This looks very interesting, and i am particularly interested in trading regular stocks with bitcoin directly.
I'm just wondering a couple things. (Forgive me if you've already stated this...)
1. What are the direct fees associated with buying stocks w/ bitcoin? None?
2. Is your stock brokerage insured, and up to how much? I love all the words of you being "protected" against hacks, but i'd feel a lot safer knowing that you have something like SIPC, (again, forgive my ignorance if this specific service is not applicable on your brokerage/area of operations, but i'm assuming you get what i mean.)
(Otherwise, what's the use of KYC in the first place? I'm guessing you could operate the same way as Bitmex?)
3. How is "decay" -
https://docs.wcex.com/trading/decay not a fee for the user? Is there any way to open positions without margins in that case?
(Otherwise, it'll potentially be very taxing to hold longterm positions?)
And now the (
second) most important question, for which i can't find anything about on your site;
4. You're offering a number of stocks which provide dividend. When/How/in what currency will users receive that if they're buying a stock in which it is applicable?
(Or will we not receive dividend at all?)
Is there a TLDR what happend to your ICO, if anything happend at all? I'm not really following it..?
1. There are no fees to buy/sell on WCX. Keep in mind that you don't actually own the stock. You go long or short, expecting to make a profit in BTC on the underlying price movement of the stock.
2. Hot wallets are fully insured. 98% of funds are stored in cold wallets which are out of reach of attackers. We require KYC and have an AML program in place led by Chainalysis, the largest crypto AML company. We think having KYC/AML is the only way to ensure survival in the long term and do good with the laws and regulations that are currently in place.
3. Decay is similar to "funding" except it's not charged at a set time during the day, rather the timer starts from when you open a position, and it's levied every 8 hours from then on. This is more advantageous than charging at set times because you can open a position for a full 8 hours and not get decay on it.
In practice decay has little effect on your P/L except if you hold for periods over 3-4 months, which I don't think you'd want to do anyway with high leverage.
4. Dividends are not paid out. This is on our roadmap though (paying out dividends in BTC for people who go long on stocks). Still need regulatory approval for this.
The ICO ended in May last year.