With so many cryptocurrency exchanges in the market, The traders usually get confused which one to choose. Also, a question arises which exchange will allow to buy cryptocurrency using fiat money. Today we will discuss one such exchange – CEX IO Exchange in this CEX IO review. Let’s understand the exchange in depth.
CEX IO Review:
- Why choose CEX.IO?
- Account Creation And Verification
- CEX.IO Trade
- CEX.IO Fees Structure
- Other Services
CEX IO Exchange is a Bitcoin exchange that was founded in 2013. The Company has its headquarters in London, UK. CEX.IO has a very different approach when it comes to its customers. It follows a new and individual approach whether it’s a beginner or an experienced trader. The company provides its services in 99% of the countries with 0% trading fee for makers. This platform has served half million user’s so far.
There is an option of cross-platform trading through various means such as a website, mobile application, through REST API and Web socket. For instant buying and selling of crypto, this platform uses bundle interface. One of the most important features of CEX.IO is that it maintains high liquidity for top trading pairs.
Why choose CEX.IO?
CEX IO Exchange has a positive reputation among its counterparts. This makes the exchange trustworthy among the users. The platform has gained a customer base of over 3,000,000 users.
The exchange platform is constantly working on adding new coins, to enhance security and customer support.
Account Creation and Verification
How to register a new account on CEX.IO?
In order to register a new account, log on to www.cex.io Click on the “register” tab. Enter the details as required such as Email ID and password and click on “I agree to T&C”.
CEX.IO exchange takes security very seriously. Account verification is the main aspect to enhance security. Alongwith 2FA, the platform enforces these steps for verification –
- Identity Verification
- Address verification
- Enhanced verification
- Corporate verification
The platform has a detailed verification guide. The beginners can easily access the exchange website and use it.
Buy/Sell at CEX.IO
The interface is very efficient and easy for a trader to buy/sell on this platform. Select the crypto currency either BTC or ETH and the fiat currency for exchange. USD, EUR, GBP, RUB is the fiat currency acceptable on this platform. Enter the amount for both and click on “Buy” or “Sell”.
Process of Buy/Sell
CEX IO Exchange has a countdown of 120 seconds. In this time, the platform calculates price of cryptocurrency and locks it. If the buying/selling is done within this time, the CEX Trade order will be executed. However, in case of time lapse, the order will he kept on hold. The new value is calculated and order is proceeded as per the new CEX Trade price value. The user will face complications only when BTC trade price crashes. Otherwise there will be minor difference in CEX Trade price value.
All the CEX trade pair’s prices is available in real-time with timelines in minutes and hours. The user can also see the 24-hour trading volume and the opening price for the day. There are also several tools available such as charts with market depths and analysis of the crypto currency.
The platform also provides the feature of margin trading platform known as CEX.IO Broker. A lender can provide the investment to an active trader for a fixed interest margin. The trader can trade on higher prices and earn the profit. The platform offers trading of cryptocurrencies via CFDs with a variety of order types, technical analysis tools and advanced trading tools. This enables users to use 10x leverage.
Margin trading comes with 3 types
- Regular trading
- One click trading
- Double click trading
Margin trading has a demo account option to understand the trade platform. This account has its own limitations like the account will get closed automatically after 3 months. The margin trading of CEX.IO has its own fees structure. The margin trading has 0.2% transaction fee.
This CEX IO exchange platform has a low reputation due to its fees structure. the brokerage service has around 7% fees. It also has some hidden fees, which makes it a bit less trustworthy. The CEX IO fees structure follows the Maker/Taker model wherein the transaction fees are calculated on 30 day trade volume pairs.
The platform has its own wallet. If the trader has registered an account and verified using 2Fa, they can store their crypto in the online wallet. Even though the platform has its wallet inbuilt, it is advisable to store cryptos in an external wallet.
CEX.IO Mobile App
The platform is available for both Android as well as iOS users. With the help of the mobile platform, trading can be done easily via your smartphone.
Steps to link the app with your CEX.IO account –
- Download the app
- Generate a QR code on your account profile page
- Scan the QR code with app in your smartphone. This will link the app and CEX.IO account.
CEX IO has developed its own API for trade depending on the needs of the crypto industry. There are 3 types of API –
- REST API – It is a basic tool for quick access to CEX.IO market data and automated trade management.
- WebSocket API – The API has full trading functionality and is mainly used by professional traders.
- FIX API – It is the best solution for institutional traders to connect trading systems to a source of Bitcoin liquidity.
CEX.IO Affiliate Program
To promote and enhance its customer base, the exchange platform has started its own affiliate program. The program targets especially webmasters with their own websites or blogs. The program is in its initial stage and webmasters will receive top condition rewards. The only catch is this offer is limited to end of 2019.
Security at CEX.IO
One of the important aspects of CEX IO Review is Security. Traders usually want to know whether the platform is safe to use. This review will reply to your query. CEX.IO follows strict strategies for security. For system security, it has SSL standards and all the data on servers is encrypted. There is also protection against DDoS attacks.
Two-factor authentication is also an important feature, which can be enabled by the user before proceeding to any trade. The user will have to download the Google authenticator on their devices. The user can scan the QR code of the CEX.IO account and sync them. Every time the user tries to log in, a 6-digit code goes to the user’s registered number.
To protect the currency, the company keeps them in cold storage to protect them from any cyber-attacks. CEX.IO holds a strong relationship with banks and has certification of PCI DSS.
As far as compliance is concerned, the company sticks to Anti-Money Laundering (AML)/ Know Your Customer (KYC) guidelines so that all the user’s that register with this platform are genuine with authentic ID and bank account. It keeps the crypto community safe from any cyber crimes. CEX.IO is also registered with ICO in the UK.
The platform is time-driven to assure the safety of the digital currency. It supports multiple payment platforms such as Visa, Master Card, Cryptocurrency and Bank transfer through SWIFT and SEPA.
CEX.IO provides complete assistance for trading and exchange with its 24*7 availability. There are several affiliate programs available. For every new user added to the community, one can earn 30% of the transaction. A referral link is generated for the affiliate through which he could send invitations and earn rewards for the same.
As per our CEX IO review, The exchange is a good option for beginners as well as experienced traders. The only drawback is the hidden fees.
Overall, CEX Exchange is one of the most trust-worthy exchanges available at the moment with top security features. Also, it protects customer funds that are stored online while keeping nearly all funds in safe cold storage. So, compare and check the exchange which provides you the best service.