Wynn-ex Crypto Exchange
So, you are interested in taking a step in the broker business. The current situation of the pandemic lockdown and work-from-home setup has left many of us with a lot of spare time. And if you are considering broker trading to pass time efficiently, then you need to know about what you are actually getting yourself into.
It is really important that you know exactly what you are looking for as it will help you pick out the best broker for you from among the many options available. You need to invest time and visit the brokers’ websites and do some heavy research to make a choice and that takes up a lot of time. So, I took the initiative to save you some time and share my knowledge about one promising online broker, that I also gained through extensive research, with you, in this article.
Today, I decided to share the important things that you need to know about the Estonia based crypto exchange, Wynn-ex. Don’t worry though, I will not waste your time by making misleading statements. I will tell you everything as it is without any bias. I will also mention the pros and cons of the mentioned features where necessary. Who knows, this might just be your first broker signup!
Top Best Wynn-Ex Features to Consider
- Multipurpose Trading
Trading platforms are an extremely essential feature to check for when looking for potential brokers. The good and bad brokers can be identified by the trading platform their company provides you with. There are many “traps” online where brokers bluff the advantages of their trading platforms so, you have to be smart and make sure to not be fooled by the excessive advertising you stumble upon online. The better online brokers out there provide you with the best trading platforms that are user-friendly, secure, and reliable.
Wynn-ex uses the CFD trading platform which allows you to not only sell or purchase assets but also lets you trade the value of the assets. I’ll explain this to you in simpler terms; you basically trade the contracts that enable trading the asset value that you want to trade. The benefit of this trading platform is that you can continue the trade of different assets, such as stocks, from the same trading platform.
So, you are not essentially buying or trading the actual asset, instead, you are trading a contract between yourself and the provider.
- Payment and Security
As you know that brokers are essentially trading businesses. So, when you create an account on a broker site, you need to deposit some amount to get it started as you do in a bank. In online trading, you will use the same deposited money to function your trades on the trading platform.
The payment process of Wynn-ex is relatively simple as compared to other brokers because they work hard in improving the user-interface of the website. You can make the payments via debit, credit, and master cards. A downside of the payment process of Wynn-ex is that the deduction or any other applicable fees, for cryptocurrencies or fiat currencies, are set to 4.7% of the total deposited or transacted amount. Wynn-ex deducts $50 in case a deal of trade fails to proceed. Furthermore, Wynn-ex does not take responsibility for any malware or software issues on your device that may negatively affect your account.
They have a very strict AML (Anti-money laundering policy) and establish policies and procedures that tackle any attempts of illegal activities through Wynn-ex. They take liberty in freezing or suspending any account that may demonstrate any suspicious activities. So, you can safely continue your trade as Wynn-ex has got your back.
- Cryptocurrency Trading and Fiat Currencies
Wynn-ex allows users to trade fiat currencies and cryptocurrencies online as well as through some specially designed points. A noteworthy feature as many brokers only provide one platform for the trade of currencies.
Their platform accepts most fiat currencies such as EUR, UDF, JPY, GBP, etc. So, you can use your fiat currencies to purchase cryptocurrencies or vice versa. The exchange market is a fickle place and is vulnerable to rapid price changes, so the value of your cryptocurrencies may increase in their worth or fall down drastically. Wynn-ex is not responsible for the ups and downs of the market price and urges the users to fully understand the risks of their investment before starting.
Despite the high-security initiatives taken by Wynn-ex, phishers and hackers are able to find loopholes in the system. I say this because I want you to remember to not let your guard down even with the most reliable and highly secure online brokers. However, the CFD trading platform of Wynn-ex allows you to keep your money out of the account completely as you can trade with the trading values of your assets.
- Transfer Speed and Reputation
Wynn-ex prides itself of its speedy deliveries and claims that crypto purchasing and sale is as quick as sending an email with their platform.
However, the broker does not accept cash deposits so you will have to transfer the cash fund to the Wynn-ex’s listed bank account from a bank account for a particular currency. The deposition of cash funds can take up to a few minutes to five working days, excluding the weekend. Furthermore, the value of the deposit may change depending on the market value of the day of the transaction.
It is important to remember that the purchased crypto coins cannot be sent back without approval from the broker itself.
The most important service your broker can offer you in to regulate their site regularly. Regulations are a way for brokers to earn your trust and set their standards. Simply, regulation refers to when third-party monitors the financial services of a broker to create an honest and reliable trading platform.
The main aim of regulations is to protect you, the client. This means that if there is any funny-business occurring to the funds and deposits, even if the broker itself is the culprit, the authorities monitoring them will protect you from harm.
- Refund Policy
This is a topic that many of you are concerned about since you are investing your money in it and it is a risky business. The market value of all currencies, fiat, and crypto, falls, and rises unpredictably. This may cause some people to gain more than they invested, but most of the time, people end up losing more than the investment which leaves them desperate for a refund. Wynn-ex has strict refund policies and carefully considers the variables when a request for refunds reaches them.
Wynn-ex runs under AlephLink Solutions Ltd. and the company reserves the right to alter your order by either canceling it or offering it to you for a different price. In case your order is canceled by the company after you have paid with fiat currency, then the company will refer to the laws and refund your funds to you. So, they will transfer the fund to the account they were received from.
If you are suspected to be involved in illegal activities that defy Wynn-ex’s AML, then AlephLink Solutions Ltd. claims the right to cancel your order without any refunds.
Wynn-ex does not make any claims to help you if you’ve made a wrong decision and have suffered a loss. They clearly state that the customer service will not provide any user with intel or tips for the trade of any asset. They have set this policy to avoid misconduct and defiance of their AML policies.
Furthermore, the broker has made it clear that they do not have to buy or sell cryptocurrency from you or to you if the value of the currency rises or falls.
- Registration and Suspension of accounts
This broker does not allow you to use more than one account. They ensure that one person cannot create more than one account by asking for specific details such as identification proofs, valid home address in the form of electricity bill, etc. Furthermore, they ask you to provide additional information from time to time if you want to continue their use of services.
In addition, when converting local currency into cryptocurrency or vice versa, you will be asked for additional information to confirm your identity. So, you may be asked your sate of births, tax identification number, etc.
The repetitive identity confirmations may seem excessive to you, but they are necessary measures that will keep you safe from online frauds or identity thefts. However, it may become annoying to answer the personal identification questions when you are trying to manage your trade when you are not at home, or at a place where you don’t have all your personal papers with you.
Wynn-ex holds the right to suspend and close off your account if it notices inactivity, lack of response to user identification questions, incomplete transaction processes, or if you defy the terms and services you agreed upon during registration. Therefore, if you want to keep your account from being suspended, make sure to log-in occasionally even if you do not actively indulge in a trade. This practice of keeping tabs on active accounts allows the broker server to get rid of unnecessary traffic created by inactive accounts which affect the performance of the website.
- Discretion and Use of Personal Information
As I mentioned above, the broker will ask for personal details from time to time to authorize the user. So, over time you will have provided them with a lot of personal information and you may wonder what happens to it and where it is used.
Firstly, the provided information will allow you access to the services on the website as they are set as conditional to personal information. This simply means that if you do not provide the details they ask for then you will not be able to use the website services.
Secondly, the information will allow creators to enhance their website, improve, and develop their products according to your interests and requirements. It also helps them in developing new services and attends to your needs in an improved way.
They can contact you with updates of their features, or news about their company to keep you updated and in-the-loop of things. The contact will be made through e-mails and SMS messages. Well-known companies such as Wynn-ex do not send spam posts, so you do not need to worry about that. They can also conduct surveys to improve user-interaction and get your opinion on their services.
The third-party monitors that, regulate the broker, will be provided with statistical information. Again, don’t worry, as they will not be able to identify you. They will receive it as information on a random user.
And there you have it, as promised, my unbiased and informative judgment of the Wynn-ex crypto exchange.
I have talked about the main features of the Wynn-ex cryptocurrency exchange. I went into detailed descriptions of how these features work, why they are beneficial, and mentioned the advantages and disadvantages of a particular feature where possible. Now that you know all that you need to know about this particular broker, including its best features as well as the not-so-best ones, you can decide which features appeal the best to you.
I cannot force you to make this your first signup choice as that decision is your own to make. However, out of the many attention-worthy brokers out there, I will urge you to pay equal, if not slightly more, attention to Wynn-ex as well as it might be just the right pick for you.