Cryptocurrency exchange overview WEX (BTC-e)
WEX is an online exchange for exchanging cryptocurrencies for fiat money. This site is considered one of the largest in the Russian Internet. Started working on July 17, 2011. Supports popular cryptocurrencies and currencies, including:
- Bitcoin (BTC);
- Ethereum (ETH);
- доллары (USD);
- рубли (RUR);
- евро (EUR);
- Litecoin (LTC);
- Namecoin (NMC);
- Novacoin (NVC);
- Peercoin (PPC);
- Dashcoin (DSH).
In total, there are 27 pairs on the exchange.
The site is interested in users from different countries. Information on the WEX website is provided in several languages:
Registration in WEX is carried out in the same way as at similar sites. To open an account, you need to provide the following information:
After that, the system will generate a password that needs to be saved. After entering your personal account, you can change it. WEX recommends users to use mail with two-factor authentication support for greater security.
Verification is not required, but it will increase account security and provide additional benefits. Verified users will be able to receive the following bonuses:
- no blocking for withdrawing funds through payment systems;
- the ability to replenish the account via bank transfer;
- an expanded number of payment systems, in the future WEX will support input and output through the following PS: WebMoney, QIWI, VISA / MasterCard and others;
- increased withdrawal limit;
- access to the chat if there is at least $ 1 on the account;
- a simplified procedure for changing e-mail and so on.
Methods for depositing and withdrawing funds on the WEX exchange
Криптовалютная биржа поддерживает достаточно большое количество вариантов пополнения и снятия средств. Вести и вывести валюту можно через такие системы:
- all supported cryptocurrencies (BTC, LTC, ETH and so on);
- Perfect Money (for USD and EUR);
- Yandex.Money (for RUR);
- Capitalist (for USD, RUR and EUR) and so on.
Before depositing or withdrawing funds in BTC-e, you should carefully read the conditions. When using payment systems, the exchange may charge its commission.
Trade and exchange on the WEX exchange
After the user has made a deposit, he can participate in trading on the WEX exchange. To do this, click on the appropriate section «Trades». The user will see a graph of the rate of the selected pair. Below you can submit orders to sell or buy the specified currency.
The commission for trading on the exchange is 0.2%.
Each trader can familiarize himself with the history of transactions and open orders for the purchase and sale of cryptocurrency. This will make it possible to predict the further movement of the course with greater accuracy.
The minimum lot on the exchange is 0.01.
The WEX cryptocurrency exchange offers to place bets on the Bitcoin rate. Something similar functionality can be compared with binary options. Participants are encouraged to anticipate the movement of Bitcoin’s value and place a bet on an increase or decrease.
The minimum bet is 0.01 WEX.
Every 5 minutes, the system fixes the BTC / USD rate, after which it starts accepting bets. After 5 minutes, the acceptance of bets closes and the next draw begins with the new value of Bitcoin. The results of the drawing are determined 15 minutes after the end of the bet acceptance. To better understand how Bitcoin Betting works, just a few examples.
- bets cannot be canceled;
- the commission is 5% of the winning amount;
- You can bet in BTC or USD;
- history of draws in open access;
- the maximum bet amount is 10 BTC.
PAMM ACCOUNTS TO BTC-E
The BTC-e exchange is very popular among cryptocurrency traders. However, this platform is not limited to the MetaTrader4 trading terminal alone. All bidders can act as a provider in the PAMM system.
The essence of such an investment is beneficial for both traders and investors. The former receive additional capital for management, which will have a positive effect on income from trade. The latter have the opportunity to organize passive earnings in this way by choosing the best managers.
To become a provider / manager, you need to fulfill the following conditions:
- Create a trading account.
- Top up your account with at least $ 200 — to create a PAMM account.
- Log in to the btc-e.com service using the trader’s password and trading account.
- Create a PAMM account and an offer so that potential subscribers can familiarize themselves with the investment conditions and connect to the account. To create an offer, the account must have at least $ 1,000.
- Attract subscribers through statistics and ratings.
The provider’s history is publicly available. Potential investors can see the results of trading and evaluate different indicators. To start investing in PAMM accounts with BTC-e, you need to do the following:
- Create a trading account.
- Top up the account with the amount that you are going to transfer to the provider’s management.
- Log in to the pamm.btc-e.com service using the trader’s password and trading account number.
- Choose a suitable manager in the rating and familiarize yourself with his offer. If you have not found a provider with suitable investment conditions, you can create your own offer and wait for someone from the traders to respond to it and take the money under their control.
When choosing managers, there are various factors to consider. Among the most significant:
- daily gain,%;
- maximum drawdown,%;
- the number of subscribers and so on.
ProfitGid.ru recommends diversifying risks by dividing capital between several providers.
Trading volume on BTC-e
The BTC-e exchange is quite popular on the Runet. This is one of the few platforms where users can deposit and withdraw money in rubles, dollars and euros through payment systems. Despite this, it is noticeably inferior to Poloniex in terms of trading volume. Among the main currency pairs are:
- BTC/USD — volume 4 424 BTC;
- ETH/USD — volume 40 653 ETH;
- ETH/BTC — volume 16 109 ETH;
- USD/RUR — volume 610 889 USD;
- EUR/USD — volume 453 505 EUR;
- LTC/USD — volume 119 797 LTC.
Users use this exchange not only to buy or sell cryptocurrency, but also to exchange fiat money.
For security reasons, withdrawals are frozen for several days. In addition, the exchange offers other tools that will reduce the likelihood of being hacked:
- two-factor authentication;
- voluntary blocking from 1 day to 1 month;
- whitelist of IP addresses.
The user can view the login history if he has suspicions about theft of personal data.
Important events in the history of the WEX exchange
The BTC-e cryptocurrency exchange has been operating for a long time. Naturally, in the history of this platform there were events that, in one way or another, influenced its further development. In addition, some of them question the reliability of this site.
In 2012, the cryptocurrency exchange underwent a serious and, sadly, successful hacker attack. The attackers were able to simulate the replenishment of the wallet in dollars through the PS Liberty Reserve, after which they started buying cryptocurrency. Purchased crypto coins could be withdrawn automatically.
The administration, noticing what was happening, suspended the auction. The attackers did not manage to withdraw all the money, but the total losses amounted to about 4,500 BTC. The site administrators returned the funds to all victims, after which the work of the WEX exchange was completely restored.
SITE BLOCKING IN RF
On January 22, 2016, the official website btc-e.com was added to the register of prohibited resources. The decision to block the exchange was made by a St. Petersburg court. Since January 23, 2016, users from the territory of Russia could not enter the site.
Now the exchange mirror is working at the address btc-e.nz. If this site is also unavailable, users can use a VPN.
Advantages and disadvantages of the WEX cryptocurrency exchange
WEX was previously one of the five largest exchanges in terms of trading volume, but now it occupies the 6th line in our list. This platform is one of the most controversial, since it has a large number of advantages, but at the same time it is not without its disadvantages.
Among the advantages of BTC-e are:
- Russian language.
The cryptocurrency exchange is not only focused on Russian-speaking users, but is also interested in strengthening its influence in the CIS countries. This is evidenced by several factors:
- interface in Russian;
- deposit and withdrawal of funds in rubles;
- full technical support in Russian.
- Fiat currencies.
On the WEX platform, you can change not only cryptocurrency, but also ordinary money. Quite a lot of users use this site to exchange dollars for rubles or euros.
- Online chat.
Online chat works for users. This is a great way to chat with other users, ask for advice on cryptocurrencies, and also get the latest news from the site administration or traders.
- PAMM accounts.
The WEX exchange provides an opportunity not only to trade, but also to invest in successful traders. The PAMM system is a Forex broker’s tool that has already taken root on this platform.
- Bitcoin betting.
Not every exchange can see Bitcoin betting. This is a quick income for gamblers, however, it is worth noting that the risks of losing the deposit are also great here.
If earlier WEX was confidently among the five largest cryptocurrency exchanges, now you can find several important disadvantages. Due to its shortcomings, the platform gave way to competitors. Among the cons are:
- Outdated interface.
The BTC-e website leaves a lot to be desired. By design, it is noticeably inferior to other cryptocurrency exchanges, which are ranked slightly higher.
- Only top cryptocurrencies.
Only the most popular cryptocurrencies are presented on the exchange. There are competitors on the network that offer dozens, and in some cases even hundreds of different pairs.
It is not known what will happen to the WEX exchange. Since it has already come under regulatory scrutiny, access to this platform may again be restricted.