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WOO Network is a cryptocurrency project offering an advanced trading platform and a number of DeFi-related features. But how do its offerings stack up against popular alternatives? Throughout this WOO Network review, we'll look at what the platform offers and compare its fees, features, and usability.
WOO Network has an array of products including a decentralized and a traditional crypto trading platform. As such, WOO Network is a one-stop platform for crypto enthusiasts to access a highly customizable trading interface, liquidity farming, and bridge tokens.
Although the WOO X exchange offers comparatively fewer assets than more popular crypto trading exchanges like Coinbase or Binance, its low fees of 0.03% per trade make it an excellent platform for active traders looking to maximize their profits. Moreover, there is added incentive for zero trading fees by staking at least 1800 WOO tokens.
- Low trading fees
- Customizable trading interface
- Good yield farming options
- No direct fiat currency support
- Not many cryptocurrencies available
- Low trading fees. Arguably, the main draw to the WOO Network and the WOO X exchange is its low fees. With costs starting at 0.03% per trade, WOO X is one of the most cost-effective platforms in the industry for spot trading.
- Customizable trading interface. On the WOO X exchange, users have complete control over the trading interface, meaning it can be tailored to a specific trader's needs.
- Good yield farming options. WOO Network supports a good number of assets for yield farming, and with highly competitive reward rates, the platform is excellent for earning passive rewards.
- No direct fiat to crypto support. Although WOO X does provide fiat to crypto support via a third party, its high fees mean that the exchange is primarily suited to traders with existing crypto holdings.
- Not many cryptocurrencies are available. While the trading features and fees offered by WOO X are some of the best in the industry, it doesn't support many assets meaning the exchange isn't ideal for altcoin traders.
WOO Network At a Glance
Launched in 2020, WOO Network is the project responsible for the WOO token, the WOO X exchange, and the WOOFi decentralized finance (DeFi) platform. While unregulated, all WOO network products are fully compliant with anti-money laundering regulations.
|Exchange Name||WOO Network|
|Features||CEX/DEX Exchange, Staking, Native Token, Yield Farming, Trading Leaderboard, Swaps, Fee Rebates|
|Accepted Fiat Currencies||USD, EUR, GBP, +4 Others|
|Deposit Methods||Credit/Debit Card, Crypto|
|Number of Trading Pairs||161|
|Customer Support||Help Center, Email, Telegram Group|
|Security Measures||2FA, SSL Encryption, Proof of Reserves, IP Whitelisting|
|Mobile App||Yes (Android and IOS)|
Woo Network Compared & Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|600+||0.3% & network fee|
|None available at this time||Visit Uniswap||Uniswap Review|
|None available at this time||Visit SushiSwap||SushiSwap Review|
WOO Network Features Reviewed
Through the WooFi platform, users can use the blockchain bridge to swap crypto using its decentralized crypto platform. The assets supported on WooFi include Ethereum, USDT, USDC, WBTC, and WOO. In addition, however, users can swap between seven networks and their base native tokens, including the BNB Chain, Fantom, Polygon, Avalanche, Arbitrum, Optimism, and Base Goerli.
Unfortunately, there is only the ability to swap assets on the Ethereum network, and connecting a wallet to WooFi was difficult due to a glitch causing the platform not to load. However, the platform remains a nice addition to the WOO Network and will be helpful for anyone looking for a quick and easy way to bridge their assets across networks.
The WOO Network token (WOO) is the native token of the WOO Network ecosystem that is available to trade on various exchanges including Binance, Kraken, and Bithumb. The token has a fixed supply of 3 billion, 50% of which is used to support the WOO Network ecosystem. The token can be staked to earn rewards and attain reduced trading fees. Furthermore, the WOO Network team frequently runs buybacks using accrued trading fees to reduce the overall supply of tokens in circulation.
Staking Woo Tokens
WOO token holders can stake their assets to earn rewards and bonuses. In doing so, users can earn passive rewards of 4,56% APR and attain cheaper trading fees which is the main benefit. Another incentive to stake WOO is its auto-compounding feature. When enabled, WOO Network will automatically stake the new tokens each time a user earns rewards, boosting the overall rewards a user will earn - similar to compounding interest at a bank.
Trading Fee Rebates
One of the biggest draws to Woo X is its support for trading with zero fees. However, users staking large amounts of WOO can even earn money from their exchange fees. With over 25,000 WOO staked, customers can earn a 0.0005% rebate on each transaction that takes liquidity from the order book.
Furthermore, this rebate can be increased to as high as 0.003% by staking at least 3 million WOO tokens. Although this offer is only available for spot and margin trading, it's always good to see an exchange providing value to its customers. Although, there are alternative platforms that offer zero-fee crypto trading without needing to stake any tokens.
One of the more advanced features present on WOO Network is the ability to execute trades automatically using the API. While there are no automated tools on the exchange, users can easily connect their favorite crypto trading bots to WOO X to place orders. However, API trades incur slightly higher fees (0.04% vs. 0.03%) than manual orders and may not be worth it if frequently trading.
Through the WooFi platform, users can engage in yield farming across seven networks, including Ethereum, Avalance, and Polygon. Currently, 15 assets are supported with yields ranging from 6.86% (wrapped BTC on Avalanche) to 33.05% (OP on the Optimism network), making WOO Network one of the more rewarding yield farming platforms. Any earned rewards are paid in the xWOO token, which can then be exchanged for WOO and staked or sold on the exchange. This feature is beneficial for those looking to earn yield while not in active trades.
An exciting feature offered by Woo X is its in-built trading leaderboard. Anyone with a Woo X account can view the performance of the platform's most and least profitable traders, ordering them by profits and losses, return on investment, shape ratio, market, or WOO score.
With users able to view the performance of knowledge traders (and their portfolio if enabled), the trading leaderboard is a great motivational tool and can help users crypto enthusiasts connect with one another and share tips. However, as the platform is still new, there are not as many traders compared to other leaderboards on ByBit, Bitmex, KuCoin, and Binance.
Creating and Verifying a WOO Network Account
Although users can explore the Woo X exchange without creating an account, customers must register and complete verification before placing trades on the platform. However, Know-Your-Customer (KYC) verification isn't a strict requirement when using the exchange, so customers initially only need to enter and confirm an email address.
However, Woo X requires its customers to verify their identities before accessing leveraged trading. To complete the initial verification process, users must provide a photo ID and a facial scan. To complete level two verification to gain fiat-to-crypto support, customers must provide proof of address and state their source of funds.
Supported Fiat Currencies and Deposit Methods
Woo X is primarily a crypto-to-crypto trading exchange. Users of the platform can deposit 104 unique cryptocurrencies, including Bitcoin, Ethereum, Stellar, and Fantom. However, customers can buy crypto on Woo X despite the platform targeting existing crypto holders.
After completing verification, investors on Woo X can buy crypto with a credit/debit card using seven fiat currencies, including GBP, EUR, USD, and JPY. That said, it's essential to be aware that Woo X uses third-party payment services Mercuryo and Ramp, which charge higher than average fees.
Supported Cryptocurrencies and Trading Pairs
Although not as diverse as some larger platforms like ByBit and Binance, the Woo X exchange offers a good variety of crypto assets, meaning traders shouldn't have an issue finding new opportunities. There are 87 unique cryptocurrencies on Woo X denominated in USDT and USDC for a combined 91 spot trading pairs.
Users can also trade crypto with leverage on Woo X. The platform provides access to 70 perpetual futures contracts with up to 20x leverage, taking the total number of tradable assets on the Woo X exchange to 161 at the time of writing.
WOO Network Fees
A unique aspect of the WOO Network is its zero-fee trading platforms. However, most users will fall into the basic fee tier, meaning they'll be subject to a 0.03% fee per transaction which is competitive in the market.
However, it's possible to enjoy zero-fee trading by staking at least 1,800 WOO tokens, currently valued at close to $350. Additionally, although no trading volume-based discounts are available, traders can attain cheaper fees by staking quantities of WOO.
|WOO Staked||Trading Fee (Maker/Taker)|
|0||0.03% / 0.03%|
|1,800||0% / 0%|
|25,000||0% / -0.0005%|
|150,000||0% / -0.001%|
|600,000||0% / -0.0015%|
|1,500,000||0% / -0.0025%|
|3,000,000||0% / -0.003%|
Deposit and Withdrawal Fees
Woo X does not charge any additional fees for crypto deposits and withdrawals. Users can withdraw Bitcoin for a 0.0005 BTC charge, similar to most crypto platforms. However, ERC-20 assets are slightly more expensive than usual, at an average fee of around $6.50 per withdrawal.
WOO Network Fees Compared
Compared to other crypto exchanges, the Woo X and WooFi exchanges are some of the cheapest in the industry. Below, we've highlighted how Woo X stacks up against a few other popular trading platforms such as Crypto.com, ByBit, and Binance.
|Exchange Name||Trading Fee|
Woo Network Ease of Use
WOO Network features an easy-to-navigate interface with access to the Woo X and WooFi exchanges being signposted clearly. The platform utilizes the standard order book-based interface with a modern design, meaning its pleasant to look at and will be familiar to experienced traders.
There are three modes available "Standard", "Advanced" and "Customized". The latter is one of the strongest aspects of the WOO Network crypto exchange with a fully customizable trading interface. Woo X has taken a modular approach, enabling users to add and remove widgets like funding rates, charts, and trade history to the interface. Compared to other exchanges, Woo X is one of the most customizable, making it great for advanced traders that have a set trading arrangement.
Placing trades on Woo X is straightforward, and the exchange offers an advanced suite of tools, providing an excellent environment to chart crypto pairs that are powered by TradingView, meaning users have access to advanced drawing tools and technical indicators. Its modular design allows users to create the perfect interface for their needs, eclipsing other cryptocurrency exchanges' trading tools.
Woo Network App
Anyone that frequently trades while on the go will be happy to learn that a mobile version of the Woo X exchange is available on Android and IOS devices. Currently rated 4.9 / 5 on the App Store based on over 50 reviews.
The Woo X app is a mobile hub for all activities relating to the WOO Network. The app boasts the same features as the web Woo X exchange, meaning users can access the spot/futures markets and WOO staking. Furthermore, the app enables users to create an account and deposit/withdraw funds.
The trading interface on the Woo X app is straightforward and relatively powerful. Users can view price charts, change intervals, and apply a small range of cryptocurrency indicators, including MACD, RSI, and BOLL. However, no drawing tools are available, making performing detailed analysis challenging.
Although the charting tools offered by the Woo X app are limited, users can make use of five order types that can be used to enter and exit positions. The supported order types on the app are limit, market, stop-limit, stop-market, and one-cancels-the-other. Additionally, users can create sub-accounts on the app to separate activities like futures trading and investing.
Overall, the Woo X mobile app is well-designed and offers most of the functionality offered by the desktop platform. However, with a limited range of indicators and no drawing tools, users wishing to perform detailed analysis will need to use Woo X with a platform like TradingView to improve accuracy.
WOO Network Customer Support
WOO Network has a help center that is updated constantly with news regarding service disruptions and articles explaining how to use the platform. Although, its live chatbot and email support tickets are available. Help can also be sought by posting questions on the WOO Network Telegram support channel. Unfortunately, reply times seemed to vary greatly, with the Telegram group offering the fastest responses. Overall, the customer support was satisfactory but could be improved.
To ensure the safety of its users, WOO Network has implemented security measures, including multi-sig hardware wallets for client funds, encryption for sensitive information, two-factor authentication (2FA), IP whitelisting, and anti-phishing codes for communications.
On top of its account-centric safety measures, WOO Network provides proof of reserves and is currently 150% overcollateralized, guaranteeing clients with never be left out of pocket. Furthermore, we found no reports of WOO X being hacked, highlighting the platform's safety.
Frequently Asked Questions
WOO Network is a cryptocurrency ecosystem consisting of a decentralized exchange (DEX) as well as a centralized exchange (CEX) with advanced charting and staking capabilities. The project is powered by the native token WOO, which can be staked to earn passive rewards and reduced trading fees.
Unfortunately, all the services offered by the WOO Network are unavailable to traders based in the US and Canada, meaning users residing in those countries will need to look for an alternative crypto exchange.
WOO Network makes money through fees on its centralized Woo X exchange and the decentralized WooFi trading platform. Furthermore, the WOO Network uses 50% of its revenue to buyback Woo tokens from holders, strengthening the larger ecosystem.
The WOO Network team works hard to ensure the safety of its clients by implementing a mixture of account and platform-based security measures. Furthermore, 10% of the total supply of WOO (300 million tokens) is reserved as insurance for its user's holdings.
Final Verdict and Rating
In short, WOO Network offers flexibility with both a CEX and DEX exchange, with a combined 161 assets across the spot and futures markets. With attractive features including multiple price charts, depth charts, and live order books, it will fit the needs of most advanced traders. Moreover, the low fees of 0.03% per trade are less than a third of the fees charged by Binance and ByBit.
However, there are downsides such as WOO X supporting less than 100 unique assets, a maximum of 20x leverage, and does not have a direct fiat-to-crypt onramp.
|Review Criteria||HedgewithCrypto Rating|
|Features||3.2 / 5|
|Supported Fiat and Deposit Methods||3 / 5|
|Supported Crypto & Trading Pairs||3.5 / 5|
|Fees||4 / 5|
|Ease of Use||3 / 5|
|Customer support||3.5 / 5|
|Security Measures||3.3 / 5|
|Mobile App||2.9 / 5|