Looking for alternative to Bitmex, WCEX.com?

[thegoatiest]

Hi,
I'm looking for another exchange that has all the order types Bitmex has, but that also has the option to trade commodities like gold, silver e.t.c.
I was recommended Wcex.com and it's great, really nice exchange - but..... I read a review that said it was very untrustworthy being an 'offshore broker'
the main issue the review had with this exchange: "The broker has been launched very recently and is not licensed, nor monitored by any authority. "
Also the owners are pseudo-anonymous..

So, that does all sound a bit shady.
Are there others like Wcex.com? Able to trade crypto, commodoties - with leverage and advanced order types?
Thanks,
TG

[akamit]

I don't know any alternatives of Bitmex or WCEX which I should recommend, but I performed a quick search for you and I found this thread.

You may want to check the thread if some has recommended any good alternatives or not.

[Zadicar]

Trying to find out some feedbacks with Wcex.com and i cant find anything.I cant point out any exchange that would match up with current Bitmex.
Do you have any problems with it?If you are concern with other assets like gold silver or other commodities then you can just simply use up forex/stocks brokers.

[leowonderful]

Deribit (click for link) offers perpetual contracts similar to that of Bitmex's AFAIK (though I do not currently have an account on the site). Leverage for BTC is up to 100x and up to 10x for alts, and if you've used Bitmex before you'll feel at home on Deribit. Volume's lower on Deribit compared to Bitmex, but the site still works just fine.

As for WCEX, I did some searching around and found this thread on the exchange (click for link). Doesn't look too legit to me.

[BitHodler]

No legal Bitcoin related platform allows you to invest in legacy assets with Bitcoin. You really have to use a registered/licensed legacy broker for that, but obviously, you can only use fiat there.

IIRC, I have seen a video last year where the founders of Robinhood were looking at the possibilities of allowing people to deposit Bitcoin and trade legacy assets, but I haven't heard anything about it afterwards.

What I also don't know is how the settlement of the trades work. It could very well be that they convert the coins to fiat before they actually allow you to buy into stocks for example.

[Ailmand]

Hi,
I'm looking for another exchange that has all the order types Bitmex has, but that also has the option to trade commodities like gold, silver e.t.c.
I was recommended Wcex.com and it's great, really nice exchange - but..... I read a review that said it was very untrustworthy being an 'offshore broker'
the main issue the review had with this exchange: "The broker has been launched very recently and is not licensed, nor monitored by any authority. "
Also the owners are pseudo-anonymous..

So, that does all sound a bit shady.
Are there others like Wcex.com? Able to trade crypto, commodoties - with leverage and advanced order types?
Thanks,
TG

Well, having an anonymous owner would really be shaddy. You should've posted the review you have read about Wcex.com for other readers reference. Another thing commodities such as gold, silver, etc. are most likely traded via fiat, haven't heard a site nor people trading commodities with crypto.

[joniboini]

IIRC, I have seen a video last year where the founders of Robinhood were looking at the possibilities of allowing people to deposit Bitcoin and trade legacy assets, but I haven't heard anything about it afterwards.

An exchange called DX.Exchange already allows you to use Bitcoin/crypto to buy stocks (the stocks will be held by third-party providers though), but they're still less than ideal to be used regularly.

Maybe that will be a common thing in the future but at this moment, it is far from an enjoyable experience.

Btw OP, have you heard about eToro? I'm not sure if that's what you're looking for but you can trade several assets over there.

[emmybd]

WCEX is a relatively new exchange, so it can't be trusted. If you are looking for alternative to Bitmex then Deribit is very much similar to it. You can certainly give it a try.

[Bitinity]

Trying to find out some feedbacks with Wcex.com and i cant find anything.I cant point out any exchange that would match up with current Bitmex.
Do you have any problems with it?If you are concern with other assets like gold silver or other commodities then you can just simply use up forex/stocks brokers.

Wcex has very bad reputation in most brokers review site, almost all review sites give them 1 star only out of 5 stars. Indeed we cant rely on such review sites, but if most review sites has the same rating then high possibility that the reviews are reliable enough.
I myself not a fan of forex or other stocks trading, but if OP is looking for crypto exchanges with the options to trade such commodities then I think it is hard to find it. Even if there are some, but it will be hard to choose which one is the most reliable site.

[Haunebu]

Stay away from Wcex op. I know several people who faced severe problems thanks to that exchange which is why it is way better to rely on reliable exchanges instead of risking your money by investing in this new exchange. Check these reviews:

https://www.forexbrokerz.com/brokers/wcx-review

https://theforexreview.com/2018/10/25/wcex-review/

[thegoatiest]

Hey all, thanks for the replies.
the above post, that is the review I read that got me wandering.
I then moved on to read a glowing 4 star review..
https://bitreview.com/trade/wcex/

But, the negative review - seemed much more compelling.
---

My problem with Bitmex is the 'overloaded' BS. It makes things stressful. Deribit not have this issue?
I would like to trade Forex too - with leverage. It doesn't have to be with crypto.. so I guess I need to start looking at forex brokers, any idea where to start finding trustworthy ones?

[thegoatiest]

Here's a good reason why I do not trust Bitmex. At. All:


“Deribit has key advantages over BitMEX during periods of High Volume. Average order execution at Deribit is only a few msec. While the average transaction speed at bitmex is 20-40x longer in a stable market with the difference increasing during high volume”.

In other words, that means Deribit will have no overload. Deribit’s team has already successfully tested 1,000 orders per trading block per second. They know their system can handle at least 5,000 orders per second. BitMEX, meanwhile, can handle approximately 500 orders per second before being overloaded.
"
https://bitcoinexchangeguide.com/bitmex-vs-deribit-review-which-crypto-trading-exchange-is-best/


So, the UKs youngest Billionaire (i gather) who owns Bitmex, can't afford to upgrade his computer.
If deribit can handle more orders per second - it shows it can be done. It also proves Bitmex have a keen interest in not fixing it. (sure we all knew that ...)
So, Bitmex use a trading desk against their customers... and they give us a criminally underpowered system - guaranteed to break as soon as any volume comes in.... designed to break/overload if you believe the above quote.

I registered at Deribit - they seem good. Thanks for the suggestion.
I will hedge my bets however.... half at one half at the other...(always best) - with the majority of my funds at Binance.

[Zadicar]

Trying to find out some feedbacks with Wcex.com and i cant find anything.I cant point out any exchange that would match up with current Bitmex.
Do you have any problems with it?If you are concern with other assets like gold silver or other commodities then you can just simply use up forex/stocks brokers.

Wcex has very bad reputation in most brokers review site, almost all review sites give them 1 star only out of 5 stars. Indeed we cant rely on such review sites, but if most review sites has the same rating then high possibility that the reviews are reliable enough.
I myself not a fan of forex or other stocks trading, but if OP is looking for crypto exchanges with the options to trade such commodities then I think it is hard to find it. Even if there are some, but it will be hard to choose which one is the most reliable site.

On most cases then having 1 star rating with several number of review sites will already indicate not good reputation so with just common sense we would need to avoid it.

Try https://simplefx.com, you can find some assets to be traded on.

[akamit]

Try https://simplefx.com, you can find some assets to be traded on.

Hey Zad, are you sure in suggesting simplefx? Afair I have seen many scam accusations in the past. But not sure if those accusations were solved or not. Please check!

[1Referee]

So, the UKs youngest Billionaire (i gather) who owns Bitmex, can't afford to upgrade his computer.
If deribit can handle more orders per second - it shows it can be done. It also proves Bitmex have a keen interest in not fixing it. (sure we all knew that ...)
So, Bitmex use a trading desk against their customers... and they give us a criminally underpowered system - guaranteed to break as soon as any volume comes in.... designed to break/overload if you believe the above quote.

It all comes down to the serverload. Deribit can handle more transactions per second because their servers are less stressed than Bitmex's servers. If you're a relatively smaller pocket trader, Deribit is a very decent alternative, but if you are a whale you will need Bitmex's depth to have your positions fill.

Sure, one could say that they should upgrade their servers and trading engine to allow more transaction throughput, which is a fair point, but this is something that can take a good year to tweak, because every change, regardless of how subtle it is, can change the user experience significantly.

As for their trading desk, it's quite odd that they openly admit to actually have their own market makers trading, but Deribit may have one operating too, which they don't tell anyone about. I by default assume that regardless of the exchange I use (spot or derivatives), the exchange is trading against its users. Why wouldn't they? They can front run anyone's orders, see how much fiat is entering or leaving, etc.

[dominos]

I saw some time ago the advertisement of PrimeXBT, but I really didn't use this website, maybe there are some people who can tell more about this site!?

[Bitcotalk]

I think there are already lots of other alternatives to BitMEX. The exchange is a good one and lots of traders prefer them due to what they have to offer which includeshaving no ID verification, unlimited withdrawal, excellent system and a lot more. If you need another alternative, then you should consider Bitfinex. Other ones I know are not really popular.

[Bitcoin_Arena]

All I can say is don't ever make a mistake of using WCEX.
They are shady as a fuck and untrustworthy. I was there in 2017 when it was being launched. We wasted time to promote exchange through referrals but never got a single penny out of our sweat. The owner just simple went silent over their communication channels.

They just returned later on when the storm had settled down and from what i can see, looks like some people who even went ahead and later on used it have had challenges with the platform.

[vit05]

Companies that already offer various trade options and are licensed in the major markets do not have the means to operate accepting deposits or withdrawals using Bitcoins. What they offer are papers. There is no interaction with Blockchain. This occurs not only with Bitcoins but also with gold and several other products. There is no obligation to own that good to negotiate.

That is, it is just a comfortable way to speculate by complying with all legal requirements and offering low risk to the company.

If you want to withdraw or deposit Bitcoin at a trading table and speculate with them, you will have to take a number of risks including depositing Bitcoin in a company whose owners and headquarters are completely unknown.

[Bitinity]

I saw some time ago the advertisement of PrimeXBT, but I really didn't use this website, maybe there are some people who can tell more about this site!?

Are you referring to PrimeXBT that gave a huge promotions but requires fishy requirements in order to claim the prize? The users who are managed the official thread of the site is also have some negative trust, so I would not even use it for single cent.