In today’s article, we’ll review Waves exchange, a decentralized crypto trading platform that has been operating since 2016. Soon the platform will be migrating to WX.Network.
The Waves Exchange review 2023 will guide traders into the details of the exchange, and its services, such as deposits, product offerings, account opening process and trading fees.
By the end, we’ll have a complete picture of whether the exchange is a scam or a safe trading platform to invest with. So, let’s begin with the Waves exchange review.
Waves Exchange Review: A Quick Guide
| Details | Waves Exchange |
| Official Website | www.waves.exchange |
| Year of Establishment | 2016 |
| Headquarter | Moscow, Russia |
| Trading Pairs | 50 |
| Listed Cryptocurrency | 17 |
| Minimum Deposit | N/A |
| Supported Fiat Currencies | USD and EUR |
What is Waves Exchange?
Waves exchange is commonly known as Waves DEX. The exchange is a fast, secure and trustworthy decentralized trading platform. The platform focuses on Waves-based assets and many other supported digital assets.
Other than this, it has a range of Neutrino-powered fiat stablecoins. Traders can invest in these assets to make efficient investments.
The exchange was established in 2016 by Sasha Ivanov. The aim of the owner was to promote a cryptocurrency environment for traders. Its primary work is to create custom crypto tokens known as smart assets. Also, launching smart contracts to power a wide range of Web 3.0 decentralized apps.
The top-notch services make it a good choice, but is it a scam? It’s important to know that for secure trading. So, let’s move ahead and analyze whether Waves exchange is a scam or safe.
Is Waves Exchange Legit?
No, it is not a legit trading platform. It lacks a regulatory body to look after its standard working and operation. So, it does not have any financial authority or regulatory body.
But the exchange on its platform mentions transparency of trades and data protection. There is control over funds, governance by users, and KYC for secure signup.
Waves Exchange Review 2023: Users’ Reviews & Ratings
The platform has an average user rating on several review forums. While users seems unhappy about the services and post their concerns on Trustpilot, Waves Exchange has good ratings on Google.
Google Reviews:
The exchange has managed to secure ⅘ stars on Google’s play store, with the majority of users seeming satisfied with the services.
Waves Exchange TrustPilot Ratings:
As per the Google reviews, the platform’s mobile app is super good. Users have provided it with good ratings and comments. But TrustPilot gives it a low rating due to no regulations and low trust of the users.
Our review and research from other reviews available online come to the conclusion that it mentions security but one cannot guarantee about it being a scam. There are risks in trading online; therefore, one should research well and then make a decision.
Waves Exchange Review: Available Trading Instruments
Waves exchange is a cryptocurrency trading platform. Various cryptocurrencies are available to trade, including the most popular ones like, Bitcoin. Besides, it allows creating new coins using mining.
The choice for traders is very limited, which is a serious drawback for the exchange. The platform has 17 cryptocurrencies and 50 trading pairs. Traders can have the following investment options:
Liquidity pools
It is a product that allows traders to earn passive income. The invested tokens are used by the AMM algorithm to provide liquidity.
Lambo investments
These products are different as they have a balanced risk/profit strategy. It has sustainable rewards of 60% by the lowest risk compared to other algorithms.
LP staking
LP staking is the first DeFi interchain product. It is on the Waves blockchain where funds accumulate and then proxied into DeFi products of Ethereum ecosystems.
Neutrino staking
It is a feature on the smart contract technology developed by the Neutrino team.
Waves staking
It allows the Waves holders to stake their Waves tokens to the staking pool to receive Waves as a reward.
Neutrino pools
It shows the trader’s total balance of USDN tokens as well the button/options to purchase tokens with traders bank card and Waves instant swap.
Our Verdict: The exchange restricts to cryptocurrencies. However, traders can stake or have pool options for efficient trading. But, it’s good if traders choose the exchange if they want to trade in specific cryptocurrencies, otherwise, it’s a big no.
Waves Exchange Review: Fees, Commission and Spreads
Waves exchange has some charges which traders pay for using the services at the platform. It has transaction, trading, transfer, token management, swap, deposit and withdrawal fees.
Below we have the charges for each of them:
| Detail | Waves Exchange |
| Transaction fees | 0.001 Waves |
| Trading fees | 0.01 Waves or 0.1% (liquid pairs) |
| Transfer fees | 0.001 Waves |
| Token management fees | 0.005 Waves |
| Swap fees | 0.005 Waves |
| Deposit and withdrawal fees | Free for deposit/ withdrawals fee varies |
| Commission | Multiple Transfer commission: 0.001 Waves, and creating a token commission is 1 Waves |
Our Verdict: The charges at Waves exchange are average. Traders must understand that the platform payments are in their native token Waves. Besides, the exchange has commissions on multiple transfers and creation of tokens.
Waves Exchange Review: Deposit and Withdrawal Methods
The exchange has a unique feature of accepting deposits and withdrawals through cryptocurrencies. Traders can transfer the cryptocurrencies through an external blockchain address to Waves account.
The services of the platform regarding deposits and withdrawals are excellent. Traders can deposit or withdraw using the following:
| Payment method | Deposit | Withdrawal |
| Credit card/ Wire transfer | Instant | Takes Up to 1 hour |
| Fiat currency | Instant | Takes up to 1 hour |
| USD or BTC | Instant | Takes up to 1 hour |
Traders can use any cryptocurrency other than native Wave token to deposit funds and withdraw them. It hardly takes much time for the trader.
Waves Exchange Review: Available Account Types
Waves exchange provides users with only one type of trading account. Traders have to sign up on the exchange, and it has the same permissions and limitations for all traders.
The account has no limits for deposit of amount, withdrawals or trading. Besides, it does not require any identification to access the account. Traders can sign in using email or software easily.
But, traders will require Waves Client Wallet to be downloaded for storage of tokens with other digital currencies.
Our Verdict: The platform has one account for all the range of traders. It seems good for traders to have no limitations or permission and simple access to the account. But it lacks security as there’s no KYC or identification.
How To Open A Waves Exchange Account?
To open a Waves account is straightforward. Traders can follow the given steps:
- Visit the website of Waves exchange, www.waves.exchange and then click on the signup tab. (Traders already having an account have to directly log in with their credentials.)
- With sign up, a new window will open. It has the option of email and software to create an account. Traders can choose the one that is comfortable for them.
- The email sign-up is simple. It requires traders to enter their email address and then create a password, they confirm the password. Afterward, traders have to tick mark the statements given regarding news updates and the platform’s privacy. Lastly, click on create an account.
- The second option of software is signing up with entering the password only and confirming it. Traders can directly use their laptop or desktop to access their trading account.
- So, traders have their account activated. They can deposit cryptocurrency and make good trades online using other blockchain platforms.
Does Waves Exchange Offer Leverage Trading?
Yes, Waves exchange provides leverage for high market positions and earnings. It has a leverage offering of 1:1 ratio. Traders can use it to trade online; however, the Waves DEX platform lacks much information on the same.
Thus, there is a red flag when it comes to leverage of the exchange as it has no transparency.
Waves Exchange Review: Trading Platforms & User-Interface
The trading platform is web-based with global accessibility. Anyone can create an account and trade with the options available. It has a user-friendly interface with a proper design that makes it look similar to leading industry platforms.
The features of the web-based trading platform are:
- Real-time order matching
- Secure blockchain
- Cryptocurrencies
- Wave token
- Tools
- Staking
- Pool
- Available for Windows, macOS and Linux
Mobile Trading App
The mobile app has instant download through the play store or app store. Traders can download it and enjoy the given features:
- Instant trade execution
- Tools
- Live charts
- Easy login using Wave exchange credentials
Our Verdict: Waves exchange has mobile and web-based trading platforms. However, they do not provide MetaTarder4 and MetaTrader5. These are two advanced and most preferred trading platforms.
Waves Exchange Review: Bonus and Promotion
Waves exchange does not offer any bonus and promotion. But traders can have Waves tokens to generate income. They can lease the token and earn passive income.
The staking facility is also available for traders to earn from the coins. Other than this, there is no bonus or income-earning way available.
Waves Exchange Review: Customer Support
Users of the platform can connect with the team using two methods. It has email support and a live chat option available. Using live chat, traders can talk with the team and get answers to their questions instantly.
The email support is also there using the email address: [email protected].
Besides, the platform also has a presence on social media platforms like Facebook, Telegram, Reddit and Twitter.
Waves Exchange Review: Pros and Cons
Users of the platform can have the following pros and cons:
| Pros | Cons |
| User-friendly platform | Does not support fiat currency withdrawals |
| Low and competitive fee structure | Low liquidity |
| Various cryptocurrencies | |
| Decentralized exchange built on blockchain technology |
Waves Exchange Alternative
Traders of the platform can also go for the following exchanges as they have better trading facilities. The trading fees are low, more assets are available to trade, and most importantly, they are regulated by known authorities.
- Capitalix
- Binary cent
Capitalix has various assets for trade, forex, cryptos, stocks, commodities and indices. Traders have more options and have regulations of the Cyprus Securities and Exchange Commission (CySEC).
Also Read: What Is Golem Wallet?
Binary cent has forex, stock, commodities, and cryptos for trading. Besides, it is a regulated exchange having VFSC regulations. The exchange is secure and offers more options for traders.
Waves Exchange Market Maker Programme
The market maker programme of Waves exchange helps traders to mine using liquidity. The programme allows traders to become market makers and get additional privilege rewards.
The rewards are for the order’s liquidity volumes and receive compensation for USDN that has not been staked.
Rules of participation:
- Maintain liquidity in the following markets: BTC/USDN, USDT/USDN, WAVES/USDN, ETH/USDN
- It should have a minimum cumulative liquidity size for bid and offer:
- BTC/USDN: 0.5 BTC
- USDT/USDN: 5000 USDT
- Wave/USDN: 1500 Waves
- ETH/USDN: 12 ETH
- Third step is to open one buy and sell order. Bid/offer must be at most 1%.
- Hold the orders not less than 50% of the total time of the day.
- Consider only those orders completed within 5 seconds after opening.
- Do not make trade orders within themselves.
Conclusion
In the article traders have acquired a lot of knowledge about the Waves exchange review. The platform’s benefits are its trading account with no headache to open, easy deposits and withdrawals, trading platform and good customer service.
Users can try the platform for good engagement in the cryptocurrency market.
Unfortunately, the exchange is not regulated, has low leverage transparency and no bonus facility.
So, traders can go for alternative exchanges like Capitalix or InvestFW. They have low trading charges and are regulated with a range of services.
FAQ’s
What is Waves exchange?
Waves exchange is a decentralized trading platform that offers cryptocurrencies to trade online with various features.
Does Waves exchange have good customer service?
Yes, Waves exchange has 24/7 customer service. Traders can use the message and live chat option to connect. Other than this, it has an email address to communicate with the team.
Is Waves exchange a secure trading platform?
Waves exchange does not have any regulatory body. However, it says it’s a transparent and secure exchange. But it can be a scam as there’s no authority to make it secure.
How can traders earn passive income at Waves exchange?
Traders have staking options in which they can lend their coins and earn passive incomes on Waves platform.
Are trading fees at Waves exchange high?
Waves exchange charges average fees from its clients. There are trading, transaction, transfer, withdrawals, and low commission fees.
Does Waves exchange offer mobile app?
Yes, Waves exchange has its mobile app, which is available for Android and iOS users.
How many accounts are available with Waves exchange?
Waves exchange provides traders with only one account. It is a permissionless and limitless account.
Is the Waves Exchange Safe to use?
No, Waves exchange is not a secure trading platform. It is a scam and does not have any regulatory body.
Which currencies are supported on the waves exchange?
USD and EUR currencies are supported at Waves exchange.
How can I create an account on Waves Exchange?
- Visit the website of Waves exchange, www.waves.exchange and then click on the sign-up tab. (Traders already having an account have to log in directly with their credentials.)
- With sign-up, a new window will open. It has the option of email and software to create an account. Traders can choose the one that is comfortable for them.
- The email sign-up is simple. It requires traders to enter their email address and then create a password, they confirm the password. Afterward, traders must tick mark the statements regarding news updates and the platform’s privacy. Lastly, click on create an account.
- The second option of software is signing up with entering the password only and confirming it. Traders can directly use their laptop or desktop to access their trading accounts.
- So, traders have their account activated. They can deposit cryptocurrency and make good trades online using other blockchain platforms.
