WOO X Review – Good Service Offset By a Lack Of Regulation
WOO X Review – Good Service Offset By a Lack Of Regulation

It’s difficult to determine who to trust with your money, especially on the internet. That is exactly why certain systems have been put into place, one of which are regulatory licenses. These licenses serve as a proof that an entity is conducting their business in good faith, and submit to legal constraints that safeguard the client.

The company we’re taking a look at today is very popular, but doesn’t have a single license to its name. Read more in our WOO X review.

Regulated by: Unregulated Exchange
Is This Company Safe? Despite good practice, the company lacks proper regulation so stay alert!
Known Websites: woo.org
Have Warnings from: N/A
Registered in: Taiwan
Operating since: 2021
Trading Platforms: WOO X proprietary app
Maximum Leverage: 1:50
Minimum Deposit: 0.0001 BTC
Deposit Bonus: N/A
Trading Assets: Cryptocurrencies
Free Demo Account: No
How to  Withdraw from This Company? Use the client dashboard to request a withdrawal. If the company does not cooperate, you can opt to book a consultation with our experts.

Operating In a Regulation Free Environment

If we were to gauge this exchange by the amount of licenses, it would never pass even the initial screening. You see, WOO X crypto exchange is based out of Taiwan (Republic of China), which is notorious for not implementing any regulatory framework for cryptocurrencies.

In this country, crypto assets are not considered currencies, but rather as a digital virtual commodity. As such, crypto VASPs are not categorized as Securities Firms, which means they are not regulated by Taiwan SFC. Some anti money-laundering framework does exist, but it does not require an explicit license.

The WOO X exchange thus operates without any regulation, and their reputation notwithstanding, makes this exchange no different than dubious platforms like Celinax in legal terms. When investing in volatile assets, look for a firm with Tier-1 regulation from FCA, CySEC, BaFIN, AUSTRAC or some other entity.

Very Active Online

The WhoIs registry lists woo.com domain as created in 1996, but it started hosting an exchange only in 2021.

Majority of the exchange’s clients are residents of these countries:

  • Netherlands
  • United Kingdom
  • United States
  • Turkiye
  • Singapore

The company uses social profiles on Facebook, Instagram, X, and YouTube to attract clients. Chat channels are available via Telegram and Discord, and additional corporate networks on LinkedIn and Medium.

Traders can find trading volume listings on all popular platforms, including CoinMarketCap, CoinGecko and CoinPaprika. Currently, the exchange sees around $18 million in assets traded daily.

With all these impressive trading volumes, you won’t find any WOO X reviews on popular platforms like TrustPilot or SiteJabber. This is a bit disconcerting, since dubious firms like Morfin FX are known to purposely misreport their volume data to attract investors, so some caution is advised.

Higher Volume Brings Discounts

Leverage ratio is set to 1:10 by default, but it goes as high as 1:50. There are a total of 5 VIP tiers and each higher tier brings discounts on fees. Starting fees are 0.080% and 0.100% for regular users for spot trading. Margin trading Maker/Taker fees for newly joined are 0.020% and 0.050%. 

VIP 5 level unlocks spot trading fees of 0.000% and 0.030%, while margin trading Maker/Taker fees get as low as -0.005% and 0.015%.

Withdrawal fees and minimum payout amount depend on the asset and network used. For BTC withdrawals, fees featured are 0.0002.

Overall Average Trading Tools

There’s nothing extravagant, yet also nothing disappointing related to the variety of tools and earning options provided. An averagely performing web trader and the mobile app are both available, while the sign up process is quick. A solid number of assets is also available, as well as earning and staking options.

Trading Terminal

Accessing and exploring the web software used for trading spot and futures, as well as margin trading is available even without WOO X login. This comprehensive yet simplistic terminal allows users to check out current market situations, price fluctuations but also place orders, whether they want to buy or sell an asset. 

At the time being, the WOO X app is available for free download on Google Play and App Store, as well. The software sports relatively high ratings yet not all that many downloads. 

Access to Markets

The WOO X platform accepts several fiat currencies in the process of buying crypto: GBP, EUR, USD, JPY, VND, and BRL. The choice of crypto tokens is far bigger, so here are most commonly traded pairs:

  • Spot – BTC/USDT, ETH/USDT, BTC/USDC
  • Magin – ETH/BTC, WOO/USDT, RON/USDT
  • Futures – BTC/PERP, ETH/PERP, WOO/PERP
  • NFT – BLUR/USDT, LOOKS/USDT, UAZUKI/USDT
  • DeFi – 1INCH/USDT, AAVE/USDT, BAKE-PERP

The company has launched their own WOO X network crypto coin – WOO. According to the latest updates, its current price is $0.431, with its all-time high being $2.48. 

Account Creation Process

A relatively quick procedure of setting up an account in the beginning only requires an email verification. However, if you wish to buy crypto and participate in various markets, you have to confirm your identity first. For that, a standard KYC procedure is required to be completed. 

Staking and Earning Options

All existing users and new joiners can take part in the WOO X staking program. The larger amounts the users stake, the higher discounts on trading fees and the higher referral bonus they unlock. There’s a total of 5 staking tiers, featuring referral rate from 5% to 50% and up to two thirds lower trading fees.

The WOO X earn campaign provides users with yields for locking their crypto for a certain period. For example, locking your ETH assets for a period of 30 days brings APR between 1.80% and 4.30%. 

Streamlined Withdrawal Procedure

WOO X withdrawal of assets is simple and well implemented. It is mostly an automated process, with the client being required to make a request from the dashboard, and fill in some information.

Depending on the selected cryptocurrency, payouts are subject to certain limitations. For instance, it is impossible to withdraw more than 50 BTC daily. Clients may also opt to send their assets to a third party.

A wide array of networks is supported, including ERC20, ALGO, Arbitrum, SOL and many others. For added security, clients must complete KYC and enable multi-factor authentication before they can make a deposit or a withdrawal.

Virtual Assistant

Commercial communication channels like phone and live chat aren’t available here. The main part of the WOO X support is centered on a virtual chat assistant that suggests which articles you should read if you have an issue. If that doesn’t help you can try and submit a ticket.

Stick to Regulated VASP!

Although the platform we’ve reviewed sports a relatively wide choice of features, tools and assets, you have to be aware of the fact that the exchange operates without a Tier 1 regulation. 

Therefore, we have to warn you of potential security risks and withdrawal issues. Should you start experiencing such troubles, don’t hesitate to contact our legal experts and book a free consultation. 

FAQ Section

What is WOO X?

The website belongs to a Tawainese exchange platform offering crypto services.

Is WOO X Exchange Legit?

Despite an attractive offer and affiliation with crypto powerhouses, the platform lacks proper regulation.

What is CipherTrace?

This is a specialized software that facilitates the process of determining the flow of a crypto investment. Our recovery experts use it in the process of restoring stolen funds, so contact us if you need such services.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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