Wixi.Exchange review: how to insure cryptocurrency transactions

Cryptocurrency trading can be very profitable. However, it is as easy to lose money here as it is to make money. Operations of buying and selling coins are structured by the rules of crypto exchanges. Many of them offer additional ways to earn money. At the same time, the trader is always responsible for the decisions made. The developers of Wixi.Exchange decided to share the risks with clients. They launched transaction insurance. If a position is closed at a loss, the exchange reimburses the lost funds. The option is applicable to spot and margin transactions on any trading platforms.

It is worth giving a real example from the recent changes in the market. The price of bitcoin rose quite sharply to $36,600. The user thought that in the next few days the rate will definitely fall, and opened a sell transaction. However, the price of the asset began to grow. The trader found himself at a loss. If the deal had been insured immediately after opening, it would have saved him from losing his deposit. How it works by example:

1. A user opens a sell trade at a price of $36,600 per 1 BTC, expecting a further drop, and insures the position for 30 days.
2. Then there are two possible outcomes:

• The market goes according to the trader’s forecast – the rate falls, the insurance does not react.
• Theprice moves in the opposite direction – the rate rises. The insurance starts to act and cover the loss in the position. For example, if the price has grown from $36,600 to $36,900, the insurance will cover the loss of deposit on this difference (on the screenshot it is shown in the “Profit” line).

3. The trader closes the insurance at any time at will or it happens automatically at the end of its validity period – 30 days. Profit is credited to the account in USDT.

Platform Features

Wixi.Exchange is a centralized crypto exchange registered in Estonia. The platform is in the process of obtaining EU, Singapore and UAE licenses in November 2023. Customers are offered the following options:

• Spot trading. More than 100 most liquid cryptocurrencies are supported.
• Margin trading. Leverage of 1-20x is available.
• Transaction Insurance. If this option is active, the exchange will reimburse the trading loss. Insurance is issued for each position separately.
• P2P-terminal. You can buy and sell digital coins for fiat without commissions and restrictions. Over 30 national currencies are supported, including RUB.
• Launchpad. The team is planning to host cryptocurrency project launches. Holders of the native WIXI token will have a priority right to participate.
• Depositing from a card. You can make a deposit in any fiat currency through your personal cabinet. Rubles are accepted from Sberbank and Tinkoff cards.

The developers also plan to launch structured products that will allow investors to create portfolios of different types of assets – cryptocurrencies, stocks, futures. These are instruments with a higher potential income compared to traditional ones. Structured products will appear on the Wixi.Exchange platform in Q1 2024. In addition, announced:

• Launching a trading bot on Telegram.
• Listing of native token on leading exchanges (Binance, Huobi, Gate.io and others).
• Launch of a mobile app for iOS and Android.
• Creation of new structured products (including those based on artificial intelligence).

Trading on Wixi.Exchange

Developers create a secure and functional platform for cryptocurrency transactions. In terms of security technologies, Wixi.Exchange complies with international standards. At the same time, the exchange offers a completely new service, which has no analogues in the market yet. Clients can insure positions to minimize losses. The option works on any exchange through a single terminal. It is called Wixi.Exchange.

1

ByBit

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You can open trades on the spot or in the margin terminal. Each has built-in insurance.

Spot trades

Wixi.Exchange offers to trade the most popular cryptocurrencies (Bitcoin, Ethereum, Binance Coin, Ripple, Solana and others). Traders have access to standard tools for spot trades – charts with drawing function, indicators.

Prices are formed taking into account the indicators of leading crypto exchanges. Instructions on how to open a deal on spot:

1. Create an account or authorize on the platform.
2. On the main page, click on the “Spot” button.
3. Fill out the application form. It is necessary to select the direction – “Buy” or “Sell”, a coin (for example, BNB), a second asset (USD, USDT). Then you should specify the price and quantity. You can use a slider.
4. To insure a position, you should move the icon to the On position and set the period – 1, 7 or 30 days.
5. Press the “Buy BNB” or “Sell BNB” button.

Margin trading

The Exchange offers flexible leverage – 1-20x. Go to the terminal by clicking the “Margin” button. In the opened window you need to form an order:

1. Select an asset (for example, BTC).
2. Specify the amount of the transaction.
3. Select the leverage. You need to click on the field and move the slider to the position from 1 to 20.
4. If necessary, set Take Profit and Stop Limit.
5. If you need insurance, you should click On, select “From fall” or “From growth” and specify the period.
6. Click “Buy BTC” or “Sell BTC”.

You can insure any position for the selected period. The big advantage for traders is that if the deposit size is on the edge, they will not have Margin Call – the insurance will work as a cross-margin. If the purchase price falls below a certain price, the exchange will recoup the loss. For sales, the mechanism is the same.

P2P terminal

Wixi.Exchange customers can directly buy and sell cryptocurrencies for the national money of 34 countries. The list of coins includes USDT, USDC, ETH, BUSD, BTC, and BNB. You can go to the site from the main page or from your personal cabinet. It is convenient to buy and sell cryptocurrency in the terminal.

In the personal cabinet you can create ads and manage orders.

Access is activated after filling in the “Nickname” field in the profile settings. Instructions for creating an ad:

1. In the personal cabinet, click P2P.
2. Select the direction of the transaction. You can “Buy” or “Sell”.
3. Select an asset (for example, bitcoin) and fiat currency (rubles).
4. Determine the type of price – fixed or floating. In the first case, you should specify the maximum value, in the second case – the margin.
5. Click “Next”.
6. Specify the total amount of available funds.
7. Set the order limit.
8. Select a payment method. You can add up to 5 methods. 10 leading banks are available for rubles.
9. Set the payment term for the application – from 15 minutes to 3 hours.
10. Press “Next”.
11. In a new window you can add the terms of the transaction and text for autoresponse (optional).
12. Select the status “Online now” or “Offline, execute later manually”.
13. Click on the “Publish” button.

You can manage the offer in the “My Listings” tab. Available options – change, close, switch status (online/offline).

Position insurance

A separate tab allows you to open positions on third-party exchanges. In November 2023, transactions on OKX, Gate.io, MEXC, Kraken, Coinbase, Bybit, Huobi, and Binance are supported. The insurance covers spot and margin positions (long, short) on Bitcoin and Ethereum The active option covers margin calls for a selected period – 1,7 or 30 days. It works like this:

1. A trader opens a trade.
2. The market goes in the right direction (within the trader’s hypothesis) – no insurance is paid.
3. The price moves in the opposite direction – the client receives a loss on the position.
4. The transaction is closed or the trader completes it himself (he can do it at any time). The exchange pays the user the amount of the loss on the position.

Insurance for a spot transaction protects against a fall in the price of the asset below the set level. The option is valid for the period selected in the terminal. When buying a margin contract, the position is insured against a rise or fall.

Commissions

For cryptocurrency trading, the exchange charges small fees – 0.05% on spot and in the margin terminal. For comparison, other platforms charge 0.1-0.2%. The amount of commission for insuring positions depends on the coin and period. See the table for details.

Registration

To get started you need to create an account. The registration button is located in the upper right corner of the site. For convenience, you can immediately select the Russian-language interface. The instructions are as follows:

1. Click on the “Registration” button.
2. Fill out the standard form – specify login, e-mail address, password.
3. Below you will automatically check the boxes to agree with the privacy policy, AML/KYC procedures, application of cookies, terms of use of the site. If you click on each one, you can read the documents.
4. Click on the “Register” button.
5. Follow the link in the email.

To log in to the account, you need to enter the login and password specified during registration. In the personal cabinet you can customize your profile and undergo KYC (if necessary).

Author: Saifedean Ammous, an expert in cryptocurrency economics.