CEX.IO Exchange Review
Often referred as virtual currency or digital currency, cryptocurrency has been already recognized as an alternative currency. With the progress made in the digitization of global economy, cryptocurrency is poised to become future cryptocurrency, while cryptocurrency exchanges are poised to become trading hub of the cryptocurrencies. In has been an increasing trend to invest on the cryptocurrencies. One of the main reason behind this is healthy returns, in comparison to stocks. CEX.IO is such cryptocurrency exchange which has made its own mark in cryptocurrency market. It is an online digital currency exchanger which means it allows trading of cryptocurrencies in exchange of currencies. This includes most of the popular formats of the currencies like USD, GBP, EUR, RUB etc.
What is CEX.IO?
It was established in London in the year of 2013. Originally it started functioning as a cloud mining provider for Bitcoin. It used to confirm the transaction for Bitcoin, updating blocks to the public ledger. In the year of 2015, the establishment transformed itself from cloud mining provider to a cryptocurrency exchange. This decision was taken owing to low price of Bitcoin, and estimates of high returns through operating as exchange. Further, in the year of 2017, the organization expanded its portfolio by launching the trading of Zcash (ZEC) and Digital Cash (DASH). Today, this exchange is one of the successful cryptocurrency exchanges globally, which has transformed itself into a multinational company in a short span of time. It would not be wrong to say that this company grew with the growth in the cryptocurrency market.
The benchmark of this exchange is, its feature rich web portal, which facilitates easy buying and selling of cryptocurrencies. With its extensive range of features like marginal trading, fill/kill, it not only allows the trader to trade on this platform but also to maximize the profits. It can be easily operated by even those who are operating on this platform for the first time. They can learn about the features by visiting the FAQ (Frequently Asked Question). Moreover, there are multiple deposit and withdrawal modes supported by this platform, which adds to the ease of the cryptocurrency traders.
What is CEX.IO exchange?
As the name explains, this is a cryptocurrency exchange where a cryptocurrency trader can buy or sell the registered cryptocurrencies. Once can simply make a deposit, and start trading the cryptocurrencies. Similarly, a trader can withdraw the coins to their personal wallet once they have bought, or they can sell them, and the withdraw the funds. CEX.IO employs unique algorithm which is supported by unique trade engine, in order to execute high value transactions at a faster rate. It is compliant with the global security standards, and guarantees complete data security. It provides its services large number of countries, which makes it a popular platform across the world. Around 99 percent of countries are covered as well as serviced by CEX.IO.
Review of CEX.IO-Exchange
There are two reasons primarily, why this platform is popular amongst the cryptocurrency buyers as well as sellers. First of all, it allows to trade cryptocurrency for normal currencies. Secondly, the charges are very nominal. The commission charges range from 0 percent to 0.2 percent. The detailed fees schedule can be found in the schedule published in maker-taker. CEX.IO trades multiple types of cryptocurrencies. This includes Bitcoin, Bitcoin Gold, Bitcoin Cash, Ether, Zcash, Dash and Ripple. One of unique feature of CEX.IO is, it is available on multiple platforms. So, trading can be done from the web portal. It is also accessible in form of mobile app. It is also available as WebSocket and REST API. The orderbook can be accessed, through multiple platforms. Not only that, current market rates could be checked from any of the available platforms. The interface is quite user friendly, which facilitates instant buying and selling of cryptocurrencies, keeping all the complexities aside. The UI(User-Interface) at the first instance might look a bit complex for a new trader, since it is crowded with different features. However, once the user starts using it, and educates himself more on the platform the complexities will be removed gradually.
In order to establish itself as a legit platform for cryptocurrency trading, CEX.IO does detailed verification and validation of the new traders. They are allowed to trade only after successful verification. This also helps in tackling money laundering, which can be possibly done through the website. It has also mandate 2FA (Two Factor Authentication) to secure the user-accounts, and prevent any form of fraudulent transactions. These features definitely make it a trustworthy platform. The website also maintains its own blog, where traders can get various information about this trading platform, along with current market trends. The blog could be accessed from the link below:
Login to CEX.IO
Logging into the portal is easy as well as secured. In order to login to the website, one needs to go to the following link.
The link above will bring on the login page, where the username and password are needed to be punched in. Once the first level of authentication, second level of authentication will take place since CEX.IO follows 2FA system. The sign in will work only if the trader is registered. In case the registration is not done, then trader needs to go to the following link and click on register:
Once the register option is clicked, user will be prompted to enter the email address and password. Once this is done, user needs to click on the register button. After, this the 2FA screen will appear. On this page user needs to select how the 2FA code will be delivered. The options are smartphone app, SMS or phone call. As per the convenience, user need to select any one of them. Post this the account is created. Now user can make the deposit, and proceed with the verification process. The verification would require government approved ID details. Once the verification, user is all set start trading on CEX.IO.
How much CEX.IO charge?
On any exchange, whenever any transaction is made the user needs to pay a small amount of fee for the services provided. For CEX.IO, there are different categories of fees which is charged of transaction and maintenance. This could be extremely tricky for the user, if the users don’t understand when these fees come into play. There are three different type of fees which user can expect to pay while they are transacting on this platform.
For every kind of transaction, that is buy/sell there will be a transaction fee. Initially there was no transaction fee for some of the transactions, but soon transaction fees were made mandatory. The transaction fees on this platform is based on the 30-day trade volume, subjected to the type of transaction whether it is a take or a maker. In cryptocurrency trading transaction fees are based on taker/maker pair. When the order is immediately filled completely, then the transaction initiator is a taker, and he pays taker transaction fees. While if order takes some time to fill, then transaction initiator pays the fees of maker. Keeping these points in mind, the transaction fees for “Taker” in CEX.IO starts from 0.10 % and can go up to 0.25 %. In simpler words, lower is the trade volume, more is the transaction fees. For example, on a 30 days scale if the trade volume is less than equal to 5, then the transaction fees for “Taker” will be 0.25 percent, while if the volume is more than 6000 then the same fees will be 0.10 percent. Maker fees will be always less than the Taker fees, since the execution of the order will be delayed. For example, if volume is less than equal to 5, then the maker fees will be 0.16 but if it is more than 6000 then the maker fee will be zero. The maker-taker schedule published in the website of CEX.IO, and act as a good reference of transaction fees for the users. The transaction fees is charged from both, the buyer and the seller.
Deposit/ Withdrawal fees
In order to make any transaction, user needs to make deposits to his own account. At the same time user can make withdrawal from his account. Both the deposit and withdrawal will attract some charges. Currently, deposit & withdrawal is allowed in four different currencies. These are USD, EUR, RUB, and GBP. Different modes of transfer include VISA, MasterCard, Bank Transfer, Crypto Capital and SEPA. SEPA is only available for EUR, while Crypto Capital is not available for RUB. The deposit and withdrawal fees depend on the type of currency and the deposit/withdrawal mode. For example, if a user is depositing in USD using VISA card, then he needs to pay 3.5 percent deposit charges along with 0.25 USD. The deposit charges are 5 percent for RUB, which is the highest amongst other currencies. For bank transfer and CryptoCapital, there are no charges at all. Similarly, withdrawal charges for USD through VISA is only $3.80 USD. The deposit/ withdrawal fees schedule is available on the website of CEX.IO, and user can refer them before making any deposit or withdrawal.
Margin Trading Fees
CEX.IO has the option of margin trading as well on their platform. This form of trading involves borrowing of the funds. Hence, a trader can trade more than the funds he has currently. The leverage ratio for margin trading is currently 1:2 & 1:3 on the pairs of BTC/USD, BTC/EUR, ETH/BTC and ETH/USD. The margin trading fees entirely depends on the leverage ratio and the cryptocurrency/currency pair. There are three types of fees involved in this case, that is Open fee, Rollover fee and Close fee. Open fee is charged for opening a position, rollover fee is for maintaining a position, and close fee for closing the position. Rollover fees are not charged for first four hours, and thereafter it is charged for every four hours.
CEX.IO Review on fees & charges:
The trading was initially free on CEX.IO, and trader use to trade without paying any fees. This was something, which made CEX.IO extremely popular amongst the users. However, most of the users understood this was only a promotional strategy, and soon CEX.IO introduced their scheduled fees & charges. However, CEX has reduced their charges, and now it is quite less compared to the other exchanges. Initially, the deposit charges were as high as 7 percent, but now it has dropped down to 3.5 percent. Most of the users used to complain about the high service charges for transfers, but not any more. Moreover, the transfer fees include the service charges, unlike other exchanges where transfer fees and the service charges are separate. The transaction fees are entirely dependent on the volume, and a user with high volume can transact with zero percent maker’s fees. The transaction fees are quite low, and this actually makes CEX.IO as one of the preferred exchange amongst the users. There are no hidden charges at all on this platform, and user pays only per the published schedule of charges & fees. One of the primary drawback of this platform is, the user needs to make deposit as soon as he registers. The scheduled charges are applicable straightaway on the deposits made, however the account balance keeps on showing zero. The account balance shows the transferred amount, only once the verification is completed. This might take from few hours to few days, and users cannot trade during the verification process because of zero account balance. Most of the users have reviewed this as a negative practice, and felt that deposits should be done only once the verification is done. One good thing is all the fees and charges are published in the website of CEX, and user will be charged the same without any hidden cost. CEX.IO uses KYC based mechanisms to prevent AML, and other forms of fraudulent activities, hence on certain occasions the user verification might take some time. It can take longer if extended documentation is required.
Compare CEX.IO and Coinbase
Both, Coinbase and CEX.IO are one of the oldest trading exchanges operating today. Both the exchanges provide different types of solutions for different level of users, to trade on cryptocurrencies. Coinbase is has got much easier user interface in comparison to the CEX.IO, and for new users it is very easy to operate. However, for a tenured user Coinbase doesn’t provide any form of elegancy in their solution, which is again there in CEX.IO. So, while comparing the user interfaces of Coinbase and CEX.IO, it can be said that Coinbase has simple user interface, which is pretty easy to operate. On the other hand, CEX.IO’s interface is bit complicated, but it has more features in comparison to with Coinbase. So, a novice user or a beginner might start with Coinbase initially, and migrate to CEX.IO at a later stage. CEX.IO has go certain features for advanced users which is not there Coinbase. One such feature is margin trading, which an intermediate user will definitely want to use to increase his profit margins. So, in case the user wants an easy user interface then he needs to select Coinbase, but if the user wants a platform loaded with futures then CEX.IO is the one. Coinbase guides user to its sister concern GDAX for more advanced features. When it comes to customer support, CEX.IO support their customer over email, and the response is prompt. Coinbase also supports their customers through email, but the response time is much longer than CEX.IO. So, when we compare CEX.IO with Coinbase in terms of customer service, then CEX.IO is definitely better than Coinbase in this department. Since, new users want to learn more about the cryptocurrency before start trading, they spend their initial time on FAQs (Frequently Asked Question). FAQs in CEX.IO are well explained and informative, in comparison to the Coinbase. However, since Coinbase is pretty straightforward, the margin of error is very less. Hence, users might not need much assistance from customer support. Both, Coinbase and CEX.IO have been in the industry for a long time, and both of them have extremely good reputation in the market. When it comes to security, CEX.IO doesn’t state their security structure in details, while Coinbase does. For example, Coinbase can tell how safe the user funds are. On the other hand, CEX.IO implements cold storage of funds, which means that the funds will be stored offline, and will not be available to hackers. Also, CEX.IO implements two factor authentications, in order to secure the accounts. This will prevent any form of unauthorized access to the accounts. Coinbase also uses the two-factor authentication, but only certain proportion of funds are stored in cold storage. Rest are stored safety deposits and vaults, spread across the world. What makes Coinbase more vulnerable to the hackers, is its disclosure on how and where the funds are stored. When it comes to withdrawal fees and transaction fees, CEX.IO charge much lower than Coinbase. Further, CEX.IO supports more cryptocurrencies than Coinbase. Coinbase supports Litecoin, Bitcoin and Ethereum, while CEX.IO supports Dash, Zcash, Bitcoin Cash Ethereum and Bitcoin. Only disadvantage is CEX.IO doesn’t supports Litecoin, which could be bit frustrating for the users. Another disadvantage of CEX.IO is, it doesn’t have PayPal as mode of transfer, which is there in Coinbase. PayPal can be extremely useful with lower transfer charges, in comparison to higher transfer charges taken for debit and credit cards.
Review of CEX.IO:
From the detailed comparison of CEX.IO and Coinbase, it could be clearly seen that CEX.IO is a much more feature rich platform in comparison to Coinbase, even though both of them have similar kind of offerings. From various user reviews, it can be said that majority of the users prefer CEX.IO in comparison to Coinbase, primarily because of the lower charges and robust security mechanism. Even though user interface of CEX.IO might appear bit complicated to the new users, new users have enough resources available on the website to learn about the trading practices. Clearly, if a user wants to do more with his trading skills, then CEX.IO is the correct platform. While if the user wants to buy only to hold, then Coinbase might be the correct platform for them. Coinbase simply stands out because of its simple user interface. In practice it has been seen that, CEX.IO is much popular with the European customers since transfer to Euro bank accounts is absolutely painless, while North Americans might prefer to trade with Coinbase, which is a US based concern.
How to trade Ripple on CEX.IO?
From December 2017, CEX.IO started trading of Ripple on its platform. Ripple is denoted by XRP, and the available trading pairs are XRP/USD, XRP/EUR, XRP/ BTC. XRP is one of the most popular cryptocoins available in the market today. It has got a overall market capital of $8.7 billon, and comes after only Bitcoin, Ethereum and Bitcoin Cash. Ripple is also used by different banks as payment protocol, for money transfer. In this way, it has been extremely helpful in reducing both, time and money that is originally required for the cross-border payments. XRP started as an exchange intermediary, but soon transformed itself into an altcoin. What makes XRP important is, it has got reputed list of investors added with endorsement from some of the respected companies. Ripples facilitates higher levels of security for each of the transactions. Trading Ripple is extremely easy and straightforward, as the complete transaction can be completed only in two minutes, if the account is verified. Trading of Ripples has got higher importance, in terms of its future value. Ripple is poised to be used in banks and other financial institutions in future, that is why it has got higher future value. Initially withdraw was disable for Ripple deposits on CEX.IO, but at a later points of time withdrawal of Ripple were allowed. So, customers were initially allowed only to buy Ripples.
Review of CEX.IO on Ripples: Ripple has been extremely popular amongst the traders for trading, owing to its lower cost and higher future value. However, it was only available in some of the selected platforms like Bitstamp and GDAX, where traders use to spend long time to buy Ripples, by the time they were able to buy the price of the coin used to increase. However, once it was introduced on CEX.IO, a user can buy it instantly with two minutes, and close the transaction. This is the main reason, why Ripples has been so much popular on this exchange platform. However, initially withdrawal was disabled, and most of the users thought that it is a scam. They simply thought that the coins bought in form of Ripples will remain stuck. However, CEX.IO quickly reacted to this, and informed that withdrawals have been disabled owing to compliance procedures pertaining to security & technicalities, and enabled the same within a month of the launch. Also, since this is a fairly new inception, users are worried whether they can keep their XRPs in CEX.IO, as there are very less specialized wallets for XRPs at this moment. However, once the withdrawal of XRPs were enabled, it has been extremely popular amongst the users. In fact, it has been able to revive the positive vibe amongst the users.
Withdrawal process in CEX.IO
There are different types of withdrawal mechanisms available for the users. This includes withdrawal of coins, withdrawal to the payment cards and bank transfers. While amongst these offerings, bank transfer is fairly easy amongst the other withdrawal methods, and user can initiate it without any form of complexity. However, for withdrawing coins user needs to educate himself on the process, before withdrawing the coins. Before withdrawing, user needs to sign in to the withdrawal page.
If the user is withdrawing to any other CEX.IO accounts, then he has to use vouchers. However, user needs to have unused vouchers which were not used previously since CEX.IO has stopped issuing new vouchers. So, only old vouchers that has been not used so far can be redeemed. In case the vouchers are not available, then user cannot withdraw the available coins to any other CEX.IO accounts. In that case, user can withdraw the coins to their individual wallets which actually exists outside. After, discontinuation of vouchers withdrawal to the wallet is the only option, in case a user wants to withdraw the coins. The user can do this easily from the website or app. In case they are on app, user needs to go to the menu, then withdrawal and select the wallet where he wants to withdraw. In case the user is using the website, he can go to the withdraw option and withdraw to his selected wallet. In case a user wants to withdraw the funds, then he can straightaway do the bank transfer which is cheaper in terms of withdrawal charges, but will take some time to get completed. Contrary to this, a user can withdraw the fund directly to his payment card. In this case, payment cards are the debit and credit cards which user uses for making deposits. Before the withdrawal process is initiated, user needs to make sure that the payment card is added to the account. If not, then the payment card has to be added first. Once this done, user can go to the finance page of CEX.IO, and click on withdraw. After this user needs to specify the withdrawal amount, and then select the card where the funds will be deposited to. Before confirming the withdrawal, user has to go through the two-factor authentication. If the authentication is successful, user can go ahead and confirm the withdrawal. Withdrawal will happen in EUR, USD or RUB, but will be deposited in card in local currency. The conversion is automatic, and depends on the current exchange rates. The withdrawal to the payment cards is instant, even though it has got a nominal withdrawal fee.
Review of CEX.IO: The withdrawal process in CEX.IO has been quite transparent, if they are executed as per the instructions given on the website. Traders definitely feel frustrated, as they cannot transfer the coins to other accounts of CEX.IO. In case of withdrawing coins to personal wallets on certain occasion the withdrawal is not instant, and sometimes the withdrawal event is not shown on the wallet also. In this situation, user cannot reverse the withdrawal since this is not allowed on this platform. In this situation the withdrawal process could be quite long. However, it has been found that this happens only with specific wallets, and might not be applicable to all the wallets. Similarly, users can avail withdrawal to the payment card, only if the issuing card allows the same. Otherwise, the withdraw will be rejected, and the transaction will be reversed. Also, payments card might accept only certain types of currencies, in that case if the payment is made in some other currency then again, the withdrawal might be rejected. As of now, bank transfer is the safest as well as cheapest option but it might take longer time to transfer funds.
Is CEX.IO safe and trustworthy?
This question haunts most of the cryptocurrency traders, whether the platform on which they are trading is safe and trustworthy, or it is just an online scam. Cryptocurrency is still in its earlier days, and questions have been raised regarding its legality. Investors also question on the security of the operating platforms. These questions are more common amongst the new traders. These questions become more apparent, when there is news of certain types of scams which have affected the cryptocurrency exchanges. These questions are prevalent as well as valid for CEX.IO as well. From the point of view of legality, CEX.IO is registered with FinCEN (Financial Crimes Enforcement Network) USA, as Money Services Business. FinCEN is responsible for analysing financial transactions, and is responsible for prevention of financial crimes, terrorist financing and money laundering. CEX.IO is also registered with Information Commissioner’s Office (ICO) in UK. ICO provides right to information to the UK citizens, and also promotes data privacy of the individuals.CEX.IO also possesses Level 2 PCI DSS certificate, which shows that organization has implemented necessary data security mechanisms in order to protect the stored data, transactions, and payment information. Further, it has implemented its own framework to prevent any form of money laundering that might take place through trading of cryptocurrencies. Just like any other financial institutions, there are proper KYC (Know Your Customer) regulations.KYC of a trader has to be completed, before he can start trading through the exchange. Two factor authentications (2FA) is in place in order to secure the accounts. This will make sure that there is no illegal access to the accounts. The two-factor authentication takes place through Google Authenticator. AML (Anti-Money Laundering) and KYC (Know Your Customer) is used to make the platform more secure and legal, and mitigate any kind of risks that might lead to illegal activities. As a result of these procedures, a new user is subjected to detailed verification procedure. The verification is done by the compliance team. All the transactions are monitored by the back-end team, and risk assessment of traders are done from time to time. CEX.IO implements the framework prescribed for customer due diligence (CDD). CDD is an international standard facilitating KYC and AML. It can be said that CEX.IO has taken every possible step to establish itself as a legal and secure platform for the investors. However, users do complain of the long verification process that is done by compliance & verification team, before one is allowed to start trading on their platform. This cryptocurrency exchange is based on “Fill or Kill” (FOK) orders. FOK orders are fully executed immediately, and settlement happens instantly. So, the pricing remains same, to which the buyer has agreed. This is not the case with the other exchanges, as they are affected with liquidity issues, and orders are not executed immediately. In this situation, a buyer might end up in paying more, as the price might increase later if the order is not executed immediately. For example, BITSTAMP which is another trading exchange for cryptocurrencies will take some time to check the sellers who are willing to sell coins, once the order is placed. This actually results in a delayed execution, and there are chances that price might change while the exchange is looking for sellers. Hence, this shows that this platform is more reliable in comparison to the other exchanges. Hence, it could be seen that it is definitely one of the secured and reliable platforms, which is available for trading cryptocurrencies. However, as a best practice even through this is a secured platform, it is always suggested to store the Bitcoins in any of the available wallets. It is always advised that, once Bitcoins or any other form of cryptocurrencies are bought, they should immediately move it to their registered wallets. Wallets have their own level of security, designed for various types of usages.
Safety and security has been the prime concerns of users, when it comes to operating on cryptocurrency exchanges. They are mostly worried about the personal details as well as financial details, stored on the servers of cryptocurrency exchanges. In this case, CEX is definitely a legitimate platform, supporting multiple currencies and countries. In fact, CEX permits usage of debit card as well in order to make deposits, whereas most of the exchanges allow only credit cards or deposit through PayPal. This brings more transparency in financial transactions. They also have an amazing customer support, which can be reached by logging tickets through the portal. This is an important feature, as customer can ask any questions related to functioning of the platform, security and reliability.
Arbitrage in CEX.IO
For any trader, the primary intention is not to earn the profit but also to maximized the profit. This is what make this platform as one of the best. The provision of arbitrage is available to the traders, which not allows them to trade the cryptocurrencies but they can also maximize their profit on their transactions, because of the arbitrage. However, arbitrage is something which doesn’t guarantees sure shot profits, neither it comes with any form of undertaking. Just like any other available exchanges, it is subjected to market conditions. A seasoned trader can always read the market conditions, and use arbitrage to his own advantage. With this, it can be told that this option is definitely not suggested for novice users, who are still learning the tricks of trading. Otherwise it might lead to potential loss. Moreover, to indulge into this kind of trading one needs to have good experience in trading in multiple exchanges, so that he is aware of the price difference which exists due to arbitrage.
For a short-term trader or a daily trader, arbitrage can definitely give higher returns. Sometimes, this return could be as high as forty to fifty percent. However, as mentioned previously it has certain amount of risk as well. So, if it used without proper knowledge, then it can lead to potential losses. In this regard, it is also suggested to consult with the professional financial advisors before creating the investment plan. Just like the stock market, a golden rule in cryptocurrency market is to decide on the stop loss, before it becomes impossible to recover from the possible losses.
One needs to take calculated risk, after analysing the trends in different cryptocurrency exchanges. This would also require certain amount of calculation, before proceeding with the investment. No matter how much prepared an investor is or how much analysis he has made before investing, one has to rely on his luck as well for higher returns in this kind of investments. From the platform itself, they will never advise to maximize the profit using the arbitrage of the investors. Looking at the current trade, many traders have increasingly started using arbitrage, and they are ready to gamble.
How to trade in CEX.IO?
This should be the most interesting section, which most of the readers will be looking for. Yes, you are right we will have a detailed discussion on, how this exchange can be used for trading cryptocurrencies. An experienced trader who has good knowledge on trading can tell, how difficult it is to make profit from trading. Yes, it is really hard. Even though it is heard, it is not impossible. As one starts trading, he keeps on learning about the trading practices, and gradually season himself as an accomplished trader. For a new user, a right place to begin will be CEX.IO blogs. Blogs contain important information along with discussions, which can help a new user to learn about this platform. This can definitely save the users from sudden pitfalls, which might happen to the new users easily. No in this section we are not going to discuss how you can buy or sell. That is easy, and can be done easily from the interface.
What we are going to discuss in this section is, some golden rules which turn the trading into profitable transactions. A new user should follow certain rules, that will make the trader more professional as well as disciplined. In this regard the first which should be looked at is the trading psychology. As a trader, one needs to understand his objectives of trading. He should no what are his goals, and why he is trading. Probably a self-assessment will be required, before beginning the trade. This will help in determining the style of trading. Based on this trading style, a trader can define his trading approach as well. Once the trading style is defined, a trader has to develop the trading plan. An investment plan has to be created beforehand, and the traders needs to stick to the trading plan. This will involve the business rules, which the traders will use while trading. As a ground rule, a trader should not take any trading decision which is emotive. A key aspect of trading on CEX.IO is proper money management. One needs to decide on stop loss, Positioning, Entry Position, and Exit Position. These options are available on the site, and a trader can use it at ease. Money management options needed to be used for safe and secured trading. This will also help in avoiding losses. Proper money management will help in controlling the risk, and minimize the losses. In this platform, a trader can track his trade as well, and review the transactions. One good thing about this platform is its informative nature. With the available information on the website, a user can do a technical analysis along with the fundamental analysis. One can make use of the charts available on the website, before trading a cryptocurrency. Charts are provided, to understand the market trends. Based on them, a trader can decide what kind of trading he is going to do. This includes, position trades, mean reversion, and day trades.
How to buy and sell Bitcoins using Bank Card?
CEX.IO has always maintained itself as a no frill exchange. One can use their debit or credit card at ease, to buy the Bitcoins. Not only that, it even allows to sell the Bitcoins and allow to withdraw in EUR, USD and RUB. However, before a withdrawal is made one needs to sync his card to his trading account. Syncing is part of the measures that is taken to counter money laundering. Syncing could take some time on certain occasions, but it’s a one-time process and mandatory as well. In order to do this, a user needs to go to the card manager located on top right menu of the web interface. Over there, the card numbers have to be entered along with the name and expiry number. Post this one needs to confirm that the provided information is true. In the next step, the user needs to provide two selfies. One with the card which has to be synced, and another one with the ID card. This is a physical authentication process, where the compliance team validates that the card belongs to the same user or not. That is why the photo should be crystal clear with no obstruction at all. Post this the CVV of the card is required to be entered, and after this a token charge will be made in order to check the validity of the card. This token charge is very nominal, and the charged money is refunded back after certain period of time. The main advantage of this platform is, it allows to link multiple cards at a time. Once the card is synced to the platform, deposits can be made to the account. But it has to be kept in mind that cards offer faster transfer of money to the account, however the deposit charges are bit high in comparison to the normal bank transfer. Making deposit is fairly simple, one needs to mention the amount which has to be deposited along with the card type (master or visa). After this one can click on the deposit button to make the deposit straightaway. For those users who are making deposits through bank transfer, there is no maximum limit but the minimum limit is 200 EUR or equivalent. Hence, user can do a bank transfer for deposits only if the amount is 200 EUR or more. However, for card transfers the minimum amount is 20 USD or 20 EUR or equivalent. This is the value which should be exclusive of the card transfers and charges. For those traders who are KYC/AML compliant the maximum limit is 1000 USD or 1000 EUR per month. However, for large scale trading 1000 USD or 1000 EUR might not be enough. Hence, in this case the trader has to go through the identity verification process. After successful completion of the identity verification process, the limit will be raised to 15000 USD or 15000 EUR per month. While the maximum limit per funding and per day will be raised to 1500 USD or 1500 EUR respectively. As mentioned previously the card deposits are almost instant, adding to the convenience of the traders. At the same time, funding made through bank transfer might take up to 14 days. As a practice, most of the user start their initial trading through card transfers, and then rely on bank transfers for subsequent funding. Once the deposit is made in the account, a trader needs to click in the “buy/sell” options located at the top menu. The “buy/sell” option will allow to buy Bitcoins at a fixed price, in a single click. However, buying at a single price might not be a lucrative option for those traders, who are looking to make some profit. In that case, the best option will be to go to the “trade” button, where the trader can set the orderbook, and can get a better deal.
As an avid trader, once the profit is booked after selling the Bitcoins, a withdrawal is always desired. Withdrawal is made by converting the Bitcoins to local currency. One can use Bitcoins to transact, but the acceptability of cryptocurrencies is limited. Hence, it is advised to convert the cryptocurrency holdings into the local currency. In simpler words, BTC is needed to be traded for USD or EUR. This is not only applicable to those Bitcoin which has been sold on CEX.IO, but is also applicable to the BTCs which are stored in the individual wallets. For example, a trader has stored some Bitcoins in Blockchain.io, which is a wallet. He can transfer the BTCs from his personal wallet to CEX.IO, and then the same can be withdrawn in form of the local currency. In case the withdrawal is to the card, it automatically converts the withdrawal amount to the currency on which the card was issued.
Once the BTCs are converted into Rubbles, Euros or Dollars, one can proceed for the withdrawal. From the menu bar, a user needs to click on the wallet option. After this the withdrawal amount is required to be specified, along with the card type. Both for withdrawal and deposits, only Visa or Mastercard can be used. If someone doesn’t want to use the card, then he can proceed with the bank transfer as well. However, it will take around 21 days, while the transfer happens. Once the card type is selected, and the withdrawal amount is specified, a user can simply go ahead and click on the withdrawal button. However, the process is yet not complete. As soon as the withdrawal button is clicked, the 2FA (two factor authentication) screen will come up, and user will receive an authentication code in his mobile. Once the received code is punched in, and confirm button is pressed, the withdrawal will take place automatically. Congratulations, you have successfully withdrawn your funds. But wait, they won’t be there in your account instantly. If the withdrawal is made to the card, then it will be there in few minutes if not instant. But if the withdrawal is made to a bank account through wire transfer, then this wait could be bit longer. It might take around 21 days to complete the transfer process, in case of bank transfer. The current withdrawal limits on the cards are, 2000 EUROs in a day, and 50000 EUROS in a month. These withdrawal limits are more in line with the policies endorsed by VISA and MasterCard.
User Review on trading of BTCs on CEX.IO
Most of the users are of the opinion that this platform is pretty simple to trade the BTCs. The one click buys and sell, definitely adds to the ease of the users. Even creation of orderbook is pretty easy, if the user has proper trading knowledge. However, users do complain that sometimes withdrawal to the card takes lots of time, as their registered card is reverified once the withdrawal is request. This reverification takes around three days, and the complete withdrawal is completed in five business days. This is true even if the card has been added for the first time, and initial verification is pending. Support staffs have clarified that most of the time there will be huge number of verifications requests, and it takes some time to clear all the requests. Hence, sometimes there is a delay. If the card as well as ID is verified previously, then the withdrawal should be completed in few minutes. If these drawbacks are set aside, there is no doubt that CEX.IO is one of the user-friendly website, and the charges are extremely nominal in comparison to the other websites.
Are there any hidden charges on this platform?
We have already discussed that all the charges are published on the website of CEX.IO. The transactions charges are published under maker taker fee schedule, while withdrawal & deposit charges are published separately. In spite of that, many users keep on complaining that there are hidden fees on this platform. Even though this has not been clarified by the support team in their blogs or any other knowledge base. It has been found that most of the time these charges incur because of the rounding errors. This is quite common, when a particular amount is rounded off, and the customer is charged few cents extra. This is an automated process, and it doesn’t have an immediate remedy. That is why, the support team has never come up with a feasible logic on the hidden fees. Apart from this, users also complain that charges are highly inflated when it comes to margin trading or arbitrage, and this also accounts for hidden charges. Even though internet is full of allegations on the hidden charges deducted by CEX.IO, officially these claims have been never refuted.
So, is this a scam?
This is a big question, which every investor on this platform would like to know. This question gains importance, in absence of regulations and proper regulatory body. Since there is no central regulatory body, that is why cryptocurrency market is completely decentralized. Decentralization has its own benefits, as it allows the exchanges to set their own regulations. In other words, exchanges can act independently to decide on the regulations, and pass benefits to the traders. But it has certain disadvantages as well. Without a proper regulatory body, there will not be any form of control on the exchanges. Some users’ complaint that the withdrawal takes weeks to get completed, and they are sceptical about the money which has been withheld. There was also news that CEX.IO is affected with liquidity issues, and because of this they are not able to process the withdrawals on time. Again, this is something which has been never refuted by CEX.IO from their end. But long withdrawals were tagged with pending verification process of the customers, by the support time. It has been found that, most of the time users are not well acquainted with regulations of the website. In this situation, even a delay of few days might appear as scam. The market experts maintain that this is one of the oldest as well as safest site in the cryptocurrency market, and there are absolutely no chances of scam.
Customer support of CEX.IO
If a trader or a user has any issues or query, then the user can definitely contact the customer support by clicking on the “Help Centre”. This option is located at the bottom of the page, on right corner in the “About” section. There are multiple sections on this page, which will help the customers to learn more about this platform. For example, if one has any query related to user accounts, he can click on the “Account” section. Similarly, for trading queries one can visit the “Trading” section accordingly. There is a FAQ (Frequently Asked Question) page as well, which acts as one stop solution for all the queries. The FAQ page has multiple knowledgebases on finance, account, and trading. Users can visit this page to educate themselves. There is a community page as well, where traders can post on various topics across the trader community. Users can also suggest improvements by clicking on the “Suggest a Feature” option. At the bottom of the page, one can find two sections which can be extremely useful. The first one is “News”, which covers the latest updates on the site. The second one is “Service Updates”, which has updates regarding the services offered to the customers.
So, we can say that CEX.IO is an amazing trading platform for cryptocurrencies, which is legit as well as trustworthy. It is one of the oldest exchanges in the cryptocurrency market today. It clearly stands out from other platforms, in terms of host of features offered to the traders.