Wobit Exchange Review
We are experiencing technological advancement at a geometric progression and the internet has participated in the complete transformation of the world and has ushered us into a digital age. This transformation has then brought about a significant improvement and advancement in almost all the industries we have today.
One of the industries to have been hugely impacted by this revolution is the financial industry. A total transformation and advancement of the entire industry have taken place seeing most of its activities now digital. For example, making payments a decade ago with a broker would have been physical but now, that can be done digitally and has even become the usual.
However, the peak of this revolution transpired in 2009 with the creation of blockchain technology and the first cryptocurrency or digital coin in the financial market known as Bitcoin. Although the digital coin initially was not a welcomed idea as it received a lot of opposition due to its decentralized and volatile nature.
Nevertheless, technology and digital coin have continued to grow and develop, gaining more general acceptability and has made way for other digital coins to enter the financial market. Today, a niche has been carved out for these digital coins in the financial market; the cryptocurrency market. Even with the addition of various digital coins, Bitcoin still retains its dominance in the cryptocurrency market influencing directly or indirectly various market elements.
With more people looking to buy and sell cryptocurrencies, came the inception of cryptocurrency exchange platforms. Without these platforms traders and investors won’t be able to participate in the cryptocurrency market. With the cryptocurrency exchange platforms, investors can buy and sell various digital coins using fiat currencies. A lot of exchange platforms are now available and the cryptocurrency market is well saturated with them.
If you’re quite familiar with other financial instruments such as forex and stocks, then you should know that the process of buying and selling can always be simple and straightforward. And as such, investors and traders are on the lookout for exchange platforms that can do this easily among other trading needs. This can be quite challenging as numerous exchange platforms claim to be able to provide all of your trading needs and that is why investors most especially newbies have to be extra careful not to choose the wrong exchange platform as the cryptocurrency world is full of scam exchanges.
How can investors then find a decent and trustworthy exchange platform? Getting a proper and legitimate exchange platform requires you as an investor to conduct well-detailed research on the features, operations, and benefits of various exchange platforms so you can make an informed decision in choosing the ideal exchange that best meets your needs.
Sincerely, the research to be conducted is usually frustrating making investors feel overwhelmed even before actual trading begins. Therefore, we’ve taken it upon ourselves to conduct these researches for you so you can put in your time into doing another productive study. We are bringing together a couple of well-detailed reviews on trustworthy and legitimate exchange platforms investors can choose as their trading partner in the cryptocurrency market.
A good example of an incredible exchange platform is the WOBIT exchange platform and in this particular write-up, we will be examining the benefits, services, features, and entire operation of the WOBIT exchange platform.
|Security||Secure Socket Layer (SSL) technology, Anti-Money Laundering (AML) policy, and Know Your Customer (KYC) policy|
|Trading platform||Web-based platform|
|Trading assets||Bitcoin, Bitcoin Cash, Ethereum, Zcash, Litecoin, Monero, and so on|
|Payment method||Wire transfer and Credit or Debit card|
|Customer support||Email, Telephone, and Customer section|
WOBIT is regarded as one of the top-quality, reliable, and radical cryptocurrency exchange platforms in the cryptocurrency market today. The exchange was established by a team of financial and technical experts who fully understands the dynamics of the cryptocurrency market.
The exchange platform was created with the expectation of making available a conducive trading environment and the required trading tools for their customers to make use of to attain financial success. As a customer-oriented platform, the exchange makes sure the trading environment is secure enough to perform various transactions at very cost-effective rates.
For traders and investors looking to make WOBIT their trading partner, the exchange platform makes available a wide variety of features and benefits they can take advantage of, and these include; a user-friendly platform, standard security measures, and OTC trading for improved liquidity.
WOBIT provides an incredible platform that is ideal for both amateurs and expert traders as found in the crypto market. Before diving deep into the understanding of the features and benefits offered by WOBIT, let’s first have a look at out to sign up and register with the exchange platform.
How To Open up an Account With WOBIT
The first step on the path to financial success in the cryptocurrency market is signing up with an exchange platform. It is a necessary step that all exchange platforms require from intending investors and traders. However, the requirements may differ from one exchange to another.
A decent exchange platform should make the registration process simple and straightforward involving simple steps with minimal paperwork and this is what WOBIT offers its clients. The WOBIT exchange platform requires minimal paperwork and only asks for necessary and required information from intending clients. Its overall registration process is instant and simple taking approximately 10 mins to complete the whole registration process.
Here is a simple step you can follow on how you can open an account with this exchange platform.
- The first step which is a very simple thing to do is to visit the WOBIT exchange official website. Immediately that is done, the can then proceed to the next step.
- The next step involves filling up the registration form you will find on the front page of the website with the correct and appropriate information.
The registration form provided by the WOBIT exchange platform does not consist of unnecessary requirements. It is a straightforward and simple-to-fill registration form with no jumble encompassed in it. As a trader looking to register, all you need to do is put down some essential information inquired in the registration form. The information required for registration include;
- Your full name
- Your email password
- The country you reside
- Your Mobile number
- The preferred account currency you like to make use
After filling in all the necessary information, you then have to agree with the exchange’s terms and conditions by clicking on the check box.
- The final step to complete the entire registration process will be to verify your age with the exchange platform. Only investors with a minimum age requirement of 18 years are allowed on the platform. Ensure that all submitted information is correct and true.
Immediately you’re done with all this process, it implies that you’ve successfully registered with the WOBIT exchange platform and have created your account. Then, you can now start trading with the platform provided you’ve made a significant deposit of funds.
Features and Benefits of WOBIT exchange platform
As mentioned earlier, it’s always a good idea to research the features and benefits of the exchange platform you’re looking to choose as your trading partner. Once you are pleased with the offerings provided by such exchange platform, then you can go on to sign up with the platform. Let’s have a look the features and benefits of the WOBIT exchange platform.
- Security Protocol
The revolution of the financial industry did not come without its woes. The digitalization of the financial sphere has seen investors and exchange platforms exposed to cyberattacks, frauds, and scams. This has resulted in tales of leaks of personal sensitive information and loss of investments filling the air and this has become a major concern to investors.
Scams and fraudulent schemes are now very widespread as a result of the unregulated and decentralized disposition of the cryptocurrency market. The extensive menace has seen traders lose their investments and funds to these attacks due to their carelessness coupled with the lack of decent security protocols developed by their assigned exchange. Today, both newbies and expert investors now consider security as the major factor to evaluate when choosing an exchange platform to be on the safer side.
WOBIT in understanding the reality of the security situations of the financial industry, and the security burdens and concerns of traders and investors, through its foresightedness and assertiveness, has developed solid security measures and protocols to safeguard it, customers, against various scams and cyberattacks.
In an attempt to provide the best security measures for its clients, WOBIT has established a couple of security measures on its website. The basic form of security offered by WOBIT is the 2FA (two-factor authentication) on its website. The 2FA alerts clients and sends a confirmation code to their device to sanction login. This aims to prevent unauthorized access into the trading account while also securing funds in clients’ trading accounts.
Furthermore, to protect clients’ personal information, the Secure Socket Layer (SSL) encryption technology is also established on its websites. This encryption makes sure all personal and sensitive information submitted by clients on the website is safe and secure.
Apart from the 2FA (two-factor authentication) and Secure Socket Layer (SSL) encryption technology, WOBIT as an exchange platform is completely licensed and regulated meaning that it complies with the international standards concerning cryptocurrency exchanges. These principles compel cryptocurrency exchange platforms to fulfill the Anti-Money Laundering (AML) policy and Know Your Customer (KYC) policy.
The goal of these policies is to ensure the identity of all traders and investors that register with WOBIT is adequately validated and to prevent the exchange from being manipulated for illegal activities and financial crimes. Commitment with this legislation indicates that consumers have to provide some certain identification documents. These documents are; proof of payment, proof of identity, and proof of residence.
- OTC Trading
Investors and traders have various approaches to the buying and selling of digital coins. For some, they prefer to purchase “physical” cryptocurrencies just for the purpose of holding. For most traders, they look to push into the cryptocurrency market, to take advantage of the price’s volatility- for this type of traders, they do not need to transact cryptocurrencies physically.
How then do they buy and sell digital coins? This is where they make use of Over The Counter (OTC) trading. With WOBIT, traders and investors can sell and buy Bitcoin and Ethereum from Over The Counter (OTC). The OTC trading allows investors to make the best of the opportunities that present themselves in the cryptocurrency market without necessarily buying any cryptocurrency.
A big obstacle for many cryptocurrency exchange platforms is the inability to offer high liquidity to investors fused with the increased volatility of the market price. This usually results in some level of complications particularly when traders want to make a purchase of digital coin(s) in large quantities and it’s not easily accessible. Most of the time, exchange platforms find it difficult to meet up with bulk orders right on time consequently affecting the investor since the market price would have shifted.
Also, since enough anonymity is not offered by exchange platforms, bulk purchases by any investors can see a massive variation in the market price of a digital coin(s). This is a primary reason why Over The Counter (OTC) trading is preferred by traders as it is without these drawbacks. Through WOBIT, traders can utilize it’s Over The Counter (OTC) trading to perform high volume transactions while also benefiting from the exchange’s high liquidity.
- Trading Platform
One of the crucial factors, traders and investors also put into consideration in choosing an exchange platform is the trading platform provided. Reason being that the trading platform is a vital and fundamental feature an exchange has to offer. Vital in the understanding that the overall trading activities such as market execution and trend analysis are implemented on the trading platform.
A trading platform is a software that enables traders and investors to monitor market trends and execute trades. The trading platform is usually integrated with various trading tools to assist traders and investors have a smooth trading experience in the cryptocurrency market. And that is why traders look to choose an exchange with a standard trading platform equipped with the latest trading tools and advanced technology.
It is also worth mentioning that a standard trading platform shouldn’t just be equipped with these technologies and tools but must also be user-friendly and simple to use for all traders irrespective of their trading experience. This is what WOBIT has brought to the table.
The WOBIT exchange platform in developing its trading platform made use of the latest advanced technology. However, the sophisticated technology employed in building the trading platform did not deny it of its simplicity and user-friendly interface. This implies that traders (both newbies and experts) can easily find their way around the platform while enjoying a smooth trading experience.
The WOBIT trading platform is entirely web-based which implies that no installation or download is required before the platform can be used. With an internet-enabled device, the trading platform can be easily accessed with trading commencing right after login.
- Trading Option
All exchange platforms have several cryptocurrencies listed on their trading platform. At least an exchange platform will offer its clients popular cryptocurrencies such as Bitcoin and Ethereum to trade. However, most traders look to invest in wide varieties of digital coins to make more profit and also for the purpose of diversification and risk management. If this is what you need as an investor, then WOBIT is your best bet. As a newbie in the cryptocurrency market, you are probably thinking, what is diversification?
Diversification is a market strategy employed by various investors and traders to manage investment risks. It involves the process of stretching out your investment into several asset classes. This indicates that a loss in a particular trade does not have an impact on your overall investment.
Just like every other exchange platform, the common cryptocurrencies like Ethereum and Bitcoin are also listed on the WOBIT exchange platform. However, WOBIT went further in offering several altcoins such as Zcash, Bitcoin Cash, and Litecoin.
A little exploration of the WOBIT’s assets index introduces traders to several privacy-centered digital coins and a good example is Monero (MXR); a very prominent privacy coin. Asides from Monero, other privacy coins like DASH, IOTA, Ox, NEM, NEO, and much more are listed on the exchange platform.
The wide range of cryptocurrency options provided by WOBIT creates an avenue for incredible flexibility in terms of profit-making, risk management, and diversification of investments.
- Deposits and Withdrawal
Trading cannot begin without the deposit of some funds in your trading account. The minimum deposit to be made is not constant as it differs from one exchange platform to the next. Generally, fiat currencies are expected to be deposited into the trading account although some exchange platforms make available deposit options to receive cryptocurrency deposits.
Exchange platforms are expected to provide several payment methods so clients can choose the one best suits them. Asides from that, the process of deposit and withdrawal should be simple and precise. WOBIT as an exchange platform offers these features to its clients.
With WOBIT, clients can deposit their funds using bank wire transfer or credit and debit cards such as Visa and Mastercard. This offers great flexibility as clients can interchange between the two payment method options anytime they want to.
As mentioned earlier, deposits and withdrawals are very simple and straightforward, however, clients are expected to have verified their accounts before any deposit or withdrawal could be made. The verification process involves the submission of specific documents and the subsequent approval by the exchange platform.
Once the account has been verified, clients can now deposit funds into the trading account. Deposits with this exchange platform are usually instant irrespective of the payment method option utilized. However, when it comes to withdrawal, WOBIT directs its customers to fill up a form and submit it before a withdrawal can be approved. The entire withdrawal process takes about 3 days.
In situations where a refund is to be made, clients must fulfill the terms and conditions laid down by the exchange platform. Refunds are made when a transaction is canceled or not authorized or canceled before authorization. On the other hand, if the withdrawal request has been authorized, the request can not be canceled.
- Customer Support
One of the primary reasons why traders look to choose an exchange platform is to have a support system to fall back to in the cryptocurrency market. Because what is the point of having an exchange platform that offers zero customer support?
The WOBIT exchange platforms have created several ways to help its customers whenever they need assistance or have a request. The exchange platform has a group of dedicated experts and professionals willing and prepared to deliver adequate support to clients at all times. Through various support channels such as emails and phone calls, clients can always get in contact with their representatives. The customer support contact details are made available on the exchange’s website.
Apart from phone calls and emails, clients can also visit the WOBIT website and click on the Contact Us section to get in contact with a representative or an agent of the platform. The representatives are very friendly and professional in handling customer’s requests and complaints.
This review has explained in detail the services, features, and the entire operations of the WOBIT exchange platform. And as you can see for yourself, it is evident that the exchange platform is trustworthy and credible enough to meet all your trading needs.
It provides a smooth and decent user experience offering a user-friendly interface and smooth running of the entire system. It has the latest security protocol, wide trading options, and incredible customer support. Above all, the greatest competitive advantage offered by WOBIT is its customer-based orientation.
Considering all these services offered by the WOBIT exchange platform, it won’t be out of place to assert that it is a top-quality exchange platform.