CEX.IO is one of the ancient Bitcoin exchanges still existing and doing the most in the crypto space. It came into the existence in London in 2013 and has aided three million clienteles in that period. In this CEX.IO review we are going to shed more light on this marketing feature and other things you need to know.
In the early days, CEX.IO’s main produce was a cloud mining pool called Ghash.io. At some point, this pool accumulated 42% of the Bitcoin network’s hash power. However, Ghash.io closed in 2015 as management focused on their other exchange business.
Let’s begin this CEX.io review from the fundamentals. CEX.io is a cryptocurrency interchange platform. It receives multiple deposit types and funds dissimilar digital assets. It is great for both progressive users and beginners getting started with buying and selling cryptocurrencies.
This guide to buying Bitcoin, or think of it as your life-changing decision, will teach you what you need to know about owning the most valuable investment you’ll ever own. Because of its intrinsic existence as a store of money, Bitcoin is often compared to gold. Therefore, make sure you trade wisely and if you do the right thing in BTC trading you will surely live pretty with loads of money and investments.
The crypto was founded in 2013 in London, United Kingdom. The GHash.io mining pool was originally owned by a cloud mining provider. In 2014, GHash was one of the most famous mining pools.
The interchange platform took the decision to cease offering cloud mining services in early 2015. This was due to the low Bitcoin price at the time, as well as the lack of mining hardware owned by the firm. The GHash.io mining pool has been decommissioned. CEX.io, on the other hand, will continue to exist exclusively as a cryptocurrency trading network.
The crypto allow its customers to buy cryptocurrency using the credit card, wire transfer along with a SEPA transfer. If you resides in Europe the website will offer you two ways to buy crypto.
The trading service offered by cryptocurrency allows new customers to purchase cryptocurrencies in a simple (though somewhat more expensive) manner. This means that the crypto will charge you a fee to trade cryptocurrencies on your behalf.
The crypto carries a good relationship with many countries in the world except of the following:
Afghanistan, Algeria, Bosnia and Herzegovina, Bahrain, Bangladesh, Bolivia, Burundi, Cambodia, Democratic Republic of the Congo, Central African Republic, Cuba, Algeria, Ecuador, Ethiopia, Iraq, Iran, Iceland, Kuwait, Laos, Lebanon, Libya, Morocco, Nepal, Nigeria, North Korea, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Somalia, South Sudan, Sudan, Syria, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe.
At the same time, MasterCard withdrawal users from India are disabled.
Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Bitcoin Cash (BCH) Bitcoin Gold (BTG) Dash (DASH) Stellar (XLM) Litecoin (LTC) Tron (TRX) BitTorrent (BTT) MetaHash (MHC) Ontology (ONT) Ontology Gas (ONG) Cardano (ADA) Neo (NEO) Gas (GAS) Cosmos (ATOM) Basic Attention Token (BAT) Tezos (XTZ) Matic Network (MATIC)
You need to keep in mind that all the coins can be purchased using the USD.
Credit / debit card Wire transfers (including SEPA) Domestic bank transfer (ACH) Skrill (for EUR and GBP)
The payment options will allow you to make payment without facing any challenges. All you need is to have internet access and you will be good to go.
The amount of fees and secret costs that CEX.io has is one of the most common concerns users have about the website. The cryptocurrency, for example, will deduct up to 7% of the value of fiat currency you pay for a service.
For eg, if you buy $1,000 in Bitcoins, you will only receive $920. This means that the high exchange rate you see on CEX.io also covers the subscription charge, and there will be no further payments.
The fee listed above, however, only applies to the brokerage service. The trading site has its own set of fees. To deal, you’ll need to finance your account with a bank cable, a SEPA payment (both of which have no commission charged by the crypto or a credit card (2.99 percent fee).
Limits & Liquidity
Before you venture into trading you need to keep in mind that there are four verification tiers which include;
Accounts with authenticated identities will purchase up to $1000 in Bitcoins a day. These users can only make payments using a credit card. Accounts with validated addresses can purchase up to $10,000 in Bitcoins per day and withdraw up to $50,000 per day. The number of Bitcoins that can be purchased for an Enhanced Corporate validated account is unlimited.
To be verified, you must have a government-issued identification card as well as personal information.
How to use CEX.io
In a online trading analysis, it’s important to mention target consumers. The cryptocurrency is suitable for both novice and experienced users. We’ve outlined some of the features that make the account suitable for all types of users below.
The interface is very user-friendly. And if you’ve never used a cryptocurrency trading site before, the crypto is quite simple to use.
The help segment is fantastic. Buying digital currencies for the first time can be intimidating for novice traders or buyers.
Many FAQs can be found in the website’s help section, and if that isn’t enough, contacting CEX.io is simple thanks to the email request method.
Registration & Verification
Users must apply their identity card, a selfie of themselves keeping it, and proof of address. The government-issued identification card must be the same as the one you used to fill out the above form. Country identification cards, visas, and driver’s licenses are also acceptable forms of identification.
The owner of the identity document (you) must be included in the selfie holding the document. There are a lot of rules to follow, and getting a clear shot can be difficult.
How to buy Crypto
After you’ve finished loading funds into your account, go to the top of the page and press Buy/Sell to begin purchasing Bitcoin or Ethereum.
You will note that the price of Bitcoin is higher than it is on other exchanges. Since CEX charges a 7% premium for its services, this is the case. Personally, I think this is a little big, but it’s appropriate at times (in desperate situations).
You have the option of buying bitcoins at a set price (100, 200, 500, 1000) or adding your own custom price, as seen in the above screen.
To complete the process, click Buy and then Validate. Your bitcoins will be instantly added to your wallet.
If the number is significant, we recommend transferring the bitcoins to a stable hardware wallet like the Ledger Nano S. If the sum is tiny, you can transfer it to a hot wallet like MyCelium or Jaxx.
CEX.IO is more than just a Bitcoin exchange; it also provides financial services such as crypto staking and loans.
You can earn daily interest if you have a stakeable digital asset in your CEX.IO wallet. Depending on which digital currency you own, the exact returns can differ.
These applications provide many of the features of the online site. From inside the app, you can purchase, sell, and watch maps.
The ability to set price warnings is a new addition. You can set the CEX.IO software to alert you when the price of a supported asset increases by a certain amount over the course of a 24-hour span. You may also choose a value and get a warning when the price exceeds a certain percentage of that value, ranging from -99.9% to 1,000%.
The use referral links for some VPN services that have received high ratings in our reviews and that we believe provide above-average service quality. We do not, however, make recommendations based on commissions, so we aren’t recommending provider X over provider Y just because provider X pays us affiliate commissions.
This money transmitter that is registered in a number of countries around the world. The exchange complies with the PCI DSS. CEX.IO has fulfilled some criteria related to its processing of customers’ credit card records, as defined by the Payment Card Industry Data Security Standard.
In addition, to keep your account safe, you can set up two-factor authentication (2FA) through SMS or Google Authenticator on CEX.IO. SMS 2FA is not suggested, as it is exposed to sim-swapping. App-based 2FA like Google Authenticator or Authy are preferable.
There is currently no provision for hardware 2FA devices like Yubikey or Nitrokey.
CEX keeps the vast common of its funds on wallets locked in vaults sheltered by armed security guards and video surveillance.
CEX.IO has a support center with 79 articles covering everything from account verification to setting up trading APIs.
If you have a problem, this is the first place you should turn to.
The support center also has a glossary with definitions for more than 50 common crypto-related terms.
Above all, Contact [email protected] for account-related issues and cardholder correspondence.
If you prefer to speak with a live person, CEX.IO has a support phone number (+44 20 3966 1272).
CEX.IO’s Twitter page is updated with industry news and commentary on a daily basis. Their Telegram channel is really popular as well.
Is it Legit?
If you were doubting: Is CEX.io legit? Or, is CEX.io safe? The response is yes and no. The site is surely legit, as it has been registered in the United States as a Money Services Business. The agency that it’s approved is called the Financial Crimes Enforcement Network (FinCEN). This means they’re highly unlikely to abruptly pull an exit rip-off on you!
The platform also provides users with protection under a level two DSS certificate. This simply means it has demonstrated itself as having a certain level of security to store, process, and transmit payment card data.
CEX.io, on the other hand, should not be regarded as absolutely stable. After all, it is a cryptocurrency exchange. Since they hold a large number of different currencies, they are a prime target for hackers.
On the other hand, CEX.io can not be considered fully stable. It’s a coin exchange, after all. They are a prime target for hackers because they possess a vast range of different currencies.
Pros & Cons
- The help segment is fantastic. If you’re having trouble figuring out how to do anything on CEX.io, there’s usually a forum in the support section that can help. If not, there is an easy-to-use email help form on the website.
- The exchange has a variety of trading pairs and fiat currencies to choose from. This means you can use your preferred currency to buy and sell various cryptos. It’s not enough to return to Bitcoin first. There are fewer trades, so there are fewer taxes!
- It’s easy to use and navigate. Even the most sophisticated trade windows are neat and tidy. This makes visiting the CEX.io website fun and easy for newcomers.
- Optional margin trades (trade using borrowed money). This is a very dangerous type of trading that is not recommended for beginners!
- Secure and registered. The company is registered with FinCEN in the United States as a Money Services Business. It also comes with a DSS level two certificate.
- The platform does not have a large selection of cryptocurrencies. You won’t be able to buy it at CEX.io if it has never been in the top ten cryptocurrencies by market capitalization. That’s a disadvantage for this review.
- It’s important not to put too much faith in the security of any exchange. Every transaction has the potential to be hacked. As a result, as I previously stated, it is critical not to leave any money on the website. This holds true for both fiat and digital currencies.
What we Like About this Platform?
CEX.IO provides an affiliate scheme that allows you to collect commissions if anyone signs up through your specific connection and begins trading. When they sign up for your referral code, you can get 30% of the fees they pay.
According to the exchange, associate earnings totalled more than $2 million. There is no limit on how much money you can make from affiliate incentives.
CEX.IO also runs special promotions from time to time that can help you earn some extra cash.
One recent promotion offered 15 USDT to the first 30 users who completed five altcoin trades and posted the results in the chat.
However, depending on the scale of the jobs, you can end up paying more in commissions than you get from the incentive.
Although deals like this are good every now and then, they shouldn’t have too much of an impact on your choice when choosing an exchange. Much more significant considerations include trading costs, payment processes, and stability.
So there’s our take on one of the most successful fiat-to-crypto exchanges in the world. It’s easy to see why CEX.io has been so popular in recent years, given its myriad deposit opportunities, diverse digital properties, and user-friendly nature.
You should have a clearer understanding of what the platform is and if it’s right for you now that you’ve done reading this guide. If you believe there is a better forum for you, consider Coinbase, Binance, or Kraken.
Then, what are your thoughts? Is CEX.io a rip-off? Isn’t that just what it seems to be? Is it, in truth, a trustworthy and worthwhile exchange? Will you need it to store the cryptocurrency? Allow this analysis to provide you with answers to those questions.
Is CEX.io a Wallet?
No, it’s not true. CEX.io is a cryptocurrency trading platform. Although you can keep your funds in the exchange’s online wallet, it’s best to move them to your own.
Does the platform require your ID?
Yes, really. An foreign passport/national ID card/license driver’s is required for all authentication levels on CEX.io. This paper should be accurate and accepted around the world. Check to see whether it’s written in Latin or has Latin transliteration of the key fields.
How do I Buy Bitcoins on CEX.io?
Go to CEX.io and click on “buy/sell.” Select the cryptocurrency you want to buy and your payment currency. Enter an amount to buy. Click “buy.” Finish the sign-up process and verify your identity. Enter your payment information. Withdraw the coins to your wallet.
What are the alternative to CEX?
If you believe CEX. io is not the best cryptocurrency exchange platform for you, you should look into Binance, Coinbase, and Kraken. These will also offer you a great way to trade and carry all your transactions without any hassles.
How long does it take to make withdrawals?
Once you make a request to withdrawal, the process will be done within 24 hours. However, it might to a bit longer for the money to reach your bank account. But it is worth the wait regardless.