There was a time when the concept of digital currencies seemed alien. No one could have imagined that virtual currencies would ever be a part of the financial markets and yet, this is exactly what has happened. When Bitcoin, the first crypto, was introduced in 2009, it didn’t make any big waves and people assumed it wouldn’t survive for long. However, things didn’t turn out this way and today, Bitcoin has become a force to be reckoned with. The cryptocurrency is worth billions and in 2017, it helped hundreds of people in making millions overnight, something no other investment had done before.
Suffice it to say, cryptocurrencies are changing the financial landscape and they are expected to become the go-to option in the next few years. They have become one of the top financial instruments, as their market volatility gives them a huge profit potential. But, how do you tap into it? Where do you begin? This is the function served by cryptocurrency exchanges that have been established over the years. These exchanges have been developed to facilitate the buying and selling of cryptocurrencies and you can find numerous exchanges currently offering their services. But, how do you choose one?
Obviously, every exchange will claim to be the best at what they do and this can only cause a great deal of confusion. To simplify the process, you should do some research into an exchange to determine if they are really offering what they claim. One of the various exchanges that you will find is Wynn-Ex. It claims to be a customer-focused exchange established by Wynn-Ex OU, a company operating from Estonia. They claim to be regulated and it is easy enough to determine that the Financial Intelligence Unit in Estonia is responsible for the regulation. This is an assurance that the exchange is legitimate and not a shady platform.
But, what about the other claims made by Wynn-Ex? Let’s take a look to find out:
- An easy registration process
Wynn-Ex claims that their registration process is simple and straightforward. Some exchanges have long and complicated procedures, like filling out numerous forms and providing lots of documents. They also have long approval processes that can waste a lot of time. None of these problems exist when you take a look at Wynn-Ex’s registration form. They have only one form on their website that needs to be completed and it only asks for essential information.
You have to share your first name, last name, phone number, location, email address and a password. South African Rand, USD, GBP and EUR are the four currency options given by Wynn-Ex and you need to choose one of them. You should be at least 18 years of age to register with the exchange and should be in agreement with their Terms & Conditions. They will send an email to you for verification and once you verify, your account will be activated instantly. You will be able to send, receive and exchange cryptocurrencies right away.
- Strong security measures
Another claim that Wynn-Ex has made is about their security measures. Do they really provide good security? Indeed, when you take a look at their infrastructure, you will see that they have made an effort to create a safe environment for their clients. The exchange has implemented SSL (Secure Socket Layer) encryption for protecting all the data they ask from their clients. All communications are also encrypted straight away. In addition, the exchange is also compliant with the well-known AML and KYC security policies.
These are known as Anti-Money Laundering and Know Your Customer, and they are designed to ensure that the exchange cannot be used for financial crimes like money laundering, identity theft or terrorist activities. In accordance with these policies, Wynn-Ex has implemented an account verification process that requires some documents to be submitted for proof of ID, proof of residence and proof of payment. A form of ID, such as national ID card, driver’s license or passport, along with a selfie is needed for the first. The second asks for a utility bill or bank statement showing address and the third requires photos of your debit or credit cards.
When you have a verified account on Wynn-Ex, you can buy and sell cryptocurrencies without any hassle.
- Exchange and OTC trading desk
There is no doubt that Wynn-Ex is a cryptocurrency exchange that allows its clients to buy and sell Bitcoin and Litecoin at some of the best prices in the market. As long as your account is verified, you can easily buy and sell any or both of these cryptocurrencies. However, it claims that you can also get an OTC (Over-The-Counter) trading desk that allows you to trade Bitcoin and Ethereum. Yes, Wynn-Ex does provide its customers with this facility.
This is a good option for people interested in purchasing large quantities of crypto and don’t want to wait for their orders to be fulfilled. Exchanges have lesser liquidity and don’t offer much anonymity, which can cause prices to fluctuate. In such cases, having an OTC trading desk can be immensely beneficial. Wynn-Ex has ensured that its clients can get competitive prices through their trading desk as well.
- A free wallet
When you take a look at Wynn-Ex’s offerings, you will discover that they claim to offer a free crypto wallet as well. But, do they? You will discover that the exchange does have a free and very secure cryptocurrency wallet that its clients can use for storing the crypto they buy. This allows you to keep your assets safe without having to look for a wallet elsewhere. The wallet is insured for over $100 million and the funds are kept in cold storage to ensure no one can gain access to them.
It is quite apparent that Wynn-Ex is not just making big claims; it is actually living up to them, which makes it a good exchange for buying, selling and even storing your cryptocurrencies without any issues.