WTF is WEEX?
Yesterday I saw that an exchange I've never heard of made the decision to list Hive, so I decided to look into it a bit more. Thus far it seems to be a bit of a mixed bag. However, it doesn't have a KYC requirement so I decided to create an account.
How's the liquidity look?
I was shocked to see that the liquidity they are providing to our market is actually much better than expected and even comparable to Binance. Without liquidity a listing is completely worthless... as some of you may remember when we got listed by a little-known exchange called Ionomy who's liquidity for the market was just awful. If it costs a 5% fee in slippage to buy a couple hundred bucks worth of crypto it's quite simply not worth it.
I also noticed right away that WEEX seems to cluster buy and sell orders into consolidated groups so that the orderbook is easier to read. This is something I think about often and I which that HiveEngine had done this years ago (along with fixing their broken graphs that are constantly bugged out by extreme outliers such as buying a million tokens for $1).
The WEEX website is clean.
Like so many other exchanges out there they just copy/pasted the Binance UX, which isn't a bad thing as many crypto users are quite familiar with that layout. Even the double-diamond logo sort of resembles the Binance logo so they are clearly copycats.
Revealing the inside story of WEEX Exchange: There are many shady dealings, and users avoid it
First of all, WEEX Exchange was exposed to have serious behavior of eating customers’ losses. The so-called eating customers’ losses refers to the exchange manipulating market prices to make users lose money in transactions, while the exchange makes profits from it. This behavior not only violates the principle of market fairness, but also is a naked infringement on user funds. In addition, WEEX Exchange is also suspected of gambling, that is, the exchange and users bet against each other instead of conducting real transactions in the market. This means that every loss of users is a profit for the exchange.
OUCH!
Tell me how you really feel, Binance...
So obviously Binance Japan is not a fan of this website clone. Not sure if I can take this review at face value but those financial incentives are certainly in alignment. When an exchange offers "free" trading fees they have to make up the loss elsewhere... and that can indeed come in the form of using their godmode knowledge of their own userbase to trade against the degenerates.
On top of this the Hive perpetuals listing is extremely low liquidity so they could margin call any of your positions immediately... definitely don't recommend using their futures market but this might still turn out to be a good place to just buy Hive on the spot market and immediately transfer it into self-custody on-chain.
OOPS! Not so fast...
Because their wallet is still "undergoing maintenance" withdrawals of Hive are not allowed. However this is totally normal for a coin that just got listed. Deposits are also not allowed so they are making sure everything is good to go before they turn those features on. So you could buy Hive here to get price exposure to Hive but I absolutely would not recommend leaving crypto on an exchange like this even if it might be a good tool for buying and withdrawing small amounts once they turn on withdrawals.
Is this what created the Hive pump recently?
This is a new listing whose chart begins on August 20th. If it's not possible to deposit coins yet and they have good liquidity it means they had to seed that liquidity themselves which could have created one or two of the pumps we've seen recently.... so that's interesting.
I must admit that I got a tiny bit of Hive FOMO here and shoved all my HBD into Hive yesterday. I made a couple bucks selling a couple thousand Hive at 23 cents... but day-trading here is pretty dangerous as we head into 2025. It's very easy to get sidelined by god-candles that never come back down. If you know you know.
We can see from data aggregators like COINGECKO that WEEX has a "yellow" "trust rating"... whatever that means. Better than red but worse than green. Again, the futures market would be fun to gamble on but they can basically just flash-crash liquidate you and steal your money on a whim using their market-maker bot so that's not a great dynamic.
How long have these guys been around?
The Internets says they're based in Singapore and founded in 2018 so that's a fairly decent track record having survived two distinct bear markets. Also Singapore is known for having very strict laws, but I'm not sure if this applies to financial markets. Probably not I suppose considering a non-KYC exchange. Who knows?
Conclusion
Is this WEEX listing a sign of the times that signals Hive has bottomed?
Or is it just a honeypot for degens to get rugpulled?
You decide.
Thanks for the heads up and the review. These days, I'm just so sick and tired of always encountering "not available in your region" messages everywhere, just because I live in the US. It's often made worse by being in Washington state, which is often on a very short "exclusion list" with some exchanges. You know "Not available in Cuba, North Korea and Washington state." Fine company we keep...
Pretty easy to get around this by just connecting to VPNs in other countries.
I find it a bit strange how uncomfortable most people seem to be with this process.
I share a subscription with a friend of mine and there are even a bunch of free ones, some built directly into the browser like Opera. Accessing an exchange through VPN uses very little bandwidth.
True enough, as long as it's not an exchange that requires KYC.
What surprises me is that no enterprising organization has started offering "offshore" addresses, basic USD bank accounts with VISA debit cards domiciled outside the US. And yes, I know that exists, but in the current configuration doesn't make sense unless you're transacting many thousands of dollars on a regular basis. I'm talking a service for those of us who might need to transact a few hundred here and there.
At this point we just have to focus on getting HBD injected into point-of-sale apps.
Whether that be directly or by proxy via the Lightning Network.
Completely cut out of the middle man and stop spending USD altogether when avoidable.
Wow and I thought my state was the worst...
I feel your pain.
hey man, thanks for the heads up on the exchange.
my macro target hit a while back, i am curious: did you ever end up going all in in the mid 14s?
blessings
Did I catch the legit bottom that lasted less than 8 hours during the middle of the night, presumably caused by Korean exchanges? No, I did not :D
Also mid 14 was never my target.
In fact I can't really measure Hive in USD at all because my only source to get more is BTC.
I'm only going all in with BTC if we copy the move from four years ago where BTC spikes at the end of the year and hive trades flat.
;)
good chance october will shake all plans and targets out the window. people aren't shocked enough so maybe we'll get the real whammy
it's a magic month and moon cycle. shadow aspects come to the fore and the veil between the worlds gets thinner (like on so-called halloween)
i don't feel the markets will just waltz through this time unaffected.
Does anyone knows their hive account?
Have you tried to deposit there and see where the tokens will go?
Yep still closed
OK, I'm doing exchanges report and was thinking should I add another excange wallet
I haven't even checked to see if their wallet is up and running yet.
Last time I checked it was not.
Kyc ?
google ?
Still blows my mind that exchange listings are still a thing
I know right... but then again creating a fiat ramp requires all the permissions.
The only way to get around that is for everyone to accept crypto directly...
and even then governments would ban it in a lot of places.
What was Bittrex's excuse then? :)
lol Bittrex almost forgot about that
Thanks for this information!
I'll stand on "interesting". !WEIRD !DOOK !BBH
You just got DOOKed!
@pepetoken thinks your content is the shit.
They have 3/400 DOOK left to drop today.
Learn all about this shit in the toilet paper! 💩
@edicted! @pepetoken likes your content! so I just sent 1 BBH to your account on behalf of @pepetoken. (3/100)
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They have like 20 pages on compliance, so it's strange that they would allow no kyc. What is the withdrawal limit?
Perhaps the liquidity only looks good because they're not allowing deposits and withdrawals?
Once people can deposit and sell, those buy orders might vanish...
Thanks for the info,
It is interesting to see how HIVE is in the eyes of other exchanges besides the ones more linked to the community. It will be interesting to keep an eye on it, especially considering there is no KYC.
Nice snap shot summary of this new exchange.
I was checking out the pump to see if I could make a few bucks buying HBD and then returning to HIve, but I missed the pump and the dust had settled back to 20 cents or so by the time I caught wind of it.
Probably should figure out how to set an alert somewhere...
I definitely agree with you to be cautious on new exchanges, and Free Trades are seldom Free... we know they are in business to make money, so we should go into this with our eyes wide open.
I remember the early days of RObinHood...Free Trades... yeah ...how did that work out...
LOL
There's No Free Lunch and the Sea is always full of fish waiting to eat your lunch.
Do you ever feel like your a rabbit or a gazelle on the african plain?
Constantly looking out for predators trying to eat you?
:(
Do you know which hive addresses they operate?