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WCX Review - is it scam or safe?

WCX Review - is wcex.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz WCX
WCX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. Deposit Min. trade size Leverage Spread
Standard No 0.001BTC 1:300 0.5 pips

 

WCX is a Forex and CFD broker focusing on the crypto market that also offers a sort of exchange service (BTC/XT only). It uses a web-based platform and seems to offer a single account type with variable spreads and leverage up to 1:300.

 

 

WCX Advantages

 

Nice platform with good charting

Like most brokers focusing on the crypto market, WCX also uses a proprietary web-based platform. Their trading interface is simple, yet seems fast and equipped with some advanced features, including high-performance charts with over 300 indicators (powered by TradingView), as well as Stop Loss and Take Profit options. Here is a preview:

 

 

Click to zoom in.

 

Seemingly good spreads, leverage up to 1:300

As you can see from the image above, the spread on the most liquid currency pair, EUR/USD, is floating around 0.5 pips. This is an attractively low spread, and the broker claims that it charges no commission fees.

 

Besides, WCX offers leverage up to 1:300, which can be adjusted prior to each trade. Such leverage ratios will suit most trading styles.

 

Many tradeable instruments

WCX covers a lot of asset classes, including forex, CFDs on indices, commodities, stocks, and wide range of cryptocurrencies. We always appreciate when brokers offer rich and diversified product portfolios.

 

Also has an exchange service

As we mentioned in the beginning, WCX also offers BTC/XT only crypto-exchange service (The XT is WCX's native crypto token).

 

 

Click on the image. It gets bigger.

 

Currently, there are no fees for trading on the exchange. They plan to charge fees of 0.1% net per transaction, which is comparatively low-cost. Also, there are no deposit fees, and no withdrawal fees beyond the blockchain transaction fee paid to the miners.

 

 

WCX Disadvantages

 

No corporate information, nor financial regulation         

WCX doesn’t provide much details about its team and the company behind the brand. In fact, we couldn’t find any firm name mentioned on their website, and its founders have chosen to “remain pseudonymous”, which basically means that the services provided by WCX are anonymous.

 

In the User agreement it is only mentioned that a British Virgin Islands company operates the brand. We keep repeating in our reviews that investing in offshore entities is very risky, as clients of such brokers have no guarantee that their money is safe, nor that they will receive any protection if something goes wrong. Besides, most offshore brokers are involved in fraudulent activities.

 

Unfavorable conditions in the User agreement

Another alarming fact about WCX: in its Client agreement we found some provisions that are quite unfavorable to clients.

 

 

WCX basically reserves the right to refuse any transaction or trade for whatever reason. In our view, this is unacceptable.

 

Only Bitcoin accepted

Clients of WCX are not able to deposit directly in EUR, USD or cash out their coins in traditional currencies, using popular payment methods such as bank transfers or credit cards. The broker accepts deposits only in Bitcoin and even the acco8unt balance on the platform is displayed in BTC. This makes WCX not that beginner-friendly.

 

 

Conclusion

 

Although we listed a lot of positive things about WCX, we would not recommend investing with it. The reason is simple – lack of reliability. The broker has been launched very recently and is not licensed, nor monitored by any authority. Many of those unregulated crypto and forex brokers run investment scams, so you’d better avoid them.

 

You may trade forex or Bitcoin CFDs with credible and regulated brokers.

 

 

>> Regulated forex  brokers offering crypto-trading <<

 

 

To sum up the above in a couple of words:

 

Pros Cons
Nice platform with good charting No corporate information, nor financial regulation
Seemingly good spreads, leverage up to 1:300 Unfavorable conditions in the User agreement
Many tradeable instruments Only Bitcoin accepted
Also has an exchange service  

 

Latest news about WCX
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Traders` reviews for WCX

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

i dont know

I am using wcx from last one month. When i joined they give me a sign up bonus of $30 in btc. Which i used to trade and make a profit of $3000 from these $30. But when i withdrew it they said you must have to deposit a minimum of 0.01 btc for activation of withdrawal.what should I do now?

djafar dzdz 12/05/2019

WCX possible fraud!

WCX does not allow payouts (disable account). We put our funds in the account, trading 30 BTC.

So, possible fraud!

Dan 11/26/2019

WCX Withdraw

I am using wcx from last one month. When i joined they give me a sign up bonus of $30 in btc. Which i used to trade and make a profit of $70 from these $30. But when i withdrew it they said you must have to deposit a minimum of 0.01 btc for activation of withdrawal.what should I do now?

Yasir Mehmood 11/23/2019

This review is fake

I've been using WCX and participating in their chat rooms (which include their founders who speak frequently to users) since last month, without any issues. They are based in Switzerland, which as far as I know is not offshore. They also have working license applications for Estonia and Gibraltar.

Additionally, I cannot find any of the disadvantages the author mentions in the terms of service paper on the site.

As it stands, this review is fake. I believe it would be wise for the author to revise it.

Habib Messaoudi 01/12/2019
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