WCX: Why you should care!
What is WCX?
WCX is a decentralized global cryptocurrency exchange platform that is going to be instrumental is taking back control from centralized exchanges. WCX will require no ID verification or other information that could compromise your identity. This is extremely important, especially considering our current situation in China (which incidentally you should not be worrying about) as it will allow people to buy and sell crypto regardless of what tyrannical nonsense the various governments wish to impose on their population. So purely from an ethical standpoint, I am strongly in favour with WCX. But is that the only thing going for WCX? well let's find out about the platform itself and consider if it is worth investing in and using when launched.
WCX boasts that their fees will be 10 times lower or more depending on which exchange you are comparing it to. This, of course, means that we will save money and will allow for higher profits. It also makes short term trades less risky as the margin for error will be more forgiving. I am sure many people have at one point accidentally lost money on a trade because they forgot to consider the fees.
All customer funds will be kept in cold storage. While obviously this is still less secure than having your own cold storage or hardware wallet, it is a hell of a lot more secure than leaving it in most exchanges that don't offer cold storage.
Decentralized wallet! While the platform will not be launched with decentralized wallets, it is on the roadmap for Q3 2018. This is a very exciting feature. Anything that can give the user more control is a major plus in my book.
Strong customer support team! While this can't be verified until it is all up and running, they claim it is important to them. We will have to see how it pans out. Some exchanges have very poor customer service and it is an important aspect that is often overlooked.
On September the 5th, the WCX team released the following image on Twitter of how the exchange is going to look:
While the graph leaves a lot to be desired, the overall appearance of the exchange looks smart and well thought out. I like the simplicity of having the buy/sell options on the left, the order book in the middle and the graph on the right. I hope that there are more options that haven't been shown yet for the graph. While it seems unlikely that there will be options for Fibonacci retracement and other more advanced graphing tools, I do hope we will be able to see Bollinger bands and moving averages. I suspect we won't though.
Like everything to do with crypto nowadays, WCX will be doing an ICO which will happen at the end of October. The tokens will be called WCXT and will be sold at a 10:1 WCXT to USD ratio. So buying $100 dollars worth should get you 1000 WCXT. Again, like many tokens of this nature, holding WCXT will entitle you to a portion of the profit taken from fees. 20% of profit will be transferred to token holders. According to the WCX website, holding 200,000 WCXT will yield $1200 a month assuming a 1 billion dollar daily volume. If you fancy getting a head start, you can sign up on their website: https://ico.wcex.co/ and earn 50 WCXT for every friend you can refer.
Conclusion
I am very interested in WCX as a platform both functionally and ethically. I will absolutely be showing my support by participating in their ICO. I hope that the team behind WCX can deliver on their vision. Please let me know in the comments below what you think about WCX. Will you use the platform? Will you invest with the ICO?
Happy Investing
Cryptoviking
No verifiable identities. No forum, no slack, no telegram. Why should I invest in an anonymous team? My nose feels the scent of scam in the air.
You could be right, we will have to see how it pans out.
@cryptoviking good to learn about how this exchange will work out. Less fees and more security than centralized exchanges. If evrything is turning desentralized this type of exchanges need to start appearing more. Thanks for sharing this great post. Just upvoted this one too. @gold84
I cant wait to get my free WCX soon, I love that there giving away free tokens to people for the early registration! I think I did it last month, and have been pumped for them the whole time!
Hey man, I think this idea is interesting as well, if initiated properly!
Yes, of course, "if initiated properly" is the key here. A project of this scale requires a monster amount of work.
Careful, this might well be a scam.
Watch out!
Interesting, where are you getting this information?
I studied their website, whitepaper and roadmap a few weeks ago when I signed up for the 50 free tokens.
I cannot refer to the specific sections anymore from the top of my head but those were topics that seemed like red flags to me.
I'm not saying they have bad intentions, I just want to point out some flaws with the project as it stands.
Edit: just double checked
Example: on their homepage they state "Global & Anonymous. Start trading wherever you are in the world – no ID verification required. WCX operates entirely with digital currency and does not deal with banks". In their whitepaper they mention a fiat implementation.
Sure, I wasn't expecting you to quote exact paragraphs. While I understand what you are saying, i think that a lot of the points you are stating could also point to what a decentralised trading platform has to be like. And while it isn't fully decentralised (nor is Steemit) it is still way more so than other exchanges. You can't have a decentralised platform and maintain insured funds, for example.
Either way thank you for your contribution, it is never incorrect to be cautious, that's for sure!
Good job here is my upvote as a gift to you for your hard work
I've been loading up on my WCX tokens through referrals for a while, until they started flagging/downvoting people for even mentioning it so I stopped talking about it. They claim it's a potential scam but I don't see much reason to think so.
I probably won't be investing, but I may be holding on to my tokens for a while. Why not? Hodl usually wins in the long run!
Yeah mate, I agree. If you got them for free it's in win-win anyway.
Those are my thoughts! I was more excited at first, when I thought this to be a decentralized exchange, but it turned out to be a regular one instead.
@cryptoviking I've recognized that when it appears to be like terrible, just stepping absent for your moment would make all the primary difference on the earth.
What?