.

Pros and cons

Pros:

• Specialized Derivatives Platform: Weex is renowned for its emphasis on derivatives trading, catering to experienced traders with a wide range of derivative trading options.

• Popularity in Asia: Enjoying substantial popularity in Asia, with over 1 million users and a significant daily trading volume, Weex has established itself as a prominent choice in the region.

• Inclusive for New Traders: Despite its derivatives expertise, Weex is welcoming for newcomers as well. The availability of zero-fee spot trading and copy trading options provides an entry point for those new to the cryptocurrency trading landscape.

Cons:

• Derivatives Complexity: While Weex's derivatives focus is a strength, it might be seen as a drawback for traders seeking a simpler, straightforward trading experience without the complexities associated with derivatives.

• Limited Information: The provided information lacks details on specific features, user experience, and platform functionalities, making it challenging to fully evaluate all aspects of the exchange.

• Regional Focus: Despite its popularity in Asia, Weex's influence and availability might be more limited for users outside of the Asian region.

• Website Version Limitation: Prior to the English version release in 2023, potential users who were not proficient in other supported languages might have faced challenges in accessing the platform and its offerings.



Regulatory Authority

Weex claims for its adherence to regulatory oversight from esteemed bodies including US MSB, Canada MSB, and SVGFSA, asserting its commitment to security and compliance with worldwide regulatory norms.

However, following a thorough inquiry conducted by our wikibit team, it has come to light that the platform lacks valid regulatory certifications. This ambiguity surrounding its regulatory status has prompted apprehensions.

Prior to considering the utilization of the platform for trading purposes, traders should exercise due diligence in comprehending these factors in their entirety.

Security

WEEX's security endeavors epitomize a synergy of strategic vision, operational diligence, and user-centric dedication, fostering an environment where users can confidently partake in cryptocurrency trading activities.

• Emergency Insurance Reserve: A tangible manifestation of WEEX's unwavering commitment to user protection, the platform judiciously maintains an emergency insurance reserve of 1,000 BTC. This financial contingency underscores WEEX's dedication to shielding user assets from potential adversities.

• Transparency as a Cornerstone: Transparency forms an indelible cornerstone of WEEX's operational ethos. By openly disclosing wallet addresses, the platform epitomizes accountability, fostering a relationship of trust with its users and underscoring its commitment to ethical practices.

• Strategic Reliability: WEEX's security paradigm is deeply rooted in reliability. The platform orchestrates a protection fund endowed with a substantial quantum of Bitcoin. This strategic allocation is meticulously devised to counterbalance the inherent volatility characterizing the cryptocurrency landscape, thereby imparting a sense of stability to the trading environment.

• Continuous Fund Monitoring: WEEX's proactive approach to security involves continuous vigilance over the protection fund's magnitude. This vigilant oversight signifies the platform's unwavering pledge to maintaining the fund's sufficiency, ensuring that it remains optimally poised to address potential exigencies.

• Efficiency through Self-sustainability: Efficiency is a hallmark of WEEX's security framework. The autonomy of the WEEX Protection Fund is emblematic of the platform's operational prowess. By relying on self-funding mechanisms, WEEX attains the agility to promptly mitigate potential user fund losses without encountering external bureaucratic complexities.



Cryptocurrencies Available

WEEX supports an extensive array of over 50 cryptocurrencies, offering users a diverse range of options for trading. Some of the prominent cryptocurrencies available on the platform include:

1. BTC/USDT: Bitcoin, the pioneering cryptocurrency, is among the offerings, enabling users to engage with the leading digital asset in the market.

2. ETH/USDT: Ethereum, known for its smart contract capabilities, provides users with the opportunity to trade in the second-largest cryptocurrency by market capitalization.

3. LTC/USDT: Litecoin, often dubbed as the “silver to Bitcoin's gold,” offers users an alternative digital asset with distinct features.

4. BCH/USDT: Bitcoin Cash, created as a fork of Bitcoin, provides users with a cryptocurrency emphasizing larger block sizes for faster transactions.

5. DOGE/USDT: Dogecoin, known for its playful origins, has gained substantial popularity and serves as an accessible and intriguing cryptocurrency option.

The comprehensive selection of cryptocurrencies on WEEX empowers users to diversify their investment portfolios and engage with a variety of blockchain-based assets. Whether users are interested in the pioneering Bitcoin, the versatile Ethereum, or other emerging cryptocurrencies, WEEX provides a platform to explore and trade these digital assets in a convenient manner.



How to open an account？

The registration process of WEEX can be summarized in the following six steps:

1. Visit the WEEX website: Go to the official WEEX website and click on the “Sign Up” or “Register” button to begin the registration process.



2. Provide personal information: Fill out the registration form with your personal details, including your full name, email address, and chosen password.



3. Verify your email: Once you have provided your email address, WEEX will send a verification email to the provided email address. Click on the verification link in the email to confirm your registration.

4. Complete identity verification: To ensure compliance with regulations, WEEX may require users to complete a Know Your Customer (KYC) process. This involves submitting identification documents, such as a passport or driver's license and potentially providing proof of address.

5. Set up two-factor authentication (2FA): Enable 2FA for added security by linking your WEEX account to an authentication app, such as Google Authenticator or Authy. This will provide an extra layer of protection when logging in to your account.

6. Deposit funds: Once your account is fully registered and verified, you can proceed to deposit funds into your WEEX account. Follow the provided instructions to select your preferred payment method and complete the deposit process.

Fees

When discussing WEEX Futures trading fees, it should be noted that these fees are solely applicable when positions are opened, closed, or reduced through trading. Fees are not incurred for orders that remain unfilled or are cancelled.

The deduction of fees is managed within the position margin. These fees are calculated based on the value of the position and are independent of leverage.

WEEX Futures trading fees differ between two categories: Maker and Taker, both in terms of order placement and execution:

• Maker Order: This type of order carries a fee rate of 0.02%. Maker users' orders that are not immediately filled will be displayed in the market depth.

• Taker Order: Taker users actively execute orders that are already placed, leading to a reduction in existing orders in the market depth. For executing such orders, Taker users will incur a fee of 0.06%.

Futures Pair	Maker Fee Rate	Taker Fee Rate
BTC/USDT	0.02%	0.06%
ETH/USDT	0.02%	0.06%
LTC/USDT	0.02%	0.06%
BCH/USDT	0.02%	0.06%
TRX/USDT	0.02%	0.06%
DOGE/USDT	0.02%	0.06%
ETC/USDT	0.02%	0.06%
DOT/USDT	0.02%	0.06%
XRP/USDT	0.02%	0.06%
UNI/USDT	0.02%	0.06%
SOL/USDT	0.02%	0.06%
SHIB/USDT	0.02%	0.06%
SAND/USDT	0.02%	0.06%
MANA/USDT	0.02%	0.06%
FIL/USDT	0.02%	0.06%
BNB/USDT	0.02%	0.06%
ADA/USDT	0.02%	0.06%
LINK/USDT	0.02%	0.06%
MATIC/USDT	0.02%	0.06%
EOS/USDT	0.02%	0.06%

Payment Methods

The payment methods offered by WEEX provide users with convenient and diverse options for funding and managing their accounts.

WEEX supports a range of traditional and digital payment methods, ensuring flexibility and accessibility for users. These methods typically include bank transfers, credit or debit card transactions, and cryptocurrency deposits.

This approach allows users to choose the payment method that aligns with their preferences and needs, bridging the gap between traditional financial systems and the rapidly evolving world of digital assets.

Educational Resources

WEEX provides educational resources and tools to assist users in their cryptocurrency trading journey. These resources may include tutorials, guides, and articles that cover various topics such as trading strategies, technical analysis, and market trends. Additionally, WEEX may offer tools such as charts, indicators, and price analysis tools to help users make informed trading decisions. It is recommended for users to explore the WEEX platform or contact customer support for more information on the specific educational resources and tools available.



Customer Support

WEEX provides a range of contact options for users seeking assistance or engagement. To access general support and address inquiries, their dedicated customer support team can be reached through the official Telegram handle: @weikecs.

For those interested in exploring potential business collaborations, WEEX offers a separate channel with the Telegram handle: @weikecs. If your inquiries are related to trading quant strategies and market-making, the team can be contacted via email at bd@weex.com. Additionally, for VIP customers seeking tailored services and support, a dedicated email address is available at support@weex.com.

These avenues ensure that users can connect with WEEX according to their specific needs, whether it's general assistance, business partnerships, trading inquiries, or VIP services.



FAQs

Q: How many cryptocurrencies are available for trading on WEEX？

A: WEEX offers a diverse range of over 50 cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, Ripple, and Litecoin.

Q: What payment methods does WEEX accept？

A: WEEX accepts credit/debit cards and bank transfers as payment methods, providing users with convenient options for depositing and withdrawing funds.

Q: What is the registration process for WEEX？

A: The registration process for WEEX involves visiting the official website, providing personal information, verifying your email, completing identity verification, setting up two-factor authentication, and depositing funds.

Q: Does WEEX provide educational resources and tools？

A: WEEX offers educational resources and tools to assist users in their cryptocurrency trading journey, but specific details about these resources are not provided. Users are recommended to explore the platform or contact customer support for more information.

User Review

User 1(Lucy):

I've been using WEEX for a while now and overall, I'm quite satisfied with the exchange. The security measures are solid, with features like two-factor authentication and cold storage, which give me peace of mind when it comes to protecting my funds. The interface is user-friendly and easy to navigate, making it convenient for both experienced traders and beginners. The range of cryptocurrencies available is impressive, allowing me to diversify my portfolio and explore different investment options. However, I have noticed that the customer support can be a bit slow at times, and it would be great if they could improve their response time.

User 2(Blaken):

I recently started using WEEX and I must say, I'm impressed with the level of regulation they have. Being regulated by the Financial Conduct Authority gives me confidence that my investments are protected and that the exchange operates within the boundaries of financial regulations. The liquidity on the platform is also good, ensuring that I can easily buy and sell cryptocurrencies without any major price slippage. The trading fees are competitive, which is a plus for me as it allows me to keep more of my profits. However, I did experience some delays when it came to depositing and withdrawing funds, so I hope they can work on improving the speed of these processes. Overall, I would recommend WEEX for its regulation and liquidity, but be prepared for potential delays in deposits and withdrawals.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.