Wobit Review – A Unique and Innovative Crypto Exchange
Wobit Exchange Rating
When you are looking for a sophisticated yet user-friendly cryptocurrency exchange, Wobit can be a great option because it checks all the boxes and delivers top notch services to its clients.
A couple of decades ago, no one could have imagined how everything would change. The technological boom in the 21st century and the internet has completely revolutionized the world and brought about a digital age. Today, almost every industry has experienced change and numerous advancements and improvements have been made. The financial industry has also been heavily impacted by these changes and a number of advancements have been made that have changed the scope of the entire industry. For instance, there was a time when people couldn’t have imagined making payments online, but now this has become the norm.
However, one of the most prominent introductions that were made in this industry was the addition of cryptocurrencies as a new means of payment. There was a lot of opposition initially when Bitcoin, the first crypto, was introduced in 2009 because of their volatile and decentralized nature. But, they have come a long way since then and today, crypto is regarded as the future of banking and finance. In addition, the crypto market has also expanded significantly as thousands of other coins have been introduced after Bitcoin.
Regardless of the addition of these options, Bitcoin remains the most popular option in the market because it boasts a cap of 21 million. There will be no more than 21 million Bitcoins and this limited quantity has only increased the coin’s value due to which it is the leading crypto in terms of market capitalization. To help people in buying cryptocurrencies, crypto exchanges were created where people could use their fiat currencies for buying and selling cryptocurrencies. Numerous exchanges have been developed in the last few years, but the biggest issue for investors is that the entire process is very complicated and time consuming.
If you have traded other financial instruments before, then you would know that the process doesn’t have to be this complicated. Therefore, most people interested in investing in cryptocurrencies are in search of an exchange that enables them to do so easily. Their goal is to find an exchange that has a simple user interface, is not a scam and makes it easy for anyone to purchase their chosen cryptocurrencies. This is a challenge because almost every exchange that you come across will claim to provide you everything that you are looking for. In fact, some of the offerings are downright irresistible and newbies sign up at these exchanges, only to realize that they are scams.
Then, how do you find a trustworthy and reputable exchange? The key is to do your homework i.e. weigh every single aspect of the crypto exchange carefully before you decide to avail their services. Amongst the various options that you will come across, one will stand out of the crowd and that is Wobit. Most people disregard it because it hasn’t been around for very long, as opposed to the other cryptocurrency exchanges that exist in the market.
However, what Wobit lacks in experience, it has made up for it by offering some of the most comprehensive and reliable services to every crypto investor. Since it is properly licensed, it means the company has the authority of providing financial services throughout Europe. This means that it is capable of offering users a trusted environment for investing in cryptocurrencies and don’t have to worry about being scammed.
If you still have any doubts about Wobit, you can do in-depth research to find out exactly what this unique cryptocurrency exchange is offering to its clients. Let’s take a close look:
Wobit – What Does it Claim?
Regarded as one of the most innovative and reputable cryptocurrency exchanges, Wobit has taken a customer-driven approach when it comes to providing its services. Their aim is to facilitate their clients to the best of their capability and they have created a properly structured and safe environment in which people can buy and sell cryptocurrencies at very competitive market prices.
A comprehensive set of services can be availed when people sign up with Wobit, which include a robust platform for buying and selling cryptocurrencies, a wallet for storing your digital assets, OTC trading for higher liquidity, and two-factor authentication and encryption for secure trading. Whether you are a beginner or someone with experience, you will discover that buying or selling crypto via Wobit doesn’t take you more than a couple of minutes and is extremely easy to master.
Wobit – What Assets does it Offer?
Crypto exchanges are developed for one primary reason; to provide people with a platform to buy and sell cryptocurrencies. But, every exchange offers a different set of cryptocurrencies for every client to trade. At Wobit, customers are given the chance to buy or sell Bitcoin. It allows you to switch between the digital assets when you wish and the entire procedure has been kept simple to allow skilled as well as newcomers to buy and sell crypto with ease.
There is no learning curve involved, which is a plus because it saves a significant amount of time and eliminates the possibility of mistakes. Furthermore, Wobit has also taken steps to keep their prices as competitive as possible in order to help investors in earning the profits they want.
Wobit – Why is OTC Trading Available?
While some investors in the market are interested in purchasing physical cryptocurrency because they want to store it, others are only interested in taking advantage of its volatility. Thus, they don’t have to buy and sell crypto in its physical form in order to do so. This is where Over The Counter (OTC) trading can help, which allows traders to trade Bitcoin and Ethereum via Wobit. This form of trading allows you to take advantage of the movements in price of these two cryptocurrencies without having to actually buy them.
The biggest issue with cryptocurrency exchanges is that they don’t offer high liquidity and what is available is extremely volatile. This can be a problem when traders wish to purchase a hefty amount and it is not available right away. It takes time for an exchange to fulfill a large order during which time the price may change several times.
Moreover, as exchanges don’t offer a lot of anonymity, a large order can immediately cause fluctuation in the market price. Hence, OTC trading can have a lot of appeal in such situations because this form of trading doesn’t have any such problems. Traders wanting to make a big trading or looking for high liquidity can take advantage of Wobit’s OTC trading. This saves them from the hassle of looking for a crypto broker for getting access to a trading desk.
Wobit – How to Register with the Exchange?
Even though a lot of people are interested in buying and selling cryptocurrencies, they often don’t go ahead because they are intimidated by the process of registering themselves with an exchange or broker. Most of the options in the market have extensive requirements that can be difficult to comprehend and comply with. Some exchanges ask for a lot of documentations and forms that drive people away because they don’t understand how to proceed and have no one to assist them. These issues and complaints have become quite common, so exchanges like Wobit are taking steps to resolve them promptly.
If you take a look at this exchange’s registration process, you will find that it is immensely easy to understand what needs to be done. You can initiate registration by visiting Wobit’s website and choosing the Get Started option. Doing so will automatically open up a form that you have to fill out. There is nothing complicated about it as it only asks for basic details like your first name, last name, country and phone number. The phone number should be a valid one like landline or phone. VOIP or prepaid phone numbers are not accepted. Users are also required to enter an email address, which will be verified through a confirmation email.
You will have to choose a password for your account and the currency you wish to use. In regard to currency, you can choose from Euro, USD, South African Rand and GBP. Make sure you are 18 when you sign up and agree with Wobit’s terms and conditions. An email is sent to you for verifying your email address and once you confirm, you can exchange, send or receive crypto without any hassles. However, for purchasing or selling, there is an additional layer of verification that’s required, which involves submission of some essential documents.
The documents that you submit will have to be verified by the exchange, but Wobit doesn’t take very long to do so. The maximum time required is 24 hours, but the account is usually approved within a couple of hours, allowing you to start investing and trading right away.
Wobit – What Are the Security Policies?
For anyone stepping into the cryptocurrency market, security is a big concern because scams, fraudulent schemes have become rampant, considering their unregulated and decentralized nature and the anonymity they offer. A huge number of people have suffered financially as well as emotional due to these scams and hacks because they cause a great deal of stress. The risks have even deterred some people from investing altogether because they don’t want to expose themselves in such a manner. Knowing the security concerns people have, Wobit has chosen to be proactive about its security measures and protocols.
Their goal is to provide peace of mind to every single client that signs up on their platform to avail their services. To protect the documents and other sensitive information that clients share, the exchange has opted to use the industry-standard encryption technology. This means that all data that you submit to the exchange is automatically encrypted and cannot be deciphered by anyone. Even if hackers are able to exploit the network, they will not be able to steal any personal information as it will be fully encrypted.
Apart from that, it was mentioned earlier that Wobit is a licensed and regulated exchange, which means that it has to comply with all international standards applicable to cryptocurrency exchanges. These regulations require the exchange to follow the Know Your Customer (KYC) policy and the Anti-Money Laundering (AML) policy. The purpose of these policies is to verify the identity of everyone who registers with Wobit and to prevent the platform from being used for illegal activities and financial crimes. Compliance with these policies means that documents have to be submitted by clients.
This is part of the verification procedure mentioned in the registration process. First, investors are asked to submit documents that give proof of identity. They can provide this by sharing any form of government-issued ID, like your national ID card, driver’s license or your passport. A selfie is also required for confirming your identification. The second step is to confirm your residence and this is done to ensure that no cybercriminals are able to sign up with Wobit in order to gain access to their inner platform.
Proof of residence is provided by submitting documents like a utility bill, which could be a phone, electricity, gas or water bill or you can also give your bank statement, but not your mobile bill. No matter which of these you submit, make sure they are not older than three months and should display your name and address clearly. Another requirement is to give proof of payment, which means you have to provide a picture of your debit or credit card that you plan to use with Wobit for making your withdrawals and deposits. The front image should be visible clearly for verification.
Wobit only asks for information required to providing their services and only uses it to for offering you custom services suited to your needs. The exchange only keeps your information for as long as it is required and then deletes it right away.
Wobit – How to Make Deposits and Withdrawals?
To be able to buy and sell currency, you have to have some funds in your account with Wobit. You have to deposit fiat currency, which is then used for making a purchase. But, how will you fund your account? Every exchange typically gives its clients several payment options to choose from when it comes to making deposits and withdrawals. You will find the same here as the exchange lets you use your debit or credit card, which includes both Visa and MasterCard, or you can opt for the bank wire transfer option. You can opt for either of these methods, depending on your preference and convenience.
Depositing and withdrawal is immensely straightforward, as long as you have a verified account i.e. have submitted the require documents and they have been accepted. Deposits are usually instant, regardless of the method you select. For making a withdrawal, Wobit provides you with a form to fill and complies with your request within 72 hours. If you want to make a refund, then you should know that there are certain terms and conditions that have to be met.
If the transaction is not confirmed or cancelled by the exchange, they will issue a refund. However, if an order is confirmed, it cannot be cancelled. If a refund request is initiated by the client and accepted, they will have to pay a refund fee, which is deducted from the amount refunded.
Wobit – Do they Have a Cryptocurrency Wallet?
If you do some research into crypto buying and selling before getting started, you will come to know that you need a wallet to store your Bitcoin and Litecoin that you buy from Wobit. These virtual currencies are not like other financial assets and have to be kept in a safe place if you don’t want them to be stolen. This is where cryptocurrency wallets come in as these are designed to store cryptocurrencies. You can easily find a ton of wallets in the market, but it is crucial to remember that these also require vetting. Crypto wallets can also be hacked so you need to find a secure one.
With Wobit, you don’t have to go through the hassle of searching for a crypto wallet because they are offering one and that too completely free of charge. Why give up something that’s available for free? You can store your Bitcoin or Litecoin in this wallet and not have to worry about security either because the exchange has taken some important measures to make it safe. Their crypto wallets are insured for $100 million so you will receive compensation, even if something goes wrong. Account segregation is another measure that Wobit has implemented.
Clients are given full control of their crypto and can access it from anywhere whereas the exchange’s own funds are kept separate. As for storage, Wobit has opted to use cold storage because it is one of the most effective ways to keep digital assets safe. 97% of the assets are stored in the cold wallet and the remaining are kept in the online wallet for liquidity and for making transactions. Also, they have a rule of changing the wallet address every time a transaction is conducted so no one will be able to keep track of it.
Wobit – Do they Offer Customer Support?
An exchange not offering customer support could be a major problem, particularly for newbie traders. Wobit has made an FAQ section on their website to provide their clients answers to common questions. If you need in-person help, the exchange’s staff can be reached out through phone or email, both of which are provided on their website. You can also use a contact form on the website to share your query or concern.
When you are looking for a sophisticated yet user-friendly cryptocurrency exchange, Wobit can be a great option because it checks all the boxes and delivers topnotch services to its clients.