WEX Review: Cryptocurrency Exchange BTC-e Risen From The Ashes in Singapore

WEX is a cryptocurrency exchange founded in 2017 that is operating out of Singapore. It is a rebranding of the now infamous exchange BTC-e, which was fined $110M USD by FinCEN. WEX is #7 on BlockExplorer’s top 25 exchange list from 2017. At the time of writing WEX reported a daily average of 16,655 users with a trading volume of $86M USD, making it a decent choice for medium to large scale traders that want to trade currencies that WEX supports. There are also three different APIs available for use in programmatic trading, though the documentation around one of them is in Russian with no English version available.

WEX

wex crypto

URL: wex.nz
Total Trading Pairs: 40
Deposit Fees: No
Withdrawal Fees: Yes
Trading Fees: Yes, flat 0.2% on all trades
Verification: Yes

Registration

Registration requires you to enter your email twice, followed by the username you would like to use, and finally, a CAPTCHA-like anti-bot measure to solve. Once you have submitted your registration request, the page will update and display a password that you can use to log in. You should change your password as soon as possible after logging in, note that WEX does not ask you to do so.

Verification

You may deposit, withdraw, and trade cryptocurrencies without verification. Getting verified requires quite a bit of personal information, listed below.

  • Full name
  • Date of birth
  • Current citizenship
  • ID Number, issue and expiry date
  • Your current address including country
  • An image of your ID and proof of residence
  • An image of you holding your ID with face clearly visible

Verification should take no more than 7 working days.

Interface

WEX’s interface is a white background with black text and grey highlights. It feels difficult to use due to the extreme verticle configuration though it is not completely unusable. Trading pair selection is done at the top with trade submission done below an auto-updating chart. To the right of the chart is a chat widget allowing you to chat with other traders. The chart is decently interactive and customisable, allowing you to select the shape of the candles. Below the chart, you can submit buy and sell orders and the fee for the intended order. Down the page further, under the buy and sell order section is an order book which updates semi-frequently. Further down still is your current active orders, and below that is the trade history for the selected trading pair.

Security

Though not directly insecure, passwords being displayed in plaintext on the webpage after registration seems like a bad idea. Making that worse, you are not asked to change your password upon subsequent logins. Otherwise, WEX has a decent number of security features, you can secure your account with 2FA using google authenticator. You can also manage an IP whitelist and view all open sessions logged into your account.

Fees

Currently, WEX applies a flat 0.2% fee to all trades. There are no fees on depositing cryptocurrency when withdrawing there is a set fee that is different per currency, you can view the entire list here

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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