Broadly speaking, CEX.IO is a platform that allows users to buy/sell or trade Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash and many more popular cryptocurrencies in the easiest way possible. It is a plain and comprehensible platform having an increased focus on newcomers who wish to get the hang of cryptocurrency.
Options available on CEX.IO
There’s no rocket science here. Speaking of financial operations made available for its users, CEX.IO includes two basic options: Buy/sell and Trade. Let’s consider each of them a bit closer.
You may be wondering what’s the difference between trading and buying/selling. In general, there’s no difference. But, on CEX.IO, Buy/sell is a solution for people who don’t really need to engage in trading but only wish to buy a certain amount of cryptocurrency instantly and without any effort. See for yourself:
Under the hood of Buy/Sell, there’s a FOK (Fill-or-Kill) order system. Once you entered the amount of money you want to spend, the system freezes the rate of cryptocurrency for 2 minutes. In other words, it guarantees that you will buy THIS amount of crypto for THAT amount of money. On top of it, the total amount displayed includes all the fees of the platform so that you won’t receive any unexpected or hidden charges.
Cryptocurrency Trading on CEX.io
The Trade section, in its turn, includes three various trading options:
- Limit. You specify the predicted rate at which you are ready to strike a bargain. In case it comes true, the order will be automatically executed, no matter if you are at work or sleeping. So, the limit order option is a risk-preventing mechanism for traders in a sense.
- Market. This is all about traditional trading. All you need is to choose the amount of cryptocurrency to buy or sell, and press the “Place order” button. It will be executed based on the order book and at the best rate possible at the moment. For those who don’t want to count up the profitable rate, the average market price is inserted by default.
- Margin trading. In a nutshell, this option allows users to enlarge their trading profits by means of borrowing money from the exchange. The hallmark of CEX.IO’s margin trading is that all operations are done within one account and money balance, whilst most of other exchanges require the users to make a separate margin trading account with funds in it.
Formerly, CEX.IO would let you deposit/withdraw $3,000 monthly without a need of verifying yourself. Now, the attention to cryptocurrency is much higher, so the regulating issue is more of a pressing point. You can read about it on their blog.
As to the process of verification, there’s nothing complicated about it. Going through CEX.IO’s official guide is enough to get the know-how.
When it comes to deposits/withdrawals, you basically have two options:
- Easy || Instant || Commision charged. CEX.IO made it possible by virtue of money transfers via Visa/Mastercard. First of all, you should link a bank card to your account. And once you’ve done this, funds can be transmitted literally in seconds. If you feel restless about your bank card data, it would be proper to mention that CEX.IO is PCI/DSS certified, which ensures the safety of card data processing. To conclude, the only disadvantage is the fact that a 3.5% + $0.25 deposit fee is imposed on this payment method. In terms of withdrawals, the fees will vary: $3.8 – for VISA, and $3.8 + 1.2% – for Mastercard.
- No commissions, but longer execution. It is referred to as bank transfer. There’s nothing to add here. CEX.IO doesn’t charge commissions if you use it for deposits, but the transaction can stay pending for some time. As for bank withdrawals, commissions depend on the currency and the specific withdrawal opportunities available. You can always find the information on the fees in the Limits and Commissions section.
So, what is CEX.IO in summary? CEX.IO is a plain, trusted and easy-to-use cryptocurrency exchange, offering great functionality for regular customers who wish to unveil the cryptocurrency sphere with no hassle.