With the US SEC’s approval of the spot Bitcoin ETF application, Bitcoin’s price soared to a new historic high of $72,000, bringing cryptocurrencies back into the view of traditional investors. Bitcoin’s market cap has now surpassed Tesla and Visa, ranking as the ninth largest asset class globally. The total market cap of cryptocurrencies has also broken through $2.3 trillion, marking its significant presence in the financial market.
This emerging field is filled with uncertainties and possibilities, where each transaction can potentially create vast wealth. Establishing a trading platform has become a common dream among many entrepreneurs. However, the past decade has seen numerous platforms start, collapse, or shut down. Challenges such as regulatory uncertainty, market volatility, and technical complexity are inevitable when founding a trading platform.
Founded less than three years ago, WEEX Exchange has quickly risen to the top ranks of global contract trading platforms. For newcomers, analyzing its success in market operations, brand building, and strategic planning is undoubtedly valuable. Moreover, being well-versed in the industry’s development cycles, WEEX Exchange chose to launch its platform coin WEEX token (WEEX WXT) during the early bull market following Bitcoin’s halving, capturing market attention once again.
Breaking Through in Contract Trading Arena with Copy Trading
On December 27, 2021, WEEX Exchange began its official public test. At that time, the crypto market was turning bearish, with trading volumes significantly dropping. Undoubtedly, it was not an ideal time to enter the market.
Faced with a sluggish market, WEEX Exchange decided to seek breakthroughs by focusing on contract trading. In a bear market, investors often reduce their spot transactions, while the dual mechanisms and higher leverage of contract trading attract more users.
However, compared to spot trading, contract trading poses higher risks for newcomers. To address this issue, WEEX Exchange introduced an innovative one-click copy trading feature, allowing users to effortlessly replicate the trades of professional traders. This feature not only significantly lowered the barriers to entry for contract trading but also improved the success rate of trades, without requiring users to spend much time monitoring the market. For more information about WEEX’s hot perpetual trading product – WEEX Futures Pro, visit: https://www.weex.com/contractProIntroduction
Looking back, many platforms have since introduced copy trading features, but WEEX Exchange was among the first to do so three years ago.
Excellent feature design is nothing without actual user engagement. Attracting users during a bear market has been a common challenge for all platforms.
In its early stages, WEEX Exchange chose to rely on agents to attract customers and combined this strategy with copy trading, effectively solving the early challenges of user acquisition.
Traders attract followers by showcasing their trading records on social media and participating in offline events, then guiding them to trade on WEEX. The one-click copy trading feature creates a win-win situation for traders, users, and the platform: traders profit from commissions and profit-sharing, users learn and earn by following traders, and the platform attracts new users. Importantly, traders only receive profit-sharing after they have fully closed their positions and their followers have made a profit, effectively preventing potential misconduct and protecting ordinary users’ interests.
Trading depth is also a crucial consideration for users when choosing a platform. To this end, WEEX continually optimizes its trading depth. The platform’s liquidity has reached industry-leading levels, and according to the “Avg. Liquidity” index on CMC, WEEX once ranked fifth globally with a liquidity score of 726, trailing only behind Binance, Kraken, Biconomy Exchange, and Coinbase.
Confident in its trading depth, WEEX Exchange was the first in the industry to introduce a “slippage compensation” guarantee. If the price difference in ETH and BTC contract trades exceeds $0.2 and $2 respectively, users can receive a price difference subsidy. According to WEEX Exchange data from 2023, the total compensation for slippage was $263,000, accounting for only 5.8% of the total platform compensation, further highlighting WEEX Exchange’s advantage in trading depth.
Additionally, WEEX Exchange has obtained the US MSB, Canadian MSB licenses, and the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) license. WEEX is currently applying for regulatory licenses in Australia, the Philippines, Malta, Malaysia, and other countries, aiming for global compliance and localized services.
Global Footprint and Zero-Fee Competition
For users, aside from making sure that a trading platform provides a secure, reliable, and efficient trading environment, the quality of products and services is also greatly considered.
Currently, the WEEX Exchange App is available on the App Store and Google Play, covering over 140 countries and regions, ranking it among the industry’s top tier. Additionally, WEEX has also been listed on global app stores including Samsung, Huawei, OPPO, and Honor.
At the end of 2023, WEEX Exchange, which started with contract trading, began iterating on its contract trading services, launching “WEEX Futrues Pro.” WEEX Futrues Pro consolidates hundreds of contract pairs into a single account, allowing for shared margin accounts across all pairs, facilitating more efficient capital management for users without the need to frequently transfer funds between different pairs, thus making trading more efficient and convenient.
Furthermore, building on its original OTC business, WEEX Exchange partnered with Alchemy Pay to integrate Alchemy Pay’s fiat payment solution last year, enabling users on WEEX Exchange to trade between fiat and cryptocurrencies using over 300 payment methods including Visa, MasterCard, Google Pay, and Apple Pay. This service is now available in over 170 countries and regions worldwide.
Global Team and Distributed Data Deployment: Ensuring WEEXer’s Asset and Transaction Stability
According to official disclosures, the WEEX Exchange team is distributed across Asia, North America, and other parts of the world. This helps the platform operate independently of any single market or policy environment, ensuring stable operations and the safety of user assets.
Moreover, all data for WEEX Exchange is strictly stored and deployed in multiple locations worldwide, using Amazon Cloud services that meet military and bank-grade security requirements, providing the most secure and private trading services for users.
This is not just talk; a recent example is the Alibaba Cloud Hong Kong data center outage on December 18, 2022, which affected many trading platforms to varying degrees, prompting them to announce temporary maintenance, suspension of certain coin transactions, and suspension of deposits and withdrawals, including top platforms. WEEX Exchange was one of the few platforms unaffected, testing its safety and stability.
It’s also worth noting that since its inception, WEEX Exchange has not experienced any security incidents such as hacking attacks on assets.
WEEX: One of the Lowest Global Transaction Fee Platforms
Recently, WEEX Exchange announced the launch of a “zero-fee” spot trading event, where neither Maker (order placing) nor Taker (order taking) fees are charged; WEEX Contract Pro trading charges a 0.02% maker fee and a 0.06% taker fee. Additionally, for some of the more actively traded popular coin pairs, WEEX regularly introduces Contract Pro events that waive fees for both placing and taking orders. WEEX promotes more events for global users, so let your friends know more about WEEX via: https://www.weex.com/useragent
According to data in the Weex Exchange Review report by Cryptowisser, WEEX Exchange’s fees are below the industry average, making it one of the platforms with the lowest trading fees. Additionally, WEEX Exchange’s withdrawal fees are among the lowest in the industry. Cryptowisser data shows that WEEX Exchange’s withdrawal fees are lower than those of platforms like MEXC, Bithumb, and UPbit, and on the same level as OKX, Bybit, and Bitget.
From an external environment perspective, WEEX’s implementation of ultra-low fees is both a proactive move to capture existing CEX users and a necessary response to DEX competition. Currently, as Ethereum completes the Cancun upgrade and Ethereum, Bitcoin Layer 2 solutions proliferate, and high-performance blockchains like Solana join the competition, on-chain transaction gas costs have significantly decreased, gradually surpassing CEXs in terms of transaction cost advantages. Additionally, with the attraction of potential airdrops from DEX projects, some users are beginning to migrate from CEXs to DEXs. In this context, the introduction of zero-fee trading by platforms like WEEX will further intensify the competitive landscape in the CEX industry.
However, regardless of the competition within CEXs or between CEXs and DEXs, users are undoubtedly the ultimate beneficiaries, reflecting the progress of blockchain technology and the benefits of the development of the cryptocurrency industry.
Platform Coin WEEX WXT late to the game?
Many users feel that WEEX Exchange’s launch of its own platform coin, WEEX WXT, seems somewhat delayed, especially considering that other trading platforms of similar stature have already issued their tokens. However, this decision by WEEX Exchange is actually based on a precise grasp of market timing.
WEEX Exchange experienced the industry’s low period at its inception, which made it more cautious in its strategy. Now, as the industry enters an upward cycle, WEEX Exchange’s choice to launch the platform coin at this time undoubtedly captures an excellent opportunity. This strategy is backed by a deep understanding of market dynamics and a positive outlook on future development.
WEEX WXT is positioned as the cornerstone of the WEEX Exchange ecosystem, serving as a dynamic incentive mechanism to reward the community’s partners, contributors, pioneers, and active members.
The total supply of WEEX WXT is 10 billion coins, with an initial offering price of $0.01 per coin and an initial circulating supply of 3.9 billion coins. The team incentive accounts for 20% of the total supply, locked for one year, and then released at 2% every six months over five years. Campaigns for new users, brand-building KOLs, and token holding incentives each account for 15%, with 3% released annually over five years. The investor protection fund and the WEEX WXT ecosystem fund each hold 15% of the total supply; the remaining 5% is used for private investments, locked for one year, and then linearly released monthly over one year. You can check more information from cointelegraph.
How About WEEX Exchange and Their Official Token WEEX WXT?
With the issuance of WEEX WXT, WEEX Exchange may introduce new services and features, such as staking, lending, and insurance, further enriching the platform’s ecosystem, empowering WEEX WXT, and meeting the diverse needs of users. Additionally, holding and trading WEEX WXT could allow participation in the platform’s governance, driving its development.
It is important to note that as WEEX Exchange’s reputation and user base continue to grow, some other platforms mimicking WEEX Exchange have appeared on the market. Traders and users should carefully verify the authenticity of the platform before trading to ensure the safety of their assets.
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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