WOO X Review

Introduction

WOO X - crypto exchange which has been offering trading in digital assets since 2014. Now a simple terminal is available (3 templates to choose from), margin trading, stacking. The fees are always zero for the maker, the taker can reduce the commission if he bets at least 1,800 WOO. To figure out if WOO X is a fraudulent scheme, we’ve compiled a review of the service.

Why WOO X?

WOO X is a crypto exchange that has been operating in Taiwan since 2014. Information about services, commissions and limits, KYC passing can be found in the company’s help center. The site itself is not overloaded with information. From the main page you can immediately fill out a registration form, choose a template for the terminal and go to it to start cryptocurrency trading. In addition to buying/selling digital assets and margin trading, Wu X offers additional services.

The crypto exchange has developed a stacking program. A user can place a bet and earn passive income. To take advantage of the offer, go to the "Stacking" page, click on "Bet" and choose how many tokens you want to bet. The funds you contributed will be calculated starting at 1:00 a.m. (UTC) after the day you placed your bet. If users bet more than once per day, WOO X will calculate the total amount. Click "Next" and you will see a confirmation page that will show the status and level after this staking request. Click "Confirm."

Users can pay an additional fee for instant withdrawal of WOO tokens with a fee of 5%. Check "Instant Bet Cancellation" box to see what commission will be charged. The minimum instant bet cancellation amount is 300 WOO. The withdrawal fee will be used when tokens are burned. After confirmation, tokens will be debited and credited to the wallet at here.

Users can bid at WOO to increase their levels to receive discounts or trade at zero commission. The current APY is calculated according to three criteria. All participants automatically join tasks to earn more. Users can increase their base income by completing each requirement within a task. All user actions will be recorded daily at 00:00 UTC and updated on the stakes page. Calculation criteria:

• Base Rate - Calculated based on total rate participation. Calculated using the inflation rate of ecosystem rewards and the total of all bets.
• Diamond Hands - the duration of the bets. The longer the period, the higher the multipliers (up to 1.3 if held up to 180 days).
• Trading Arcade - the frequency of trades. The more trades, the higher multipliers (up to 1.11 for the amount of 500 bets in 30 days). Minimum amount - 100 USDT.

How to exchange cryptocurrency on Vu X platform?

WOO X offers a set of tools and an order book suitable for different trading strategies and ready to accommodate traders with different levels of experience. Three templates are available - standard, advanced and customized. Deals are executed through the terminal after selecting the template. Limit and market orders, Stop-Limit, OCO are available.

There is a list of all existing positions other than USDT, not including assets in stacking and information about pending orders. All deposits other than USDT are displayed in the portfolio as open positions. The data panel offers third-party sources of information for professional reference, including available funding rates on major exchanges.

Widgets can be grouped by trade pair. You can assign widgets to the same group by selecting the same number/color. You can also create multiple tabs to accommodate different work areas and edit or rearrange them at any time. Trading is also available through the mobile app. The app is designed for Android and iOS. In the iOS app it is also possible to verify, for Android gadgets this service is not yet available.

The exchange also offers margin trading. You can deposit cryptocurrency as collateral before it starts. WOO X determines the collateral ratio for each token. Most deposited assets can be used as discounted margin for leveraged trading on WOO X. The initial leverage is 3x. Up to a maximum of 5x can be selected. Available leverage will vary depending on position size.

Verification on the WOO X platform

First, you need to create an account. To do this, click "Register Now" in the upper right corner of the home page. In the window that opens, select your nationality and region, enter your e-mail address, create a password, and enter your referral code if available. After completing the application, read the user agreement. The system will send a confirmation code to the e-mail, which should be activated within 10 minutes. KYC verification is performed when a new customer registers. WOO X uses identity verification with three different levels:

• Level 0. Only view information after email confirmation.
• Level 1. withdrawal limit - 2 BTC per day. To pass, enter the name, address, purpose of creating an account, and provide a photo of the document and the user’s face.
• Level 2. No limits. In addition, address, employment, and source of funds are checked. Recent utility bill, bank statement, phone bill, lease/rental agreement, or tax return must be provided to verify address.

Traders from Russia, Ukraine, Taiwan and Canada must be verified to level 2 in order to use the service. Verification takes from 1 to 3 days. After the application is approved, the user will receive a notification on successful verification.

Deposit and withdrawal

To make a deposit, visit Wu X. and log in to your account. After logging in, click "Account - Wallet" at the top left of the page. Select the token you want to deposit and click "Deposit". Copy the deposit address and paste it into the section of the platform where you are going to withdraw your funds. When you have deposited to your WOO X account, you can go back to your wallet page and click on "Deposit History" to see detailed information and the status of your latest deposits.

To withdraw funds after logging in, click "Wallet", select the currency you want to withdraw. After confirming the address, copy it into the "BTC recipient address" field and enter the amount. The system will automatically calculate the withdrawal fee and display the amount the user will receive.

For unverified users the withdrawal limit is set at 2 BTC per day. After KYC the amount of withdrawal is not limited. All transactions are approved by the risk management team. Withdrawals are made manually for security reasons and may take up to 12 hours. For each cryptocurrency there is a minimum amount available for withdrawal. For Bitcoin this amount is 0,001 BTC, for Ethereum - 0.003 to 0.01 ETH, for Litecoin - 0.1 LTC.

Cryptoexchange Commission

Trading fees are set at 0% for the maker and 0.05% for the taker. Taker fees can be reduced to 0% if you bid a minimum of 1,800 WOO tokens.

The withdrawal fee depends on the cryptocurrency. For Bitcoin this amount varies from 0.00025 to 0.0005 BTC depending on the network, for Ethereum - from 0.001 to 0.0055 ETH, for Litecoin - 0.008 LTC.

Customer Service

You can contact technical support via Telegram. There is also a help center where you can find answers to your questions. In the lower right corner, you can open the support window and select the topic of interest or ask your question.

Conclusion

WOO X - cryptocurrency exchange for trading digital assets, including margin trading and stacking. There are 3 terminal templates for traders with different experience. If you have used the service, leave your feedback about it in the comments below this review.