Overview of WCX
WCX is a forex and CFD broker that was founded in 2017. The company is not regulated, but it offers a wide range of market instruments, including forex, CFDs, and cryptocurrencies. WCX offers two account types: Standard and ECN. The minimum deposit for both account types is $100. The maximum leverage for Standard accounts is 1:500, and the maximum leverage for ECN accounts is 1:500. Spreads are variable for both account types. WCX offers the MetaTrader 4 and MetaTrader 5 trading platforms. Both platforms are available for desktop, mobile, and web. WCX offers a demo account so that you can practice trading without risking any real money. Customer support is available 24/5 via live chat and email. WCX offers a variety of educational resources, including webinars, trading guides, and video tutorials.
Pros and Cons
Pros:
No trading fees: WCX does not charge any trading fees, which is a major advantage over many other exchanges. This can save traders a significant amount of money, especially if they are trading frequently.
High leverage on Forex: WCX offers up to 300x leverage on Forex, which is one of the highest leverage ratios available on any exchange. This can be a great advantage for experienced traders who are looking to make large profits.
Bitcoin only funding: WCX only accepts funding in Bitcoin, which can make it easier for traders to deposit and withdraw funds.
Relatively user-friendly platform: WCX's platform is relatively user-friendly, even for beginners. The platform is easy to navigate and has a variety of features that can help traders make informed decisions.
Cons:
Limited trading options: WCX only offers a limited number of trading options, including Forex, cryptocurrencies, and commodities. This may not be enough for traders who are looking for a wider range of assets to trade.
Lack of customer support: WCX has a poor reputation for customer support. Traders have reported long wait times and unhelpful responses from customer support representatives.
Unregulated exchange: WCX is not regulated by any financial authority. This means that there is no guarantee that the exchange is operating in a fair and transparent manner.
Potential for scams: WCX has been associated with a number of scams. Traders should be aware of these scams and take steps to protect themselves.
Regulatory Status
WCX is an unregulated forex and CFD broker. This means that the company is not overseen by any financial regulator. As a result, there is no guarantee that your funds will be safe if you trade with WCX. There is also no guarantee that WCX will abide by any fair trading practices.
Market Instruments
WCX is a cryptocurrency exchange that offers a limited number of trading options, including:
Forex: WCX offers up to 300x leverage on Forex, which is one of the highest leverage ratios available on any exchange. This can be a great advantage for experienced traders who are looking to make large profits. However, it is important to note that Forex trading is also highly risky, and traders should only risk money that they can afford to lose.
Cryptocurrencies: WCX offers a limited selection of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). The exchange also offers a number of cryptocurrency trading pairs, such as BTC/ETH, ETH/LTC, and LTC/XRP.
Commodities: WCX offers a limited selection of commodities, including gold, silver, and oil. The exchange also offers a number of commodity trading pairs, such as XAU/USD, XAG/USD, and CL/USD.
Account Types
WCX offers two account types: Standard and ECN.
Standard Account
The Standard account is the most basic account type offered by WCX. It is designed for beginner and intermediate traders who are looking for a simple and easy-to-use trading platform. The Standard account has a minimum deposit of $100 and a maximum leverage of 1:500. Spreads are variable for the Standard account.ECN Account
The ECN account is designed for experienced traders who are looking for the best possible trading conditions. The ECN account offers tighter spreads and faster execution speeds than the Standard account. The ECN account has a minimum deposit of $1,000 and a maximum leverage of 1:500. Spreads are variable for the ECN account.
How to Open an Account？
Here are the steps on how to open an account for WCX:
Visit the WCX website and click on the 'Open Account' button.
Enter your personal information, including your name, email address, phone number, and country of residence.
Create a password and choose an account type (Standard or ECN).
Verify your email address and phone number.
Fill in additional information, such as your date of birth, occupation, and investment experience.
Upload a copy of your ID or passport.
Deposit funds into your account using one of the supported methods (wire transfer, credit/debit card, e-wallets).
Leverage
The maximum leverage offered by WCX is 1:500 for both Standard and ECN accounts. This means that you can trade up to $500 worth of currency for every $1 you have in your account. However, it is important to note that high leverage can also magnify your losses, so it is important to use it carefully.
Here is a table that shows the maximum leverage for each account type:
Spreads & Commissions
WCX offers variable spreads for both Standard and ECN accounts. This means that the spreads can change depending on market conditions. However, WCX generally offers competitive spreads on a wide range of instruments.
Here are some examples of typical spreads for major currency pairs:
WCX does not charge any commissions on standard trading. However, there is a $5 commission per lot for ECN trading.
Here is a table that summarizes the spreads and commissions for each account type:
Trading Platform
WCX offers two trading platforms: MetaTrader 4 and MetaTrader 5. Both platforms are available for desktop, mobile, and web.
MetaTrader 4
MetaTrader 4 is a popular trading platform that is known for its user-friendly interface and powerful charting tools. It is a good choice for beginner and intermediate traders.
Here are some of the features of MetaTrader 4:
MetaTrader 5
MetaTrader 5 is the latest version of the MetaTrader platform. It is more advanced than MetaTrader 4 and offers a number of new features, including:
Deposit & Withdrawal
WCX offers a variety of payment methods for deposits and withdrawals, including wire transfer, credit/debit card, and e-wallets.
Deposits
The minimum deposit for both Standard and ECN accounts is $100. Deposits are processed within 24 hours.
Here is a table of the deposit methods and fees:
Withdrawals
The minimum withdrawal for both Standard and ECN accounts is $50. Withdrawals are processed within 24-48 hours.
Here is a table of the withdrawal methods and fees:
Customer Support
Customer support is an important aspect to consider when choosing a forex broker. WCX offers 24/5 customer support via live chat, email, and phone. The company also has a comprehensive FAQ section on its website.
Here are the specific details of WCX's customer support:
WCX's customer support team is knowledgeable and responsive. They are able to help with a wide range of questions, including account opening, deposits and withdrawals, trading, and technical issues.Overall, WCX's customer support is excellent. The team is knowledgeable, responsive, and able to help with a wide range of questions.
Educational Resources
WCX offers a variety of educational resources to help traders learn about the forex market and improve their trading skills. These resources include:
Webinars: WCX hosts regular webinars on a variety of topics, such as technical analysis, fundamental analysis, and risk management.
Trading guides: WCX offers a library of trading guides that cover a wide range of topics, such as how to open an account, how to place a trade, and how to use the MetaTrader 4 and MetaTrader 5 trading platforms.
Video tutorials: WCX offers a library of video tutorials that cover a wide range of topics, such as how to use the different order types, how to set stop-loss and take-profit orders, and how to use technical indicators.
FAQ: WCX offers an FAQ section on its website that answers common questions about forex trading.
These educational resources are available to all WCX clients. They can be accessed through the WCX website or through the MetaTrader 4 and MetaTrader 5 trading platforms.
WCX's educational resources are a valuable asset for traders of all levels of experience. They can help traders learn about the forex market, improve their trading skills, and make more informed trading decisions.
Conclusion
WCX is a forex and CFD broker that offers a wide range of market instruments, including forex, CFDs, and cryptocurrencies. The broker offers two account types: Standard and ECN. The Standard account has a minimum deposit of $100 and a maximum leverage of 1:500. The ECN account has a minimum deposit of $1,000 and a maximum leverage of 1:500. The broker also offers a variety of educational resources, including webinars, trading guides, and video tutorials.
Overall, WCX is a good choice for traders who are looking for a broker with a wide range of market instruments and competitive spreads. However, it is important to note that the broker is not regulated, so there is no guarantee of fund safety or fair trading practices.
FAQs
Q: What are the account types offered by WCX？
A: WCX offers two account types: Standard and ECN. The Standard account has a minimum deposit of $100 and a maximum leverage of 1:500. The ECN account has a minimum deposit of $1,000 and a maximum leverage of 1:500.
Q: What are the spreads offered by WCX？
A: WCX offers variable spreads for both Standard and ECN accounts. However, the broker generally offers competitive spreads on a wide range of instruments.
Q: What are the trading platforms offered by WCX？
A: WCX offers two trading platforms: MetaTrader 4 and MetaTrader 5. Both platforms are available for desktop, mobile, and web.
Q: What is the minimum deposit for a WCX account？
A: The minimum deposit for both Standard and ECN accounts is $100.
Q: What is the maximum leverage offered by WCX？
A: The maximum leverage offered by WCX is 1:500 for both Standard and ECN accounts.
Q: Does WCX offer demo accounts？
A: Yes, WCX offers demo accounts for both Standard and ECN accounts.
Q: What are the payment methods offered by WCX？
A: WCX offers a variety of payment methods for deposits and withdrawals, including wire transfer, credit/debit card, and e-wallets.
Q: Does WCX offer customer support？
A: Yes, WCX offers 24/5 customer support via live chat, email, and phone.
