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What’s Different about CEX.io?
Currently, CEX is one of the top cryptocurrency exchanges in the world. The main reason for its popularity is CEX’s highly user-friendly interface that makes trading accessible and easy for beginners. Its cross-platform support and customizable multi-level account system makes it a flexible tool for novices and professionals alike. CEX adds even more value with the wide variety of trading and payment options available to users.
How to Sign Up on CEX.io?
1. Visit the registration page of CEX.io and enter the details requested to create an account.
2. CEX adheres to KYC and AML policies which requires verification of identity while signing up on CEX. Confirm your entered email by clicking on the link received in your email or copy-paste the code in the email to the field on the confirmation page.
3. Also confirm your phone number for two-factor authentication providing an added layer of security. This can either be done through SMS or Google Authenticator.
After the creation of your account, you can immediately start buying crypto or place a market or limit order.
How to Buy on CEX.io and the Supported Payment Methods?
Depositing Funds
Once you have successfully signed up, CEX lets you buy Bitcoin or Ethereum through a credit or debit card, wire transfer or SEPA transfer for EU residents. All you have to do is enter the credit and debit card information and wait for verification that may take up to 48 hours. For card verification, users must submit a clear, high resolution selfie with their credit card.
When it comes to bank transfers users can either choose domestic or international bank transfer.
Domestic Bank Transfer is available for USD and EUR. For US bank account holders and payments made in USD, processing is done by the ACH or domestic wire network. Meanwhile for EU bank account holders, processing will occur through SEPA. UK bank account holders can also use Faster Payments for payments made in GBP.
International Bank Transfer is possible via SWIFT and is available for US dollars, Rubles and Euros. There is a flat rate fee of $/€ 10 applied on all bank transfers in USD / EUR.
CEX.IO clearly explains how its service works, with below providing a summary of how to purchase cryptocurrency through the platform:
Buying
When you finally have some funds in your account you can start buying by following the steps given below:
• As you enter a trade, CEX calculates its price and freezes it for two minutes. Now you can enter the amount (in fiat terms) of Bitcoin or Ethereum you want to purchase and CEX will show the amount of cryptocurrency you will receive in return.
• When you press the Buy/Sell button, the system will cross check your account to ensure that you have enough funds available to complete the transaction.
• During the completion of the order, if the market goes down then the trade will continue, providing you a more favorable rate. However, if the rates have gone up and is now more than the agreed upon rate, the transaction will be stalled and you will be notified.
CEX.io Trading Fees & Charges
CEX.io has a charge of 3.5% in addition to a $0.25 for credit card deposits. This additional price allows CEX to provide a guarantee that users will receive their agreed upon funds immediately.
Apart from that, CEX also charges a service cost up to 7% included in the cryptocurrency price. Whereas the basic fees per trade starts at 0.2% with higher fees for credit/debit card and bank account users. It is estimated that CEX provides balanced rates as compared to others in the market.
Maker and Taker fee
The transaction fees on CEX.io is associated with the 30-day trade volume and recalculated every day considering the trades on that day.
| Trade volume 30-day, BTC | Taker | Maker |
|---|---|---|
| ≤ 5 | 0.25% | 0.16% |
| ≤ 30 | 0.23% | 0.15% |
| ≤50 | 0.21% | 0.13% |
| ≤100 | 0.20% | 0.12% |
| ≤200 | 0.18% | 0.10% |
| ≤1000 | 0.15% | 0.08% |
| ≤3000 | 0.13% | 0.04% |
| ≤6000 | 0.11% | 0.00% |
| >6000 | 0.10% | 0.00% |
How Secure is CEX.io?
In addition to the two-factor authentication provided by the platform, CEX also claims to protect funds by storing them offline. While CEX has faced a security breach once in 2013, it was quickly patched and no such incident has been reported since then.
Conclusion
CEX is a reliable cryptocurrency exchange for trading in Bitcoin and Ethereum. Despite some complaints surrounding its customer support, large hidden fees and verification difficulties, CEX has managed to carve a name in the cryptocurrency world and continues to be one of the popular choices for beginners.
| Pros of CEX.io | Cons of CEX.io |
|---|---|
| • Easy to use interface which is perfect for novices. | • High service fees and reports of hidden fees. |
| • Well established and reputable with good security measures in place. | • Very limited currencies supported as compared to competitors. |
| • Cross-platform support in the form of website, API, Web socket and mobile application. | • No anonymity, verification required. |