WEEX Overview
WEEX is a crypto derivatives exchange founded in Singapore in 2018. With over 1 million registered users and an average daily trading volume of over $200 million, the platform aims to become a global player. In this Weex review, we will uncover everything you need to know. We will also share why we recommend caution when using Weex and why crypto traders should consider top alternatives for their crypto trading.
Weex mostly offers trading features, such as spot and futures trading, copy trading, and a comprehensive rewards hub, including a comprehensive user interface with advanced trading tools for beginners and experienced traders. Users have access to over 140+ cryptocurrencies and trading fees as low as 0% for makers and 0.03% for takers on the futures market. What makes Weex stand out is its high leverage futures platform with up to 200x.
Another thing about Weex is that it offers spot trading at zero fees. Other features include Copy trading, demo trading, advanced security using two-factor authentication, leverage of up to 200X on derivatives and perpetual contracts, passive income products, and many more.
In terms of financial and passive products, Weex has nothing to offer. Lastly, their customer support is rather poor.
Read on to get an in-depth insight into all the mentioned points about Weex.
Weex Pros and Cons
| 👍 WEEX Pros | 👎 WEEX Cons |
|---|---|
| ✅ Very user friendly | ❌ A limited number of supported cryptos |
| ✅ Low trading fees | ❌ Limited payment methods |
| ✅ Copy trading | ❌ OTC trading is for Chinese users only |
| ✅ Offers up to 200X leverage on derivatives and perpetual contracts | ❌ Regulatory concerns |
| ❌ Poor customer support | |
| ❌Lacks advanced features |
WEEX Products, Services, and Features
Trading Features:
WEEX offers various trading products, including spot trading, futures trading, and OTC trading. Users can access over 140 cryptos and over 200+ trading pairs for active trading. The platform also has a 24-hour trading volume of over $200 million for spot trading and over $6 billion for futures trading, according to Coinmarketcap.
The futures trading interface on Weex is beginner-friendly and easy to navigate. Still, it also features real-time charts, advanced order types, technical indicators, and many more, making it an attractive choice for beginners and experienced traders.
Users can also access up to 200X leverage on derivatives and perpetual contracts, making it easy for traders to maximize profits in market fluctuations.
Additionally, the spot trading interface is beginner-friendly and is equipped with real-time charts and technical indicators for active trading.
WEEX Fees
Trading fees:
On the spot market, there are no trading fees. However, WEEX offers users low trading fees, calculated based on the position value and unrelated to leverage for futures trading. They do not use a tiered fee structure that helps reduce trading fees based on trading volume.
Futures fees are 0% for makers and 0.03% for takers.
Withdrawal Fees:
WEEX only supports cryptocurrency withdrawals. Users can withdraw any of the supported cryptos on the platform. For starting crypto, charges always apply. However, these charges depend on the crypto you’re withdrawing and the selected blockchain network.
One of the cheaply available options is withdrawing USDT through the TRC20 blockchain network, as it only attracts a fee of 1 USDT per withdrawal.
Products and Services:
One primary service Weex offers is that although the platform does not have a direct method for users to purchase cryptocurrencies, it provides an OTC trading option for Chinese users. The exchange has partnered with third-party payment providers to enable users to buy Bitcoin and other cryptocurrencies conveniently and without fees.
However, note that using the OTC express trade requires mandatory KYC verification and is only available for Chinese users.
Another thing about Weex is its comprehensive Copy-trading feature. Weex offers one-click copy trading, making it easy for users to copy a trader. You can browse a list of available traders with their performance history and brief statistics.
Choose your preferred trader and start copying them with a single click, and the commission is as low as 10%, meaning you get to keep most of your profit. Consider their PnL, win rate, win ratio, and number of followers to decide on a trader.
Copy trading offers the perfect solution for beginners and inexperienced traders by allowing them to copy the trades of experienced and professional traders. That helps them get accustomed to the basics of trading and learn to trade practically.
Furthermore, Weex provides a very intuitive mobile trading app available for Android and IOS users who prefer trading on the go to being tied to their computers all day. The mobile app is optimized, with a beginner-friendly interface and intuitive layout. You can also create an account directly on the app. The app has all the trading markets and trading pairs available on the desktop site, and you can trade, deposit, withdraw, and copy trade with no issues.
For users seeking a platform to earn passive income, Weex has you covered. The platform offers events where users can win up to 10,000 USD weekly.
In this event, users who trade with 50/100x leverage on the trading pairs and accumulate a futures trading volume of ≥100,000 USDT during the event period will share a total futures reward of 10,000 USDT based on their trading volume ranking.
Lastly, Weex makes trading even more accessible for inexperienced traders with a comprehensive beginner guide section that contains adequate educational materials, including tutorials and guides to help beginners and inexperienced traders understand cryptocurrencies and navigate the platform more efficiently. There are guides on how to sign up, how to deposit, how to copy trade, and many more. That makes Weex one of the best choices for users who are new to crypto trading.
They also offer a blog for staying updated with what is happening in the crypto industry. The Weex Blog provides a platform for users to visit and be informed of the most recent developments in the crypto sector. This blog offers a comprehensive overview of the industry, including articles, market news, analysis, forecasts, and more.
Weex Security
Weex takes security very seriously as the platform implements advanced security measures, including two-factor authentication, SSL encryption, and many more, to ensure users’ safe and reliable trading environment.
The platform has also integrated an AI-powered risk control system and a dual-level account risk management system. It has been audited by four security vendors: Shencha Technology, Qingsong Cloud Security, HEAP, and Armors.
WEEX is regulatory-compliant and has obtained regulatory licenses from the US MSB, Canadian MSB, and Saint Vincent SVGFSA. In addition, Weex set up a protection fund for their users, with reserves of 1,000 BTC, which guarantees that the company funds back user assets.
So, if you’re worried about the safety of your assets, Weex is undoubtedly one of the most secure crypto trading platforms.
Weex Customer Support
If you’re looking for quick and reliable customer support, Weex is unfortunately not the place to go. While they have a 24/7 live chat option, their customer support team has no experience and is relatively slow. The worst part is that some of the support staff doesn’t even speak English but use a translation program instead, which often offers weird and unnatural translations. Weex has offered us one of the worst customer support experiences we have ever experienced.
Conclusion
Weex offers a crypto spot and derivatives trading platforms offering no-fee trading on the spot market, but they only provide a low number of cryptos to trade. What makes Weex stand out is its generous fee structure. With 0% spot fees and 0% maker futures and 0.03% taker futures fees, Weex has some of the lowest rates in the crypto industry. This just makes you wonder where their profits come from, as their user base is not that large.
Overall, we recommend staying away from Weex and using a reputable alternative such as Bybit instead.
Frequently Asked Questions
Is Weex Safe?
Weex appears to be a safe and reliable crypto exchange operating since 2018. The platform has never been hacked. However, we still consider Weex to be a high-risk crypto exchange and caution is highly advised. We recommend top alternatives such as Bybit or Bitget.
Can you buy crypto on Weex?
Yes, you can buy crypto on Weex. The platform offers an OTC purchasing option in partnership with third-party payment providers, enabling users to buy Bitcoin and other cryptocurrencies conveniently and without fees. However, this feature is only available to Chinese users.
What is the Maximum leverage on Weex?
Weex offers leverage of up to 200x on derivatives and perpetual contracts with access to over 100 trading pairs for active trading.
Is Weex Registered and Licensed?
No, Weex is not registered or licensed.
Can U.S residents use Weex?
Yes, Weex is available for users residing in the United States. Weex operates globally as an unregulated, no-KYC crypto exchange.
Can you deposit fiat on Weex?
No, fiat currencies are not supported for deposits on Weex. That means that Weex is designed for users who already own some cryptocurrency. However, Chinese users can purchase cryptos through OTC trading via third-party payment providers.
Does Weex have a mobile app?
Weex has a full-fledged trading app for download on iOS and Android devices. The app features all the trading markets and trading pairs on the desktop site.
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