CEX.io is one of the popular primary platforms for buying and selling many cryptocurrencies or bitcoins around the world. The company supplies both a brokerage services trading platform for Bitcoin, Ethereum and a range of other cryptocurrencies. It allows traders to buy cryptocurrency using a wire transfer or a SEPA transfer ‘for users living in the EU’ and credit cards.
The site provides two ways for purchasing cryptocurrencies via CEX.io’s brokerage service or through a trading platform. However, if you are a new trader, you should use the brokerage option other than the site’s trading platform.
How to register using CEX.io?
The CEX.io is combined as a private limited company in the UK and registered with the FinCEN in the US and with ICO in the UK. Furthermore, it applies to know your customer (KYC) and anti-money laundering (AML ) policies, which requires customers to verify their identity with CEX during registration.
The verification process consists of providing CEX with a telephone number, setting up a password, an email address and then verifying both the email address and the telephone number. CEX provides a two-factor authentication system, using either, automated phone call, through the Google Authenticator app or SMS.
Payment methods used.
CEX.io also accepts different payment methods to deposit the account with either cryptocurrency or these fiat currencies.
The platform accepts MasterCard, virtual credit cards or VISA. Once registered and have verified your identity with CEX, traders can purchase Ethereum or Bitcoin. Users can buy using a debit card or credit card or a SEPA transfer if you are in EU or a wire transfer. It is then easy for you to deposit your debit card or credit card to your account. Debit and credit card verification can take up to 48 hours, however, once completed; users can buy Ethereum and Bitcoin instantly via CEX account.
Furthermore, the card verification process requires customers to take a selfie with their credit card, with a photo including a clear image of the customer’s face and the relevant debit/credit card. The picture should be of high resolution, in color and the file size should not exceed 15MB. Users should know that if the quality of the photo does not meet the standards required, CEX.io agents will ask for another picture.
How to purchase cryptocurrency through the platform?
The first stage is to create an account on CEX.io platform. As a beginner, you create your account by clicking the Register button, which is the upper right-hand corner of the website. Then, the process will take you to the registration page, where you will create your account quickly. Once done and your account funded, you’re eligible to buy some cryptocurrencies offered by CEX.IO.
Moreover, once a trade is submitted, CEX calculates the price of the deal and freezes that price for two minutes. Customers then input how much in fiat currency Ethereum or Bitcoin they want to buy at that price and users see how many cryptocurrencies they will get. Once users press the sell/ buy button, the CEX system will check the customer’s account to verify if they have sufficient funds to complete the transaction. Therefore, once the process is complete, CEX will finish the deal.
Is CEX.io safe?
The CEX.io uses offline cold storage to store users’ funds. However, it does not give a detailed explanation of where or how it undergoes this process. As stated above, the platform provides two-factor authentication which safeguards the user’s accounts. Although the method is troublesome for some customers, it does ensure that accounts are safe.
CEX.io has suffered one hacking incident; nevertheless, the incident occurred in 2013 when the exchange was in its early stages. However, the event got fixed at that time, and there have no security incidents reported since that time.
Advantages of CEX.io platform
• The platform consists of a great support section on the website.
The division helps users who struggle to understand how to do anything on the platform. Therefore there is a page in the support section that provides a detailed explanation of the platform. However, if users are not satisfied the platform offers an easy to use the email support form.
• The platform provides different trading pairs with multiple fiat currencies. Therefore it means users can sell and buy different cryptocurrencies with their chosen currency.
• It is easy to navigate around and use the website. In the same way, the advanced trading windows are clean and clutter-free. Therefore, this makes browsing the CEX.io website great for beginners.
• There are options to trade using borrowed money (margin trading). However, margin trading is a risky form of trading so beginners should use the option carefully.
• The platform is registered and secure. Moreover, the company is registered as a Money Services Business with FinCEN in the USA. It comprises of a level two DSS certificate meaning it is secure.
Disadvantages of CEX.io
• There is no support for eWallet type services, i.e., users cannot use Neteller, Skrill or PayPal at CEX.io.
• As with any other platform, it is vital not to put too much trust in its security. Not trusting platforms protects you as every platform could get hacked. Therefore it is essential, and this applies to both cryptocurrency and fiat currency.
Why is CEX.io suitable for beginners?
The platform comprises of a user-friendly first buy window with popular buying options set up for trader/investors. The simple buy screen is the first screen customers will see after creating an account.
Also, each account has an easy to use scroll down box. These boxes then used to select which digital asset users want to buy and which currency would they want to pay using.
CEX.io offers great support section for new investors/traders, though it can be scary purchasing digital currency for the first time. Also, contacting CEX.io is very easy as the support section of the website comprises many FAQs.
Why is CEX.io suitable for advanced users?
The platform offers all the buying options users can expect from an advanced platform.
Advanced users can trade using borrowed money (margin trading). However, new users should use margin trading carefully.
They are no limits for verified users. If you are a professional trader, you will be able to spin huge profits and withdraw them using a variety of different withdrawal and deposit methods.
Cex.io offers its services to many countries around the world.
Countries listed below cannot deposit using Credit Cards:
Afghanistan, Bosnia and Herzegovina, Bangladesh, Bolivia, Burundi, Democratic Republic of the Congo, Central African Republic, Cuba, Algeria, Ecuador, Ethiopia, Iceland, Iran, Iraq, Cambodia, North Korea, Laos, Lebanon, Libya, Morocco, Nepal, Pakistan, Somalia, South Sudan, Sudan, Syria, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe.
Countries listed below cannot deposit using Bank Transfer:
Afghanistan, Bosnia and Herzegovina, Burundi, Democratic Republic of the Congo, Central African Republic, Côte d’Ivoire, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, North Korea, Laos, Lebanon, Liberia, Libya, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Sudan, Syria, Tanzania, Tunisia, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe.
The customer support at CEX.io functions through navigating to their FAQ page or via an email to find an answer yourself. With CEX.io it is rare to see complaints from users regarding lack of support from the platform. Therefore, the customer support is reliable and fast, as long as you consider 24-48 hour response period as fast.
Although the significant challenge for CEX.io is the high fees, the platform remains a reliable exchange for buying and selling Etherium and Bitcoin.
Therefore, its user-friendly interface is excellent for new traders, and it offers an easy and quick entrance for newbies into the crypto arena.