Learn All About CEX.IO From This Review
In this post, I'll give a short overview of the exchange and reasons why you should consider buying Bitcoins at this exchange.
So here's my CEX.IO review!
What Is CEX.IO
According to their website, CEX.IO was established in 2013 as the first cloud mining provider. Today, it has become a multi-functional cryptocurrency exchange, trusted by over a million users.
CEX.IO allows you to buy not only Bitcoins but also other cryptocurrencies as well like Ripple, Ethereum and Dash using a Credit or Debit Card, bank transfers or by using Cryptocapital's platform.
Your accounts are secured with 2FA Authentication just like Bittrex so accounts are protected from hackers.
They also claim to comply with FinCen in the US and ICO of UK. They also uphold a strict AML/KYC compliance policy to prevent any suspicious activities with regards to Money Laundering activities.
A Quick Look At CEX.IO's Platform
Before buying Bitcoins, I strongly suggest that you first verify your accounts to avoid withdrawal problems in the future. I signed up last December 12 and I'm still waiting to get my account verified.
Verification is a straightforward process. I submitted my PRC ID, billing statement and personal info. As of this writing, my account is still classified as basic and I'm looking forward to be verified ASAP.
There are four levels of verification. Basic accounts allows you to buy up to $500 worth of Bitcoins per day and $2,000 worth of Bitcoins a month. Verified accounts allows you to buy up to $10,000 worth of Bitcoins per day and $100,000 worth of Bitcoins a month. Verified Plus and Corporate accounts have no limitations on the amount of Bitcoins that can be bought.
You also need to verify your payment cards. To do that, you have to take a selfie with your card and a photo with your valid ID side by side with your card. Then you need to key in your CVV to make sure you're the owner of the card. After that, the system will check your card by charging you a small amount. That amount should be entered in the verification process so you need to log in to your bank account and check how much the CEX.IO charged your account.
After all that's settled, it will take some time for verification.
I submitted two cards. One is already approved, the other is still pending as of this writing.
Once your cards are verified, you can now deposit and withdraw money. Just click on the deposit button and you'll be taken into a page where you can easily click and enter your desired amount. Same goes with withdrawals.
Here's a deposit screenshot with which shows the fees which will be discussed on the next section
Here's the trade screen window where you can look at price charts and execute your trades.
As of this writing, the only available cryptocoins I see that are available for trade besides Bitcoin are Ethereum, Bitcoin Gold, Bitcoin Cash, Dash, Ripple and ZCash. It's too bad that they don't have Litecoin and Monero but I hope they'll include this and the other coins in the future.
Fees And Charges
CEX.IO has 3 different types of charges - Deposit/Withdrawal fees, Transaction fees and Margin trading fees. Details on these fees can be found here.
You should also note that CEX.IO's operation is based on FOK (Fill-or-Kill) orders which according to them, works like this:
CEX.IO calculates the price and freezes it for 120 seconds. The service exchange rate is adjusted to mitigate the risks connected with price fluctuations.
At any given moment, you input the amount of money you wish to spend and you see the amount of cryptocurrency you can receive, according to the service exchange rate, or vice versa.
After you press the Buy/Sell Button, the system checks your available funds; if you have enough, you are asked to confirm the trade.
If the situation on the market allows the execution of your order on conditions not worse than you agreed on, the order will be filled. (The order can also be filled on more favourable conditions.)
If there is a sudden spike in the exchange rate — preventing the execution of the order on the agreed conditions — you will be notified upon the submission of the order.
After you confirm the trade, your order is matched to other orders on the exchange, and your balance is adjusted — sometimes the amount can be even greater than agreed on, but is never smaller.
They charge a hefty 7% fee for this which makes me dissappointed.
The way I see it, if you deposit $100, you'll be charged $3.75. After you buy your Bitcoins, you'll be charged $7. I saw many people in the forums complain about this and I think it's because they don't read the fine prints. Remember, you can always win back these fees by hodling for long-term. So you don't have to worry about this unless you'll do day trading.
I recently opened an account with them and now awaiting for final verification. While waiting, I searched for reviews - both positive and negative and I came up with a conclusion that CEX.IO is a legit and reliable site to manage and store your cryptocurrency portfolio.
Most of the bad reviews I read was all about the delayed customer support and slow verification process. This is the reason why I opt to verify my account first so that I may not have to bug their support if I see deposit and withdrawal problems due to non-verification.
Considering the volatility of the cryptocurrency market within the past few weeks, I believe that there's money to be made which can easily cover the high trading fees that you'll pay.
Overall, I give CEX.IO a thumbs up.
If you think that CEX.IO is for you, then register your account by clicking the button below
This concludes my CEX.IO review. Try this Bitcoin exchange today and let me know your thoughts and experience in the comments section below.