Wowx market for digital-asset exchanges, or crypto-exchanges, is increasingly profitable as part of the cryptocurrency phenomenon in recent years.1 For instance, the top 10 exchanges (as shown in the diagram below) generate as much as USD$3 million in fees a day, or reaching more than USD$1 billion per year, according to estimates by Bloomberg using trading volume reported and fee information.
Crypto to crypto exchanges, on the one hand, are growing in popularity rapidly. Among the top 20 largest exchanges globally based on trading volumes, half of them are crypto to crypto exchanges. In fact, the world’s largest trading platform as of this time of writing, Balance, currently only accepts cryptocurrencies.
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Receive Cashback on Trading Fees
WOWX will commit a percentage of revenue taken from trading fees to incentivize users to invite other traders to trade on the platform. Users can invite others via a referral code unique to them and those who successfully invite others to trade on WOWX will receive a share of the invited person’s trading fee as a bonus.
WOWX Smart Card
WOWX will be integrating a hardware technology that functions as a portable, secure storage device, which may be furthered to include a cryptocurrency-spending function soon. Your card also reflects different membership tiers. Grow your membership account and earn cashbacks with our different tiers of benefits.
Low Trading Prices
To encourage more Makers, should they choose to pay trading fees in WOWX Tokens rather than the trading currency, WOWX will give a 50% discount on trading fee for users on top of their trading account levels.
Faster Transaction Speed
Off-chain or centralized matching systems help facilitate far greater transaction speed than
High Trading Fees
According to Cryptovest, crypto investors can find themselves paying up to over $1 billion a year in trading fees.2 Exchanges on average charge 0.1% to 0.3% for both maker and taker fees, affecting traders’ profit margins significantly. Furthermore, exchanges that claim they charge low trading fees often only apply such ideal rates to traders whose trading volume exceeds a certain (very high) threshold.
Cryptocurrency trading platforms holding large amounts of cryptocurrency deposits naturally become target of black hackers, with a total of more than 30 crypto exchange hacks since 2011. Studies show that 78% percent of crypto thefts happened on exchanges, with the highest amount valued at approximately $480 million at the time of theft on Mt. Gox.4 Embezzlement of crypto funds or deposits is also another problem surfacing in recent times when government authorities are increasingly considering regulations for the crypto sector.5 Investors stay concerned about such security issues,
which can impact growth of the crypto trading market.
The WOWX primary revenue stream will be from the trading fees collected from each trade, both from the Maker and Taker. A Maker is a trader who creates a new order on the exchange that does not match an existing order. A Taker is a trader that matches against Makers. Market Buy orders are also considered Takers as they take an existing order from
WOWX will charge withdrawal fees for all cryptocurrencies on the exchange. The withdrawal fees include a base transaction fee that goes toward the blockchain network, that varies according to the cryptocurrency type, as well as a nominal administrative fee to
process the request.
Marc Bell CEO
Jong Wang COO
Alex Wong CTO
Darren Teh CMO
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