WCX is a bitcoin derivatives trading platform: it lets users take BTC to trade in different financial markets. Last year we were using 1Broker which allowed users to trade forex pairs, indexes like Nikkei and SP500, etc while also providing copy trading.
Using WCX is pretty simple: you simply need to register, provide ID and they’ll let you trade on the platform with very competitive spreads and good liquidity. Feel free to try it before depositing any serious amount of money.
Will history repeat itself like 1Broker?
1Broker was a bitcoin derivative exchange that allowed for CFD trading using BTC across multiple financial instruments. In 2018 it was sued by the SEC and CFTC, their domain was seized. They refunded everyone’s BTC and went on their way, you can read about it here.
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We believe that WCX is here to stay as it has been working since 2017 and it does not offer trading in jurisdictions where its illegal to trade CFDs but as always proceed with caution. Do not keep money that you are not trading on exchanges.
Automation, freqtrade and WCX
We asked the freqtrade team to support WCX, they told us to ask the ccxt’s team to support it, then we found that someone already made the request and it’s pending. If its added then we’ll be able to use the full power of freqtrade to trade other financial instruments like Gold, Silver, Forex pairs, etc.
What are your thoughts on this? We would love to hear from you! Give us your opinion in the comments below or join our open chat HERE.
Updated opinion – September 2019
We have decided to move most of our trading to a more regulated platform with a stronger background as FTX. We no longer recommend using WCX, unless its for backtesting/demo purpose. A few reasons for this decision:
- Forex pairs contain wicks that do not happen on other brokers, meaning that they do run stop-hunts on these pairs.
- Withdrawal times are substantial compared to other crypto exchanges.
- Overall team information is anonymous and it should not be the case.
- Development for CCXT library is stalled.