CEX.IO review (2021): The complete user guide

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CEX.IO review (2021): The complete user guide

Cex.io is one of the oldest Bitcoin exchanges and allows its users to buy, sell, and trade cryptocurrencies. The cryptocurrency exchange platform is multifunctional and supports different digital assets and multiple deposit types.

History

Cex.io was founded in 2013 in London by Dmytro Kalynovskyi, Victoria Polyakova, Oleksandr Lutskevych, and Peter Ivanov. The platform was first created to serve as a cloud mining provider, but the service was later suspended, and the platform delved into cryptocurrency exchanging. Initially, Bitcoin was the only crypto supported by the platform, but now it supports multiple cryptocurrencies.

The company is registered with the International commissioner’s office (ICO) in the UK and with the Financial Crimes Enforcement Network (FinCEN) in the USA. It is managed by CEX.IO LTD and CEX.IO corp. 

The exchange provides services to more than 3 million users in over 200 countries, and it applies the standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies to keep the platform safe and secure. It serves as both a broker and a trading exchange.

Features of CEX.IO

The features of this exchange which make it attractive to users include the fact that it is very easy to use and navigate. It supports the use of multiple payment options, and transactions are carried out at a fast rate, a bitcoin price calculator, and it also has a mobile app that can be accessed by both Android and IOS phone users. Some other features include:

  • Tight security: it uses the KYC and AML policies to ensure that the platform is kept safe.
  • Affiliate program: it has an affiliate program where you can earn by inviting people to register and use the platform with your referral link.

Services offered by CEX.IO

The services offered by the exchange include:

  • Instant buying and selling

The platform allows users to buy and sell cryptocurrency easily on the platform using the Fill or Kill (FOK) orders which means your transaction is either completed instantly or not completed at all. A transaction fee of 7% is usually charged for a FOK order.

  • CEX.IO Exchange

You can trade a crypto against another crypto or a crypto against a fiat currency. This depends on the different trading pairs supported by the platform.

  • CEX.IO Broker

The broker service was initiated in January 2020 and enables users to trade on digital assets’ price movements without having to necessarily own the assets. This is done through the contract for difference (CFDs).

  • Staking

With this service, you are rewarded for keeping your coins and tokens in your account. The reward from staking is usually calculated per hour and paid into your account at once monthly. Also, not all crypto supported by the exchange is qualified to be used for staking. If you want to use the staking service, you will have to buy the crypto supporting staking and keeping in your account.

How CEX.IO works

  • Registration

Create an account by visiting cex.io to register and confirm your email address and phone number then you can get started.

  • Account type

There are different types of accounts you can own on cex.io, and this depends on the type of account verification you did. The different types of accounts are the identity account, address account, enhanced account, and corporate account.

  • Verification

The different types of accounts have different verification processes. For address account verification, you need to provide proof of residence (your address).

Identity account verification requires the following.

  1. Your country of residence.
  2. Your government-issued ID, or international passport, or your driver’s license.
  3. A picture of you with the documents 
  4. Your personal information.
  5. And the details of your identity document e.g. the serial number, expiry date, etc.

For Enhanced account verification, you will have to do the identity verification, then an ID different from the one you used in identity verification, and proof of funds documents. While for a corporate account verification, you need to complete your personal verification then place a request for a corporate account. An email will be sent to you so you will follow the instructions in the email.

  • Transaction limit

The limit of transaction also differs in the different accounts. Identity accounts have a limit of $1000 worth of Bitcoin a day and $3000 worth a month, Address account has a limit of $200,000 per day and $500,000 per month, while the enhanced and corporate accounts have no transaction limit but enjoy some added benefits.

  • Transaction fee

A brokerage service fee of 7% is usually charged, but a withdrawal fee of 3% and service charge of about $25 is attached while using the trading platform. Margin trading attracts a trading fee of 0.5%

  • Payment methods

The supported payment methods on cex.io include the use of bank transfer, credit/debit card, wire transfers and SKRILL (for EUR and GBP).

CEX.IO a multifunctional exchange with potentials

CEX.IO is a multifunctional exchange that supports over 200 countries, multiple cryptocurrencies such as Stellar, Ethereum, Tron, MetaHash, Ripple, etc currencies such as the US dollars, Euros, Pounds, and RUB. However, one of the major disadvantages and complaints people have about this exchange is its high transaction charges and fees.

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