WEX is an exchange platform where users can swap real currency for virtual currency and vise versa. This Singapore-based platform highlights its compliance with Anti-money Laundering and Know Your Customer regulations.
These are the steps on how to start trading Litecoin on WEX:
To sign up, open the WEX site.
Click on ‘Sign up’ to register an account.
Enter your email address, re-confirm it, and type in your preferred login name. Next, type in the captcha letters precisely as they are shown and check the confirmation box.
Click on the ‘Sign up’ button to continue.
Copy and save the password that is set for you. You can change it later on when you go through the Verification process.
Let’s go ahead and finish registering your account. Go to your Inbox and open the confirmation message.
Look for the message with WEX confirmation subject and click on the link provided.
The link will re-direct you to the ‘Sign up’ page where the registration confirmation message shows up.
Now that you have signed up an account for WEX, let’s complete the verification process to secure your funds.
Click on ‘Security.’ It will give you the option to change your password.
To start verifying your account, choose ‘Verification.’
Fill out the form with no errors and upload the needed documents. Make sure you follow the file requirements that are listed here.
Click on the ‘Verification’ button to proceed.
After submitting the needed documents, applications are addressed within seven business days.
What is 2FA?
Two-factor authentication, also known as 2FA, is an extra layer of security or added protection which we refer to as multi-factor authentication. Not only the username and password are required but also a piece of information that only a user possesses. This process is to confirm a user’s claimed identity.
The 2FA process helps lessen the number of identity theft cases and as well as phishing via email. It would be harder for potential intruders to gain access and steal someone’s identity and personal data without that piece of information that only the account owner knows.
In the case of exchanges what the user has are his/her login details such as the username and password. The form of 2FA that a user possesses for this instance is a token or code. The code can be received either through SMS on a user’s mobile phone or via applications like Google Authenticator or Authy.
Check this if you want to learn more about Google Authenticator.
To get started, install the ‘Google Authenticator’ app on your phone.
After installing, go back to your WEX account and click on ‘Security.’ Choose Two-factor authentication and click on ‘Create a key.’
Scan the barcode using the ‘Google Authenticator’ app that you’ve downloaded, then enter the six-digit code.
Click on the ‘Confirm’ button to continue.
After confirming the code, you can start managing your account’s Two-Factor Authentication settings. Don’t forget to click on the ‘Save’ button to apply your changes.
Now that your WEX account has been verified and authenticated, we can proceed to the next step which is funding.
Click on ‘Finances’ and select on ‘Funds.’
In this page, you can select between fiat and cryptocurrency to fund your account.
For fiat deposit, click on ‘Deposit,’ select your payment method, and type in your amount. Then, click on the ‘Deposit’ button to proceed.
These are the payment methods available.
For Bitcoins, click on the ‘Deposit’ button and copy the address where you send your transaction.
Right below the Fund page, you can redeem the WEX-code. This code allows transferring funds directly from user to user.
You can also view your transactions history by clicking on the ‘History’ button.
You can view your balance at any time by checking on ‘account balances’ at the top portion of the Fund page.
You can check on the fees which are next to your account balances or access this link.
We can start buying your first Litecoin on WEX with your funded account.
To get started, click on ‘Trade’ at the upper-left portion of the page.
Next, select your currency by clicking on the small boxes. In this example, we preferred to buy BTC in USD.
Simply type in your amount, and the price will automatically calculate for you. When you’re set to proceed, click on the ‘Buy BTC’ button.
Below the Trade page is where you can see your active orders.
You can also view Trade history if you’d like to review your previous trading transactions.
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