WEX Exchange Platform
There are many virtual currencies appearing on the market at the moment. The most well-known is probably Bitcoin, but there are many others as well. Some are getting a lot of press attention at the moment, some good and some bad, but it is useful for people to understand more about them and when they might find them useful. Bitcoin has been around since 2009 and allows people to trade online without having to use a payment processor such as a bank. The other virtual currencies work in the same way, but they have different exchange rates and operate from different countries in some cases. It is necessary to have an exchange platform where people can swap their real currency for a virtual currency and the other way round.
WEX is an example of a platform that can be used to do this. WEX works with Bitcoins and other virtual currencies as well as real money as a deposit collector. This means that it is possible to exchange your virtual currency using it. It works as a trading platform so that people can use it to buy and sell Bitcoins and other virtual currency using different real currencies, in the same way that you can buy and sell real currencies. Some people just use virtual currencies to trade with and never exchange them for real currency. However, if you need to get hold of virtual currency and do not have any or have some virtual currency and have nothing to spend it on and so want the real currency, then this is the way that it can be done.
WEX was one of the most popular Bitcoin exchange platform as of October 2013 when it was reported that over 33% of all transactions in Bitcoins take place on this website. It is likely that it is still one of the most popular now as well. It is also popular for use with the exchange of other virtual currencies as well as Bitcoins. It could be to do with the fact that the prices are lower than some of its closest competitors such as Mt Gox, even though some fees have recently been increased. These are clearly set out in their fees tables. It may also be due to more customers having a trust in WEX than some of the other trading platforms. Mt Gox are also having trouble with speed of transactions especially for EUR and USD transactions which means that many people are looking elsewhere for a place to trade. No one likes the risk of not being able to trade money or having a delay to the trading system. People get uneasy enough about trading money anyway, whether real or virtual as it still has a big value to them and they may feel a lack of confidence towards Mt Gox as a result of this. People are also using the purchase of Bitcoins to help them get the cash out of the Mt Gox account by using the cash in the account to buy Bitcoins which is quick and easy and then selling those at another exchange site such as WEX. Many are panicking and doing this quickly, but it may not be such a bad thing because WEX seems to be a more trusted site by many people.
WEX provides a very simple system to use. You can sign up for free and your details are kept secure and only given away by the owners if they are required to by law. Transactions take place usually in 24 hours but they may take a few days depending on the transfer method used. The options at the moment for depositing and withdrawing real currency and virtual currency are Visa, Mastercard, Bank Wire from EU or US banks, Liqpay.com, Ukash.com, webmoney.ru, unikarta.com, webcreds.com and perfectmoney.com, which means that there are plenty of options to choose from. There are fees and these may depend on the user and the transaction. The charge tends to be 0.2% per transaction but for $US and RUR there is a 0.5% fee. Fees do tend to be somewhere between 0.2% and 0.5%. It is worth checking out the transaction fees before using the site, so that you are aware of what you will have to pay and worth noting that the fees could change. The current fees can be found on their website and the fees table will be kept up to date in line with changes in the fees that may be brought about from time to time. It is assumed that users will check this regularly to keep themselves informed of the fees.
WEX provides a chat facility which means that it is possible for people to communicate using it before making a transaction. This means that if you are trading between yourselves you can discuss this first. It also means that users can discuss other issues with regards to the website, trading, virtual currency or anything else of a mutual interest. Although the site is secure for trading, it is the users responsibility to make sure that they keep bitcoins safe within their ewallet, should they have any. The bitcoins are not held on the site, but help by the person who busy them and so they should make sure that they are held in a safe place with encryption so that they cannot be taken by anyone else.
There has been some negative press about WEX as there have been reports that they were being investigated by Russian officials. However, it seems that in Russia there is a rule that there can be no additional currencies in the country and so this may mean that currencies like Bitcoins can no longer be used. This will affect WEX in their capacity to trade in Russia, with bitcoins and other virtual currencies, but until the law is enforced, having only recently been put in place, the effect of this cannot be seen. It is likely to only effect any Russians using the service as well as any trading taking place between virtual currencies and Russian rubels. Russian authorities have also been said to be investigating the WEX website and trying to shut it down under a law which gives them the authority to do this if they feel a site is linked with terrorism or extremism that could be dangerous. However, this is something that has come from one small official in one city and it has to get to the Prosecutor General"s Office before any action can be taken. However, the company is based in Bulgaria and so the effects of this may be smaller than could be implied by the various articles reporting it. If they do close down the Russian website, then it could have an effect on the website with regards to trading in Russian Rubles but is unlikely to have much of an effect on any other trading in other currencies. It will also, of course, mean that any trders based in Russia will no longer be able to use the service. However, it could mean that customers will not be happy with using the site if they feel that it has been closed down due to be associated with terrorism. However, trading was not affected when the announcement came that it was to be investigated so this could imply that any results from that investigation will not make a significant difference.
Trading Bitcoins and other virtual currency is something that many people do and having a trading platform such as WEX allows people from any country in the world to buy and sell their currency. Many people buy and sell virtual currency to make money, in the same way that others do with forex. They buy it when it is cheap and then wait until the price goes up and sell it again at a profit. Other people use virtual currency as way of buying and selling things online because they feel that it is more secure than using real currency. They feel that it protects them from having to give their ban details or credit/debit card details to a third party that they may not trust. The existence of virtual currency, means that there needs to be a way that people can convert real currency to ad from it and this is where trading platforms such as WEX come in. Although only a small minority of people trade using virtual currency at the moment, it is getting more well-known and with knowledge more people will start to use it. Getting in early could be useful as it will allow you to gain a knowledge of how it works and so if people want you to trade in a virtual currency you will know how to get hold of that currency and how to use sites such as WEX in order to trade with it. With an increase in Internet fraud, it could mean that these currencies become more commonly used all over the world.
© BestChange.com – 02/10/2014
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