WEEX Review: Fees Explained, Leverage, KYC and Safety

WEEX is a cryptocurrency exchange mainly designed for futures traders, founded in 2018 and offering over 2,000 spot assets and more than 500 futures contracts. It provides leverage up to 400x on selected pairs, such as BTC. Unlike most large exchanges, WEEX allows trading without verifying identity. The exchange uses a unique fee structure, with spot fees set at 0.1% for both makers and takers, while futures fees are 0.02% for makers and 0.08% for takers.

Using a referral code at sign-up provides a 20% discount on all trades for the life of the account. The maximum leverage offered is up to 400x on selected pairs. KYC is optional for trading but required for higher withdrawals, P2P transactions, and card purchases. Withdrawal limits are about 10,000 USDT per day without KYC.

The main cost of trading on WEEX comes from funding fees for perpetual futures. These funds are charged every few hours to keep the price close to the spot price. For example, a $10,000 position may incur a $21 funding cost over a week, which exceeds the $16 fee paid to open and close the position. During volatile markets, funding costs can be even higher. Before holding a trade for extended periods, traders should check the current funding rate for their chosen coin.

Deposits into WEEX are free, while withdrawals require paying a network fee based on the chosen coin and chain. Card purchases go through third-party providers, adding their own fees. There are no inactivity fees at WEEX, and monthly fees depend on the total volume of trades executed. With leverage, monthly fees can add up quickly.

The referral code gfek at WEEX grants a 20% discount on all trades, saving traders thousands of dollars per year depending on their monthly trading volume. To use the code, simply enter gfek in the VIP code or referral field during sign-up, complete the necessary tasks within 14 days, and turn on two-factor authentication for added security.