For some time now I have been intrigued with the mystery surrounding the WCX exchange. But as time progresses the question arises whether this is the real deal or a well organized scam.
WCX is a new exchange with its own crypto coin. The exchange started with a referral program where you can get free coins by signing up and even more coins by introducing other people to the project. If those people buy coins (through your referral link) you can get even more free coins.
Sounds good doesn't it? Maybe too good ?
The WCX exchange also promises to have low exchange rates (lower than other exchanges anyway), provide good security, scalability, a better user experience due to a powerful user interface, great costumer support and speedy transactions.
The best thing however probably is the fact that holder of the coin gets a monthly payout based on the daily (average) volume of transactions. You basically get a piece of the action if you invest in the platform. This kind of reward system reminds me of the Steemit concept and makes it stand out from the other exchanges.
There are some things that are just off about the project though. First of all, the things that WCX promise just sound too good to be true. Furthermore there is nothing known about the people behind the exchange.
The biggest red flag however is the fact that WCX suddenly decided to extend the pre sale period because of the demand. This may be true but it sounds more like a ploy to grab some more cash.
Another red flag is the fact that initially WCX announced that the WCX coins would be tradeable when the exchange went live on 10-10-2017 but then all of a sudden they changed their story and announced that the coins would be available shortly after the ICO that starts on 31 October.
The exchange is live but when I tried to login with my account from the WCX site it didn't work. I reached out to the support desk and got an answer a day later informing me that I had to re-register on the exchange. This strikes me as odd because I already have an account on the main site where my coins are stored (coins earned by the referrals).
I decided to ignore the strangeness of these proceedings and tried to register a "new" account. However once again I was greeted by another error message this one just stated that the signup spots for this week were filled and that I had to try again later. I have not been able to signup since, so either the exchange is really popular or the amount of people who are admitted is very low. Either way there is no way to verify if the exchange is on the up-and-up. I have not been able to find anyone who has been able to successfully sign up.
If there is anyone who has been able to successfully sign up let me know
To make matters worse, the exchange looks exactly like GDAX which doesn't bode well for the exchange.
The official twitter page is filled with questions like "when can we sign up?", "when are we able to trade with the WCX coin?" and the occasional "It's a SCAM". There are a lot of questions and red flags surrounding this exchange and the people behind it are doing a poor job of addressing the uncertainty or answering the questions.
A copy of the GDAX exchange, is this a sign?
So is it a scam or not? Everything does tend to point to a less than trustworthy organization behind the site. Part of me hopes that I am wrong because I really like the ideas and intent of the WCX exchange but as time progresses I am becoming more and more suspicious.
If anyone can prove the authenticity of the exchange or can offer proof that this is the real deal please let me know and set my mind at ease. As things stand however I advise everyone to be cautious when it comes to the WCX exchange.