With the US SEC's approval of the spot Bitcoin ETF application, the price of Bitcoin has exceeded $72,000 to hit a record high, and the cryptocurrency industry has once again returned to the vision of traditional investors. The total market value of Bitcoin has surpassed Tesla and Visa, ranking as the ninth largest asset class in the world. The total market value of the entire crypto asset has also exceeded $2.3 trillion, becoming an important part of the financial market that cannot be ignored.

This emerging field is full of unknowns and possibilities. Here, every transaction may create huge wealth. Establishing a trading platform has become the common dream of many entrepreneurs. However, in the past decade, countless trading platforms have been established, collapsed, and run away. Regulatory uncertainty, market volatility, and technical complexity are all challenges that must be faced when establishing a trading platform.

Founded less than three years ago, WEEX has already ranked among the top global contract trading platforms. For latecomers, analyzing its successful experience in market operations, brand building, and strategic planning is undoubtedly of great reference value. In addition, WEEX, which is well versed in the industry development cycle, chose to launch the platform currency WEEX token (WXT) in the early stage of the bull market after the halving of Bitcoin, which also made it attract market attention again.

Break through copy trading and enter the contract track

On December 27, 2021, WEEX started its official public beta. At that time, the crypto market had begun to turn bearish and trading volume dropped sharply. There is no doubt that it was not a good time to enter the market at that time.

Faced with the sluggish market, WEEX decided to use contract trading as an entry point to seek a breakthrough. In a bear market, investors tend to reduce their operations on spot, while the long-short two-way mechanism and higher leverage of contract trading have attracted more users.

However, compared with spot trading, contract trading is more risky for novices. To solve this problem, WEEX launched an innovative one-click copy trading function, which allows users to easily copy the operations of professional traders without any barriers. This function not only greatly lowers the threshold for participating in contract trading, but also increases the success rate of transactions, and users do not need to spend a lot of time monitoring the market.

Looking back, many platforms have launched copy trading functions, but three years ago, WEEX was one of the first platforms to introduce this function.

No matter how excellent the function design is, it is inseparable from the actual use of users. How to attract users during the bear market has become a common challenge faced by various platforms.

In its early stages, WEEX chose the strategy of relying on agents to attract customers, and combined it with copy trading, effectively solving the problem of user acquisition in the early stages of development.

Traders attract fans by showing their trading records on social media and participating in offline communication activities, and then guide them to trade on WEEX. WEEX's one-click copy trading function achieves a win-win situation for traders, users and platforms: traders can not only profit from rebates and profit sharing, but users can also learn and gain benefits from traders, and the platform attracts new users in this way. It is worth mentioning that traders can only get profit sharing after they have completely closed their positions and the copy trading users have achieved profits. This mechanism effectively eliminates potential improper behavior and protects the interests of ordinary users.

Transaction depth is also an important consideration for users to choose a platform. To this end, WEEX continues to optimize its transaction depth. At present, the platform liquidity has reached the industry's first-class level. According to the CMC "Avg. Liquidity" indicator ranking, WEEX once ranked fifth in the world with a liquidity score of 726, second only to Binance, Kraken, Biconomy Exchange and Coinbase.

Out of confidence in its own trading depth, WEEX Weike has made the "slippage compensation" commitment for the first time in the industry. Users who participate in ETH and BTC contract transactions can obtain spread subsidies when the spread is greater than US$0.2 and US$2 respectively. According to WEEX Weike's 2023 data, the total compensation due to slippage is US$263,000, accounting for only 5.8% of the total platform compensation, which also confirms WEEX Weike's advantage in trading depth.

In addition, WEEX Weike has also obtained the US MSB, Canadian MSB licenses, and the St. Vincent and the Grenadines Financial License (SVGFSA license). It is currently applying for regulatory licenses in Australia, the Philippines, Malta, Malaysia, etc., aiming to comply with global regulations and provide localized services.

Global layout, 0 handling fee competition

For users, in addition to paying attention to whether the trading platform can provide them with a safe, reliable and efficient trading environment, they will also pay attention to the quality of products and services.

At present, WEEX Weike App has been listed on App Store and Google Play, covering more than 140 countries and regions around the world, with a coverage rate of the first echelon in the industry. In addition, WEEX has also listed Samsung, Huawei, OPPO, and Honor Global App Store.

At the end of 2023, WEEX Weike, which started with contracts, began to iterate contract trading services and launched "Contract Pro". Contract Pro consolidates hundreds of original contract currency pair accounts into a unified "Contract Pro Account", enabling one margin account to be shared among all currency pairs, making it easier for users to manage funds more efficiently without frequently transferring funds between different currency pairs, making user transactions more efficient and convenient.

In addition, it is worth mentioning that, based on the original OTC business, WEEX Weike cooperated with Alchemy Pay last year to integrate Alchemy Pay's fiat currency payment solution. Users can use more than 300 payment methods such as Visa and MasterCard, Google Pay, Apple Pay, etc. on WEEX Weike to buy and sell fiat currencies and cryptocurrencies. Currently, the service has been launched in more than 170 countries and regions around the world.

Global team and distributed data deployment to ensure user assets and transaction stability

According to official information, the WEEX Weike team is distributed around the world, including Asia and North America. This helps the operation of the platform not to be affected by a single market and policy environment, and ensures the stable operation of the platform and the security of user assets.

In addition, all data of WEEX Weike is strictly stored and distributed in many places around the world, and uses Amazon Cloud that meets military and bank-level security requirements to provide users with the safest and most private transaction services.

This is not an empty talk. A recent example is that on December 18, 2022, due to the downtime of the node in the Alibaba Cloud Hong Kong data center, many trading platforms were affected to varying degrees. They issued temporary maintenance, suspended transactions of some currencies, and suspended deposits and withdrawals, including many leading platforms. WEEX is one of the few platforms that have not been affected, and its security and stability have been tested.

It is also worth mentioning that since its establishment, WEEX has not had any asset security incidents such as hacker attacks.

One of the lowest transaction fee platforms in the world

Recently, WEEX announced the launch of a "zero fee" activity for spot trading. No matter Maker (order) or Taker (take order), no handling fee is charged; the transaction fee rate of WEEX Contract Pro is 0.02% for order placing and 0.06% for order taking. In addition, for some popular currency pairs with active transactions, WEEX regularly launches Contract Pro activities that waive transaction fees for both maker and taker orders.

According to the data in the WEEX Exchange Review report by Cryptowisser, WEEX Weike's fee rate is lower than the industry average, making it one of the platforms with the lowest transaction fees. In addition, WEEX Weike's withdrawal fee is also one of the lowest in the industry. Cryptowisser data shows that WEEX Weike's withdrawal fee is lower than that of MEXC, Bithumb, UPbit and other platforms, and is at the same level as OKX, Bybit, and Bitget.

From the perspective of the external environment, WEEX's implementation of ultra-low fees is not only a proactive move to win over existing CEX users, but also a helpless move in the face of competition from DEX. At present, with the completion of the Cancun upgrade of Ethereum, the emergence of Ethereum and Bitcoin Layer 2 solutions, and the entry of high-performance public chains such as Solana into the competition, the on-chain transaction gas fee has dropped significantly, and the transaction cost advantage of CEX has gradually been surpassed by DEX. In addition, DEX projects are expected to attract airdrops, and some users have begun to migrate from CEX to DEX. Against this background, the launch of 0-fee transactions by CEX platforms such as WEEX is bound to further intensify the competitive landscape of the CEX industry.

However, no matter how CEX competes internally or between CEX and DEX, users are undoubtedly the ultimate beneficiaries, which is also a reflection of the progress of blockchain technology and the dividends of the development of the encryption industry.

Is the platform currency WXT "late"?

Many users feel that WEEX is a little slow to launch its own platform coin WXT, especially considering that other trading platforms of the same level have already issued their own tokens. However, WEEX's decision is actually based on a precise grasp of market timing.

WEEX experienced the industry's low period in its early days, which made it more prudent in its strategy. Now, as the industry enters an upward cycle, WEEX has chosen to launch its platform coin at this time, which is undoubtedly an excellent opportunity. Behind this strategy is a deep understanding of market dynamics and a positive outlook for future development.

WXT is positioned as the cornerstone of the WEEX ecosystem, and as a dynamic incentive mechanism, it rewards partners, contributors, pioneers and active members of the WEEX exchange community.

The total amount of WXT is 10 billion, the issue price is $0.01, and the initial circulation is 3.9 billion. Of which, team incentives account for 20%, which will be locked for 1 year, and then 2% will be released every 6 months, and the release will be completed in 5 years; activity attraction, brand building KOL and coin holding incentives each account for 15%, and 3% will be released each year, and the release will be completed in 5 years; the investor protection fund and the WXT ecological fund each account for 15%; the remaining 5% is used for private investment, which will be locked for 1 year, and then linearly released every month, and the release will be completed in 1 year.

With the issuance of WXT, WEEX may launch new services and functions. For example, pledge, lending, insurance, etc., to further enrich the platform's ecosystem, empower WXT, and meet the diverse needs of users. At the same time, holding and trading WXT may be able to participate in the governance of the platform and promote the development of the platform.

It is worth noting that as the popularity and user scale of WEEX Exchange continue to grow, some fake WEEX platforms have also appeared in the market. Investors should carefully identify the authenticity of the platform before trading to ensure the safety of their assets.

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