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Wex Review - is it scam or safe?

Wex Review - is wex.nz scam or good cryptocurrency exchange?

RATING: 1 / 4 REVIEWS ForexBrokerz Wex
Wex is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.2*
*Fees depend on the size of the buy/sell order and are calculated in Bitcoins, before actually placing the order. Additionally, there are fiat currency transfer fees and some of them are quite hefty.

 

Wex claims to be a Singapore cryptocurrency exchange. It offers exchange services for some of the most popular cryptocurrencies: Bitcoin, Litecoin, Namecoin, Ether, Dash, Novacoin, Bitcoin Cash, Peercoin and Zcash. They can be traded for the following fiat currencies EUR, RUR, USD and for the other altcoins in the portfolio.

 

Wex’s cryptocurrency portfolio is relatively extensive and offers a good selection of altcoins for trading, plus a decent list of fiat currencies. The inclusion of Russian rubles strikes us as a bit odd, but more on this – later.

 

It looks like Wex does not require account verification, at least initially, and there is no clear information on the site.

 

The exchange does not offer leveraged trading. For those who wish to engage in leveraged trading, there are some cryptocurrency exchanges like  KrakenbitFlyer, CoincheckPoloniex, Bitfinex, etc, who offer this type of service. There are also quite a few forex brokerages, like  IGHYCMeasyMarkets, Trading212, Admiral Markets, Plus500, Swissquote, who are offering CFDs on some of the most popular cryptocurrencies for those who are interested in speculative trading in those instruments.

 

>> More brokers offering leveraged Bitcoin trading <<

 

 

The Company. Security of Funds

 

Company Country Regulation
Wex Singapore None

  

Wex uses a New Zealand domain, but claims to be under the jurisdiction of Singapore. It was launched in September 2017 and strangely resembles the interface of the troubled cryptocurrency exchange BTC-E, which was seized and shut down by the US authorities in the summer over allegations of money laundering and funding of criminal activities. Russian citizen Alexander Vinnik, the alleged owner of BTC-E was arrested in Greece and is facing extradition to the US over accusations of fraud and money laundering.  The US authorities think that Vinnik has also received funds “from the infamous computer intrusion or ‘hack’ of Mt Gox.” Vinnik vehemently denies the accusations and says he has nothing to do with the exchange. BTC-E, on its part, also denies any connection with Vinnik.

 

According to a publication in Coindesk in September, Wex is indeed a spinoff of BTC-E, launched primarily to serve the needs of the former clients of the defunct exchange and has migrated the user databse, but claims it is not directly related to it. Wex also claims it did not receive any funding from BTC-E and said it will abide by the know-your-customer and anti money laundering rules. Additionally, Wex has released the Wex coin, a bonus coin, which can be traded on the platform.

 

Under Singapore law, cryptocurrencies are considered securities and should be approved by the Monetary Authority of Singapore (MAS) before their issuing. Furthermore, their issuers must be licensed under the Singapore’s Securities and Futures Act (SFA).  Generally, Singapore is considered an “ICO Haven” and has a relatively liberal approach to cryptocurrencies and crypto-exchanges, even though MAS has issued warnings of the risks of ICOs and dealing with unregulated exchanges and issuers.

 

Wex does not deem necessary to inform its clients about the security measures it implements, most likely assuming that they are the old users of the BTC-E and already known all those things. We did not find information about whether Wex offers own e-wallet, or clients should choose an external one.

 

Trading platform

 

Like with most cryptocurrency exchanges that offer only spot trading, Wex’s platform is pretty basic and is not a trading platform in the real sense of the word. It has no charting or analysis tools, or anything fancy – just the buy and sell fields and an order book.

 

 

Nevertheless, there are some cryptocurrency exchanges that offer better trading platforms. BitBay, for example, provides some price movement charts from TradingView, while others, like Coincheck, even offer mobile trading applications.

 

Methods of payment

 

Wex has funding options with cryptocurrencies and fiat currencies. The good thing is that it provides numerous online payment platform options for fiat currencies, but most are mostly available in Russia.

 

There are also bank transfer options, but the minimum withdrawal fee for USD and EUR through an international bank transfer is the ridiculously high $/€ 100. Respectively, the deposit fee is at least $/€20.

 

Wex does not appear to accept payments with credit cards, which is a significant inconvenience, especially considering the extremely high bank transfer fees.

 

>> Cryptocurrency exchanges accepting credit card payments <<

 

Conclusion

 

Wex should be under Singaporean jurisdiction and should abide by some rules and requirements of MAS, but we do not know if this is indeed the case.

 

As a BTC-E successor of a sort, Wex is probably loved and used by many, apparently mostly in Russia. - The entire help section of the site, for example, is in Russian and the majority of the convenient fiat currency funding options are through Russian electronic payment platforms. This is not necessarily a bad thing, but suggests that Wex is mostly targeting those clients and does not care much about the other countries. Considering that Russia is mulling legal restrictions on cryptocurrencies, it is yet to see what the fate of Wex will be.

 

There is also the BTC-E connection. Despite Wex claiming that it is in no way related to it and that now it plays by the rules, there is no guarantee that the US authorities are not going to seize the platform and the assets at some point in the near future.

 

Pros Cons
Accepts fiat currencies Does not accept credit cards
  Does not offer e-wallet
  High transfer fees

 

 

Latest news about Wex
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Traders` reviews for Wex

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Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

pay back

In 6/7 months they have to pay back all token, if not a lot of new complaint against them... i hope they wake up before or they are already die!

Niouss 11/21/2018

Scam - they will lock you out

I think they are scum. my question has not been answered in 10 days. I cannot logiin t account. Its crazy. I would pay for someone to find this ownwers, give em whats coming to em

Also if anyone thinks this is not so, show us how to reset whitelist and how to get our crypto back. Trading wad all good untill withdrawal time....thats when they lock you out. Somebody out this Mfckers

Eric 11/10/2018

Reward

If somebody here know about owners of WEX - where they living, who are they, i offering you reward USD 5000 if i'll find them! I want to know where those bitches living and visit them.

They still receiving money, without any notice of mainterance.

Thank you to your answers

Patrik Winkler 10/15/2018

Wex is SCAM!!!!!

They stole my crypto. I cant withdraw. Thiefs.

me 09/13/2018

I lost 0.9 btc at BTC-E

F**k you WIX f**k you BTC-E men i lost 0.9 btc at BTC-E in 2017 june
and i got nothing back man, they didn't restored my missing bitcoins
now they try to put some make up and try to cover up theyre old
fucked up platform this is not going to garantee you to survive wix..
PLEASE FOR THE LOVE OF GOD GET OUT OF THERE.

p.s im not gonna apologize for my language im still so pissed about them.
another thing if you are doing a new domain why in the fuck you keep the
same old web site style if you are supposed to be a brand new shit?
F*CK ALL OF YOU WIX AND BTC-e.

fuck you wix 09/09/2018

It's Fraud Company

I have had $2500 wroth of USD stored there.

I can deposit and trade all OK but I cannot withdraw any money.

Upon asking why I cannot they said it under maintenance.

Then I got an email that they can offer me $500 worth of usd against $2500.

They will keep the rest otherwise they are going to close soon and I will lost everything.

I had to take this $500 offer and they closed my account after giving me $500 worth of bitcoin to my address.

Please read their chat and ask questions on the chat box before making any payments.

Erfan Ilyas 09/09/2018

Russian scamers !!!

100% scamers

aap man 07/30/2018

scam

They are holding your withdrawals and telling the story about never ending maintenance.
SCAM SCAM SCAM

unixdev 07/23/2018

Wex Review - scamsters

WeX blocks your funds and are scamsters
people send money to wex to make money on arbitrage but once funds are deposited, wallets are blocked except for zcash wallet.
zcash is priced 3 times the normal rate and on withdrawal you lose one third of your oney, that is how this exchange makes money.

Gautam 07/17/2018

Scam!! Be careful

Support never gonna answer and fix problem, they take my money and just ignore me, NEVER USE WEX.NZ !!! BE CAREFUL

Goldy 05/15/2018

41125 - scam

I am only giving 1 star as i am unable to give 0 stars

ticket no 41125

I requested to remove my 2fa on my account, i got a message saying that i would be able to log in within 2 weeks a security measure. i attempted to log in and i got a message saying to contact support.

i contacted support and and the started asking for ridiculous things for "security" reasons.

i gave them wanted:

screenshots on the account log in page
screenshots of my transactions
screenshots of withdrawls
screenshots of trading

i gave them all of this from the email that my account is registered to, i also gave them all my id docs 3 months prior to this to verify me

they then requested a screenshot of deposits which i do not remember making cus as everyone knows they transferred the balances from btce to wex. they kept closing tickets and refusing to respond.

they finally responded after i sent 20 new tickets of support again asking for deposits screenshot.

so last September i transferred some ether from wex to my blockchain wallet, so last night i transferred some ether from that same BC wallet to the same ether address id that is my wex wallet for ether. absolute proof again that this is my account, what did they do, they started ignoring me again cus they had noting else to ask for.

I know of no exchange that requests such a stupid amount of stuff to pass security, if i am emailing from my registered email and can give all proof of transactions that should be enough.

these guys are refusing to accept verification documents off the offchance that people will get locked out of their accounts so they can pull this scam. search for them on reddit on and bitcoin forum and you see what they are upto.

there seems to only be 6 people who work for customer support who are:
ELON
NIKITA
GAVIN
GENERAL LENA
GENERAL SEMEN
GENERAL ZELENOV

these people will not help you, you will just have you chase your own tail for weeks because they do not want to give you your own money.

my money is in wex tokens and i want it back

i will update this review if they bother to help me out.

they are 1 of 2 things, scammers or they have shit customer support.

stacey 05/10/2018

Support never answer

Fucking skam, if u still using wex.Nz or gonna use it - trust me it's till first problem, they waste so much time and didn't support about easy problem

Mighty 05/02/2018

Thieves and liars

After giving me the runaround for three months and requesting all kinds of personal information so they allegedly could allow me access to my preexisting account at BTC-E, which had at least 150 litecoins and 1 bitcoin in it, then they said, “Oh, we don’t do business with US citizens.” (Which for the entire 3 months of runaround, it was obvious I was a US citizen). They told me I needed to “verify,” but they won’t verify US citizens. I gave my account to a non- US citizen living in South America, and that person was unable to get verified either. These people are dishonest and actually cruel (I think they are Russian). They are taking the position that since it was the US government who shut down BTC-e, then (1) it is the US customers who should bear the loss, and (2) we should vote out the government that did this. What can you say to a bunch of people who just “re-elected” Putin. Their statement that they are not BTE-e’s successor is pure bull crap.
Anyway, moral is, these people are absolutely unscrupulous, plus you can’t find them. There is no point to trying to sue them. They are judgment proof. The idea that they’re governed by Singapore is a joke. The Singapore Monetary Authority told me in an email that it did not have jurisdiction over this, but that if I felt a crime had been committed, I could contact the Singapore police. Right.
If you are fortunate enough never to have dealt with them, just do yourself a huge favor and keep it that way.

Professor 04/06/2018

WEX.mz/Btc-e Are Thieves!

They will lock you out of your account and give you a BIG run-around and then ignore you! Want to lose thousands of dollars!? Put your trust in these crooks.

Greg Lewis 03/02/2018

Scam

I had over 1000 LTC in my account
They banned me and required me to pass verification.
Verification is supposed to take 30 working days.
At least I am not a US citizen as they do not deal with US citizens
Will I ever get it back?

Luke 12/18/2017

SCAM!!!

WEX stole 100K in coins from me and will not answer support, don't be fooled they are crooks!!! 1000's of clients have not been paid!!!

Steven Abad 11/12/2017

Wex: Thiefs

SCAMMERS.

They steal funds and just give you the following answer.
Dear users,
Many of our users are asking about fiduciary funds that should have been transferred to the BTC-e exchange through a payment service provider Moneypolo. This is a legally complex issue and we -- WEX -- are not BTC-e proprietors. WEX bought out the user base, for this reason we count on your understanding and cooperation.
The question about bank transactions worries not only you but some other users too. We have referred to lawyers who responded that only the payment agent notifies its users about the flow of their funds, you have the right to request detailed information about the account and the bank where you money was transferred attested by the payment agent. Any payment service provider should be answerable before the user for the flow of their funds.
Best Regards,
WEX Support
Knowledge Base https://wex.kayako.com

It seems that the know/are BTC-E and are not willing to help or give a shit about stolen funds.

Kreilon 11/06/2017
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