UPDATE March, 2020. This exchange is no longer available.
WCX is a unique cryptocurrency trading exchange that allows speculating on traditional financial products. Traders are able to trade a broad spectrum of markets including Forex (FX), cryptocurrency, stocks, commodities and indices using Bitcoin as collateral – something no other cryptocurrency exchange offers.
The exchange bridges the gap needed to introduce traditional investors and traders into the cryptocurrency market. WCX's goal is to offer a fast and secure platform to advance the use and adoption of cryptocurrency around the world.
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WCX Review: Complete Guide
WCX is a cryptocurrency leverage trading platform that allows users to speculate on the price movement of traditional financial markets with Bitcoin. It combines the speed and trading experience of a crypto exchange with the broad range of markets typically offered by traditional brokers such as CMC, Pepperstone and IG Markets.
This means that you can use 1 asset (BTC) to trade a variety of financial markets from a single wallet. There is no need to worry about fiat deposits or banks, everything is faster and cheaper using Bitcoin only. WCX sources its live cryptocurrency prices from other exchanges with high liquidity such as Coinbase, Bitstamp and Binance.
Why Trade With WCX?
You should trade with WCX if:
- You want to earn Bitcoin by trading Forex (FX), stocks, commodities and indices
- You like an exchange that charges a spread fee only
- You are familiar with using TradingView charts and advanced tools
- You are looking for a global crypto exchange
How to Register With WCX?
The process to sign up with WCX takes just a few minutes. There is no KYC or complicated verification process that requires you to take selfies or scan identification documents.
All you need is a valid email address and you can then deposit Bitcoin and start trading immediately! To create an account on WCX:
- Visit the WCX site and and click on ‘Create Account’
- Enter your Email and set a Password
You will be required to verify the email address.
Check the registered email address and enter in the code. This will complete the registration process and you are now ready to login into WCX to claim the $30 Welcome Bonus.
The security of your funds should be priority and recommend that you activate Two Factor Authentication when you login into WCX for the first time.
How To Activate 2FA?
When you login to WCX for the first time, we recommend that you enable 2 Factor Authentication (2FA) on your new account. To do this, click on the 'Configuration' icon at the top right of the page and select 'Settings'. The first option on the settings page will be to which will direct you to the 2FA page. Scroll down and click on 'Activate 2FA' and follow the prompts.
How To Deposit Funds on WCX?
WCX does not accept deposit of fiat currency. The exchange only accept Bitcoin deposit. This means new cryptocurrency traders will need to make a Bitcoin purchase first and deposit BTC into the exchange. To do this, you will need to find a spot market exchange that accepts deposits of fiat currency in exchange for Bitcoin.
Once you have registered an account and signed in, you will need to make a Bitcoin deposit on WCX to start trading.
To deposit BTC into WCX, follow these instructions:
- Navigate to the Balance window on the right window and click on 'Deposit BTC'. The BTC wallet address of your account will be shown to make a deposit.
- Go to your hardware wallet application or other online exchange and withdraw Bitcoin to the BTC wallet address.
How To Trade Using WCX
For cryptocurrency traders, the interface is one of the most important considerations. When selecting a cryptocurrency exchange, make sure you are happy with the trading interface. It must feel right as this is where most of your time will be spent!
When you first login to WCX, you will see that the trading dashboard is well laid out and simple. There are no complicated menus or distractions - just an ease to use trading interface. On the left, the trading pairs are listed. There are many markets to choose from that you can trade using Bitcoin (BTC), including but not limited to:
- Crypto: Bitcoin, Ethereum, Litecoin etc
- Indices: S&P 500, FTSE 100, Nikkei 225 etc
- Stock: AAPL, TSLA, NFLX etc
- Forex: USD, EUR, JPY etc
- Commodities: Gold, Silver, Oil etc
Experienced traders will be happy to see that WCX uses TradingView charts, which are renowned for smooth, intuitive and responsive charts. TradingView provides advanced trading tools to assist trades to visualize their trading edge. The charts offer a wide range of time frames and tools to draw trend lines, add indicators and draw chart patterns to perfectly time a trade order using a market, limit or stop order. Active positions are displayed at the bottom and can be easily monitored.
The asset, position size, entry price, margin, and unrealized P&L are all displayed and update in real time.
To submit a trade using WCX, use the order window positioned on the right. Set an 'Amount' in the box on the left, then click on 'Buy' if you expect prices to go up, or 'Sell' if you expect them to go down. Note the minimum trade size is 0.001 BTC.
Once the order is executed, the trade will appear in the Positions panel and display on the chart. This is important, seeing the actual position on the live chart makes it easy to manage the trade. To modify a live trade, you can click the order on the chart which will bring up a window to adjust the 'Entry Price', 'Take Profit' and 'Stop loss' values.
WCX Trading Assets
Users are able to trade a broad spectrum of markets including Forex (FX), cryptocurrency, stocks, commodities, and indices using Bitcoin as collateral. So you don't have to settle for trading just the cryptocurrency markets if there are no trading opportunities. You can switch over to the traditional financial markets, too. WCX offers trading on dozens of cryptos, stocks like Apple, indices like the NASDAQ, commodities like Oil and Gold, forex like EUR/USD, and many more. A full list of the WCX traditional market assets that can be traded can be found on their website by clicking here.
For those that prefer sticking to trading digital coins, there are 15 cryptocurrencies available that can traded with leverage.
Leverage allows you to multiply your buying power, and hence your profits and losses. WCX lets you adjust the leverage on each trade you submit, up to 300x on some markets. You always have the option to trade without leverage by selecting 1x leverage. The amount of leverage varies across cryptocurrencies, indices, stocks, Forex and commodities.
The maximum leverage for Bitcoin is 25 x. The leverage major cryptocurrency pairs range between 5 x and 10 x. The leverage for traditional assets range from 15 x all the way up to 300 x. Given the volatile nature of cryptocurrency, it makes sense to reserve the lower leverage limits for crypto pairs.
Exchange fees are a important consideration when selecting a cryptocurrency trading exchange. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you are paying fees on positions that are much larger than your margin.
Deposit / Withdrawal
WCX does not charge a deposit fee or a withdrawal fee. There is a minimum Bitcoin network fee that is charged when you withdraw Bitcoin from the exchange. This fee is determined by the blockchain load, not WCX.
WCX operates a very unique fee structure system. It does not charge any trading fees at all. The total cost of trade execution is the spread which is approximately 0.5%. In comparison to most cryptocurrency exchanges, you need to pay a trading fee plus a spread cost.
The fees page on the website mentions that open positions may have decay. It is not entirely clear which assets will have decay and the percentages for holding positions overnight. Although this is common in traditional markets and considered a 'financing fee' to borrow funds to hold the traders leveraged position for more than 24 hours.
WCX includes a number of security features to protect its clients funds from compromise. A full list can be viewed on their website.
The exchange offers (and recommends) full 2 Factor Authentication to provide an additional layer of security by protecting account access (log in) and withdrawal operations. This level of security makes it very difficult for hackers to compromise WCX client accounts and withdraw funds. They would have to know your login information and be in possession of your mobile phone (and able to unlock it).
Over 98% of users assets on WCX are stored in cold storage wallets and kept offline. This means, even in an event of system compromise, an attacker still will not have full access to all the required keys to steal funds. No private key is kept on any cloud server which greatly reduces cyber risks such as hackers.
The remaining 2% of funds are kept in hot wallets protected by industry-leading security. These hot wallet funds are used to process withdrawals quickly and are insured against loss in case of compromise.
Is WCX Legit / Safe?
WCX has received mixed reviews on the internet about the trading experience and customer support. While it is difficult to ascertain the validity of the comments, not all of the feedback has been positive using WCX. Traders should conduct their own due diligence and read other WCX reviews.
In terms of platform security, there have been no reports of major security breaches or hacks on the exchange since its launch as yet. This a positive sign early on but does not mean it cannot happen.
WCX Demo Trading
WCX demo account offers unlimited, risk-free trading whereby users can trade up to 10 BTC. If you blow your account, don't worry. You can top it back up while you learn to trade crypto or the traditional markets. You can switch between your real and demo accounts from the top left corner of your dashboard.
There is no WCX app however the web interface is mobile friendly and can be used to trade anywhere with an internet connection.
WCX real money trading is available to all countries except:
- Democratic Republic of Congo
- Hong Kong
- Ivory Coast
- North Korea
- United States of America
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Disclaimer: your capital is at risk
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Conclusion: WCX Review
To conclude our WCX review, the exchange has bridged the gap between traditional markets and cryptocurrency. It has allowed investors and traders from all over the world to speculate on markets such as Forex, commodities, indices and stocks using Bitcoin.
The only downside is the negative feedback received on this exchange. So we would encourage users to be cautious and not to deposit large amounts of cryptocurrency just in case or use another cryptocurrency margin platform.
Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders.