The quest of men all through the ages is to find a better life for themselves beyond anything that seems to be the problem. Considering Abraham Maslow’s analysis of man’s wants, an average man, after having the basic need, will begin to seek financial security, and it is in this that different options of making and increasing wealth are made available. Options like real estate, real-time buying, and selling, offering exclusive services. In these examples is the option of trading the financial market that comes with the twenty-first century.
Actually, in the century past, many things could not come to man’s imagination, but the recent century has brought many such seemingly impossible feats to existence. Ideas like earning a degree from home or even making an office out of your home. Such of these seemingly impossible feats are trading the financial market. Many have always believed that it is meant for big corporations like banks, but that is not right as it is for everyone.
Moving forward from trading the financial market is the invention of cryptocurrency and its integration to the financial market, which gives people a wider option of what to trade in the financial market. Cryptocurrency itself has a lot of options to select in any case of selecting a preferred coin.
The truth is, many people have made a fortune dealing with cryptocurrency, despite the risk attached due to the volatility and other factors. Trading crypto has been one of the greatest options for anyone looking to walk in financial independence and live a luxurious life. Most often, it looks so difficult to earn big from the market, but with the right knowledge and the right instrument, it is possible beyond any doubt. Many can testify to this very fact.
Looking at the integration of cryptocurrency into the financial market, the demands of crypto have skyrocketed and have been in the limelight for quite a while now, and of course, not many people will say they have not heard about the new wonder. Though when you hear of crypto, what you will likely think of is Bitcoin, but bitcoin is not the only coin in the market anymore as there have been diverse options in the crypto-space.
Moreover, the invention of crypto means there have to be platforms for exchanging and trading online, which is more like a broker in the world of foreign exchange. This is the first financial instrument needed to launch into the crypto space, but though there are several brokers in the financial market when it comes to incorporating cryptocurrency, the numbers are quite limited. To fulfill this first requirement, beyond the limited choice of crypto exchange online, you must choose one because that is what guarantees your connection to the cryptocurrency market.
Most of the brokers that only incorporated trading crypto at some point in their operations are not the best options as they only offer a limited number of crypto in their space, most often, the top 2 to 4 in the market. But, to get the best from the world of crypto, one’s choice of exchange must be the one that offers trading only cryptos, which gives you very wide options out of the number of cryptocurrencies in existence. It is in this second category of brokers that offer a variety of cryptos is Wobit Exchange, and while we are not saying you should go for it as mentioned. Of course, you will carry out your research on anything you want to sign up with it, read reviews, and do some other examinations and comparisons before making the final decisions.
This is what necessitates this article. It is to carry out a proper check and analysis on the exchange platform to be sure that it is the right broker to working when it comes to online crypto trading. This article will answer the necessary questions that need to be asked when choosing an exchange platform for crypto trading. Be aware that this article is not some sort of endorsement but a sincere review of the platform, which means there is a need to carry out further research on your own.
Brief Information about the Exchange
|Types of account for trading||Basic, Trail, VIP, VIP Ultra, Pro Plus, and the millionaire Club|
|Minimum Deposit||500 euros|
|Has training and education?||Yes; the training materials cover books, tutorial videos and many other learning materials|
|Customer support||24/6 by the means of phone, online contact form and email|
|Tools for trading||Webinars, market news, price alerts, social trading and risk management system|
|Security Policy||AML – Anti-money Laundering and KYC – Know your customer.|
|Name of Parent Company||WOBIT|
The review of this exchange will be carried out by getting comprehensive answers to cogent questions that need to be answered before choosing an exchange. These questions will cover the various concerns that need to be addressed, like security, customer support, Trading Platform, and many more. So let’s start!
What are the options of crypto you have on Wobit Exchange?
As discussed earlier, one of the reasons why this kind of platform is good is because they offer wide access to numerous options of crypto more than the conventional brokers who only add one or two popular cryptos as times evolve. Wobit Exchange is a trading platform that claims to grant access to these options and an array of cryptocurrencies to trade. The question is do they live up to the claim? Do they grant access to that kind of huge diversity? the reason why this question is very important is that it determines how much profits can be made. Having options means and such diversification increases the profits as much as reduces the risk involved in trading.
For Wobit Exchange, you do not have unlimited options of crypto to trade, but there are a number of them that can be explored as much as trading on the exchange platform is concerned. These options go beyond the most popular coins in the market that are available on other average brokerages. The variety of crypto this platform includes:
Bitcoin: Of course, this is the world’s first cryptocurrency that was created by Satoshi Nakamoto in 2009. Currently, the coin has grown to be a dictator in the crypto market because it has the highest capitalization in the market, and there is only 21 million of it to be mined. After all these coins are mined, there are no other, and the limitedness involved with this coin has contributed to the fame of this coin in the market, and it continues to grow daily. So as expected, Bitcoin is numbered among the crypto that is available for trading on the exchange platform.
Ethereum: this is the second-largest crypto in the world. This coin represents the blockchain technology that is behind the crypto Ether, which is often referred to as a cryptocurrency itself. This coin was introduced to the market in 2015, and the nature of the technology involved has attracted investors all across the globe to invest in it. The coin is one of the advanced coins on the list, and it offers the smart contract ability, which makes it very versatile and unique.
Litecoin: the creator of Litecoin said, “If Bitcoin is gold in the cryptocurrency market, then Litecoin will be Silver.” It is with this intention that Litecoin was created in 2011 to be the second in command after BTC when it comes to controlling the market. The growth of this coin over the years has shown that it is headed in the right direction. The coin has a very amazing and incredible speed, which speaks of its name “lite,” and it comes with a maximum cap of 84 million coins that can be mined ever.
Bitcoin Cash: This is another coin inspired by the existence of Bitcoin. It was created to reduce the load laid on Bitcoin and launched in 2017. It is a very decentralized coin, and it offers an amazing peer-to-peer system of electronic cash that does not need the interference of third parties to run.
Monero: Monero, XRM, is one of the famous cryptocurrencies known for being privacy-based that was ever founded. It is founded in April 2014, based on the donations and support of the community. The coin is very easy to mine compared to others, and it has a very high level of volatility, which makes it a very profitable one.
Zcash: few coins have a common precedent, and Zcash is numbered among these types of coins. Its creation is based on decentralized blockchain technology, and much more because everything around it is encrypted, it offers a high level of anonymity. The total supply of this coin is 21 million as recorded and is projected to be issued for 131 years.
Beyond the listed coins above, Wobit Exchange offers access to the like of coins like Ox, NEM, IOTA, NEO, DASH, USDT, and a few others. This diversity makes trading easy for an average trader on the platform and increases the returns.
What are the procedures and requirements of registration on this platform?
One of the things traders complained about in a broker is the procedures of registration. Some exchanges can be unnecessarily demanding, which pushed investors away. Some of them will ask you to fill several forms, which are time-wasting. Others have a long procedure of signing contracts, which takes time by causing traders to wait for approvals. But luckily, Wobit Exchange has kept the registration procedures very simple and straightforward to make an average busy trader has access to the platform as soon as possible. They do not ask unnecessary questions but are very objective with whatever information is requested.
Wobit Exchange is known for a very simple sign-up procedure with the button “create an account” on the page of their website, which leads to a very short form to fill. The form only contains small and basic information, including your
- first name
- last name
- phone number
- email address
- country of residence
- The currency you want the account to run with
- And password
Upon supplying this information, it will be required of you to agree to the terms of service (or terms and conditions as the case may be) of the Wobit Exchange. For you to use this service, you have to be at least 18 years old because you will be asked to confirm that fact. After all that is stated above, the process of registering an account has come to completion, and beyond these, there is no other long and laborious process of opening an account or requirements that are annoying or any other lengthy approval procedures to wait for.
What are the different types of accounts available on the WOBIT EXCHANGE?
Like most other exchanges, there is a diverse type of accounts you get after registration, and they all come with other requirements and benefits different from each other. To continue trading on Wobit Exchange, you will have to select the type of account you want. For most other brokers or exchanges, they have just there to four types, which looks quite limited, but with Wobit Exchange, you will get a variety of accounts up to seven. Factors like leverage, minimum deposit, and others alike are the difference in these types of accounts. We will go and examine the types of accounts available on the exchange.
Trail: for everyone, Trail is the first account option you will get. It is the most basic of the types of accounts available on the Wobit Exchange. The minimum deposit of this account is €500 and has a leverage of 1:100 with regular spreads. There are some other features that this account offers, and it includes the latest news and market news, opinions of a specialist about a trade, a well-equipped learning center with tutorials, videos about the system, and full customer support.
Basic: this account suits the need of most who are new to trading and the market. The minimum deposit requirement attached to the account is €5,000, and the leverage of the account is 1:150 with much lower spreads. With this type of account, you get a personal account manager and a risk manager that will guide you through your trades.
Trader Account: A trader account is the third type of account available for use on the Wobit Exchange. The minimum deposit of this account is €10,000 with more increased leverage of 1:200 and plenty of other features and bonuses. With this account, you will get access to training webinars, a more experienced account manager, and a system of risk management. To these accounts, there are additional trading capabilities for social trading that allows you to copy trades of some experienced traders in the market.
Pro Plus Account: The fourth type of account on the Wobit Exchange is the Pro Plus Account. It requires a minimum deposit of €50,000 to open and operate. This account is a recommended account for very serious traders that do not mind putting such an amount of capital into the market. The account has leverage up to 1:250, and it affords you a senior private account manager whose job is to provide you with private lessons, tap into the analysis of top traders and manage the account with a sound risk management system.
VIP Account: for every expert trader, this is a very smart choice, and you will need €100,000 as a minimum deposit to open and operate it. It has a leverage of 1:300, and the account allows you to use the analysis of the senior analyst in the market and grants you access to a group of traders’ clubs where you receive invitations to conferences all across the world and other gifts and incentives.
Millionaire Club: this type of account is made suitable for professional traders, and to use this account, you will need a minimum deposit of €500,000 as an investment. The account grants you access to leverage of 1:350 and a very low spread. It offers connections to the broker worldwide and gives you access to private banking and the service of a private manager as well, which will hedge out strategies for your trading. It also provides you with a team of traders with an experienced group leader, which gives you a comprehensive and complete trading experience.
VIP Ultra Account: this is the last type of account in Wobit Exchange, and it is the highest of all in terms of requirements and benefits. It is a means for VIP traders that engage high volume trading. To run and operate the account, the minimum deposit is €1,500,000 and leverage of 1:400. Of course, considering the financial implications attached to this account, it is not the type of account that you can open and run anyhow. It has some prerequisites and requirements that must be met. To this account are great incentives and massive features like a risk specialist, insured contracts, conference invites, Black Card, interest accumulations programs, hedging automatic trader.
Are there any security protocols on Wobit Exchange?
When you want to make purchases of products and services online, the things you vet are the options, the prices, and even the reviews of other customers, but it is not always like that when dealing with online investment platforms. One of the major features to look out for in every broker is the protocols of security set in place. It is essential to affirm that investments are safe and are not misappropriated. Also, clients should be able to affirm that their personal information is safe on the website to prevent identity theft.
As much as it is not possible to eliminate the risks involved in using online platforms, there have to be protocols put in place to minimize them to a great extent. For Wobit Exchange, they are using the up-to-date high-grade Secure Socket Layer (SSL) technology that is responsible for keeping and encrypting all data and all communications with the clients. This technology reduces the risks of cybercriminals laying hands on the sensitive information of the users.
Furthermore, they have integrated on the website two major international security policies, which are the AML and the KYC policies. This is the Anti-Money Laundering and the Know Your Customer policies that prevent money laundering and identity theft of any kind. It is compliance with these policies that necessitate the requirements of the following:
A government-issued ID included a national ID, Driver’s license or a passport, or any which contains a certain and definite proof of identity. Every document to use must be ensured that it has not expired.
A bank statement that shows your name and your residence address or a utility bill (phone, gas, electricity, or even water bill) to serve as proof of residence, and none of these documents should be older than three months.
A picture of your credit card (both front and back) if you are planning to use any to serve a proof of payment. And of course, you can cover your CVV or CVV2 and some part of the digits in front to heighten security and reduce the risk of theft upon interception.
How is the process of trading at Wobit Exchange?
After settling issues with security and registrations, one must understand the trading process on the exchange. Wobit Exchange is a web-based application that does not need any form of installations to run. The exchange has a cross-functionality on the platform as it allows both mobile and desktop users to access the platform. The exchange does not have a big learning curve as it is easy and straightforward for everyone.
Wobit Exchange has an interface that is user friendly and swift. It is very easy to execute trades on the platform, and it promises a very great trading experience. On the platform, there is an integration of various trading tools, like price alerts and updates, charting tools, markets news, and other analysis tools, including cryptocurrency converter tools.
With exchange, the trading process is well broken down for everyone to follow. It allows you to create a wallet with other top exchanges, and one of those leading exchanges is CEX.io for ease. For trading, you can make deposits in various currencies, including USD, EUR depending on your preferences, as long as there are the required compliances with the security protocols, namely the AML and KYC.
How does the Wobit Exchange Customer support works?
Understanding that cryptocurrency is new, many traders and investors will have many questions, so when it comes to crypto exchange, they must have a well active support system to answer those questions at any time and to sort any problems that their clients encounter during trading.
For Wobit Exchange, their clients have several channels to reach them because they valued their clients so well as to attend to them in case of any issue. The website carries a “Contact Us” button that allows users to send queries through email. They also have the option of filling an online contact form or reaching out through the phone number provided in case of urgent cases.
The answers to these questions are very comprehensive. With them, you will be able to come to an accurate conclusion as to whether or not WOBIT EXCHANGE is a good platform for trading cryptocurrency. It might be essential that you visit the website to finalize, but this article will come in handy in helping your decision.