Wallex

Item: Wallex
Rating: 2
Author: Teagle

Stop-loss orders

Tiered fees

Asset custody on the exchange

Dedicated app

+10More

Teagle Score

Teagle user score

(5)

Founded2018

Head officeIran

Trading feesFrom 0.1% and up

Trading marketsSpot market, futures market

Number of cryptocurrencies230+ different coins

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Introducing the Wallex Exchange

Wallex is an Iranian exchange that was launched in 1397 under the legal name «Khalgh Servat Sarzamin Parseh» by a team including «Amin Amini», «Mohammad Analouei», «Bardia Ahmadnia» and «Mohsen Ashkani». Its transaction volume, coins and number of users show that Wallex is one of the major players in this industry in Iran, and today it is considered one of the well-known crypto trading platforms among Iranian traders.

Wallex has received a knowledge-based company certificate from the Vice Presidency for Science and Technology and is a member of the Tehran Computer Guild Organization. These have established Wallex's legal and technical standing in the country's fintech industry.

Wallex ensures the protection of traders' assets through security measures such as storing assets in cold wallets, using advanced encryption and two-factor authentication. Wallex exchange support is available 24/7. Wallex claims to have more than one million Iranian users. Wallex managed to win the title of «Best Crypto Platform in Iran» for 1402 at the Asr-e Tarakonesh event.

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Wallex exchange credibility and security review

Credibility and security details

To assess Wallex's credibility, this exchange has to be looked at from several angles. To assess the security of this exchange , we looked at the platform's financial indicators, legal transparency and users. Wallex operates under the official ownership of the company «Khalgh Servat Sarzamin Parseh» and, by obtaining the necessary licenses, including membership in the Computer Trade Association (Nasr), has been able to provide a legally compliant platform for domestic users.

As for how many users Wallex has, according to the platform's latest annual reports and marketing-style claims, Wallex claims to host more than 4 million users. Checking the exchange's recorded active installs (on the Android stores Bazaar and Myket), about 1.5 million of this figure is reasonably verifiable.

In our review of databases, Wallex has received positive feedback. The security of assets on this exchange is ensured through cold storage protocols and two-factor authentication. Given its track record since 1397 and the brand's strong presence in the country's daily transactions, it can be said that Wallex is a reputable exchange and meets the necessary standards for hosting both small and large investments in the blockchain space.

Cryptocurrencies on Wallex exchange

Wallex exchange, as one of the leading crypto markets in Iran, covers a diverse basket of digital assets and offers more than 150 cryptocurrencies. These assets include Bitcoin (BTC) and Ethereum (ETH) , which make it possible to buy Ethereum on Wallex and buy Bitcoin with the highest level of liquidity. But Wallex's strength lies in diversifying this basket; users can easily buy Tether on Wallex through various networks such as TRC20 , or turn to other stablecoins such as Dai (DAI) . In addition, Wallex is also active in trending cryptocurrencies and offers features such as buying Toncoin on Wallex and investing in new coins like Notcoin . Based on trading volume and user searches, it appears that Tether pairs (especially Wallex Tether Gold and its competitive rates) and Solana (SOL) are highly popular, which shows that Wallex has acted smartly in choosing in-demand coins for Iranian users.

Newest coins

ASTER
KMNO
BIO
TSLAX
NVDAX

Costs at Wallex exchange: deposits, withdrawals and fees at Wallex

What are Wallex exchange's additional services?

Features and services

Margin trading (Margin Trading): the ability to trade in both directions, up (long) and down (short), with leverage of up to 10x, to earn more from market fluctuations.

Trading bots: Wallex offers its users trading bots such as Margin Grid, Spot Grid, Martingale, Infinity Grid and Smart Rebalance.

Staking and earning plans (Staking): the ability to deposit digital assets (such as Tether or gold) and receive monthly rewards under various investment plans without needing to trade directly.

Trading credit (Trade Credit): credit and facilities of up to 10 billion Toman granted to active users to increase their buying power and take advantage of market opportunities.

Daily airdrops and reward codes: through its «Daily Airdrop» section, Wallex offers free cash and crypto rewards, which users receive by entering the daily codes published on the exchange's social networks.

Referral system (Referral): cash rewards and fee discounts for users who invite their friends to sign up and trade on Wallex with their personal referral code. (Source: Wallex - Invite Friends)

WallGold (WallGold): the ability to buy and sell physically backed digital gold, a modern way to preserve asset value against inflation.

Using Wallex features via API: providing API services for programmers and algorithmic traders to connect directly to the market and execute automated orders.

Wallex Exchange Limitations

Wallex exchange's limits are mainly set according to user levels and regulatory rules. At user level 1, users can deposit Rials up to 25 million Toman per day (in line with Central Bank rules) and withdraw Rials up to 100 million Toman, but they are not allowed to withdraw crypto. To lift the coin withdrawal restriction and raise the Rial withdrawal cap, upgrading to level 2 by uploading a verification video or photo is required. In addition, certain time-based restrictions, such as not being able to withdraw assets for up to 72 hours after the first deposit and a 24-hour withdrawal ban after changing the password, are applied on this platform to protect users' assets.

Wallex Exchange Apps and Applications

Review of the user experience of the Wallex exchange app

A review of the user experience of the Wallex app on Bazaar and Myket shows that the development team has focused on making the app simple and efficient. Most users noted that the app's interface is easy to get along with. By installing the Wallex app, all the features of the web platform, including the Wallex market (Toman and Tether markets), TradingView technical analysis charts and trading bots, become available to users in a mobile format. Feedback shows that the fast execution of buy and sell orders and the smart identity verification process are the app's main strengths.

On the other hand, some users have complained about occasional slowdowns during sharp market volatility, initial complexities and the difficulty of accessing the margin trading section. Overall, the platform's minimal user interface and neat layout of elements make managing a portfolio and switching between different currencies in the app very fast and enjoyable.

Simple, modern and fully Persian user interface
Full access to all smart trading bots
Fast, uninterrupted video identity verification process
High security with fingerprint and face recognition support
Professional charts available for technical analysis

Takes up a relatively large amount of phone storage in newer versions
Slow chart loading during high network traffic
Limited customization of the home screen layout (dashboard)
Occasional reports of delays in receiving verification SMS messages

No way to use multiple user accounts simultaneously in one app

Expert Review: Is Wallex Exchange a Good Choice for Trading?

Wallex Exchange Head Office Details

Wallex Exchange FAQ

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