Cryptos
  • Bitcoin
  • Ethereum
  • Litecoin
  • Dash
  • EOS
  • Ethereum Classic
  • Monero
  • NEO
  • Ripple
  • Stellar
  • Tron
Additional info
  • Spread Based
    Trading Fees
  • CFDs
    Margin Trading
  • hello@wcex.com
    Email
Target Market
  • Global
Deposit
  • Bitcoin
Currencies
  • Crypto Only
Leverage
  • Crypto from 5:1 to 20:1, Forex up to 300:`1
Pros
  • Probably the narrowest spreads of any crypto-accommodating CFD platform
  • Good assortment of different instruments for trading
  • Instant deposit, fast withdrawal (usually under 1 hour)
Cons
  • Requires ID upload
  • No USA

WCEX is a bitcoin-only crypto and CFD derivatives exchange. The reliance on bitcoin only allows for impressively low spreads, no fees, and instant deposits / quick withdrawals. There are tons of different mainstream markets as well, the only difference being that contracts are priced in bitcoin, which we explain below.

So, who is WCEX for? Most obviously WCEX fills a void left by 1broker, which was seized by the FBI due to their acceptance of US traffic, something which WCEX studiously avoids. For crypto holders in general WCEX offers a reasonable solution for leveraging or hedging hodlings, and there is also a market for derivatives in different asset classes like forex, stocks, and commodities which are all well represented in WCEX. And lastly, for CFD traders currently buying crypto CFDs at places like plus500 and the like, WCEX is a vastly, vastly superior option.

Opening an Account

Bowing to the new normal, in which anonymous trading platforms are getting themselves shut down by the SEC, WCEX does require proof that traders are not residents of Cuba, North Korea, Iran, Syria, or the USA. (Which country doesn’t seem to fit in that list?) Anyway, assuming that you are not from one of these countries, you can quickly start trading but you will be required to submit a picture ID and enter some biographical details :(.

WCX Trading Platform

WCEX’s trading platform is web based and mobile friendly, with an attractively integrated trade markets chart, flanked by the trade slip and the market list.

On the crypto side, the markets are limited to Crypto/USD, or Crypto/BTC crosses. There are about a dozen cryptos on offer, with one notable omission being BCH (big ups to WCEX for avoiding all that noise).

There are also a few dozen forex crosses including of course all the majors, commodities including different oil, gold, silver, and gas crosses, 13 national indices and a few dozen stocks.

The trade slip allows for stop loss and take profit orders – just click on advanced – and adjustable leverages.

Each contract is equivalent to .001 bitcoin, with one contract being the smallest position that can be opened. The percentage increase/decrease in your position is calculated in bitcoin, and so any fluctuation in bitcoin’s value does not affect in any way the profit or loss on your trades.

Note that you may also adjust the take profit / profit loss levels from your order summary after the order has been placed.

You may also easily edit the margin amount if your position is in danger of liquidation by clicking “edit” next to the margin line.

Margin Requirements

WCEX considers each position’s margin individually, which allows you, the trader, to easily isolate the liquidation price. Liquidation occurs when the position loses 80% of the margin. If, for instance, you were to use a 10X leverage,  the price of the underlying instrument would need to move only 8% against your trade to liquidate the position.

Fees

All fees are kept in the spread – and while the spread floats based on the pricing index used by WCEX, they have always been, when we have looked, very narrow, much narrower than the mainstream competition.  Here is, for instance, the btc/usd spread versus simplefx at the same time (note the differences in pricing – WCEX also happens to be cheaper and more reflective of the wider market, at least at the time these snapshots were taken):

So the spread on WCEX is $9, while simplefx is $49.

However, there is an additional fee termed decay, which is applied once every 24 hour period, with the 24 hour period starting from the moment the position is opened.  The decay rates are clearly displayed on your position slip, and a list is compiled for reference below.

InstrumentLeverage (up to)Decay (range)
BTC/USD20:1-.05%
Additional Crypto5:1 to 10:1From -.02% to -.05%
Forex Pairs300:1From -.01% to -.05%
Indices20:1From -.01% to -.05%
Commodities20:1 to 30:1From -.02% to -.05%
Stocks15:1-.05%

Bottom Line

WCEX provides better pricing than mainstream, fiat depositing alternatives like plus500; of course, to take advantage of said pricing you will need to collateralize all your trading in bitcoin, which is a bridge too far for some. And as a general rule, if you are able to trade futures contracts instead of CFDs, this is a better option as you are trading against other traders and compensating the exchange only with the fees. While WCEX is also compensated only by their very narrow spreads, if they screw up their hedging strategy they could be incentivized with their customers losing money, a situation which, as a customer, you never want to be in.

In any event, as far as CFD brokerages go, WCEX is arguably the best out there, particularly after the 1broker closure.