WEEX exchange review

WEEX has been operating since 2018 and markets itself with the slogan “the secure futures exchange”; its user Protection Fund worth tens of millions of dollars and its verifiable reserves are what set it apart. Futures leverage on WEEX goes up to 200x, a high figure among reputable exchanges.

WEEX is Bitfa's official partner; signing up with Bitfa's link unlocks the welcome bonus package and gives you access to Bitfa's Persian-language services.

WEEX was founded in 2018 in Singapore and bills itself as “the secure futures exchange”. Its best-known features are a user protection fund backed by tens of millions of dollars and the publication of verifiable reserves.

WEEX is one of the best crypto exchanges for Iranian users: secure and user-friendly. Its features include Persian-language support and the option for Iranians to trade without mandatory identity verification.

WEEX exchange review

WEEX is a crypto trading platform that began operating in 2018 and quickly became popular with traders thanks to its wide range of services and simple user interface. Based in Singapore, the exchange currently ranks among the world's top 30 exchanges on the respected site CoinMarketCap, and with daily trading volume of close to $1 billion it has earned a trusted position in the crypto market.

WEEX supports more than 600 cryptocurrencies. This wide selection lets users easily trade the trading pairs they want. WEEX also offers services such as spot, futures and copy trading, plus its own wallet.

History of the WEEX exchange

WEEX was founded in 2018 in Singapore, one of the world's fintech and blockchain hubs. It was launched by a team of blockchain and finance experts with the goal of building a secure, transparent and user-friendly platform for trading cryptocurrencies. Thanks to its supportive policies towards new technologies and cryptocurrencies, Singapore was an ideal place to set up the exchange. WEEX started out with a $100 million investment and focused from day one on advanced trading tools and strong security.

Over its years of operation, WEEX has cemented its place in the global market by adding features such as copy trading, high-leverage futures trading and support for many languages, including Persian. By obtaining an MSB (Money Services Business) license from the US Financial Crimes Enforcement Network (FinCEN) and adhering to international standards, the exchange has also shown its commitment to transparency and security.

Leveraged futures trading can open up more opportunities for traders, but it demands careful risk management. Studying the WEEX futures trading guide helps users get familiar with order types, leverage settings and risk control.

WEEX for Iranian users: can Iranians trade on WEEX?

By WEEX's own account, Iranians are not officially allowed to use the exchange. Even so, Iranians can access the exchange's services without identity verification, because WEEX has a policy of “no KYC required at lower tiers”.

Despite the international restrictions on Iranian users, WEEX offers this group of traders a lot. Under WEEX's anti-money-laundering (AML) policy, Iran is on the list of prohibited countries, and because of international sanctions the exchange does not officially serve Iranian users. Even so, Iranian users can sign up on the exchange and even complete the identity verification (KYC) process. For Iranians who want to trade on a secure and reliable platform, this is an attractive opportunity.

WEEX's features for Iranian users are as follows:

• No mandatory identity verification: Iranian users can sign up and trade at a basic level (for example spot trading with withdrawal limits) without completing KYC. However, to access more advanced features such as futures trading with high leverage or larger withdrawals, completing identity verification is recommended.
• Persian-language support: WEEX's official website (weexfarsi.com) supports Persian, and its user interface is designed to be completely clear and simple for Iranian users.
• VPN required: Because of geographic restrictions, using a VPN with a static IP is recommended for accessing the WEEX website and app. This helps keep your account secure and avoids potential problems.
• Persian support: WEEX provides 24/7 support in Persian via live chat and Telegram, which is very handy for Iranian users.
• Special bonuses: WEEX offers attractive bonuses for Iranian users, including a welcome bonus and trading rewards.

WEEX's credibility: is WEEX trustworthy?

The following features make WEEX a recognized, reputable platform in the crypto market:

• MSB license from FinCEN: WEEX holds an official Money Services Business license from the US Financial Crimes Enforcement Network (FinCEN). This license shows that the exchange adheres to international standards on anti-money laundering and counter-terrorist financing.
• CoinMarketCap ranking: According to CoinMarketCap's latest data, WEEX is among the world's top 30 exchanges, with daily trading volume of around $1 billion. This ranking reflects users' trust and the exchange's broad activity in the global market.
• Financial transparency: By publishing Proof of Reserves, WEEX has shown its commitment to safeguarding users' assets and to financial transparency.
• Track record: Since its founding in 2018, WEEX has had no credible reports of security breaches or fraud, a sign of its commitment to providing secure and reliable services.

So far there have been no reports of WEEX being hacked. The exchange keeps a protection fund equivalent to 1000 bitcoin to shield user assets against potential incidents. It also says it publishes Proof of Reserves reports.

But none of this is a complete guarantee. WEEX is not officially supervised by major regulators such as those of the European Union or the UK.

Security on WEEX

By implementing advanced security standards and offering financial-transparency tools, WEEX has managed to win users' trust. One of the exchange's most important security tools is Proof of Reserves.

Proof of Reserves is one of WEEX's key tools for guaranteeing the safety of users' assets. It assures users that the assets deposited on the exchange are fully available and kept separate from the exchange's other funds.

It confirms that all user assets are held in the exchange's secure wallets and that the exchange never uses these assets for any other purpose. WEEX also uses Merkle Tree technology to verify user balances. This technology lets users check that their account balance is correct without revealing any private information. Users can monitor the balances of the exchange's wallets through the tools provided on the website.

Publishing Proof of Reserves demonstrates WEEX's commitment to financial transparency. It minimizes the risk of insolvency or misuse of user assets and boosts traders' confidence.

Alongside Proof of Reserves, WEEX has put other security measures in place:

• Cold storage: Most of the exchange's assets are kept in offline wallets, out of reach of hacking attacks.
• Two-factor authentication (2FA): Users can strengthen their account security by enabling two-factor authentication (2FA) via email or apps such as Google Authenticator.
• Advanced encryption: WEEX uses strong encryption protocols to protect user data and transactions.
• 24/7 monitoring team: WEEX's security team watches for suspicious activity around the clock and acts quickly if a problem arises.

WEEX customer support

WEEX runs a multichannel support system that is available 24 hours a day.

Help Center

The Help Center on WEEX's official website contains a comprehensive, categorized collection of articles and tutorials covering topics such as signing up, spot and futures trading, deposits and withdrawals, copy trading and account management. The articles are written in plain Persian so that even beginners can use them easily.

Submit a Request form

For more specific issues, users can raise their problem through the Submit a Request form on the website. The form lets users upload relevant files such as screenshots and track the status of their request.

24/7 support

WEEX's 24/7 support is available via Telegram and live chat and replies in Persian, which is extremely valuable for traders who are active in global markets and may need help at any hour.

Live chat

The exchange's live chat is also one of the fastest ways to get in touch, usually replying within a few minutes.

WEEX trading symbols

The exchange supports more than 1700 coins and tokens, and more than 700 trading pairs are active in its derivatives (futures) market.

• Liquidity is higher for well-known coins; with newer tokens you may run into slippage or have trouble placing large orders.
• WEEX adds new pairs periodically, so its list of symbols is constantly changing.
• New symbols may be launched with a zero-fee period or a promotion, which encourages users to try them.

WEEX exchange features

With a varied set of features, WEEX caters well to both beginner and professional traders. These include the spot and futures markets, copy trading, its own wallet and WE-Launch, each of which improves the trading experience.

Spot trading

WEEX's spot market is one of the most popular parts of the platform, letting users buy and sell cryptocurrencies directly. The exchange supports more than 600 trading pairs. The interface of this section is designed to be very simple and user-friendly so that even newcomers can use it with ease.

Users can choose between different crypto order types, such as a limit order to set a specific price or a market order to buy or sell instantly. One advantage of spot trading on WEEX is its very low fee, set at just 0.1% for both makers and takers. To get started, simply go to the Spot Trading section on the website or app, choose your trading pair, set the order type and place your trade. WEEX also gives users analytical tools such as price charts and trade history.

Futures trading

WEEX's futures market is designed for professional traders who want to profit from crypto price swings using high leverage. This section lets users trade perpetual contracts, which have no expiry date, so positions can be kept open for as long as the trader likes.

WEEX offers adjustable leverage of up to 200x, which lets users make large profits with little capital, although these trades also carry high risk. To manage that risk, WEEX provides tools such as take-profit and stop-loss orders so users can execute their strategies more precisely.

The futures interface includes advanced charts, technical indicators and funding rate information. For beginners, WEEX also offers a demo account for practicing futures trading with no financial risk.

Copy trading

Copy trading is one of WEEX's features and a very good option for beginners or anyone without enough time to analyze the market. With this system, users can copy the trading strategies of professional traders and have the same trades executed automatically in their own account.

In the Copy Trading section, WEEX shows a list of top traders based on criteria such as win rate, total profit and risk level. Users can review each trader's profile, including their trade history and trading style, and pick the one they want. Once you have chosen, you simply set how much capital to allocate to copy trading and the system copies the trades automatically.

This feature lets users benefit from the experience and skill of professional traders. WEEX also includes risk-management settings, such as setting a maximum loss or profit for each copy trade.

Users with less trading experience can use automated features to follow professional traders. The WEEX copy trading guide explains how to get started with this way of trading and what to look for when choosing the right trader.

WEEX Wallet

WEEX has its own digital wallet that lets users store, send and receive cryptocurrencies with high security. The wallet has a simple interface so that even newcomers can use it easily. The WEEX wallet supports a large number of cryptocurrencies and lets traders move assets quickly between their trading account and the wallet.

On the security side, WEEX uses cold wallet (cold storage) technology, keeping the bulk of assets offline to protect them from hacking attacks. Users can also boost their wallet security by enabling two-factor authentication (2FA) through apps such as Google Authenticator. The wallet is an ideal option for users who want to separate their assets from their trading account and keep them somewhere safer. Being able to view transaction history and manage several currencies at once also makes it a practical tool for managing digital assets.

Completing user verification matters if you want to use some of an exchange's advanced features. The WEEX identity verification guide walks users through entering their details, submitting documents and the key points for getting their account approved.

WE-Launch

WE-Launch is the platform WEEX built for initial offerings of new tokens (IDOs), giving users the chance to invest in emerging blockchain projects. In the WE-Launch section, new projects are presented in full detail, including information about the development team, the project's goals and its roadmap. Users can review this information and decide which project to invest in.

WE-Launch gives users the chance to buy new tokens before they are listed on public markets, which tends to bring good returns. To take part in initial offerings, you usually need to hold a certain amount of specific tokens or meet particular conditions (such as identity verification). With transparent information and a simple interface, WEEX has made investing through WE-Launch easy for its users.

How to take part in WE-Launch

WE-Launch is a program that lets users join new events by holding WXT tokens on the exchange and receive new tokens in proportion to their participation. The general process is as follows:

First, you need to meet the requirements:

• At least 1000 WXT in your Spot account
• Coins that are locked or tied up in another process do not count towards the eligible WXT for the event.
• You must have held the tokens for at least the past 2 consecutive days (based on daily snapshots).

Then, in the Commit stage, follow these steps:

• Over a set period, you lock your WXT tokens alongside the project's token.
• This commitment is only used to calculate rewards and the tokens are not actually locked; they remain available to use and withdraw unless the event's rules say otherwise.

When the period ends, your reward is calculated based on your tokens as a share of the total tokens of all participants.

Your share = your commitment ÷ total commitments × total reward

Your rewards are credited to your Spot account, but participants must have completed identity verification (KYC) beforehand, otherwise they may be barred from the event. Each user can join each WE-Launch event only once, but can take part in several events running in parallel.

WEEX exchange bonuses

To attract new users and encourage traders, WEEX offers a variety of bonuses that are appealing to Iranian users. These bonuses help users make more trades with less capital and grow their profits. Below we explain the types of bonus and the conditions for using them:

One of the things that makes this platform more attractive to new users is its incentive programs and trading rewards. Reviewing the terms of the WEEX exchange bonus helps users make the most of the opportunities available to cut costs and get more benefits.

The WEEX Welcome Bonus

New users who sign up and deposit at least $100 (or the equivalent in other currencies) can receive a bonus of up to 1000 USDT. To activate it, go to the Promotions section of your account and select the relevant option. The initial deposit must be made within 7 days of signing up.

The bonus is credited to your account 24 hours after the deposit and can be used for spot and futures trading. Note that the bonus cannot be withdrawn and only serves to increase your trading volume.

Futures trading bonus

Users who trade in the futures market receive a bonus of up to 500 USDT based on their trading volume. To get it, activate the Futures Trading Bonus option in the Promotions section and reach at least 1000 USDT in trading volume within 30 days. The bonus can be used to cover fees or to increase leverage in futures trades.

Special bonus for Iranian users

For Iranian users who sign up through dedicated links, WEEX offers a 50 USDT bonus once identity verification is complete. The bonus is credited automatically 48 hours after KYC approval and can be used for trading.

Key points:

• Bonuses are usually non-withdrawable and can only be used for trading.
• To receive a bonus, you must meet the specific conditions of each promotion (such as a minimum deposit or trading volume).
• Bonuses have an expiry date (usually 30 days after activation).

WEEX exchange fees

One of the key factors in choosing a crypto exchange is how much it charges in fees. With competitive fees, especially for spot and futures trading, WEEX has managed to catch traders' attention. Below we look at the details of the exchange's fees:

All fees are clearly listed in the Fee Schedule section of the WEEX website.

Important tips:

• Futures fees are charged only when you open or close a position or reduce its size; orders that aren't filled or are canceled incur no fee.
• Users can get fee discounts by holding WXT tokens or moving up a VIP level.
• In some promotions, the spot maker fee may drop to 0%, or other pairs may have special fees.

Before you start trading on any platform, it pays to check what trading will cost you. Knowing the WEEX exchange fees helps users better assess the cost of buying, selling and other trades and make more informed decisions.

The WEEX exchange app

WEEX has its own app for Android and iOS, so users can easily access trading from their smartphones. With a simple interface and features similar to the desktop version, the app is one of the exchange's best features.

Through the app, users can access the spot and futures markets, copy trading, the WEEX wallet and the WE-Launch section. Account management, deposits and withdrawals, and analytical tools are also available in the app.

• Download the WEEX app from Google Play
• Download the WEEX app from the App Store

For quicker access to trading features, many users prefer the exchange's mobile version. The WEEX app download and installation guide shows you, step by step, how to get the app, install it and log in to your account.

WEEX exchange tutorial

Below we walk you through the different parts of the exchange, including signing up, identity verification, deposits and withdrawals, spot and futures trading and copy trading, so that even beginners can use it with ease.

How to sign up on WEEX

Signing up on WEEX is a simple process that takes just a few minutes. Follow these steps to register:

1. Select the sign-up option: Go to the exchange's website and click the Register button.
2. Enter your details: Enter your email or phone number and choose a strong password.
3. Verify your email/phone: Enter the verification code sent to your email or phone number.
4. Complete sign-up: Once verified, your account is created and you can log in to your dashboard. For extra security, enable two-factor authentication (2FA).

Getting started on this exchange begins with creating an account, and the steps aren't complicated. Reading the WEEX registration guide helps users set up their account correctly and configure the basic security settings.

Identity verification on WEEX

Identity verification (KYC) on WEEX is recommended for access to more advanced features such as large withdrawals or futures trading, but it is not mandatory for basic trading. The verification steps are as follows:

1. Log in to your account: Sign in to your dashboard.
2. Go to the KYC section: In the account menu, select Identity Verification.
3. Submit your documents: Upload an identity document (such as a passport or national ID card) and a selfie.
4. Verify your address: Provide a document such as a utility bill or deed to confirm your address.
5. Wait for approval: The review usually takes 1 to 3 business days.

How to deposit and withdraw on WEEX

Below we go through the deposit and withdrawal steps on WEEX. Before you start, log in to your account and, in the main menu, select Wallet and then Deposit or Withdraw.

To deposit funds to the exchange, follow these steps:

1. Select the currency (e.g. USDT).
2. Select the blockchain network (e.g. TRC-20 or ERC-20).
3. Copy the exchange's wallet address and send the funds from your personal wallet.

To withdraw from the exchange, follow these steps:

1. Select the currency and network.
2. Enter the destination wallet address.
3. Enter the withdrawal amount and confirm.
4. Enter your 2FA code or the email confirmation code.
5. The withdrawal fee depends on the currency and network. To save on costs, choose cheaper networks such as TRC-20.

How to trade on WEEX

On this exchange you can trade in both the spot and the futures market. Below we look at both in detail:

Spot trading

Spot trading is for buying and selling cryptocurrencies directly. The steps are the same on the exchange's desktop site and app:

1. 1. Go to the spot section: In your dashboard, go to Spot Trading.
   2. Choose a trading pair: Select the pair you want (e.g. BTC/USDT).
   3. Choose the order type:
      • Limit order: Enter the price and amount you want. The order is executed when the price reaches the level you set.
      • Market order: Buy or sell instantly at the best market price.
      • Stop-limit order: Used to set a take-profit or stop-loss.
   4. Confirm the trade: Check the amount and order type, then click Buy or Sell.

• Check your history: You can see the status of your orders in the Order History section.

Spot trading is one of the simplest ways to buy and sell cryptocurrencies directly on this exchange. Going through the WEEX spot trading guide helps users learn how to choose a trading pair, place orders and manage their trades.

Futures trading

Futures trading is for leveraged trades and carries higher risk. To trade futures on WEEX, follow these steps:

1. 1. Go to the futures section: In your dashboard, go to Futures Trading.
   2. Choose a trading pair and leverage: Select the pair (e.g. BTC/USDT) and the leverage (up to 200x).
   3. Choose the order type:
      • Limit order: To set a specific price.
      • Market order: For instant execution.
      • Stop-limit order: For risk management.
      • Trailing stop order: To follow price movements.
   4. Set take-profit and stop-loss: Use the Take Profit and Stop Loss tools to manage risk.

• Confirm the trade: After checking everything, click Open Long (buy) or Open Short (sell).

How to copy trade on WEEX

Copy trading on WEEX lets users copy the trades of professionals. To copy trade on WEEX, follow these steps:

1. Open the copy trading section: In your dashboard or the app, go to Copy Trading.
2. Choose a trader: Review the list of top traders. Look at criteria such as win rate, total profit and risk level to make a better choice.
3. Set your capital: Specify how much capital you want to allocate to copy trading (minimum 100 USDT).
4. Risk settings: Set a maximum loss or profit to manage your risk.
5. Start copy trading: Click Follow and the trades will be copied automatically.

Security settings on WEEX

WEEX has several security tools to protect your account. The security settings on WEEX are as follows:

• Two-factor authentication (2FA): Installing Google Authenticator or Authy makes logging in to and withdrawing from your account more secure.
• Anti-phishing code: You can set a special phrase so that only emails containing that phrase are genuine.
• Withdrawal password (Fund Password): You must enter this password whenever you withdraw or transfer funds.
• Device management: In the security section you can see which devices have logged in to your account and remove any suspicious ones.

We recommend enabling two-factor authentication as soon as you create your account.

WEEX pros and cons

When choosing a crypto exchange, weighing up its pros and cons matters a great deal. Below we have set out the pros and cons of WEEX in a table to help you decide.

WEEX scam reports

In recent months some users have published reports about suspicious behavior by WEEX. Most of the complaints concern locked accounts, delayed withdrawals or bonuses being canceled without warning. Some users say they were not allowed to withdraw after making a profit, or that support never replied. That said, WEEX has not been officially accused of fraud and is still operating, but the lack of a reputable license and of sufficient financial transparency has led many analysts to regard it as a high-risk platform.

Conclusion

WEEX is a powerful platform that has been operating since 2018 with the aim of offering secure and varied services in the crypto market. Supporting more than 600 cryptocurrencies, it offers advanced features such as spot and futures trading, copy trading, its own wallet and WE-Launch. For Iranian users, WEEX is an attractive option thanks to Persian-language support, special bonuses and the ability to sign up without mandatory identity verification, although a VPN is a must. The exchange's strong security, built on tools such as Proof of Reserves and cold storage, has won users' trust. Competitive fees, an efficient mobile app and 24/7 support are among WEEX's other strengths. With its mix of security, variety and convenience, WEEX is a sound choice for traders.