WCX is an international, low-cost digital currency exchange that promises to offer lower fees than its competitors. Find out more about WCX today in our review.
What Is WCX?
WCX, found online at WCX.co, is a digital currency exchange that promises to offer 10x lower fees than its competitors. The ultimate goal, according to the whitepaper, is “to become the largest (and most loved) digital currency exchange in the world.” The company also plans to “set a new standard for digital currency exchanges by relentlessly focusing on customer satisfaction.”
WCX’s ICO for WCXT digital tokens begins on October 31, 2017.
The private beta for WCX launched on September 1. On October 10, the company plans to open its platform to the public.
What Problems Does WCX Seek To Solve?
Obviously, there are already dozens of major exchanges out there. How does WCX plan to differentiate itself from the competition? What makes WCX different? Here are some of the problems the platform seeks to solve:
Today’s Exchanges Are Costly and Inefficient: Execution lag, customer support delays, and loss of funds are just a few of the major problems plaguing today’s exchanges.
Non-Compliant: Exchanges exist in a legal grey area in a lot of countries. Traders are left unsure how long their funds will be protected, or whether or not their favorite exchange will be shut down tomorrow.
Lack of International Service: Many of today’s most popular bitcoin exchanges are focused on localized markets, including specific countries or regions. This is convenient for those in that specific region, but it can lead to inefficiencies across the market.
Ultimately, WCX’s developers believe there’s a huge demand for a global, compliant, professionally-built exchange that can move the industry forward in terms of stability, performance, and low costs.
WCX Features And Benefits
How does WCX plan to become the world’s greatest exchanges? Here are some of the features and benefits outlined in the whitepaper:
Small Fees: WCX plans to offer the lowest costs in the industry. Specifically, they plan to charge fees of 0.1% net per transaction. If you’re a maker, you actually get paid – you’re not charged a fee. Although WCX claims to offer fees up to 10x cheaper than its competitors, they also claim it works out to about 4x cheaper fees on average – which is still significant.
Superior User Experience: Users won’t have to sacrifice their experience to enjoy lower costs. As WCX volume grows, the value WCX provides to customers increases, creating supply and demand network effects that are mutually reinforcing.
Professional Design: WCX promises to offer a streamlined design with advanced engineering and robust features. It provides everything users need to trade inside on simple, intuitive, feature-rich dashboard.
Beginner and Advanced Users: WCX offers high-performance charts that cater to both beginner and advanced traders. These charts can be customized with over 300 indicators.
Multi-Currency Support: At launch, WCX plans to support BTC, ETH, XRP, LTC, XMR, and UDST trading. In the future, they’re planning to offer many more products and markets.
1 Million Transactions Per Second: WCX claims its platform can process 1 million transactions per second. In comparison, bitcoin processes 3 to 4 transactions per second, Ethereum processes 20 transactions per second (although Raiden could increase that to one million per second), PayPal offers 193 transactions per second, and Visa is king with 1667 transactions per second (although this number could be as high as 56,000 per second). Processing 1 million transactions per second is unheard of in modern payment processing – which is why Ethereum’s Raiden (and other proposed blockchain upgrades across different blockchains) are so significant. In any case, WCX claims to support 1 million transactions at launch.
Multiple Order Types: WCX plans to support market, limit, stop, trailing stop, and block orders.
API: You’ll be able to connect directly to WCX’s trading engine through REST, WebSocket, or FIX, and immediately begin trading. Get all of the data you want and need to run your trading programs, at your fingertips.
190 Countries and 20 Languages from Day One: WCX will be available in 190 countries with official support for 20 languages from the very first day.
Global and Anonymous: One of the most unique features about WCX is that the platform won’t require any type of verification. All trading is done in cryptocurrencies, which is why the platform allows its users to remain anonymous wherever they are in the world. They don’t deal with banks at all.
24/7 Customer Support: WCX puts a big emphasis on customer support, so it makes sense they offer round-the-clock customer service.
The WCX ICO
During the ICO, $1 USD will buy 10 WCXT.
The WCX ICO will have a fixed hidden cap. 8% of tokens are reserved for the team and advisors. 5% are reserved for pre-ICO marketing and bounties. 87% are reserved for the token sale itself (including pre-ICO bulk buyers). Bonuses are available for early buyers.
Any unsold tokens will be destroyed. The remaining supply will become the total supply of WCXT. In total, these tokens will receive 20% of WCX’s fee revenue. The developers describe WCX tokens as “equivalent to holding a passive income portfolio of diverse digital currencies.” That’s because WCX collects fees in many different digital currencies. Payments are made on a monthly basis.
The ICO is the only time that WCXT will be issued and offered to the public.
All funds raised during the ICO will be used to acquire customers, research and development, and to hire the best employees in the industry.
The WCX ICO begins on October 31.
Who’s Behind WCX?
WCX doesn’t provide much details about its team online at the official website or through the whitepaper. They claim the team “comes from Apple, Deutsche Bank, and IBM, and has decades of experience in building secure, distributed, and massive-volume systems.”
The whitepaper, meanwhile, goes on to describe the team as “a software company powered by technology at every layer”, consisting of “veterans from Silicon Valley and Wall Street.”
It’s an ambitious goal to become the world’s best and most popular cryptocurrency exchange. WCX plans to do exactly that by offering low fees and strong customer service.
The WCX ICO begins on October 31. To learn more about the platform and its goals, visit WCEX.co today.