1WBE Review -
- Company: 1WBE
Founded: 2013 - Server Location: GB
- Turnover:
- Mobile version: Yes
- Current BTC price: -
- Currencies: EUR, USD
- Fee: From 0.2%
- Time: 1.5 day
- API: Yes
- Support: Email
1WBE Review
Overview
Based in Limassol, Cyprus, 1WBE name themselves as a number one worldwide crypto currency exchange. Launched in late 2013 it should be consider as new service. 1WBE is based on VBBB.com exchange platform, therefore the tools have not been developed by the exchange. It is always easier to take an already made software and use for your own services, however custom solutions usually work better than more versatile products.
There is almost no details about the company behind 1WBE. The only information that is provided on the website is support email. There is no information about who is the owner of 1WBE, where it is registered, what are the team members. It does not look that 1WBE is a member of BitCoinFoundation or BISON either. Transparency is the key to crypto currency exchanges, and 1WBE certainly lacks it.
1WBE accept only two types of Fiat currencies – EUR and USD. They can be exchanged into 8 different cryptocurrencies – besides BitCoin and LiteCoin, there are also less popular currencies such as NameCoin, NovaCoin or PeerCoin.
Fiat money can be deposited via OKPay, EgoPay, Perfect Money, bank wire and Payeer. Russia based Interkassa is also available.
User Interface
User interface at 1WBE is very simplistic, yet clear to understand and easy to use. Trading dashboard provides all necessary data and is easy to work with. However there is a feeling that something is still missing therefore trading can be less confident compared with other platforms.
Costs
The fee for currency exchange is flat at 0.2%. Compared to other providers this a very low rate. However, withdrawal fees are not that insignificant: 2% for EUR, 1% for USD, 0.01% for BTC and 2% for LTC and all other cryptocurrencies.
Customer Levels
1WBE have four different customer levels. Level 0 is accessed of signup process. No verification is needed and daily and monthly limits are both set at 1,000 USD for deposit and withdrawal transactions. Level 1 requires to provide full name, date of birth, country of residence and phone number. Limit are then increased to 5,000 USD. Level 2 also requires address verification, and gets limits of 10,000 USD. Strangely enough, a client doesn’t have to give any documents that prove these details are legit. Only Level 3 requires to upload scanned documents.Daily limits are then raised to half a million USD.
At first this this client distribution system looks rather secure. However, it is very easy to get to the Level 2 and 10,000 USD monthly limit. Other exchanges have way lower limits for unverified members, thus decreasing a change of scam activity. The fact is that the more safety shields are in place, the better it is in a long run both for the exchange and its customers.
Processing Time
Confirmation of the transaction can take up to 24 hours. Processing of requests for deposit and withdrawal is carried out instantly or in a time frame of 5 minutes to 72 hours. Sometimes it can take up to 5 working days, however the most part of transactions are made instantly.
We liked:
* Low fixed buy/sell 0.2% commission;
* User-friendly interface.
We weren’t so sure about:
* Puzzling customer level system;
* Not a custom made service;
* Just two Fiat currencies accepted.
We hated:
* Absolutely no information about the company or individuals behind 1WBE;
* Relatively young;
* Still not widely recognized in BitCoin community – lack of legitimate user feedback;
* Not a member of any cryptocurrency regulation organizations.