You may find this article a little bit weird as it’s pretty hard to encounter a company we’re about to review. WCX is a Switzerland based Brokerage that offers trades like major currency pairs, cryptocurrencies, Stocks and commodities as well. You may be thinking “Why is this WCX review weird? That sound pretty normal”. Well, the catch here is that WCX only allows deposits in Bitcoin.
Yes, you heard me right. BTC will be your only gateway to this company’s platform. It may sound weird in the beginning, but once we get deeper into the features WCX broker offers, you’ll have a completely different understanding.
To give a small overview, WCX has pretty nice features at a first glance. Features like deposits and withdrawals without a single cent spent on fees. Spreads of about $7 from what we saw when we took a look at the BTC/USD pair. And also quite low spreads of 0.00003 for major fiat currency pairs like USD/EUR. The leverage offered by the company is also pretty amazing as it can reach a maximum of 1:300.
But this is a small overview, let’s get into the details of how the company can offer such features.
Is WCX platform legit or not?
When we want to determine whether or not a broker is legit, we always look at their regulator, if they have one. Well, the thing to consider here is that WCX is a very “unorthodox” broker, meaning that it doesn’t quite qualify for the traditional license you’d see with Forex brokers or stock brokers. The fact is that this WCX review almost went downhill when we found out that the company isn’t regulated. But then we gave it a bit more thought and, honestly it’s not too surprising.
Judging by the fact that deposits can only be made with cryptos, meaning you’ll have to do it with your online wallet, eliminates the presence of banks or any centralized institutions. The self-regulation can be a really big hit to credibility, however. Although we all want to have a decentralized environment where the government doesn’t intervene, it’s still good to have a backup in case you get scammed. However, a WCX scam is highly unlikely.
1:300 leverage? Isn’t Switzerland in Europe?
This question is quite easy to predict. Everybody knows about the ESMA regulations and how they prohibit leverage above 1:30. But remember, Switzerland is not a part of the European Union, therefore it gets to do whatever it wants, this applies to WCX. As a matter of fact, having some of the worlds largest banks within their borders gives them quite the leverage if ESMA were to try anything “funny”.
WCX withdrawals & deposits
The deposit & withdrawal system for the platform is amazing. Having to pay absolutely no fees is one thing in itself, but remember that you’ll be cashing in and out with BTC, meaning that your orders will go through within minutes. No more waiting for a couple of days for the pesky bank to approve your transaction.
However, this comes with a big minus. In a review by Forextradingbonus.com it was highlighted how dangerous the deposit system can be with just BTC. The fact is the volatility of course. You may be thinking that you’re depositing 1 BTC which is worth let’s say $3,500 at the moment of the deposit. But on the next day, it could have dropped to $3,000. This creates an unhealthy level of consistency as you get confused why you don’t have the amount you deposited. However, by adjusting to the system you’ll be able to get the hang of it pretty quickly. And of course, you’ll have to immediately start trading when you deposit, which is the key to making profits in the first place.
In this WCX review, we also found points about tracking your profits. With BTC being so volatile it may be quite hard to calculate your actual profits. Subtracting, adding multiplying and so on can weigh you down when you’re just trying to find out if you’re in the green or in the red.
Despite all of what we’ve mentioned above, it’s important to discuss how you actually access this platform. The problems listed above aren’t too major and can be dealt with. The problems occur when you’re trying to register and utilize the platform. In the case for this WCX review, we tried out how you actually get started. Essentially you have 2 options. A live account and a demo account. Nothing new here. On the demo account you get 10 virtual BTC which you can use to trade as much as you want, but of course no profits or losses, it’s just a simulation.
What we liked about the registering experience is that you don’t have to indicate too much of your personal information. The company is happy to just have your Email, which is a godsend for those who hate those annoying calls they get from their broker. After the registration, if you choose the Live account you’ll also find a very pleasant surprise. The minimum deposit on the platform is so low, it’s basically free. Right now it’s 0.001 BTC which is roughly $4. This could be the most accessible financial platform yet.
Should you trust WCX?
I think we can all agree that the WCX scam can be completely disregarded at this point. The company is quite solid, has ties to Apple in California as it’s founders used to be affiliated to it. Therefore you get a very secure platform, where the people working on it know what they’re doing.
In terms of features, they have you covered with low spreads and no fees. As well as high leverage with different assets like Forex, cryptos, and commodities, oh and stocks as well.
The downsides could be a thing to consider though. But we believe that if there was a crypto regulation available in Switzerland, the company wouldn’t avoid acquiring it. As well as the business model in terms of volatility for your deposits, it can be easily managed as you just participate in high-frequency trades, the moment after you deposit.
All in all, we think that WCX is a solid broker, quite a catch for someone looking to use their BTC and try to diversify into other financial markets.
Image Source: NullTX
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