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While BTC-e was domiciled in Russia, World Exchange Services, or Wex, has taken on a new headquarters in Singapore, making itself as far removed as possible from its former stigma-tainted life.
Following the demise of BTC-e, one in which the US FBI seized assets amid a drug-fueled money laundering scam, the exchange was apparently taken over by new owners and rebranded as Wex. Wex, meanwhile, defended itself, claiming to only need more time for the verification process. In this specific situation, the user claims that it was Wex that reset the password, leaving his hands tied to perform account recovery. Wex charges no fee to register an account, whether corporate or private.
There is, however, a trading fee of the following: Fiat deposit and withdrawal fees are outlined on the Wex platform and in individual user accounts based on the following system —. This section can only be accessed by contacting management directly via the site. Something that users should also keep in mind is that credit card issuers may tack on additional fees to cryptocurrency exchanges that are not transparent at the exchange level.
All exchanges are at risk of a hack but Wex lived to tell about theirs. Vigilance is the responsibility both of the exchange and users. For a little history, in July , BTC-e revealed that the US federal investigators had seized bitcoin wallets and company servers.
A company executive was charged with alleged anti-money laundering activity. Some users may accuse the exchange of taking security too far, especially BTC-e users who are locked out of their accounts on Wex. As one Reddit poster said: Wex, however, is closed to US investors.
BTC-e, on the other hand, was active in the US market before federal officials shut the exchange down. Wex officials engage with users on social media to warn the about apparent scams, such as the following tweet -. While Wex appears to be taking security more seriously this time around, they remain highly targeted by hackers, which is fueling the confusion and mistrust between legitimate platform users and the exchange.
Wex has combatted fraud everywhere from on messaging platform such as Telegram, issues that have since been fixed, to fraudulent email communication with its user base. The following tweet is a perfect example of what both Wex and traders are up against -.
Wex chief executive Dmitry Vasiliev believes that the ICO market will lose traction in the coming year. Meanwhile, he also expects greater professionalism to enter the market as it matures.
Wex gave returning users from the old BTC-e platform a choice. Taking the tokens exposes users to a certain degree of risk, particularly considering the unique nature of the token structure not to mention the possibility of another scandal unfolding again.
The company similarly admits to risks , both operational and legal in nature, for the tokens. Wex tokens can be traded and performance can be monitored here - https: To sign up for Wex, former BTC-e users should sign in with their previous credentials including email and password to access the new platform. As a result, Wex has been riddled with complaints by investors.
Wex explained in a tweet: At the end of this period, when you log into your account, you will receive a message, suggesting you change your password. Please do so in order to avoid the hold on your account. The additional hoops that investors must jump through are presumably meant to protect them from bad actors.
Wex seems to mean well and no doubt is looking to protect its own reputation as well. There is a clear disconnect, however, between Wex customer service and legacy users, as evidenced by unhappy customers voicing their frustration on certain Wex forums. Where Wex seems to be falling short is in communicating the new standards with these users.
In short, they need better customer service if they want to restore their image among all users. The following video explains to Wex traders how to verify their account, though the video is in the Russian —.
Basically, new users must have an email account and are urged to use a provider with two-factor authentication. In the event that a user no longer has access to the device they used to set up their account, they should follow these steps that the company outlined here. Users must follow a series of steps requiring them to prove their ID and country of residence with the following or similar examples —. Users should just be sure to update to the latest version to get the most out of features such as charting.
Many of the other reviews were written prior to the change. Wex has staged a comeback from its former version. This is a balance that Wex will have to strike sooner than later in order to compete with the hundreds of exchanges that are out there.
This is especially true with exchanges such as Robin Hood offering commission free trades for users on its platform. March 13, by BestBitcoinExchange. Buy Bitcoin Now Rank. Buy Now Go to eToro eToro. Read More Buy Now.
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