The introduction of cryptocurrencies came with massive changes in financial systems the world over. Companies and businesses were seen to rush to the newly found innovation, taking full advantage of all the best aspects of the high value digital tokens. This directly resulted in huge spikes in traffic on blockchain networks, particularly the leading one, Bitcoin. Subsequently, more developers started to create their own networks, some even claiming to be mass producing upgrades of the pioneer one, upgrades that would then render it obsolete. Clearly enough, it did not go this way, where some of them simply never gained popularity due to generally poor services, and the larger majority earned the name ‘altcoins’ or ‘shitcoins’ as they were merely seen as Bitcoin knockoffs. Today, the most prominent of these typically include Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH) and Tether (USDT). All these come behind the pioneer crypto, Bitcoin (BTC).
Now, it is important to understand that funds in crypto cannot be acquired the same way that conventional funds. They are a completely virtual, and so is their establishment. Long story short, crypto tokens are purchased with real world money, before being used or put under storage. These storage facilities can be likened to modern day banking systems, just completely digitalised. It all starts with what is known as a crypto wallet, the storage unit in which the funds will be kept. Acquiring these would then lead to the next stage, which also happens to be the lead of this review, the purchase of tokens in online exchange platforms. Alternatively, some of these platforms can also double as wallets for any purchased funds. They allow interested users to purchase digital blockcchin based tokens, using any fiat currency of choice, by way of placing the funds against the live exchange rate values and running of a trade procedure. The very first platforms of this kind emerged some time ago, during the early years of Bitcoin. As time progressed, more and more developers started coming up with their own exchange platforms. Through that development can one impressive online exchange, known as CEX.IO.
The platform can pretty early, having been launched in 2013. As the cryptocurrency scene expanded, so did everything around it. The platforms headquarters is based in London, in the United Kingdom. It has been the go-to exchange for so many traders for so long now, so long that some may not even be aware of any other worthy CEX.io competitors. That said, we bring you this comprehensive guide to finding CEX alternatives
Alternatives to CEX
Contrary to what some may believe, there are quite a number of sites like CEX.io. Due to the general abundance of crypto exchanges on the internet, finding new platforms may not be as hard. However, finding platforms that are actually better than CEX is quite the task. This is simply due to the fact that the platform has dug roots into the world of cryptocurrencies, roots that are rather difficult to match, much less surpass. Still, for the sake of diversity in certain regions, traders the word over are encouraged to look at other exchanges. Without further a due, here is a short list of the current top CEX.io competitors:
Binance
Well, anyone who has ever ventured into the cryptocurrency scene has come by Binance, at least one time. This is a phenomenal platform that facilitates in mass trading operations for users the world over. By annual trade volumes and overall traffic flow rates, Binance is much better than CEX, circulating massive amount of coins from just about every network in the crypto market. The developers do quite well to optimise the platform for mobile friendly usage that allows derivatives trading. The interface, across all devices, is crystal clear, meant to be simplistically attractive as well as highly efficient. Binance users can initiate Peer to Peer exchanges (P2P), as well as on the spot trades and future trades. Payments to the platform can be made using credit/debit cards, Bank transfers, and Transferwise, among others.
Features
- The platform makes use of its own native token, the Binance Coin. It is meant to improve user convenience throughout, acting somewhat like an intermediate value for trade. It is a recognised altcoin with real world value, though relatively low.
- Users can acquire the Binance card. With it, they can make on the go transactions, where the platform handles all other background conversions, if any.
- Incorporates Binance Earn; locked interest crypto accounts.
- User can take crypto loan from the platform. Terms and conditions apply to these.
Pros
- Trades are initiated in an instant of the request
- Gives mass exposure to the cryptocurrency world.
- Has a massive token capacity
- Relatively lower transaction and banking fees
Cons
- The platform, in its entirety, could prove to be overwhelming for small scale traders
- High traffic may slow down the platform from time to time.
Coinbase
Coinbase is home to a massive user base, projected to facilitate in trades of up to 40 million global users each year. The platform was launched, and is based, in the United States. Needless to say, the larger portion of its user base is also found in the United States. Be that as it may, the site is available worldwide, a trait which makes it a great potential alternative for CEX in your region. Regular crypto traders are sure to have come by the name ‘Coinbase Pro’ once or twice. Well, for the sake of clarity, this is the special version of the platform, meant to facilitate in the trading activities of professionals. Crypto purchases can be paid for using credit or debit cards, Faster Payments, Paypal or SEPA. However, PayPal seems to be limited to those users who would like to make withdrawals from their Coinbase crypto accounts.
Features
- Coinbase features a mobile application, meant to facilitate in more convenient trade operations, done on the go from anywhere on the planet.
- The platform facilitates in instant trades, making for very fast service rates.
- Besides Coinbase Pro, the developers also feature Coinbase Prime and Custody, meant to be specialised for institution level traders.
Pros
- Coinbase operates legally under licenses from multiple trade authorities, all while also going through regular trade audits for financial legitimacy.
- Offers insurance for high value digital assets
- Allows users to interface their bank accounts with the platform, making for faster, more convenient trades.
Cons
- Relatively smaller coin variety.
- Known to slow down during times of peak market volatility
LocalBitcoins
This platform comes through with a rather unique method of initiating trades. They make use of peer to peer (P2P) BTC intertwining. Simply put, the platform that is known as LocalBitcoins only acts as sort of an interface through which buyers and sellers of crypto can initiate seamless transaction operations. However, transactions are not just accepted and placed into relative accounts. Rather, the platform is obligated to ensure the legitimacy of both parties involved in the transaction. In other words, LocalBitcoins withholds all coins in transit, only releasing them after both parties have adhered to certain transaction terms, as stated by the platform. The user interface is nothing special, but it is quite efficient, where traders new and old can navigate through the platform with no major problems. Payments can be made with Remitly, WorldRemit, Advcash, Payoneer and Bank Transfers, among others.
Features
- As stated above, LocalBitcoins features an Escrow service. This makes for trustworthy transaction operations
Pros
- Traders of large volumes are set to benefit the most from the platform, with its high liquidity rates.
- Various modes of payment.
Cons
- Does not support debit or credit cards
- Does not offer a mobile application
Coinmama
This platform comes in from the European nation of Ireland. They incorporate a wide range of cryptocurrencies, inclusive of a number of large-cap coins. They operate in constant circulation of cryptocurrencies, initiating direct trades as soon as the requests are made. Coinmama comes with a loyalty program, meant to reward the most consistent traders quite handsomely. The platform also comes with a specialised broker service for large scale traders, the likes of international corporations. Payments can be made with SWIFT, Bank Transfers, Credit or Debit cards and Apple Pay, among others.
Features
- They feature a unique crypto broker service
- Coimania supports a sizable number of fiat and crypto currencies.
Pros
- Relatively high transaction caps
- Supports a more diverse payment pool
- Navigable interface
Cons
- Questionable transaction fees
- Relatively fewer cryptocurrency coverage
Exmo
This platform is founded in the United Kingdom. Admittedly, Exmo is still growing, but it shows great promise in the long run of crypto trade. It was introduced in 2018, and operates under no known authority. Payments can be made with Bank Transfers, Bacs, Faster Payments and CHAPs.
Features
- The platform uses its own native token, the EXMO. Those who use it are subject to lower transaction fees.
- Comes with a mobile application, facilitating in on the go trade operations.
Pros
- User-friendly interface, with a dedicated support line.
- Decent range of cryptocurrencies
Cons
- Relatively lower liquidity rates
How to choose the best CEX.IO alternative
Frankly, there are some key aspects that must be considered when searching for the most appropriate CEX.io alternative. These are given in short as follows:
- If the platform is available in your country of course
- The range of supported cryptocurrencies
- Proof of legitimacy is also a good trait
- Going through past records and reviews is also recommended, where it gives a broader, closer to home, understanding of what the particular site is all about.
- Operational experience is pivotal to good service provision, and must therefore be considered
Conclusion
With the rate at which crypto popularity is increasing, traders the world over are looking for other, less crowded services to work with. That said, CEX is still a great platform, that offers some of the best trading and crypto brokering services in the industry, the occasional overwhelming cannot take any of that away.
