Wallex Exchange Credibility and Track Record Review

When reviewing the background of any exchange, the first question that comes up is: who owns the Wallex exchange? Looking for the answer, in the exchange's About Us section we come across the company name «Kholgh Servat Sarzamin Parse». According to the notice published in the Official Gazette, this company was officially founded and began operating on 27/02/1400 with national ID 14010030821 and registration number 577868, and its head office is registered as follows:

Tehran Province, Tehran County, Central District, Tehran City, Abbas Abad-Andisheh, Shohada Street, Mirza-ye Shirazi Street, No. 231, 1st Floor, North Unit

Reviewing the details of the company's board members in the country's Official Gazette, we found that Mohsen Ashkani Chenarlogh is the CEO of Kholgh Servat Sarzamin Parse, and this position is valid until 14/07/1405.




 

The «About Us» page of the Wallex exchange states that its team consists of a group of students from Sharif University and the University of Tehran who, in light of the challenges in the crypto exchange space, such as difficult access to foreign markets and so on, decided to launch this exchange.

 

Review of user numbers and user experiences

According to the claim made on the exchange's website, Wallex has more than 5 million users and 1 million active users. Given the exchange's extensive advertising on social media and its sponsorship of programs such as «Pump» hosted by Amirhossein Ghiasi, it is not possible to estimate exactly how many of these users were active on the exchange at the time of writing.

But how many users does the Wallex exchange app have? The number of installs of the exchange's mobile app on Cafe Bazaar and Myket is estimated at around 1.7 million.  However, this figure alone is not enough, since some users may have downloaded the app directly from the exchange's website and others may use iOS.

Our research at the time of writing shows that users' experiences with the Wallex exchange cover a wide range of positive and negative opinions; many users have expressed satisfaction with the simple user interface, the variety of cryptocurrencies and the responsiveness of support. On the other hand, another group of users have complained about issues such as deposit and withdrawal fees, delays in Wallex's Rial settlements and technical glitches in new versions of the app.

As mentioned earlier, the parent company of the Wallex exchange was officially registered in the Official Gazette under the name «Khalgh Servat Sarzamin Parseh», with national ID 14010030821 and registration number 577868, on 27/02/1400.



 

In the Iran Fintech Association's member list, no mention of the Wallex exchange or the Khalgh Servat company was found. However, on the Fintech Association's website, Mr. Bardia Ahmadnia of Wallex is named as head of the Cryptocurrency Commission. 

The company is also a member of the Iranian Computer Guild Organization (Nasr) under membership number 21015196, valid until 07/11/1405.

Regarding the Wallex exchange's trading volume, it should be noted that there is no direct official statement on this, and no figure can be estimated. However, the exchange states on its website that it has more than 1 million active users and that trades on the exchange are executed as quickly as possible.

According to the claim made in the «About Us» section of the Wallex exchange website, this exchange uses multiple layers of protection, including the SSL protocol for encrypting data exchange and dedicated servers equipped with multi-layer hardware and software firewalls. All user identity data is stored in encrypted form so that it cannot be misused if a server is breached. Also, to prevent data loss, regular backups of all system data are carried out continuously.
 

Ways to increase account security and two-factor authentication (2FA)

This platform requires two-factor authentication (2FA) for all sensitive access levels, including logging in, withdrawing from the wallet and changing the password. In addition, all important activities and transactions are immediately reported to the user via email or SMS to prevent any unauthorized use. These measures are designed to create a secure environment for trading and to give users direct oversight of their account security.

Protection against phishing attacks and fake Wallex pages

To combat data theft, Wallex encrypts all communications between the user and the system via the SSL protocol to minimize the possibility of unauthorized access to data in transit. In addition, to ensure the authenticity of the platform, users should contact the company only through the official communication channels and social networks listed on the website.

No. So far, no official report of Wallex exchange being hacked has been published. In Farvardin 1405, rumors of this exchange being hacked also circulated, which the exchange officially denied in a statement. Therefore, it can be said that Wallex has no history of a successful hack.