What are the benefits in Spot trading in commodities?
Direct buyer & seller interface with the aid of online platform. Effective price discovery for the seller due to worldwide participation. Availability of large buyer base for seller Counterparty guarantee of buying / selling the commodity. Activity of the seller to fix price for this commodity.
Who can become member of WEX Spot?
An individual, partnership firm, Private limited company, public limited Company, co-operative societies are eligible to become members of WEX Spot.
What are the membership charges?
Is it a must that the individual should be a graduate?
It is desirable for the individual’s own understanding of the Spot Markets.
What is the lock in period for the interest free security deposit?
The lock in period for the interest free security deposit fee is 2 years.
When is the security deposit eligible for refund in case of surrender?
The interest free security deposit will be refunded to the Trading member when they express their intention to relinquish their membership rights after a cooling period of 6-12 months of surrendering the membership rights. The minimum lock in period for membership is two years.
What are the trading hours?
The trade timings of the exchange are Mon-Sat 3:45 am - 2:45 am.
Please indicate the permissible brokerage structure and brokerage pattern.
The exchange does not stipulate any directives in this regard and it is free to be bilaterally decided between client and member of the exchange.
Is there any additional cost towards acquiring membership in addition to what has been specified in the application form?
There are no additional costs other than what is stated in the application form.
Are the memberships to be taken afresh for each of the products to be traded in WEX Spot from time to time?
No, the membership availed at the first instance is composite one and will be valid for all the products which are to be traded on WEX Spot.
Do we need a terminal to trade on WEX Spot?
Yes, and Internet connectivity is required.
What are the commodities identified for trading?
To begin with, Gold and Silver will be traded on Exchange. As and when other commodities are introduced, the market will be kept informed.
What is your membership scrutiny process?
For the new members, the membership forms will be processed at our end and in case of any additional information, the same will be asked for. If found in order, the applicants will be subsequently called for personal interaction with the membership committee of WEX Spot. Successful applicants will be intimated by WEX Spot.
At what point of time one has to comply with the net worth requirements?
Upon the provisional admission as WEX member and being advised on the same by WEX, the prospective members are required to comply with the networth requirements in 1-Month time.