CEX.IO is a secure and user-friendly cryptocurrency exchange platform that enables users to easily buy, sell, and trade digital assets. In this review, we will share all about CEX.IO, it’s brief history, digital currencies you can buy, sell and trade, then the advantages and disadvantages of the platform.
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What is CEX.IO?
CEX.IO is a legitimate and safe cryptocurrency exchange platform that supports multiple deposit types and different digital assets. It is suitable for both advanced and beginner users who are looking to buy and sell cryptocurrencies. CEX.IO LTD, the company behind the exchange, is registered in the United States as a Money Services Business and is licensed by the Financial Crimes Enforcement Network (FinCEN). The exchange has also expanded its services within the US, with MTL licenses that can serve 48 different states.
CEX.IO is a cryptocurrency exchange that provides users with a level two DSS certificate for added security. However, it is still vulnerable to hackers due to the vast amounts of different currencies stored on the platform. To ensure your cryptocurrency is safe, it is recommended to store it in a secure wallet. Sample secure wallets are MyEtherWallet or Exodus. CEX.IO is a reliable exchange, but users should take extra precautions to protect their digital assets.
Key Features of CEX.IO
CEX.IO key features include:
Margin and Spot Trading. CEX.IO offers trading digital assets with leverage on with their own Broker. Spot trading with place limits and market orders.
Mobile Application. Download CEX.IO to buy, sell, earn and exchange crypto anywhere and on the go. Their app is available both on Google Play and iOS App Store.
Trading API. Traders can automate their cryptocurrency trading with CEX.IO’s reliable and stable API.
Instant Buy using Bank Cards. Credit or Debit Cards are a available option to buy cryptocurrencies on CEX.IO with only just a few clicks.
Multiple Fiat Currencies Available. There are a lot of available fiat currencies to choose from, so traders will do fewer trades and less fees.
Key Advantages of CEX.IO
Customer Support
CEX.IO provides an extensive support section to help users understand the platform. If you can’t find the answer to your question, the platform offers an easy-to-use email support form to get the help you need.
Multiple Fiat Currency Choices
At this exchange, you can trade multiple cryptocurrencies with your preferred fiat currency. With no need to convert to Bitcoin first, you can save on fees by making fewer trades.
Suitable for Beginners
CEX.IO offers a user-friendly platform with a clean and clutter-free interface, making it easy to navigate and ideal for beginners. Advanced trading windows are also available, providing a pleasurable experience for all users.
Margin Trade Options
Margin trading options can be a risky form of trading, and is not recommended for beginners. If you’re looking to try it out, CEX.IO Broker offers commission-free margin trading options.
Registered and Secured
The USA’s Financial Crimes Enforcement Network (FinCEN) has registered the company as a Money Services Business. It has also been awarded a Level Two Data Security Standard (DSS) certificate. CEX.IO security is tested as it has never been hacked before.
Key Disadvantages of CEX.IO
Trust in Security
Even if they have never been hacked before, it is essential to exercise caution when using any exchange. No platform is completely secure. To ensure the safety of your funds, it is recommended to not leave any money on the exchange. This is for both fiat currency or cryptocurrency.
Which Coins Can You Buy on CEX.IO?
CEX.IO offers users a wide range of digital assets to buy with either Bitcoin or fiat currency, including 108 cryptocurrencies and 228 trading pairs.
It is a popular platform for buying and trading cryptocurrencies, offering a wide selection of the most well-known coins and tokens. Users can easily exchange their cryptocurrencies or use fiat money to purchase their desired digital assets.
Payment Methods, Fiat Currencies, and Fees
CEX.IO is a great choice for users from many countries, as it accepts a wide range of fiat currencies. Here is the list for their supported fiat currencies:
- United States dollar (USD)
- Euro (EUR)
- Pound Sterling (GBP)
- Ruble (RUB)
There are also various payment methods accepted on CEX.IO:
- VISA
- MASTERCARD
- S.W.I.F.T.
- ACH
- Faster Payments
- Sepa
- QIWI
- Skrill
CEX IO EU Limited offers a wide range of payment methods to make it easy for new users, including card processing services for clients from the European Economic Area (EEA).
They offer competitive trading fees, ranging from 0.25% for market takers and 0.15% for market makers, down to as low as 0.01% and 0% respectively. The fees depend on the amount of crypto assets traded, making it an attractive option for those looking to trade crypto in smaller sums.
CEX.IO Review: Account Verification
Here are the various levels of accounts on CEX.IO:
With each account tier, customers can enjoy additional payment options, higher transaction and withdrawal limits, and other benefits.
For more advanced users, corporate accounts offer additional features. However, we won’t be delving too deeply into these features here.
Verified accounts offer many advantages, so even new users may want to reach this tier.
Basic Accounts
Create an account with CEX.IO and start trading with Visa or MasterCard. With a basic account, you can deposit fiat currency and start trading right away.
The recommended maximum and minimum deposit amounts for individual payment methods vary.
Verified Accounts
Verifying your identity with CEX.IO is easy and comes with several advantages. To increase your daily deposit and withdrawal limits or withdraw fiat funds, users must complete the verification process. In this CEX.IO review, we’ll explain exactly how to do it and the benefits of having a verified user account.
How to Get a CEX.IO Verified Account: Stage 1
Verifying your account with CEX.IO is a straightforward process that requires you to submit some personal information and documents to reach the verified account tier. This is to ensure the company complies with anti-money laundering (AML) and know your customer (KYC) regulations. Read on for our CEX.IO review of the account verification process.
To ensure a successful upgrade of your CEX.IO account, please follow the steps below carefully. Make sure to submit all the required documents in the correct format, as CEX.IO will reject any requests that do not meet their standards. Failing to do so could mean missing out on a great opportunity to buy or sell a cryptocurrency at a favorable price.
1. To complete the process, you must provide information from a valid government-issued identification document, such as a passport, ID card, or driver’s license.
2. Complete the form with your gender, first name, middle name (if applicable), last name, date of birth, place of birth, contact number, and a link to social media profile (optional).
3. After that, users must enter their residential and permanent addresses. If the two are the same, they can check the box labeled “same as residential” which is located next to the “permanent address” fields.
4. To verify your identity, submit a scan or photograph of a few identity documents that meet the necessary requirements:
- The issue date must be in the future (document must be valid on the day it is submitted).
- Copies of both sides of the document must be submitted.
- Scanned images must be in full color and in a high resolution.
- Documents must be in either jpg, gif, png, tiff, or pdf format.
- The file must be no larger than 15MB.
- The photograph or scan must be no older than three months.
- Documents must be completed using the Latin alphabet (a, b, c, d…)
How to Get a CEX.IO Verified Account: Stage 2
CEX.IO requires users to submit their identity document, a selfie of themselves holding the document, and a proof of address for verification.
Accepted government-issued identity documents for the above form include national IDs, passports, and driver’s licenses.
To ensure a clear and compliant selfie with your identity document, it is recommended to enlist the help of a friend or family member to take the photo. The photograph must meet the following criteria:
- You must look directly at the camera
- Use a light or neutral background color
- The image must be in full color
- No red-eye
- No hats, sunglasses, headbands, or bandanas should obstruct the view of your face
- The information on the document must be clearly visible.
Acceptable proof of residency documents include photographs or scans that include your address (as stated in the verification form). The following will be accepted as a proof of residency document:
- Utility bill (not a mobile phone, TV contract, or printed internet bills).
- Electricity bill.
- Bank statement.
- Tax return, or council tax bill.
CEX.IO allows customers to provide other forms of proof of residency, such as utility bills, bank statements, and government-issued documents, as long as they are not electronic bills, online screenshots, mobile phone bills, or credit card statements.
CEX.IO Review: Advantages of Having a Verified Account
Verified accounts on CEX.IO offer users access to more payment methods, higher deposit and withdrawal limits, and the ability to withdraw in fiat currencies. This makes verifying an account on CEX.IO an essential step for users who want to make the most of their experience.
With an account on a higher tier than basic, you can deposit and withdraw funds using bank transfers and any of the supported cryptocurrencies at CEX.IO.
The higher-tier accounts have no limit on deposits and withdrawals, however, each payment method has its own recommended limits. These limits are not listed here due to their large size.
CEX.IO Review: Who Should Use CEX.IO?
Why CEX.IO is Good for Beginners?
CEX.IO is a great choice for beginners looking to buy and sell digital currency. The user-friendly interface makes it easy to navigate, and the support section has many FAQs to help new traders and investors. Advanced buying and selling options are available, but they are not immediately visible, making the process less intimidating. CEX.IO also offers a secure platform with two-factor authentication, and a variety of payment methods, including credit cards, bank transfers, and cryptocurrency. With its low fees and reliable customer service, CEX. (Clonazepam) IO is an ideal choice for those just starting out in the world of digital currency.
Why CEX.IO is Good for Advanced Users?
CEX.IO is also a great platform for advanced users looking to buy and sell cryptocurrency. It offers a clean and easy-to-navigate platform with all the buying options you’d expect from an advanced platform. It also allows users to trade on a margin (using borrowed money) and has no limits for verified users. CEX.IO provides a variety of different deposit and withdrawal methods, making it easy to spin up huge profits and withdraw them with no trouble. With its advanced features and secure platform, CEX.IO is the perfect choice for experienced traders looking to make the most of their cryptocurrency investments.
Conclusion
CEX.IO is one of the world’s most popular fiat-to-crypto exchanges, offering users multiple digital assets, numerous deposit options, and a user-friendly design. It’s no wonder why CEX.IO has been so successful over the years.
If you’re looking for an alternative to CEX.IO, you may want to consider Binance or KuCoin, two of the most popular cryptocurrency exchanges. Both offer a wide range of features and services, so you can find the right platform for your needs.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
