Wexo Review: Rich in Features But Poor in Regulation

Cryptocurrency payment infrastructure is developing rapidly. The company we’ll examine in our Wexo review is certainly on a path to becoming a leader in this new field of finance.

However, such quick growth and expansion seem to bring some teething problems to the company. Will the firm manage to stay afloat, or will it sink under regulatory pressure? Let’s find out.

Czech Business Entity

WEXO EUROPE s.r.o. from the Czech Republic owns and operates the Wexo crypto platform. The firm entered the Czech legal register in 2014 and is, therefore, legitimate. This information can be confirmed with the Ministry of Justice of the Czech Republic register.

CRYPTON DIGITAL, SE, is the partner company also mentioned in the firm’s legal documentation. This company was registered in Bratislava, Slovakia, in 2017. The Slovak public register of business entities allows you to double-check this information easily.

However, having a firm legally incorporated isn’t enough to be eligible to provide crypto trading and exchange services. This is another issue we discuss in the following section of the review.

Regulation and a Warning

As previously clarified, crypto platforms need to be properly regulated by financial authorities in order to be permitted to offer digital asset services. This company has only been regulated by one institution—the Czech National Bank, under the identification number 02654962.

It appears that the business was also flagged for illicit operations by the Slovak National Bank in 2020. The warning says that the platform operates without the mandatory licenses and certificates needed to offer services to Slovakian investors.

Slovakian Warning Justified

The main domain that the company currently controls is wexopay.com, which was established in 2019. Let’s not forget the fact that the business is blacklisted in the main region of their activities. 

Other countries they tend to target are as follows:

• Denmark
• Czech Republic
• United Kingdom

Please consider seeking legal advice if you’re not managing to get your investments out of this suspicious crypto portal. We offer support and a chance for crypto recovery.

Marketing Strategies

Getting people aboard the hype train for crypto payments is not an easy task. While there are early adopters, a much larger percentage of the public remains skeptical.

The service has become quite popular thanks to Wexo cashback deals on crypto payments. Numerous promotions, discount coupons and other similar offers allow the users to get the best out of their cryptos. Much of the advertisement is done through official social network profiles, notably Facebook, X, TikTok, LinkedIn and YouTube. Additionally, the service relies on various online promoters on Instagram and other platforms.

Keep in mind that this level of exposure is not a guarantee of quality. Numerous scam entities like HiBT actively use social networks to attract victims.

Well Realised App

Nearly everything happens over the Wexopay proprietary app. The program is available through AppStore and GooglePlay for iOS and Android devices, respectively.

Overall, the clients seem satisfied with the program, as it has a rating score of 4.8 stars out of over 100k downloads. The app combines the functions of an e-wallet, crypto wallet, basic exchange and staking features as well as a crypto ATM locator. Clients may also login to the wexopay.com website to view current promotions and deals.

Single Account Type

There is no choice when it comes to account types. Wexo login account creation is free of charge, and all users gain full functionality right off the bat.

This may seem like a drawback to crypto retailers, who prefer to have access to Maker and Taker discounts for high volume trading. Bear in mind though that this sort of speculative investment is not the app’s main purpose.

Staking Token

In order to provide liquidity for their exchange service, the platform has launched a proprietary crypto token. Called simply Wexo (WEXO), the asset has been fluctuating in value ever since its launch. While the current price is appraised at around $0.06, the all-time price high was recorded at $3.65. Additional details may be found on CoinGecko.

This has prompted some investors on TrustPilot to call the token launch a pump-and-dump scheme. The accusations might as well be justified, considering the company’s regulatory warning. If you believe you’ve been defrauded by this firm, feel free to contact our legal team.

Various Fees Apply

One of the substantial charges you’ll be subject to is the Custody fee. This fee applies after 12 months of trading inactivity. The charge includes deducting 3 € per month, as well as an additional 0.3% of the entirety of the crypto coins your account holds.

Each account funding incurs a processing fee of 1 €. Withdrawal fees are not defined because they depend on too many factors (amount, blockchain load, etc.…). The firm automatically deducts all of these fees straight from the user’s account.

Exchange rates are not available to non-users and these rates automatically include all brokerage fees, so it’s not always easy to distinguish which is which.

Undefined Withdrawal Procedure

Considering that the Wexo Bitcoin app features basic wallet and exchange functionality, clients are able to deposit and withdraw through a range of channels. Here’s a brief overview:

• Bank Cards (Visa, MasterCard)
• Bank Wire
• Crypto transfers

The minimum deposit amount is 10€. The app allows crypto-to-fiat withdrawals, so payouts may take up to 14 days to complete.

Unfortunately, there is no legal document on the site which outlines the withdrawal policy. This is something common with fraudsters like Lykke, so take caution.

Email Support Too Slow

Having only an email as an available support channel doesn’t make this client assistance service seem overly accurate or dedicated. 

Popular and acclaimed platforms tend to provide multiple communication channels with customer service, but not this exchange. Therefore, don’t be shocked to learn that your email enquiries are left unanswered.

Practice Caution!

It is clear that this crypto provider isn’t overly popular, well-received or even Tier 1 regulated by prominent financial bodies. 

While investing in the crypto niche seems to be all the rage in the online trading world currently, you still need to set standards towards every platform you plan to invest with. First and foremost, the firm has to be Tier 1 regulated. 

Since this crypto terminal lacks mandatory legal directives, you can expect withdrawal issues. When that happens, please reach out to our recovery experts.

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