CEX.IO EXCHANGE REVIEW – COMPELLING REASONS TO TRADE AT CEX.IO

Having trouble with trading or buying and selling cryptocurrencies? Then, look no further than CEX.IO exchange. This is an all-rounded platform that combines both a great user friendly interface and offers a variety of trading options together with relatable algorithms.  The article makes a detailed CEX.IO Exchange review and lists the reasons to chose this trading platform

The initial idea when starting this trading platform in London was to  mine Bitcoins. However, in 2013 it had to be shut down when its mining pool expanded by 42%. The company therefore decided to focus primarily on crypto currencies.

January 2015 saw this company get a licence with Financial Crimes Enforcement Network (FINCEN) and the Information Commissioner’s Office (ICO) . It was allowed to transact and observe the policies of International Money Laundry and data protection.

Services

As one of the ancient bitcoin companies, CEX.IO as a platform has provided Brokerage services and Margin Trading Service for its users to buy crypto. This platform also provides a  hot wallet that is built for storing currencies

Brokerage Service

This is a service where beginners buy cryptocurrencies through visa cards, then the  site trades it at a premium rate. Beginners can also learn how to buy Bitcoins without necessarily attending a course on trading. 

With this service, customers are charged at a higher rate of upto 7% compared to the normal trading fee. In their defence, they clearly state that, when a user enters a trade on this platform, they will deposit the amount they wish to spend, see the amount of Cryptos they will receive; and upon indicating their choice, the platform will check for availability of enough funds. Once they verify their transaction, the company compares the order with those on the platform leading to an enhancement on the budget.

CEX.IO exchange trading options

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Margin trading at cex.io exchange

Margin trading is a technique that entails borrowing cash from a third get together to open positions. Dealer normally turns into that third get together that gives credit score to a dealer. 

The usage of borrowed cash means leverage, which amplifies potential beneficial properties in addition to losses. Therefore, margin buying and selling is an inherently dangerous technique. Extra so in a risky market corresponding to cryptocurrencies. 

Except for bearing extra threat, margin buying and selling has different prices. For instance, borrowed funds don’t come free of charge. Dealer must pay Dealer curiosity for utilizing these funds, which can are available in a type of open charges, rollover charges, and shut charges. 

Although leverage in margin buying and selling amplifies beneficial properties, these beneficial properties may not all the time be the top purpose of partaking with this technique. Oftentimes margin buying and selling is used to hedge the prevailing exposures attributable to decrease capital necessities for establishing a hedge. It means if a trader has a place that may probably lose worth attributable to an adversarial value motion of the underlying asset, margin buying and selling will help to ascertain positions that might compensate for these losses.

Trading experience at cex.io exchange

Users who have experience in trading currencies will have no had time using this service. By using this platform, a service fee will be charged for as low as 0.25% compared to the brokerage services. It also allows conversion of money through its mobile application. Initially, margin trading was done within the site but since 2019, CEX.IO decide to create service called Broker 

The CEX.io Broker is a platform that trades cryptocurrency through CFDs by considering the analysing tools, trading tools and the type of orders given. By using the Broker Platform, users can easily increase their profit margin as they can use their positions in the business as leverage. When exchanging CFDs, one is not actually buying coins, but rather, they are trading only in fiat or Bitcoin.

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Creating an Account at CEX.IO Cryptocurrency Exchange

CREATE AN ACCOUNT AT CEX.IO EXCHANGE

There are Personal Accounts and also business accounts on this platform. To achieve this, a website was created and a mobile application was implemented.

CEX.IO Exchange Mobile App

With this application,exchange becomes easier plus readily accessible. Clients can easily trade, deposit or withdraw their currencies, they monitor their orders and even track them by getting notifications. In addition, clients will easily know their account balance. This application is readily available on play store, plus it requires no effort to register.

Registration

  • After downloading  the application, click register
  • Provide a valid email 
  • Confirm your email and key in your log in details.
  • Enable 2FA code.
  • Verify the  process to unlock other features and withdraw your fiat funds. 
  • Moreover, legitimate documents will be required for verification. 

As per the documents provided, users accounts will be classified as either Basic Accounts which buys Crypto by using cards; or a Verified Account which buys Cryptos using all payment methods; or even Verified Plus Account where one can access all features in the verified account.

Transacting on CEX.IO exchange

For one to deposit funds into their Cex.io exchange account, they will need to transfer funds from their external wallet into their Cex. Io account with the same currency value. One can check their wallet address to know their account balance and transaction cost.

A user can send crypto currencies or Fiat into their accounts by:

Steps to buy and sell crypto at cex.io exchange

  • Logging in to your account
  • Click on  Finance
  • Select cryptocurrency
  • Click on Deposit
  • Choose continue and a deposit address will pop up
  • Copy the given address  or Scan the QR code 

Funds will be available in your account depending on the currency chosen

How to Withdraw the funds or Sell cryptocurrencies at CEX.IO Exchange

  • Log in to your  account 
  • Click on finance
  • Click Withdraw/sell  
  • Select your withdrawal or payment option 
  • Choose your currency 
  • Enter amount and select Withdraw/sell. 
  • Wait for a confirmation email. 
  • Click on the link provided  
  • Approve your request using 2FA. 

For one’s withdrawal to be effective, he or she needs to consider the following factors:first, they need to have their 2FA enabled. Secondly, the user must wait for more than 48hours after creating  their account to ensure verification. Lastly, the link sent for confirmation of withdrawal does expire after 30minutes

How to buy Cryptocurrencies at CEX.IO Exchange

  • Log in
  • Choose your mode of payment
  • Select  your Fiat currency 
  • Choose your crypto
  • Enter the specific amount you would like to buy 
  • Click buy 
  • Insert your card details as requested.

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Cex.io Exchange Fees 

Like all exchange platforms, the trading charges on CEX.io vary depending on that month’s selling volume. Most users however are not pleased with the hidden charges imposed by the platform. Depending on one’s choice of payment, the charges for withdrawal can shoot up to 3% ; to trade, one’s card should have a 2.99% fee or use bankwires like SEPA that come with no commission.

Transaction fees on CEX.IO work on a model called the Maker-Taker. In this model, the maker is the  person who created the order and he often pays a lower fee of 0.16% for trading volumes; compared to the taker. This percentage is  less than 5BTC and it usually goes down to 0% for trading volumes that are bigger than 6,000BTC. For the taker, a lower fee of 0.25% is given for a trading volume of less than 5BTC. This fee can get as low as 0.1% when trading volumes are higher than 6,000 BTC according to the CEX.io’s trading fees table

Cryptocurrencies supported

There are cryptocurrencies like BTC, ETH and BCH that can be traded among themselves. Almost all currencies can be purchased using USD while some use EUR, RUB and GBP.

Therefore, CEX.IO offers the following currencies to be bought: 

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Payment Methods Supported

The payment method on CEX.io is compliant with the PCISSC (Payment Card Industry Security Standards Council).  CEX.IO offers a variety of payment methods for depositing and withdrawing depending on rules set by the authorities and even a person’s own financial abilities.

Hence, the mentioned payment methods are accepted:

  • Debit Card
  • Domestic Bank transfers like ACH
  • Wire transfers like SEPA
  • Crypto Capital

Limits

Limits for depositing or withdrawing, have been set depending on one’s user account.  Another limit has been set on one’s payment option depending on how high or low the transaction is. Furthermore, users with verified accounts can buy Bitcoins daily from as low as $1000 to infinity and monthly as from $3000 to infinity. Click here.

CEX.IO exchange review – Security

This platform guarantees protection to clients funds. A good example is its Two-Factor Authentication code which helps protect the users data from insecurities. Secondly, an encryption feature that sends any information entered by the user to the platform was introduced. Moreover,customers can create a different password for better security, making CEX.IO the  second best platform after Coinbase.

In addition to this, CEX.IO has ensured it has the required documents for eligibility purposes. This documents include: SSL certificate,  PCI DSS certificate, its licence with ICO, Registration with FINCEN and its policy and procedures from AML

Customer Support

In case of any queries, CEX.IO cryptocurrency exchange  has a Help Center link at the lower section of the page where a couple of options are provided.

In case a user loses his mobile phone, he or she can send an email to support@cex.io to solve the issueas long as they had the 2FA active.

Its Physical addres is on the 2nd Floor, 1-5 Clerkenwell Road, London

CEX.IO cryptocurrency exchange has provided a helpline that ensures customers have  24/7 access to live chats and phones incase of an urgent issue.

It has also provided a FAQs section where users can easily access solutions to common problems before going for further assistance in the helpline section

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Conclusion

CEX.IO cryptocurrency exchange’s best features include: its security option, its multiple payment options and its in-built wallet. Its amazing competitive rates compared to its competitors like Coinbase, Coinmama, bitstamp and binance. This platform guides users on how buying and selling Cryptos is easy, even beginners can be comfortable interacting with this site. It also works well for the professional traders because it supports advanced trading techniques like margin trading. 

CEX.io greatest drawback is that it is supporting a specific amount of crypto currencies and charging a high brokerage service fee.

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PROS

  • Well established Cryptocurrency exchange with a large member base
  • Very user-friendly interface, ideal for beginners.
  • Wire transfer and SEPA are the other payment methods accepted.
  • Support decent number of main league cryptocurrencies to buy, sell, and trade
  • The transaction is fast and instant
  • Can buy an unlimited amount of bitcoins with verified plus and corporate account
  • safe cryptocurrency cold storage and financial viability
  • Offers high liquidity
  • cross-platform trading via website, mobile app and API
  • professional 24/7 support team

CONS

  • 7% fee if you buy Bitcoin directly with credit & debit card.

Sign up to the exchange

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