CEX.io Review - One of the earliest Crypto Exchanges
CEX.io is one of the world’s oldest cryptocurrency exchanges, and it’s quite popular among users in the United States and Europe. It is one of the few exchangers that has never been involved in a controversy and provides its users with a secure, cheap, multi-purpose platform.
CEX.io offers two primary services: trading and brokerage. The platform supports a wide number of cryptocurrencies and has preset trading limitations based on the kind of user account. This CEX.io review will uncover every big and small information regarding the site and help you in deciding whether or not this crypto exchange is the correct option for you.
We’ll cover the main criteria that should impact your decisions, the optimal target audience for using CEX.io, and areas where it has potential for development where rivals may have a little advantage.
CEX.io Exchange Review
CEX.io began as a mining platform in 2013 in London, UK. It was one of the world’s biggest mining pools, holding more than 42 percent of the mining power. It also controlled GHash.io, one of the biggest cloud mining services at the time, as well as CEX.io.
In 2014, Bitcoin values plummeted, forcing CEX.io’s cloud mining platform to halt all operations. However, being an established brand name by then, they continued to offer their exchange services, implying that CEX.io would now function exclusively as an exchange, with GHash.io being the team’s only cloud mining services provider.
CEX.io is one of the top 50 cryptocurrency exchanges in the world, among over 300 others, at the time of writing. With over 400,000 average monthly visitors on CoinMarketCap, it is also one of the most popular options in the world, supporting 189 markets, 80 altcoins, and over 200 trading pairs at the time of writing.
It has over 4 million registered clients globally and employs over 250 people in offices in the United Kingdom, the United States, Ukraine, Gibraltar, and Cyprus. The exchange has a lot more to offer than just buying, trading, and storing bitcoins.
Services such as crypto staking, savings, and crypto-backed loans are available to users. REST APIs, FIX, WS, and other enterprise-specific capabilities are available on the platform. It also provides a diverse range of payment options and adheres to internationally recognised high security standards. We’ll learn more about them and grasp the intricacies as we go through each element in depth in our CEX.io review.
In This Review
CEX.io Exchange Features
Their website is extremely user-friendly and straightforward. The design, on the other hand, is extremely clear and simple to comprehend. Even if you’re a novice, certain websites will slap you in the face with insane numbers or complex features the minute you arrive.
It’s as simple as pie to figure out the controls and navigation of the website using CEX.io, and to grasp which button does what and how to access certain elements inside the site. They offer well-divided information on their website with appropriate categories, so you don’t have to browse too far when looking for anything specific.
2. Excellent Tutorial and Help Section
As a new user on CEX.io, each registered user is welcomed with excellent assistance and training on how to use and navigate the website. Purchasing your first cryptocurrency may be daunting for a novice. Similarly, even an experienced customer would want to be certain of their procedures while purchasing from CEX.io for the first time.
If you feel that all of this is still insufficient, you may contact them through an email contact form and express your questions. When customers submit a CEX.io review, one of the most frequent things you’ll notice is that they appreciate the customer service and response speed of the CEX.io support team.
3. Various Payment Options
This is a significant benefit for traders who prefer not to put all of their eggs in one basket and therefore have their money split. They may select which money to send and whatever manner is most convenient for them.
The following payment methods are accepted:
- ACH (For users in the United States)
- Wire Transfer (both domestic and international)
- Faster Payments (in the UK)
- SEPA (Specifically for countries of the European Union)
- Skrill (for EUR and GBP fiat)
However, things may get complicated at times since each of these payment methods has its own set of costs in addition to the fees imposed by CEX.io. As you read on, be sure to go through the fees section to have a better idea of the costs you may face based on the transactions you complete.
4. Trading on Margin
While this is not advised for newcomers to the world of cryptocurrency, it is a useful small benefit for experienced users. Margin trading is just borrowing money, investing it, and trading it as you see appropriate. Based on the agreed-upon conditions, the lender receives a commission, fees, or a rate of interest on the borrowed money.
Margin trading is quite helpful for experienced crypto traders, particularly those that play in the major leagues. Although the notion may seem appealing, it entails many dangers and potential losses if undertaken without sufficient study, therefore we repeat that this is not advised for novices or people who are unfamiliar with the concept.
5. Brokerage Services Simplifies Life
Are you a first-time user? Are you perplexed by the procedure of purchasing new cryptocurrencies? Are you an advanced user who doesn’t have the time to spend in daily market checks and trend analysis?
Don’t worry, CEX.io will handle the cryptocurrency trading for you. Users may make trades based on FOK (Fill or Kill) orders without having to learn anything about trading. This means you specify the trade conditions and tell the CEX.io broker to execute the transaction based on them.
6. Fees for Trading Platforms Are Ideal For Advanced Users
While brokerage services are available to novices, standard trading services are also available to everyone. It’s a question of preference since the standard trading platform provides more choices and sophisticated capabilities with lower costs. Although the complexity rises, the fees remain substantially cheaper.
For example, if a transaction X to Y is charged a 7% commission for brokerage services – the maximum price for brokerage services – you will be charged just 0.25 percent, the highest allowed on the trading platform.
7. There are no withdrawal limits for verified users.
Withdrawal restrictions are a significant thorn in the side of sophisticated users, making it difficult for them to keep the liquid money rolling or convert these liquid assets into in-hand cash. You don’t have to worry about any restrictions if you’re a verified user. In the next sections of our CEX.io review, we’ll look at the various account categories and user limitations.
CEX.io Account Types
On CEX.io, a user may have one of four types of accounts. After reading this CEX.io review, you will have a better understanding of the verification and trading procedure, as well as the limitations. The following are the many kinds of accounts:
A credit card may only be used to buy a maximum of $1000 worth of BTC each day. Furthermore, you may only deposit $3,000 and withdraw a maximum of $10,000.
If you get your address and identity confirmed, you may deposit and purchase Bitcoins worth up to $10,000 per day and withdraw a maximum of $10,000 per day. You may now utilise bank transfers.
You levelled up up to this point by confirming more of your information. From now on, you will progress by paying. An upgraded user has an unlimited deposit and withdrawal capacity, as well as priority customer support.
Along with limitless deposits and withdrawals and priority customer service, you also receive tailored advantages to meet the requirements of your company.
Regulation And Security
This exchange’s stronger features are security and compliance. While we have previously shown that the exchange is KYC and AML compliant, there are many more security areas where it outperforms its rivals. These are the following:
- Regulatory approval in all countries where it has offices, including the United States (FinCEN) and the United Kingdom (ICO).
- It is on the verge of obtaining a license from the FCA in the United Kingdom and the GFSC in Singapore.
- PCI DSS certificate – this certificate is the highest level for demonstrating a business’s ability to store, manage, and safeguard your data, and it is one of the most well-recognized honors a company can receive for its security and data protection practices.
- Transaction tracking in real-time.
- Data kept in cold storage facilities and custody accounts.
- Wallets with complete data encryption and two-factor authentication (two-factor authentication)
The maximum brokerage fees may be as high as 7%. There are no extra costs for wire and SEPA payments to the trading platform. Credit cards are subject to a 2.99 percent fee. Withdrawal costs increase to 3%, with a maximum service charge of $25.
Trading costs between 0.16 percent and 0.25 percent, depending on the transacted volume, while margin trading costs 0.5 percent.
Are All of Your Coins Accepted?
Coins, like nations, are supported depending on the transaction’s purpose. We’ll cover all of the main cryptocurrencies so that our CEX.io review will give you a good idea of whether or not this exchange is a good fit for your portfolio.
Using Brokerage Services to Make a Purchase
BTC, ETH, XRP, and BCH are the supported cryptocurrencies for trade. With the exception of XLM, ATOM, GAS, NEO, ADA, ONG, ONT, MHC, BTT, DASH, XLM, and TRON, you may deposit some of the cryptocurrencies listed above.