What should a novice do if he wants to trade cryptocurrencies and virtual currency contracts? Are there any more favorable activities? How to place an order to short virtual currencies?
If you want to start cryptocurrency trading, you must first choose a good exchange. This article will introduce you to WEEX Exchange.
WEEX Exchange is currently the top 3 trading platform with the most contract currency pairs on the Internet. It is regulated by multiple countries and is very safe and reliable. On WEEX, you can not only conduct spot transactions, contract transactions and copy transactions of various mainstream and popular currencies, but also participate in WE-Launch to get new project tokens for free. In addition, you can also conduct simulated transactions of real market conditions on the WEEX platform, which is very friendly to novices.
The following is a complete tutorial on how to trade on the WEEX exchange, including an introduction to the WEEX exchange, is the WEEX exchange safe, why choose WEEX, the special features of the WEEX exchange, WEEX contract trading tutorials, etc.
WEEX Exchange Introduction
● WEEX trading platform: WEEX web version, WEEX App
● Founded: 2018
● Security issues: None
● Protection Fund: 1,000 BTC
● OTC trading: Support
● Transaction types: spot trading, contract trading (U-based/coin-based perpetual contracts), copy trading, OTC coin buying
● Trading currencies: 700+ spot currency pairs, 700+ contract currency pairs (new ones are added every day)
● Leverage ratio: 1-200
● Transaction fees: Spot: 0.1%; Contract: Holding WXT can be as low as Maker 0.01%, Taker 0.04%
● Chinese local customer service: support
Since its establishment in 2018, WEEX has been focusing on user satisfaction and providing a "Swiss Army Knife" for secure access to various cryptocurrency products. This "user-first" philosophy has earned WEEX the trust of traders from more than 30 countries.
WEEX trading platform provides comprehensive services such as spot trading, contract trading, copy trading, and fast listing of coins through WE-Launch. WEEX has a daily trading volume of more than 40 billion US dollars, ranks in the top 10 of CoinGecko and CMC contract exchanges, and the top 20 of spot exchanges, and maintains a good trust score through audited reserve proof.
WEEX's team is distributed all over the world, including Singapore, Taiwan, Dubai, etc. Engineers are from well-known companies at home and abroad, such as Huobi and Bybit, and have many years of experience in blockchain development. All platform data is strictly stored in overseas databases, multiple servers are deployed for backup, and Amazon AWS that meets military and bank-level security requirements and high-speed and high-stability Hong Kong CDN are used to provide the most professional, secure and private trading services to users around the world.
WEEX's platform liquidity is at the industry's first-class level. It is one of the world's contract exchanges with the best trading depth and ranks among the top five CMC global exchanges in terms of liquidity. Its order thickness and spread lead its peers, with microsecond matching, zero slippage, and zero insertions, minimizing transaction costs and liquidity risks, allowing users to trade with peace of mind even in extreme market conditions and enjoy a smooth experience.
In WEEX, users can not only enjoy the most competitive transaction fees in the industry, but also follow orders with one click with zero threshold, easily follow the operations of professional traders, and capture trading opportunities in the ever-changing market, saving time and worry, and worry-free throughout the process. The platform strictly selects thousands of excellent traders for users to choose from. Traders who lead orders can only receive rebates when all positions are closed and users follow orders to make profits, eliminating gray areas from a mechanism perspective and protecting ordinary users.
With its secure, transparent, professional and compliant trading service experience, as well as its unique advantages such as trading depth and one-click copy trading, WEEX has won the trust of more than 5 million users from more than 30 countries and regions, including partnerships with more than 10,000 star traders and more than 2,000 global influencers.
Is WEEX exchange a scam?
Since its establishment, WEEX Exchange has always adhered to safe, transparent and compliant operations, and has never had any major security incidents. As an exchange that focuses on safety and ease of use, WEEX always puts the security of user funds first. It never shirks responsibility for user losses caused by platform problems, but bravely takes responsibility for problems, pays compensation as soon as possible, and uses practical actions to fulfill its firm commitment to "customer first". Next, we will analyze the security of WEEX through three points:
1. User Protection Fund
To ensure the safety of user funds, WEEX has established a 1,000 BTC investor protection fund to effectively compensate for unexpected losses of user funds that are not caused by the user himself, and has made public the hot wallet address of the fund pool so that users can trade with peace of mind.
2. Adhere to compliant operations
Well-known investment education platform Marketplace Fairness pointed out in its evaluation report that WEEX Exchange is praised as a safe and reliable exchange due to its strict compliance with regulatory regulations. Not only that, WEEX is also one of the few cryptocurrency exchanges approved by multiple institutions, which means that when investors trade on the WEEX platform, they do not need to worry about the risk of the exchange ceasing operations due to regulatory issues.
3. Is WEEX exchange a scam?
WEEX Exchange is a legal and regulated cryptocurrency exchange, but from time to time, there are voices on the Internet saying that "WEEX Exchange is a scam" and "WEEX is a scam." In fact, 99% of the "WEEX scam" news is caused by a large number of black platforms that use the name of WEEX. These fraud groups use the name and logo of WEEX to lure netizens who are not discerning to be deceived. They not only defrauded a large number of netizens of their money, but also damaged the brand reputation of WEEX, which is a legitimate operation.
To this end, WEEX has issued anti-fraud risk warnings many times and created a special page for counterfeit and fraudulent websites, which includes more than 40 phishing and fraudulent websites that imitate WEEX exchanges. However, new counterfeit platforms continue to emerge, and a steady stream of netizens are still deceived.
Once again, we remind you that the official website of WEEX is weex.com, the Chinese community is t.me/weex_group, and the English community is t.me/Weex_Global. In addition, other websites have nothing to do with WEEX. Any activities carried out in the name of WEEX are fake scams and phishing routines. Please be vigilant.
Please install the WEEX App through the official download channels provided by the Apple and Android official stores or the WEEX official website. If you encounter an uncertain URL or customer service account, you can verify it through the WEEX official website verification channel.
Advantages of WEEX Exchange
WEEX is one of the exchanges with the most online trading pairs, and supports OTC trading, copy trading and simulated trading. It is also very convenient to deposit and withdraw funds, and is very user-friendly. At present, WEEX has more than 5 million registered users. Why choose WEEX to trade cryptocurrencies? There are several reasons:
1. High security
No matter how high your investment level is, how low the handling fee is, or how accurate your investment target selection is, once your money is placed in the wrong place, you will end up losing it all. Therefore, before deciding to deposit funds for trading, it is very important to screen the exchange. From the above introduction, it can be seen that WEEX can be said to fully meet the high security standards.
2. World-class strength
WEEX was built with an investment of US$100 million by the world's top blockchain investment institutions. In 2023, it received strategic investment from FSN (214270.KQ), Asia's largest digital marketing group and a Korean listed company. Currently, WEEX Exchange ranks fifth among global derivatives exchanges (Coingecko) and third in the number of perpetual contract pairs among global derivatives exchanges (CMC).
WEEX is also one of the digital currency exchanges with the most countries listed on the App Store. It is currently available on the App Store in more than 130 countries and regions around the world. This means that WEEX is relatively reliable and trustworthy in the widest range of regions around the world, whether in terms of user scale, user reputation, or App ratings.
3. First-class trading depth
When investors choose an exchange, in addition to considering the platform's strength and fund security, the most important point to consider is the trading depth. A platform with good depth can keep the currency price relatively stable when undertaking large transactions, and avoid too drastic fluctuations. On the contrary, a platform with poor depth can easily be penetrated by a large number of unilateral orders, and it is easy to blow up the position.
If the transaction depth is poor, it will cause large slippage. Users who want to buy at the bottom or short at a high level often cannot buy/sell at the ideal price. They either miss the opportunity to make money (limit order fails to be executed), or the actual transaction price is far from the desired price (market order is executed), and the strategy that could have been profitable turns into a loss.
Therefore, for an exchange, in addition to hardware conditions such as comprehensive strength and security, trading depth is the core competitiveness. WEEX is known for its trading depth. It has currently ranked among the top liquidity camps of global exchanges and ranks fifth in the average liquidity of global exchanges (CMC). The order thickness and spread are better than most contract trading platforms, catching up with Binance, Ouyi and other leading platforms. It has microsecond matching, zero slippage, and zero plug-ins, which minimizes transaction costs and liquidity risks, allowing users to trade with peace of mind in the face of extreme market conditions and experience a smooth experience.
In order to test the depth advantage in actual combat, WEEX launched the "Slippage Compensation" activity for the first time in the industry, demonstrating its deep confidence and ensuring smooth transactions.
4. 1-200x leverage options
WEEX provides 1-200 times leverage options, which can not only magnify profits, but also effectively use small funds (the higher the leverage, the smaller the margin required). Other companies generally provide leverage of 125 times, and some require certain qualifications to enable high leverage.
5. 7x24 hours manual customer service
Customer service experience is another strength of WEEX. WEEX provides 24/7, multilingual manual customer service, which greatly improves the service experience and user trust. In addition, users can also join the WEEX global community and contact the community administrator for help if they have any questions.
6. Ultimate professional trading experience
● Flexible trading: shared margin, efficient and flexible position management and capital utilization.
● Diversify risks: Hedge profitable positions and loss-making positions to reduce the risk of unexpected liquidation.
● Safe and efficient: intelligent + manual double-layer risk control, millisecond-level matching engine, TPS up to 10,000, ensuring smooth transactions.
● Rich currency pairs: mainstream + popular altcoin pairs to meet users' diverse trading needs.
7. One-click follow-up, easily copy the profit strategy of experts
WEEX strictly screens thousands of top traders, and the data is open, transparent and traceable. Users can copy orders with one click without any threshold, copy the trading strategies of experts, and improve the success rate of transactions.
8. Low handling fees
Compared with traditional financial markets, the overall transaction fees for cryptocurrency transactions are very cheap. However, if you trade frequently, often day-trading or short-term trading, the transaction fee costs will be considerable over time.
WEEX offers the lowest transaction fee rate in the entire network, and the transaction fee for holding WXT contracts can be reduced by 50%. In addition, WEEX has 0 pins, 0 slippage, 0 forced liquidation fees, and 0 fees for popular currency pairs, which minimizes the transaction costs of users.
WEEX Exchange Features
WEEX mainly promotes cryptocurrency contract trading, allowing users to join the investment at the lowest cost and magnify their profits through tools such as leverage. (Before newbies have a clear understanding of cryptocurrency contracts and other related knowledge, it is recommended not to trade with high leverage.)
We know that when the crypto market enters a bear market cycle, it is difficult to make a profit from spot trading. Often, you will be trapped as soon as you buy, and then you will either have to cut your losses or wait indefinitely for the market to be untraded during the days of continuous decline. However, contract trading is different. Contracts can be long or short, and there are opportunities to make money regardless of whether the market goes up or down. In addition, you can add leverage to increase the efficiency of fund use. If operated properly, the returns are very considerable.
However, there are swings every day and every moment, but not everyone can grasp them. For this reason, WEEX has launched a one-click copy trading function, which allows users to easily follow professional traders with zero threshold. It not only lowers the threshold for contract participation, but also increases the odds of winning transactions, allowing novices to pay less tuition. The one-click copy trading system automatically synchronizes the opening and closing actions of professional traders, without the need for users to watch the market, saving time and worry.
For example:
Xiao Wang and Xiao Li both trade contracts on the WEEX platform. Xiao Wang browses industry news and Twitter every day, joins many investment exchange groups, and studies various technical indicators and analysis strategies without sleep. Xiao Li browses Douyin, watches live broadcasts, and has fun in nightclubs every day, "studying" how to quickly clear dungeons and complete tasks.
But after a month, both of them had very high returns on their investments. It is reasonable for Xiao Wang, a "financial migrant worker", to make money, as "God rewards hard work". But why can Xiao Li, who is "not doing his job properly", enjoy life and make money from investments at the same time? The secret is that he used the one-click copy function of WEEX to automatically copy Xiao Wang's transactions and enjoy his analysis and research results. This is the charm of one-click copy.
In addition to one-click copy trading, WEEX also provides a variety of special trading functions:
● Shared/warehouse-by-warehouse mode, flexible fund management
● One-click copy trading, lightning trading, one-click reverse trading, ladder forced liquidation
● Multiple order modes: GTC / Maker only / IOC / FOK
● Integrate TradingView to enjoy professional market tracking experience
WEEX Contract Currency Pair Introduction
Currently, WEEX has listed more than 700 cryptocurrency contract trading pairs, making it one of the exchanges with the most contract currency pairs on the entire network. Many popular currencies are launched on WEEX for the first time on the entire network, allowing users to take the lead in trading and seize profit opportunities.
● Mainstream currencies: such as BTC, ETH, BNB, XRP, BCH, BSV, LTC, TRX...
● SOL Ecosystem: For example, SOL, PYTH, JTO, JUP, WIF, RAY, BOME..
● AI sector: such as WLD, ARKM, AI, FET, NMR, PHB, TAO, IOTX...
● BRC 20: For example ORDI, SATS, RATS..
● MEME Cards: e.g. DOGE, PEPE, FLOKI, SHIB, BONK, TURBO...
● Web3 concepts: such as FIL, LINK, DOT, API3, TURB, ICP, INJ, BAND, MASK⋯
● DeFi/RWA: e.g. UNI, COMP, MKR, GMX, SUSHI, CRV, AAVE⋯
● 元宇宙:AXS,APE,SAND,MANA,GALA,YGG,CHZ,FLOW⋯
If you are not familiar with these cryptocurrencies, you can find the corresponding currency introduction through the WEEX Blog currency introduction, the global cryptocurrency market value ranking or the WEEX official website cryptocurrency price page to learn more.
WEEX, a safe and easy-to-use cryptocurrency trading platform
WEEX virtual currency contract exchange is very friendly to beginners, and it can help you quickly get started with cryptocurrency.
1. WEEX simulated trading
Cryptocurrency is a new field for beginners. It is inevitable that they will be unfamiliar with it and there are many new terms in trading. Therefore, it is recommended to find a platform with simulated trading first to familiarize yourself with how to trade. Once you are familiar with it and have no problems, it is recommended to transfer back to real capital trading.
For example, WEEX Exchange provides virtual currency simulation trading. After registration, you can receive 100,000 USDT simulation experience funds for free trading. It is very suitable for users with no trading experience. You can learn how to buy, trade and leverage virtual currencies for free. This 100,000 USDT itself has no expiration date and will not be taken back by the system. You can practice whenever you want!
After entering the WEEX trading page, you can click "Contract Trading" - "Contract Simulation Trading" to conduct simulated trading.
2. Investor Protection Fund
Currently, WEEX Exchange is committed to contract trading, but in extreme market conditions, the trading volume on the system may be very large. When a system problem occurs and the contract order cannot be forced to close, the user's margin will be fully compensated, and they may have to pay a little more money to the exchange. This is very unfair to users.
WEEX Exchange always puts user funds security first and will not pass on this kind of systemic loss to users. They have their own 1,000 BTC investor protection fund to deal with this situation. If it really happens, the exchange will use the money in it to deal with it.
3. WEEX Contract Calculator
The WEEX contract trading page has a contract calculator. If you don’t know the contract fee, you can use the calculator to get a rough result. Its operation is also very simple, you only need to enter the transaction value.
Computers are divided into 3 categories:
● Profit and loss calculator: Calculate the profit and loss of the contract based on the opening price, multiplier, and transaction quantity
● Liquidation price calculator: Calculates the liquidation price of the currency based on the account balance, opening price, multiplier, and transaction quantity
● Target price calculator: Calculate the target price of the currency based on the profit ratio, opening price, and multiple
In addition, WEEX has clients for different platforms, allowing every trader to use the corresponding client conveniently and stably. No matter where you go, you can control your cryptocurrency assets in real time.
WEEX Contract Trading Notes
1. Funding Rate
Funding rate is a concept unique to perpetual contracts. General futures delivery contracts have an expiration date, so the closer the delivery date is, the futures price in the market will naturally move closer to the spot price, and eventually the two will remain consistent. However, perpetual contracts are a special type of futures contracts that do not have an expiration date. Therefore, in order to constrain the price of perpetual contracts and make it as close to the spot market price as possible, the exchange introduced a funding rate.
Funding rate can be used to anchor the spot price. When the perpetual contract price deviates from the reasonable price difference between the perpetual contract price and the spot price at a certain moment, the funding rate will forcibly pull the deviation back to a reasonable level. Generally speaking, the greater the market deviation, the higher the funding rate and the better the correction effect. Therefore, the perpetual contract price is "tamed" to be close to the spot price.
Funding Rate x Position Value = Funding Fee
The positive or negative value of the funding rate determines which party needs to pay the funding fee. When the funding rate is positive, the long side pays the short side; if the funding rate is negative, the short side pays the long side. In other words, when the contract is over-premium, the funding rate is positive, and the buyer needs to pay the seller, and vice versa.
Traders only need to pay or receive funding if they hold positions at the funding settlement time. If they close their positions before the funding settlement time, no funding will be paid or received.
The funding paid by the trader will be deducted from the available margin. If there is not enough available margin, the funding fee will be deducted from the position margin. At this time, the forced liquidation price will be closer and closer to the reasonable price due to the deduction of funding fees, thereby increasing the risk of forced liquidation.
Currently, most exchanges set the funding fee to be settled every 8 hours, that is, 3 times a day. WEEX Exchange settles the funding fee rate once a day at 7:00, 15:00, and 23:00 (UTC+8).
Funding is not a fee charged by the exchange, but a payment between long and short positions. The exchange aims to narrow the price gap between the contract market and the spot market through this mechanism, so that prices return to normal levels, and limit malicious manipulation of contract prices to avoid sharp rises and falls in the market.
How is funding calculated?
Under the U standard, position value = position quantity (coin) x reasonable mark price
For example: Trader A holds a long position of 10 BTC in the BTC-USDT contract. The fair price of the BTC-USDT contract is 10,000 USDT and the current funding rate is 0.01%.
Position value = 10 x 10,000 = 100,000 USDT
Funding Fee = 100,000 x 0.01% = 10 USDT
Since the funding rate is positive, trader A needs to pay 10 USDT in funding fees, while the short side holding the same number of contracts will receive 10 USDT in funding fees.
From the above formula, we can see that the funding fee has nothing to do with the leverage ratio used.
Once you understand the mechanism of the funding rate, you can use it for hedging and arbitrage. Compared with mainstream currencies such as BTC and ETH, altcoins are more volatile and therefore more suitable for funding rate arbitrage.
2. WEEX contract orders
WEEX contract orders are divided into market orders, limit orders and stop loss orders. The following will briefly introduce the contents of contract orders:
● Market order: Users place orders at the current best market price to achieve fast transactions.
● Limit order: A limit order is used to copy the top/bottom, and refers to one customized by the user.
● Buy/Sell Price: Once the market reaches the limit price, the transaction can be completed.
● Stop order: A stop order can be understood as a "breakout order", which is an advanced limit order. Users can customize a buy/sell price. Once the market reaches the limit price, the transaction can be completed.
● Leverage ratio: can be adjusted by yourself, such as the minimum leverage of BTC perpetual contract is 1x, and the maximum leverage is 200x.
● Trading unit: The number of lots can be selected based on the user’s investment situation. The real-time changing contract value and reference margin are attached at the bottom of the market order page.
Register WEEX and receive a 7,390 USDT newbie gift pack
WEEX is currently offering a 7,390 USDT welcome gift package:
● Users will receive 5 USDT upon registration;
● Complete KYC and receive 10 USDT;
● Complete the first deposit ⩾ 200 USDT and receive 20 USDT;
● Transfer ≥ 200 USDT to the contract account and maintain a net transfer of ≥ 200 USDT for 3 consecutive days to receive 20 USDT;
● Complete the corresponding contract trading tasks and accumulate 7,335 USDT.
Conclusion
In the world of cryptocurrency trading, it is crucial to choose a secure and feature-rich exchange. WEEX Exchange is an ideal choice for novice users with its excellent security, rich trading pairs and user-friendly interface. Whether it is familiarizing yourself with the market through simulated trading or easily copying the strategies of professional traders with the one-click copy function, WEEX provides a diverse trading experience for every user.
In addition, WEEX's novice promotion offers generous rewards for beginners, allowing you to enjoy more trading benefits while exploring cryptocurrencies. By registering and participating in the event, you can not only obtain substantial financial support, but also continuously improve your trading skills in practice.
In short, whether you are a novice in cryptocurrency trading or an experienced investor, WEEX can provide you with a safe, efficient and convenient trading platform to help you move forward steadily in the world of virtual currency. Welcome to join WEEX and start your cryptocurrency trading journey!
