Introduction to Wallex Exchange

The world of cryptocurrencies, with its vast investment opportunities, poses unique challenges for Iranian users due to international sanctions. These sanctions restrict access to reputable global exchanges, necessitating tools like VPNs or alternative identities, which carry significant security and financial risks. Consequently, there is a pressing need for secure and efficient domestic platforms. Iranian exchanges have emerged to fill this gap, enabling crypto trading with IRR without the fear of account freezes. These platforms allow Iranian users to participate in the global digital economy.

Wallex: A Leader in Iran’s Crypto Trading

Wallex Exchange is one of the most popular and trusted online exchanges in Iran, securing a prominent position in the cryptocurrency market. With a high trading volume, Wallex serves as a gateway for Iranian users to access the world of cryptocurrencies. Its strategic role in Iran’s financial ecosystem enables users to navigate the volatile crypto market despite external restrictions.

History and Evolution of Wallex Exchange

Founded in 2018 (1397 in the Persian calendar) by a team of students and graduates from top Iranian universities, including Tehran and Sharif Universities, Wallex Exchange was established to provide a secure and efficient platform for crypto trading. Its academic roots have provided a strong technical foundation, fostering initial user trust. In a high-risk market like cryptocurrencies, the founders’ academic background underscores professionalism and robust technological infrastructure. Wallex’s primary goal is to offer a secure, professional, and user-friendly environment for crypto transactions in Iran, addressing issues with accessing foreign exchanges and combating domestic scams.

Competitive Advantages of Wallex in the Iranian Market

Wallex has gained significant competitive advantages through features like high security (using cold wallets and two-factor authentication), a user-friendly interface, 24/7 support, and advanced trading tools such as margin trading and trading bots. Its impeccable security record, with no reported hacks or scams, has earned it considerable credibility. Effective crisis management and transparency with users further establish Wallex as a reliable and popular choice in Iran’s crypto market.

Getting Started and Account Management on Wallex

To utilize Wallex’s services, users must complete the registration and verification processes.

Guide to Registration and Account Activation on Wallex

The registration process on Wallex is designed to be quick and straightforward, taking just a few minutes:

1. Visit the Website: Go to Wallex’s official website (wallex.ir) and click on “Register”.

2. Enter Basic Information: Provide your mobile number (registered in your name) and a strong password (at least 8 characters, including letters, numbers, and symbols). Enter a referral code if available.

3. Verify Mobile Number: Input the verification code sent to your mobile.

4. Accept Terms: Review and accept Wallex’s terms and conditions, then click “Register”.

5. Email Verification (Optional): If an email is sent, click the activation link to finalize registration.

KYC Levels and Requirements on Wallex Exchange

Wallex Exchange implements a Know Your Customer (KYC) and Anti-Money Laundering (AML) compliant verification process with two levels:

Level 1 (Basic)

Users must provide personal information (name, surname, national ID, date of birth) and verify an active bank card in their name. This level grants access to spot trading, instant trading, fiat and crypto deposits/withdrawals, margin trading, Saku plan, and trading bots.

Level 2 (Advanced)

For enhanced features, users must upload an image of their national ID (new or old) or new passport. In some cases, a selfie video holding the ID and reading a pledge statement, along with a landline number, is required.

Key KYC Notes

• Mobile number and bank card must match the user’s national ID.

• Non-Iranian nationals cannot currently complete KYC.

• Valid documents include new/old national ID or new passport. National ID receipts are not accepted.

Account Security on Wallex Exchange

Wallex Exchange employs robust security measures to protect user assets and data:

• Cold Storage: Most assets are stored in cold wallets (offline) to ensure safety from online attacks and hacks.

• Two-Factor Authentication (2FA): Enable 2FA via Google Authenticator, email, or SMS for login, withdrawals, and password changes. Google Authenticator is recommended for higher security.

• Data Encryption: SSL protocols ensure secure data transmission.

• Regular Backups: Prevents data loss.

• Dedicated IP for API: Enhances API Key security for advanced users.

• Account Monitoring: Regularly check login history and remove suspicious device access.

Deposits and Withdrawals on Wallex Exchange

Efficient deposit and withdrawal processes are a hallmark of Wallex Exchange.

Fiat and Crypto Deposit Methods

• Fiat Deposits (IRR): In the wallet section, select “Deposit IRR”, choose or add a bank card, and pay via the bank gateway.

• Crypto Deposits (Coins): Select “Deposit Coin” in the wallet section, copy the exchange wallet address, and use it in the source wallet. Crypto deposit fees are zero, with only blockchain network fees applied.

Withdrawal Process and Limits

• Fiat Withdrawals (IRR): After selling cryptocurrencies, transfer funds to a bank account via the wallet section using the banking network.

• Crypto Withdrawals (Coins): Select the coin in the wallet section, view the withdrawal fee (based on blockchain network), and process the withdrawal (15–60 minutes). Internal withdrawals between Wallex users are fee-free.

Key Wallet Management Tips

Wallex provides a secure dedicated wallet using cold storage. For large amounts, hardware wallets are recommended, keeping only funds for active trading in the exchange.

Wallex Trading Platform and Markets

Wallex Exchange offers a comprehensive trading platform with diverse features.

Types of Trading Markets

Wallex supports IRR-based and USDT-based markets, including spot trading (P2P), instant trading (OTC) (with spread instead of fees), and margin trading with up to 10X leverage.

Order Types

• Limit Order: Set a specific price for buying or selling.

• Market Order: Execute instantly at the best market price.

• Stop-Limit Order: Activates a limit order at a stop price.

• OCO Order: Combines limit and stop-limit orders for risk and profit management.

Technical Analysis Tools

Wallex provides price charts, candlesticks, indicators (RSI, MACD, MA), and fundamental/on-chain analysis tools to aid trading decisions.

Fee Structure on Wallex Exchange

• Spot Trading Fees: Tiered from 0.35% to 0.15% based on 30-day trading volume.

• Instant Trading (OTC): No fees but includes spread.

• Crypto Deposits/Withdrawals: No deposit fees; withdrawal fees vary by blockchain. Internal withdrawals are free.

• Margin Trading Fees: 0.02% activation fee, 0.25% transaction fee.

• Trading Bot Fees: 0.1% (IRR markets), 0.05% (USDT markets).

Special Services and Features of Wallex Exchange

Wallex Exchange offers a range of services to enhance user experience and profitability beyond basic trading.

Wallex API: A Gateway for Developers

The Wallex API enables professional traders and developers to access real-time market data, trade lists, and automated order placement (Limit, Market, Stop-Limit, Stop-Market) for over 150 coins. Users can create up to three API Keys, valid for 90 days, with the option to set a dedicated IP for enhanced security. This is ideal for trading bots and automated strategies.

Referral and Marketing Program

Wallex offers a referral program allowing users to gain benefits by inviting new users, fostering a larger and more active community.

Educational Content by Wallex

Wallex prioritizes user education through its educational magazine and active social media, offering guides on technical analysis, fundamental analysis, on-chain analysis, and platform usage. These resources empower users to make informed decisions in the crypto market.

User Support

Wallex provides 24/7 support via phone and online chat, ensuring quick responses to user queries and issues in the volatile cryptocurrency market. User feedback highlights the high quality and speed of support.

Additional Services by Wallex

Wallex offers supplementary services for better digital asset management.

NFT Trading, Lending, and Staking

• NFT Trading: Buy and sell NFTs like Ape NFT with zero fees.

• Trading Credit (Saku Plan): Users can access up to 400 million IRR in credit to increase potential profits by pledging assets.

• Staking: While Wallex does not offer direct staking, its educational content covers staking concepts and passive income opportunities.

Strengths and Weaknesses of Wallex Exchange

Key Strengths of Wallex

• High Security: Uses cold wallets, strong encryption, and two-factor authentication with no reported hacks or scams.

• Crisis Management and Transparency: Maintains services during crises like internet outages and pauses margin trading responsibly to protect assets.

• User-Friendly Interface: Website and mobile app suitable for beginners and professionals.

• Diverse Cryptocurrencies: Supports over 150 coins and IRR/USDT markets.

• Strong Support: Fast and reliable 24/7 support.

• Quick Verification: Streamlined KYC process.

• Advanced Tools: Free trading bots and trading credit up to 400 million IRR.

Areas for Improvement

• Fees: Spot trading fees (0.35% to 0.15%) are higher than global exchanges like KuCoin (0.1%). Spreads in instant trading act as hidden costs.

• Limited Coin Variety: Fewer coins compared to global exchanges.

• No Support for Non-Iranians: KYC restricted to Iranian nationals.

• Occasional Issues: Rare delays in transactions or account freezes due to incorrect deposits.

Legal and Security Considerations in Iran’s Crypto Market

Legal Aspects of Cryptocurrencies in Iran

• Legal Status: Crypto trading is permitted, but using cryptocurrencies as payment is prohibited.

• Exchange Licensing: No official licenses from the Central Bank, but exchanges operate after bank verification.

• KYC/AML Compliance: Exchanges must provide client data to the Central Bank.

• Crypto Mining: Legal with a license from the Ministry of Industry, Mine, and Trade.

Managing Trading and Security Risks

• Geopolitical Risks: Platforms like Nobitex have faced attacks.

• Custodial Risk: Storing assets on exchanges carries risks. The principle “Not your keys, not your crypto” emphasizes personal wallets.

• Scam Risks: Lack of comprehensive regulation in Iran increases scam risks.

Personal Security Tips for Wallex Users

To enhance personal security on Wallex Exchange, follow these recommendations:

• Hardware Wallets: Use cold wallets like Ledger or Trezor for large crypto holdings.

• Two-Factor Authentication (2FA): Opt for Google Authenticator over less secure SMS-based 2FA.

• Account Monitoring: Regularly check login history, remove suspicious devices, and enable login alerts.

• Asset Management: Treat the exchange as a lobby, not a safe. Keep only funds for active trading on Wallex and transfer long-term assets to personal wallets.

• Phishing Prevention: Verify the wallex.ir URL and avoid clicking suspicious links.

Governance and Future Outlook of Wallex

The future of Wallex depends on regulatory changes and geopolitical dynamics in Iran.

Executive Team and Founders

Wallex was founded by students and graduates from Tehran and Sharif Universities, ensuring a professional approach and robust technical infrastructure.

Transparency and Regulatory Compliance

Wallex collaborates with the Central Bank and maintains transparency during crises, earning user trust. Its Knowledge-Based Certification reflects commitment to innovation and standards.

Future Plans and Innovations

Wallex is developing new features tailored to Iranian users, aiming to make crypto management safer and more efficient.

Competitive Positioning of Wallex

Iran’s crypto exchange market is highly competitive, with Wallex, Nobitex, and Ramzinex as key players.

Comparison with Iranian Exchanges

The table below compares major Iranian exchanges:

Distinctive Features of Wallex

• High Security: No reported hacks or scams.

• Margin Trading: Up to 10X leverage.

• Free Trading Bots: For automated trading.

• Crisis Management: Transparent operations during crises.

• Strong Support: Fast and reliable 24/7 support.

User Feedback and Experience

User Reviews

Users praise Wallex for its 24/7 support, transaction speed, security, and user-friendly interface, calling it the “best Iranian exchange.” However, rare transaction delays and one reported account freeze due to incorrect deposits exist.

Community Engagement

Wallex maintains transparency during crises like internet outages, pausing margin trading to protect users, fostering long-term trust.

Conclusion: A Smart Choice for Iranian Traders

Choosing a crypto exchange in Iran requires careful consideration. Wallex excels with high security, advanced tools like margin trading and trading bots, and transparent crisis management. Nobitex leads in user base, Ramzinex in coin variety, Aban Tether in Tether focus, Bit24 in zero OTC fees, and ArzPaya in speed and security. The choice depends on individual needs. Wallex and Nobitex suit professionals, while Bit24 and Aban Tether appeal for low fees and variety. Thorough research is essential before entering the market.