CEX.IO review: pros, cons and how it works

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CEX.IO is a regulated cryptocurrency exchange that offers a commission-free margin trading platform. It allows users to trade through the website, mobile apps and a wide selection of API solutions.

It was started in 2013 as a Bitcoin cloud mining provider and hashing power marketplace powered by an internal mining pool called GHash.IO. It allowed people to participate in Bitcoin mining without having to invest in expensive miners.

In 2016, CEX stopped cloud mining after GHash.IO was closed because it was not profitable. It shifted its focus to developing a global cryptocurrency exchange that it has led so far.

How it works

CEX.IO offers a wide range of products, grouped into three main categories, namely: ‘For everyone’, ‘For merchants’ and ‘For companies.

The “For Everyone” category is aimed at individuals who want to board the crypto space and it includes simple fiat-to-crypto purchase options, a crypto wallet, a crypto loan, crypto stake, and a debit card. However, the card is only available to customers in selected European countries.

The ‘For Traders’ category is for those looking to trade cryptocurrencies and includes spot trading and margin trading. Traders can trade via the CEX.IO website and CEX.IO mobile apps, or even choose to use a range of API solutions including WebSocket, REST API and FIX API for automated trading.

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The “For Business” category gives institutions access to institutional-grade crypto trading services through the CEX.IO PRIME.

For the fiat-to-crypto purchase options, individuals can make payments via card or bank transfers and the allowed fiat currencies are the USD, GBP and EUR.

Before you can access any of the CEX.IO services, you need to sign up for an account now. The process is simple.

To sign up for a personal account, you only need to provide your name, email address, password and country of residence. You will then have to confirm your email by entering a code that you received on the email. At this stage, you can start exploring the CEX.IO platform.

However, to start trading, you need to perform an identity verification by submitting a government issued ID. Additional verification stages increase your deposit and withdrawal limits.

To sign up for ‘Business’ services, more information and documentation is required.

Pros and Cons of CEX.IO

Pros

  • The CEX.IO interface and trading platform are simple and easy to understand, making it a go-to crypto exchange even for beginners.
  • It offers a wide selection of withdrawal options, including Visa, Mastercard, bank transfer (SWIFT, SEPA, ACH, Faster Payments) and cryptocurrency.
  • It has a mobile trading app for both Android and iOS devices, making it easier for individuals who want to trade crypto on the go.
  • It is a regulated and licensed crypto exchange, which means that it has passed all the security checks required by the regulatory authorities. CEX.IO specifically complies with the Payment Card Industry Data Security Standard (PCI DDS) and the General Data Protection Regulation (GDP).
  • It protects customers’ money with full data encryption and hot and cold storage systems.
  • It supports a wide range of cryptocurrencies.
  • It offers a wide selection of crypto services, including crypto staking and crypto lending, which sets it apart from most popular crypto exchanges.
  • It charges competitive commissions to both buyers and creators with special offers for high volume merchants.
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cons

  • While the verification process benefits the users, the process is quite extensive and may take longer than expected.
  • It has lower liquidity compared to other leading global crypto exchanges.
  • The credit cards are not available in all parts of the world; they are only issued in selected European countries.

Why you should use CEX.IO

CEX.IO provides a one-stop platform where you can get on board the crypto space by buying a wide variety of cryptocurrencies with fiat money and then invest your purchased cryptocurrency asset in a variety of ways including spot trading, margin trading and turn off.

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If you are from a European country (except Germany and Malta), you can apply for a debit card from CEX that allows you to pay for goods and services directly with your crypto assets. By using the debit card to make payments, you will earn up to 5% crypto or cashback on every purchase you make online or in store.

final verdict

If you are looking for an easy-to-use crypto exchange where you can buy cryptocurrencies with fiat money, then CEX.IO might be for you. The exchange is built for beginners, experienced traders, investors and institutional crypto players.

The exchange offers excellent security for deposited funds and also offers a crypto wallet that allows you to earn staking interest by staking cryptocurrencies.

It is available in almost all countries around the world, including 48 states in the United States of America.

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