CEX.IO is a globally licensed virtual currency exchange platform where market participants such as traders or investors trade a variety of cryptocurrencies. for earning trading rewards. Seasoned crypto traders discover their broad range of tradable assets and comprehensive trading capabilities. However, newcomers may be confused by the platform’s numerous features. Today, I’ll try to remove this confusion and share with you complete information about the CEX.IO trading platform. Stay hooked to get informed about the reputation of the CEX.IO exchange.
What Is CEX.IO?
CEX.io is a full-featured cryptocurrency exchange administered collaboratively by three organisations i.e. CEX.IO LTD, CEX.IO Corp, and CEX.IO Limited. CEX.IO LTD serves the international community), CEX.IO Corp serves the US community, and CEX.IO Limited provides its services to the people in the European Union.
Although the company’s brand is flawlessly represented when viewing the interface from any country, the functions that a user may access depending on where they are surfing the website.
In fact, you may access a few features on CEX.io regardless of where you are. That illustrates why this exchange platform has more than 3 million active users and a daily trade volume of $10 million.
CEX.io was one of the first forex trading exchanges to provide consumers with the ability to trade cryptocurrency directly for fiat cash when it was incorporated and debuted in the United Kingdom in 2013.
The site initially enabled card transactions including bank transfers, but it has subsequently expanded to include additional fiat-to-crypto conversion possibilities. In 2015, the firm developed its mobile app, in 2017 it completed a FinCEN compliance examination, and 2 years later it established offices in the United States.
Oleksandr Lutskevych is the CEO who has held that position since 2013. The team consists of two hundred and fifty people. They are headquartered in the United Kingdom, the United States, Gibraltar, Cyprus, and Northern Ireland.
Products And Services
1. Spot & Margin Trading (Spread Betting)
CEX.io rose to prominence as a spot trading system. Customers could start trading cryptocurrencies for fiat money or other cryptocurrencies. To link traders, the exchange, like many others, employs an order book model. Simultaneously, they offer additional instruments for fast sale and conversion.
CEX.io launched a spread betting option to its platform in 2016, allowing traders to trade with leverage or with more capital in their account. Their spread betting solution, which recently combined with CEX.io Broker enables you to trade authorized pairs with leverages of 1:2 and 1:3.
The Broker offering combines their leverage trading platform with the ability to trade cryptocurrency-based contract-for-differences (CFDs).
It gives traders an option to get up to 100x leverage and have access to modern trading features not available on the spot trading offering. A demo feature is also available for beginner traders to develop their abilities before entering the market with real money.
3. CEX Direct
With the CEX Direct software-as-a-service (SaaS) feature, customers are allowed to easily provide cryptocurrency to the people. CEX.io will manage all of the processes, including user authentication, transaction processing, and coin distribution to individuals.
The service is aimed at cryptocurrency exchanges and other financial apps that want to sell cryptocurrency to clients.
Customers may also fund their accounts with supported proof-of-stake (PoS) currencies in order to gain staking rewards. Staking incentives are given at the beginning of each month, and traders may utilise the exchange’s staking calculator to estimate their prospective earnings.
CEX.io provides loans secured by bitcoin. Participants can deposit BTC or ETH and lend up to 50% of the amount put up as security. Over-collateralization ensures that the borrower cannot fail on the loan and allows them to access funds without liquidating their assets.
CEX.IO offers a loan calculator that will let prospective borrowers examine their loan conditions and length, which spans from 7 days to 1 year. Once authorised, the money will be put to your account, where you may withdraw them to your bank card or use them to purchase cryptocurrencies.
6. CEX.IO Aggregator
CEX Aggregator is a company-provided API-based service. It enables exchanges, cryptocurrency wallets, high volume investors, hedgers, and others to conduct trade orders at the best market rates.
CEX Aggregator links to different liquidity sources across exchanges and offers a variety of fiat-to-crypto and crypto-to-crypto trading pairings.
7. Supported Cryptocurrencies On CEX.IO
CEX.IO accepts more than100 virtual currencies and assets and adds more coins on a regular basis. The list includes:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Cosmos (ATOM)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Tezos (XTZ)
- Tron (TRX)
- Uniswap (UNI)
- Zilliqa (ZIL)
CEX.IO discloses its pricing structure, deposit and withdrawal charges, and account restrictions in detail. Different charges apply to various payment methods.
Fee Structure for Maker-Taker
Trading costs are determined daily at 00:00 depending on each participant’s 30-day trading volume (GMT). A 0.25 percent taker fee and a 0.15 percent creator fee will be charged to new and low-volume customers.
9. Security Features
CEX.IO offers its users cold wallet to keep their assets and just a tiny fraction in hot wallets to maintain the security of their cash. Because cold wallets are not hooked up to the internet, they are safer than hot wallets. The quantity required to fund day-to-day trading operations on the platform determines the percentage of crypto stored in cold vs. hot wallets.
It is vital to remember that the majority of assets housed in CEX.IO hot wallets are corporate funds, whilst user funds are mostly maintained in cold wallets. That example, if the exchange is hijacked, the company’s cash may be taken, but user funds should be mostly untouched.
10. Customer Satisfaction
Many exchange platforms provide multiple features but lack customer care, but CEX.IO platform takes care of customer satisfaction. CEX.IO has made it a priority to deliver excellent and responsive customer service to its users. CEX.IO has a 4.7 rating on Trustpilot, which is quite good for a crypto exchange.
Many consumers were dissatisfied when CEX.IO suspended its mining services owing to negligible profitability. Customers appear to be mainly happy with the exchange’s products and services now that the firm has suspended its mining operations.
How Does CEX.IO Compare to Other Cryptocurrency Firms?
While other cryptocurrency exchanges focus on certain regions, CEX.IO’s worldwide strategy and accessibility in 99 percent of nations distinguish it from its competitors. However, CEX.IO lacks the customer base and liquidity of prominent exchanges like as Binance and Coinbase.
CEX.IO is competitive in terms of costs, a variety of authorized assets, and additional perks such as borrowing and staking, making it an effective platform for anybody wishing to buy, sell, loan, and earn cryptocurrency.
How to Buy Cryptocurrencies On CEX.IO
1. Opening a CEX.IO Account
It is very easy to sign up and activate an account at CEX.IO. The procedure looks similar to registering for a typical online trading account.
To create a personal account, you must enter your identity information which includes your name, email id, password, and place of origin. After sharing this information, you must validate your email address by entering the passcode you received through email.
You may now fully explore the CEX.IO platform. To finish your enrollment and begin trading, you must go through an identity verification procedure that includes government-issued papers revealing your address. Your deposit and withdrawal limits will be increased once finished.
2. Purchase Cryptocurrency using a Visa or Mastercard
You can purchase cryptocurrencies on the platform after you have verified your account. You have the choice of using the Instant Buy option, which accepts credit and debit cards or going via the order book.
- Select the Buy/Sell option.
- Choose the cryptocurrency to purchase and the currency to spend.
- Enter the transaction amount here.
- On the following screen, enter your credit card information and confirm your order.
- Once validated, navigate to Finance to examine the BTC or other cryptocurrency that has been added to your balance.
3. Purchasing Cryptocurrency using Fiat
- Select your chosen fiat deposit method under Deposit.
- Choose a currency and input a value.
- If you select Domestic Bank Transfer, use the information given to transfer funds from your bank to CEX.io.
- Once validated, the exchange will deposit the deposited funds into your fiat wallet, for example, GBP.
- The Finance tab displays the balance.
- Go to Trade and choose a fiat pair that corresponds to the cryptocurrency you wish to purchase, such as GBP/BTC.
- Change the order type to “Market.”
- Enter the amount of GBP to be converted into BTC.
- Confirm the transaction.
- CEX.io will deposit the acquired BTC into your wallet, which you may access via the Finance page.
Is CEX.IO Reliable?
Newcomers to the cryptocurrency field frequently inquire whether CEX.io is a secure and reputable trading platform to utilise. Based on the facts shown thus far in this CEX.io exchange review, you may already take your own judgments.
The firm is licensed in several countries and has been in operation for far longer than most rivals. If such friendliness is any indication, we may conclude that it is a reputable site for anyone searching for a place to exchange cryptocurrencies.
Advantages And Disadvantages Of Using CEX.IO
- CEX.io is a trustworthy and licenced cryptocurrency exchange.
- Even inexperienced users will find the exchange interface simple to use.
- The platform accepts a wide range of fiat deposit methods, including card transactions.
- The mobile app is simple to use and a useful tool for anybody who wants to keep track of their portfolio while on the road.
- Through their Broker offering, you may open margin positions and trade with leverage.
- Users can generate passive revenue by staking their PoS currencies.
- The loan feature allows customers to obtain liquidity without selling their Bitcoin or ETH.
- On Telegram and other social networks, the platform has an active community of followers.
- The platform also offers a wallet to keep the crypto assets securely.
- In comparison to other exchange platforms like Binance and Coinbase, CEX.io supports less coins.
- There are just four currency pairs available (USD, GBP, EUR, and RUB).
- For professional ones, the trading platform misses advanced functionalities.
CEX.IO platform is very intuitive and simple to use. It is an excellent starting place for individuals to purchase cryptocurrency for the very first time. New buyers can acquire cryptocurrencies with their credit/debit card using the Instant Buy option.
Another feature we enjoy about the exchange is the possibility for consumers to obtain answers to their questions over the phone. Many exchanges do not provide this option, despite the fact that it is one of the few options for customers to voice their concerns or explain the challenges they are experiencing on the site.