Here’s a brief rundown of the notable traits we uncovered during our Weex review:
- Global financial licenses: WEEX holds financial licenses in multiple jurisdictions, including Singapore, Dubai, and the US MSB.
- Competitive fees: The platform offers competitive trading fees with maker orders at 0.02% and taker orders at 0.06%.
- One-click copy trading: The platform has a one-click copy trading feature, allowing users to replicate skilled traders’ deals and offering benefits for followers and traders.
- Intuitive user interface: WEEX’s user-friendly interface ensures quick navigation and real-time data accuracy.
- Diversified trading options: In addition to one-click copy trading, WEEX offers spot trading and futures trading, catering to different trading needs.
- VIP program: VIP customers have access to a dedicated 24-hour account manager and get assistance on account-related matters.
What Is WEEX?
WEEX is a crypto exchange platform based in Singapore. It provides spot trading, futures trading, and one-click copy trading. WEEX prioritizes user fund safety by employing multiple server locations and backups with robust security policies in place.
With a simple email registration, anonymous and safe trading is enabled to users who also receive 24/7 customer support, VIP perks, and an exclusive user welfare center.
WEEX also offers competitive maker and taker fees, set at 0.02% and 0.06%, respectively.
How to Open an Account at WEEX
A user is allowed to create only one account on the platform. You must have a valid ID card to register.
- Click the Sign Up button in the upper right corner of the website;
- Choose your method of registration through email or phone;
- In both cases, you need to create a strong password and verify your mobile phone number or email to complete the registration process.
- If you have a referral code, you have to insert it before submitting the registration request.
After registering, you can follow the Login History to view your account’s login information. You can access it by clicking the Avatar icon and entering the Security Center from the dropdown menu. Contact customer service immediately for assistance if you notice any unfamiliar devices in the login history.
Is WEEX Safe?
WEEX currently holds financial licenses in Singapore, Dubai, and the US MSB. It’s listed on well-known cryptocurrency data sites. For traceability, all transactions are saved, overseen, and permanently preserved.
The platform records customer IDs as well as their countries or jurisdictions. Customers are screened according to the Singapore List of Designated Individuals and Entities. Google Authentication is also employed to safeguard funds that users can withdraw at any time.
What Are WEEX Features?
In this section of the WEEX crypto review, we provide a clearer understanding of fund transfer processes, trading types, and VIP perks.
Spot crypto trading on the WEEX platform is a straightforward process that allows traders to buy and sell cryptocurrencies at their current market prices. The spot trading interface shows everything you need to know. The cryptocurrency pairs are presented on the left side of the screen. For each pair, you can immediately see the last price, change in percentage, cryptocurrencies with the highest volume within 24 hours, and the changes shown in a detailed chart for a specific period you select.
On WEEX, users can seamlessly transfer funds between their currency and futures accounts without incurring fees. For instance, USDT can be effortlessly transferred between various accounts, including transferring between distinct USDT-margined futures accounts like BTC/USDT and EOS/USDT.
To execute a transfer:
- Navigate to Assets-Currency Assets to locate USDT. If USDT isn’t available, you’ll need to deposit funds.
- Click on Transfer, and opt to transfer from Exchange to Futures. Choose the BTC/USDT trading pair, input the transfer amount, and after confirming, you’ll move the selected USDT amount to the available balance of the BTC/USDT futures.
- Check the specific balance directly on the BTC/USDT futures interface or under Assets-Futures Account-BTC/USDT.
Alternatively, you can manage transfers directly on the BTC/USDT futures interface under the assets section. Users can view detailed transfer records, including the amount, direction, and currency, in the financial bill on the Assets page.
Maintenance Margin Rate
To safeguard market liquidity, especially during large position liquidations, WEEX has instituted a tiered system. Larger positions result in higher minimum maintenance margin rates, reducing maximum allowable leverage. Position details can be observed on the trading interface for each future.
- Unrealized profit and loss pertain to profits from positions that remain open. The estimated value can fluctuate based on market price movements.
- Realized profit and loss deals with the actual profit or loss recorded after a position is closed, determined by the difference between the opening and closing prices.
For instance, if Xiao Ming opened a long USDT-margined futures position of 10,000 futures (BTC/USDT futures) when Bitcoin was valued at 8,500 USDT, and the current mark price has risen to 9,000 USDT, Xiao Ming’s unrealized profit would be 5,000 USDT.
One-Click Copy Trading
WEEX has a one-click copy trading tool to remove potential barriers to futures trading. This functionality provides users with various benefits:
- It enables followers to track and replicate skilled traders’ deals, removing the need for constant chart monitoring.
- The availability of live trade data ensures transparency and ease of use for copy trading. Furthermore, followers can change the quantity of copy trading, pause copying, or close positions for profit.
- Traders also benefit from this functionality by garnering 10% of copy trading profit. WEEX has over 10,000 futures traders and strong traffic support, which means that plenty of opportunities exist.
WEEX maintains the right to intervene and make decisions in the event of a dispute during copy trading. The one-click copy trade feature offers only information for reference purposes, and users should use their discretion.
Use the quick purchase option to choose Alipay or Bank Card transfer as your payment method.
Method 1 – Bank Card Transfer:
- Enter the deposit amount;
- Send in your payment order;
- Enter the cardholder’s name as it appears on the payment bank card;
- Accept the internal fee deduction;
- Finish the quick purchase process.
Method 2 – Alipay Transfer:
- Enter the deposit amount;
- Send in your payment order, keeping in mind the internal fee deduction;
- Finish the quick purchase.
You can examine your trading records after a successful purchase by visiting the Records page. Quick purchase operations are restricted for 15 minutes when three unsuccessful payment orders are initiated.
WEEX crypto exchange has introduced a limited-time window for its esteemed users. As part of this exclusive VIP offering, qualifying users will gain access to a dedicated 24-hour account manager who can assist them with any account-related matters.
VIP customers can avoid contending with sluggish processes or complex reviews when dealing with substantial withdrawals. Furthermore, WEEX VIP customers won’t be burdened with extended lock-up periods or collateral requirements.
To become a WEEX VIP customer, you must submit your UID to the WEEX customer service team for eligibility verification. Once approved, you’ll receive the contact details of your dedicated account manager, officially granting VIP status.
What Are WEEX Fees?
WEEX has a competitive fee structure that goes as follows:
- Maker orders (0.02% fee rate) are placed by users that don’t get filled immediately. They contribute to the market depth by increasing the number of orders in the order book. Common examples include limit orders. However, using a limit order doesn’t guarantee that it will be categorized as a maker order. If a trader wishes to confirm their order as a maker, they should select the “maker only” option.
- Taker orders (0.06% fee rate) are executed immediately, reducing existing orders in the market depth. All market orders are taker orders, as they never enter the order book. Specific order types like IOC (Immediate or Cancel) and FOK (Fill or Kill) are also classified as taker orders.
Futures Fee Calculation
The fee for a futures trade can be calculated using the formula: Fee = (Opening price x Face value x Cont x Maker/Taker fee rate). This applies universally across various cryptocurrencies paired with USDT, including BTC, ETH, LTC, BCH, TRX, and more. For both maker and taker, the fee is consistent at 0.02% and 0.06%.
Miners rather than platforms collect the fees required to withdraw cryptocurrency. Usually, the fee at WEEX is 0.0006 BTC. To check the current withdrawal rates for all currencies, click the rate in the yellow avatar. At the bottom of the withdrawal window, you can also see the currency and chain name transaction fees.
Which Customer Support Options Does WEEX Have?
At WEEX, you can directly resolve the issue via the extensive FAQ section. An AI bot that runs a Smart Assistant can help you locate the solution to your problem.
If you require extra assistance, contact customer care by email at [email protected]. Customer support is available 24 hours a day, seven days a week, and will respond as soon as possible to help you solve the problem.
Customer Reviews - What Do Customers Say About WEEX?
The WEEX crypto exchange has recently garnered significant attention in the cryptocurrency community. Many users have shared their experiences and left WEEX exchange reviews about its offerings. Split opinions are noticeable. On the one hand, some users commend its intuitive interface and the variety of assets available for trade. These positive reviews highlight the platform’s usability and real-time data accuracy maintained with renowned crypto trackers.
However, despite its presence on well-known crypto tracking platforms, some community members and review sites remain skeptical. Concerns about the platform’s legitimacy have been raised, with certain sites labeling it “risky.” While it’s evident that no exchange is entirely devoid of risks, our WEEX crypto exchange review notes that caution is necessary.
Final Thoughts: Is WEEX Worth It?
WEEX, an innovative digital currency exchange, has made significant strides in catering to the diverse needs of the crypto trading community. Founded with a substantial investment and holding multiple financial licenses, it is evident that WEEX prioritizes innovation and security. The platform offers spot and futures trading and unique features like one-click copy trading. It also has an exclusive VIP service and a transparent fee structure.
However, while many appreciate its wide array of features and user-friendly interfaces, concerns about the platform’s security persist in certain corners of the crypto community.
Is WEEX legit?
WEEX appears to be a legitimate exchange. The platform was established with a $100 million investment from a leading blockchain investment group in Singapore and holds financial licenses in multiple jurisdictions, including Singapore, Dubai, and the US MSB.
How much does WEEX charge for fees?
Specific fee rates are 0.02% for maker orders and 0.06% for taker orders. If orders remain unfilled or are canceled, no fees are applied. Withdrawal fees are typically set at 0.0006 BTC, but it’s advisable to check the current rates directly on the platform.
Is WEEX safe?
WEEX has implemented various measures to enhance its platform’s and users’ safety and security. All transactions on the platform are traceable, monitored, and permanently stored. Additionally, our WEEX review found that WEEX employs Google Authentication to safeguard user funds and ensures that customers are screened using the Singapore List of Designated Individuals and Entities.