What is Weex?
Weex is a crypto trading platform founded in Singapore in 2018, focused on derivatives trading. It is popular in Asia, with over 1 million registered users, and an average daily trading volume exceeding $1.5 billion. In 2023, Weex released the English version of their website, which is what brings us to review this exchange.
Weex is well-known as a professional derivatives exchange, offering trading of USDT perpetual, inverse contracts, and simulated contracts. However, it is also suitable for newer crypto traders, since it offers spot trading with zero fees, and copy trading, where you can automatically follow the exact trades as successful traders. Weex complies with regulations around the globe, with licenses from US MSB, Canada MSB, and SVGFSA, so you can trade with peace of mind.
Our Overall Thoughts on Weex
Weex is an outstanding crypto exchange, with low fees, spot trading, futures trading, and an advanced trading interface. It is secure, licensed, and even has user protection funds. These are the top 3 features that draw us to Weex:
1) Several trading markets supported: Weex is particularly known for its wide range of derivatives and futures trading markets. Users can trade USDT perpetual contracts, inverse contracts and simulated contracts. For newer traders and those who prefer lower risk, they can explore the spot trading market with zero fees.
2) Copy trading: Copy trading is a concept that has been adopted quite well by the crypto industry. The idea of copying the exact trades of a successful trader is something that many beginners like to try. On Weex it is easy to search for professionals with good track records, and choose to copy them. Then Weex will automatically make the same trades as they do in real time, so you can profit from their experience.
3) Security, compliance and protection: Weex is one of few crypto exchanges that has been licensed by multiple authorities. You can trade on Weex without any worries of the exchange being shut down due to regulatory issues, since they are compliant with various regulatory bodies. The exchange also offers next-gen security and a protection fund of 1,000 BTC in case any hacks or breaches occur.
One downside of Weex is the limited range of cryptocurrencies supported. While this may be an issue for some who want diversity, we find that most frequent traders tend to focus on the most popularly traded coins anyway.
Key Features and Advantages of Weex
Weex has a simple yet professional design, making it easily accessible by traders of all levels. For starters, there is an option to spot trade a variety of popular cryptocurrencies on the exchange with zero fees, or alternatively trade futures of three different kinds: USDT perpetual, inverse, and simulated.
Weex is also a fully licensed and regulated crypto exchange with protection funds in reserve for rainy days. They have even been endorsed and highlighted by popular media brands like Bloomberg, Yahoo, and Investing.com. Let’s take a look at the complete list of Weex's features.
Negatives and Disadvantages of Weex
There are a few aspects where Weex really needs to improve:
What Services Does Weex Offer?
Buy cryptocurrencies with OTC express trade: While Weex does not have a direct method for users to purchase cryptocurrencies, they offer an OTC purchasing option to Chinese users. The exchange has partnered up with third-party payment providers to enable users to buy digital currencies conveniently, and without any fees.
The easiest way is to purchase crypto with your credit or debit card, as it is instant and offers a smoother experience compared to other payment methods. Other common options are Alchemy Pay, AliPay, ChipPay, and direct bank card transfers, but note that these vary depending on your location.
One thing to keep in mind is that using the OTC express trade requires mandatory KYC verification. Also, it is only available for Chinese citizens.
Trade spot or futures with high leverage: There are two types of trading markets available at Weex: spot trading, which is a good choice for entry-level or low-risk traders, and futures contracts which are more suited to advanced and high-risk traders.
The spot market at Weex has a very limited range of cryptocurrencies, focusing on the most popular coins only, such as BTC, ETH, LTC, BCH, DOGE, TRX, and ETC. All spot trading pairs are against USDT, and the best part is that there are zero fees at all.
Most traders on Weex are interested in futures trading, as that is what Weex specializes in. There are more coins to trade than on spot trading, with over 30 pairs. You can choose to trade USDT perpetual contracts, inverse contracts, or simulation contracts.
USDT perpetual contracts have a margin denominated in the value of USDT. On the other hand, inverse contracts are contracts that are quoted in USD but are settled in the value of the crypto they are paired with. For future trading, Weex allows a maximum leverage of 200 times, which is extremely high compared to most other exchanges with a maximum of 100x.
Deep liquidity and minimal slippage: Deep liquidity is essential for any trader, but especially for high-volume traders. Weex has the deepest liquidity of major crypto exchanges, even more than Bitget and MEXC. This means that if you are making large transactions, your orders will be filled quickly, and with minimal slippage.
Slippage occurs when the price moves while fulfilling a large order, but because Weex has so many traders and deep liquidity, this is kept to a minimum. Weex even promises to compensate for the difference if slippage exceeds a given threshold.
When we traded on Weex, we noticed that orders were filled very quickly, and we saw very minimal movement in price due to slippage. We can confidently recommend Weex to high-volume traders who want to make large trades frequently.
Advanced trading layout: Weex offers a professional trading environment with an advanced interface, with all necessary functions and tools on hand. First, you will notice an accurate and lag-free chart at the bottom of the screen, where you can evaluate which way the market is moving and determine a potential trading opportunity.
Historical data is important for technical analysis, and you can quickly consult the chart and change the time frame and candlesticks to your desired period. With the full-screen mode, you will be able to analyze the charts easier, using a variety of indicators and charting tools like trend lines, drawing tools, and text, to predict future price movement.
For easy access to the different trading pairs, Weex has a list of available coins on the left panel. We found it easy to switch between the charts and trade instantly. On the right side of the screen, you will see the order book, and a section where you can place your trades. It is all laid out in a logical manner so you won't have any issues navigating through this site.
Copy trading to profit from experience of others: Not everyone has the experience, skills, and time to trade all day like professional traders do. Copy trading offers the perfect solution by allowing casual users to copy the trades of experienced and professional traders.
Weex offers one-click copy trading, making it extremely easy for users to copy a trader. You can browse a list of available traders with their performance history and brief statistics. Consider their PnL, win rate, win ratio, and number of followers to decide on a trader, and then start copying them with a single click. The maximum commission that you have to pay is 10%, so you can keep most of your profits.
Copy trading is a great way to get accustomed to the basics of trading, and learn to trade in a practical way. Remember that there are risks involved even when you are copying a professional, so don't invest more than you can afford to lose, and research carefully.
iOS and Android mobile apps: Weex understands that many traders are not tied to their computer all day, and hence need access to a mobile version of the exchange. Weex has developed a full-fledged trading app that is available to download on iOS and Android devices.
When we downloaded the app, we found it was perfectly optimized, with a beginner-friendly interface and intuitive layout. We signed in with our existing account, but if you are new to Weex, you can create an account directly on the app. The app had all the trading markets and trading pairs that are available on the desktop site, and we managed to trade, deposit, withdraw, and copy trade with no issues.
Licensed by multiple authorities: Some cryptocurrency exchanges operate globally without any regard for regulations, but Weex has gone in the opposite direction. It has secured licenses from multiple authorities around the world, in order to operate legally in various jurisdictions. They have regulatory licenses from the US MSB, Canada MSB, and SVGFSA, so users can trade on Weex without any legal concerns.
From our experience reviewing hundreds of crypto exchanges, we can say that Weex's licensing is top-tier, and helps their users develop trust and confidence.
Learn and stay updated with the blog: Staying updated with what is happening in the crypto industry can be the difference between making a profit or a loss. Market psychology plays an important role in the movement of crypto prices, and it depends heavily on the news coming in.
The Weex Blog discusses all the latest news in the industry. You can read various articles, market updates, analyses, predictions, and more in a single place. There is also a Weex Academy that focuses on teaching traders basic and advanced trading skills.
Weex Blog and Weex Academy are great places for beginners to learn, and even experienced traders like ourselves were able to gain some valuable knowledge from the latest news.
Next-gen security and protection measures: Weex is proud of their impressive security measures and extensive precautions they have taken to secure the exchange. Weex has integrated an AI-powered risk control system as well as a dual-level account-risk management system, and has been audited by four security vendors: Shencha Technology, Qingsong Cloud Security, HEAP, and Armors.
Weex has also set up a protection fund for their users, with reserves of 1,000 BTC. If any of their users loses money due to unforeseen circumstances, such as a hack or breach, then they will be compensated from the user protection fund.
With Weex's robust security measures, you can be sure that your funds and personal information are safe. Remember to secure your account with a strong password and 2FA, and never share any of your account details with anyone.
What We Don't Like About Weex
A limited number of cryptocurrencies: There are only around 30 cryptocurrencies available to trade on Weex, which includes the most traded coins. However, if you prefer to trade a diverse range of coins you will not find that here. If you are looking for an exchange with more coins, we suggest MEXC, with more than 1,520+ coins available.
OTC trading is for Chinese users only: If you want to purchase crypto directly on Weex, you can only do so via the OTC counter. However, this is only available for Chinese customers. If you are using Weex outside of China, you won't be able to make crypto purchases, but you need to deposit crypto instead, to begin trading.
If Weex could implement their own payment system for direct purchases of crypto, it would bring convenience to users all over the world.
Weex Deposit Fees
It is free to deposit cryptocurrency on Weex. There are no fiat deposits available on Weex, but making a direct purchase using OTC counter will incur a fixed fee of 1%. Weex claims that this fee is used to improve their service and maintain stability and security.
Weex Trading Fees
Weex has zero fees for spot trading, whether you are a maker or taker.
For futures trading, the fee for makers is 0.02% and takers is 0.06%.
Weex Fiat Withdrawal Fee
The fiat withdrawal fee at Weex depends on the payment merchant you have selected for the OTC transaction.
Weex Crypto Withdrawal Fee
Weex does not charge users for crypto withdrawals, but they have to pay the network or miners fee. This varies depending on the coin you are withdrawing and the network congestion at the time of the withdrawal.
Pros and Cons of Weex
- Spot trading and futures trading supported
- Professional trading interface
- Mobile apps for iOS and Android
- Copy the exact trades of successful traders
- Fully secure and licensed exchange
- Very limited number of cryptocurrencies
- OTC is only available for Chinese users
Weex is a global crypto exchange that attracts professional and advanced traders due to their futures trading services. They offer different types of future contracts, spot trading, copy trading, and OTC purchasing. Weex also has licenses to operate from all major countries, so users from the USA, Canada, and China can easily register and use their services.
Weex is extremely focused on security, with an AI-powered risk control system and a protection fund, with reserves of 1,000 BTC so you can trade with peace of mind. If you decide to sign up to Weex, use our link here to receive 58 USDT of rewards, as well as enter the lucky draw. If you are a large-volume trader, you can receive up to 7,830 USDT of rewards!
If you are still researching crypto exchanges or trading platforms, have a look at our article here, or see our comparison table below.
Comparison Table of the Best Crypto Exchanges in the USA
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."
Frequently Asked Questions
Yes, Weex is available for users residing in the United States. Weex has a legal license from US MSB to operate in the country and provide crypto services to residents.
Weex is a safe and trusted crypto exchange that has been operating since 2018. It uses state-of-the-art security measures and has a user protection fund worth 1,000 BTC in case any breaches occur. To date, there have been no reports of hacks of Weex.
Yes. Weex has over 1 million registered users and a daily trading volume of over $1.5 billion. It is also regulated and has licenses from various jurisdictions around the world.
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