WCX Review – Is Wcex.com Scam Or Good Forex Broker?
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.
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 |
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