With cryptocurrency on the rise, many companies are competing to offer the safest and fastest trading wallets. BitWellex is one of them, and it has managed to find itself on the list of top companies to trade with, even with it being a little over a year old. Like many other companies, it boasts a lightning-quick match-making engine that’s healthy for the environment with low trading fees.
History of BitWellex
Founded in 2020, BitWellex is a crypto exchange platform based in Singapore and supports up to 12 separate pairs of spot and options category trading. It’s helmed by industry titans, with Hsann being the most notable. Hsann recently served as Binance’s Head of Operations and was responsible for establishing many mobile fiats around the globe.
BitWellex focuses its services on retail customers, facilitators, corporations, and institutions. Providing an unheard-of service in the industry, BitWellex allows its consumers to invest in cryptocurrencies and DeFi tokens without ownership by purchasing WELL tokens.
Just over a year old, BitWellex has yet to become a common name. This can lead many would-be investors to believe it’s a scam, but this doesn’t seem to be the case here. They have a total of 20 investors, with their latest deal netting them $30 million. Below, we’ll cover why BitWellex is getting so much buzz and if it’s a platform worth downloading.
What Does BitWellex Offer
BitWellex is the first company to offer benefits from DeFit tokens that have skyrocketed without owning any themselves. Whenever you decide to buy options, you’ll find that your overall losses will be limited, but not the possible profit. This means you won’t have to worry about liquidation.
You have the option of picking a variety of order types, which often get filled instantly. These include Market Price Orders. Limit Orders, Touch Orders, and Average price orders.
WELL Tokens
BitWellex is run through WELL tokens and is touted as the benchmark of its consumers’ contributions. You’ll use this token to pay transaction fees in discounts, buy derivative tokens, and even to buy specific services. WELL Tokens also allow the consumers to use them as collateral for their wallets and will often be given out by advertisers partnered with BitWellex.
Reasons to Join BitWellex
BitWellex boasts many reasons to use their trading platform, with every feature focused on customer experience. Whether it’s lightning-fast order times or industry-exclusive security, BitWellex has a few features that you won’t find anywhere else.
Quick Orders
BitWellex boasts High-Frequency Matching Engines that see less than 0.1 milliseconds in latency when matching your orders, which is combined with a capacity to fill 200,000 orders a second. When new crypto derivatives are added, the engine is still able to process and fill orders. Even when the engine undergoes a new system update, it’s still able to function for users.
Multi-Layer Cold Wallet System
This system works by requiring two keys to send or receive a transaction. BitWellex assures its users that the keys are private and comply with the highest industry regulations. Built by the BitWellex team, this wallet type is exclusive to the company.
Experienced Team
This engine and wallet system was built by devs and executives with decades of experience. Their multi-expertise team allows them to excel in areas to bring multi-matching engines with low latency and a focus on concurrency designs for millions of consumers.
Referral Incentive
When you invite a friend to start trading on BitWellex, you and your friend can share up to 40% on trading commissions. The options and commissions ratings are below.
| Product | Maximum Rate (%) |
| Spot | 40% |
| Options | 30% |
| Perpetual | 30% |
| Savings | 20% |
Both you and your friend are able to set up your individual commission percentage and share them with each other. For example, if you set your options rate to 20% off instead of 30%, then the invitee can have a discount on the options for 10% off.
These referral rates can change because they are calculated on the actual commission generated for the invitee on each trade. The referrals for your savings are based on the sum that’s paid out to the invitee on the previous day.
BitWellex Cost
There are four different structure fees for BitWellex when it comes to trading, and these will all vary depending on what options or tokens you are trading.
1. Spot Trading
- Maker: 0.08%
- Taker: 0.09%
2. Options Trading
- Maker: 0.01%
- Taker: 0.04%
Options Commissions (in U)
Options Commission= Min Commission Rate X Personal Discounts X Par Value Per Options X Number Of Filled Cont, Premium X Number Of Filled Cont X 10%
This means that the Options Commissions cannot exceed more than 10%.
Options Value = Current Index Price * Contract Multiplier
3. Perpetual
| Levels | Average Daily WELL Position Over 30-Day Period | 30-Day Trading Volume (USDT) | Maker | Taker |
| VIP0 | < 2,000 WELL | < 20,000,000 | 0.0300 % | 0.0600 % |
| VIP1 | ≥ 2,000 WELL | ≥ 20,000,000 | 0.0250 % | 0.0550 % |
| VIP2 | ≥ 4,000 WELL | ≥ 50,000,000 | 0.200 % | 0.0500 % |
| VIP3 | ≥ 10,000 WELL | ≥ 100,000,000 | 0.0150 % | 0.0450 % |
| VIP4 | ≥ 20,000 WELL | ≥ 250,000,000 | 0.0100 % | 0.0400 % |
| VIP5 | ≥ 40,000 WELL | ≥ 500,000,000 | 0.0050 % | 0.0380 % |
| VIP6 | ≥ 80,000 WELL | ≥ 1,000,000,000 | 0.0020 % | 0.0360 % |
| VIP7 | ≥ 100,000 WELL | ≥ 2,000,000,000 | -0.0050 % | 0.0340 % |
| VIP8 | ≥ 150,000 WELL | ≥ 4,000,000,000 | -0.0100 % | 0.0320 % |
| VIP9 | ≥ 200,000 WELL | ≥ 8,000,000,000 | -0.0200 % | 0.0300 % |
It’s important to note that, for you to get the most out of your VIP level, two conditions on your WELL position and the 30-Day trading volume need to be met together. A snapshot of your WELL position is taken every day. The value stated in that snapshot will be your valid position of the day.
4. Discount
The discount rate here applies to what you’re trading, and invitees, as well as the inviters, are able to set up their own discounts. BitWellex offers a discount for every trading option they provide.
BitWellex Regulations
BitWellex must undergo many of the same regulations found in the finance and IT industry. With cryptocurrency still very much being in its infancy, these regulations ensure that BitWellex maintains a high standard of integrity. This prevents insider trading, as well as market manipulation with cryptocurrency.
Final Thoughts
There may be many scam companies building themselves on cryptocurrency, but BitWellex isn’t one of them. It’s true that their name hasn’t reached everyone and is far from a household name, but many investors from around the globe have been eager to lend a hand. Its development and executive teams have decades of experience behind the wheel, only furthering the services they provide.
A wallet that brings peace of mind has above-standard regulations, and the keys here seem as if they are in good hands. Security doesn’t just stop at keys, and BitWellex is regulated to ensure insider trading and market manipulation don’t happen, which can prevent your wallet’s value from crashing.
When it comes to order-filling, BitWellex could be pushing an industry standard. Two hundred thousand orders a second is an insane workload for an engine to carry. Its ability to process this order consistently, even when undergoing new updates, is very impressive. This ensures that the trader can sell or fill an order any time of day, regardless of whether the new token is a derivative.
The fees here aren’t anything to pass up. The ability to transfer cash into tokens for a minimal fee, or vice versa, is a huge contributor to how well a token can work. With their spot, options, and perpetual trading rates falling under 10% for both taker and maker, you don’t have a feeling you’re losing too much money or tokens during the process.
All in all, BitWellex seems to be a name that many of us could hear a lot more of in the future. They’ve gained a sizable consumer base within a year of operation and have 20 investors worldwide, with one of their more recent deals landing them $30 Million. The BitWellex team, engine, and fees make this a good move for those wanting to diversify their crypto wallets.