The story of CEX.IO started in 2013, when it was created in London as the first cloud mining provider. Though, with some time, this source became one of the leading multi-functional cryptocurrency exchange sites of Bitcoin. This famous cryptocurrency has its personal site to be bought and sold.
The portal is registered by FINCEN and is regulated by such policies as KYC (aka known your customer) and anti money laundering (AML). That is how the security of users is assured. Besides, there exist numerous formats, suing which you can make transactions.
You can be active thru the official website, mobile application, API files and WebSocket. This is not speaking about multi-level account, which approach is totally personalized. The range of available banking methods and electronic money gets constantly wider. Check the step-by-step instruction on the site usage and find out the main details about the service.
Registration on СЕX.IO
The process of account creation is pretty simple. You are to provide a valid e-mail address, make up your secret password, accept the terms and conditions and solve the captcha. That is it, you don’t even get an email asking you to follow the link and verify the profile.
Yet, the site strongly recommends its users to enable the 2-factor authentication. Once you enter the portal thru your mobile device, get ‘Google Authenticator’ app for Android, Windows and iOS. Otherwise, you can get SMS or a call to your smart phone.
Once you leave the situation as it is, you will be able to confirm your actions on CEX.IO by email only. And if your account and electronic address get hacked, you won’t be able to control anything. That is why, safety should be your first priority.
Verification Stages
There exist several account levels, which you can reach verifying the profile. The Basic one allows you to buy Bitcoin with MasterCard and Visa. Verified status extends the limits, and involves more payment mechanisms. High turnover, wider limits and priority support. That is what you will get with Verified Plus account. The last stage is Corporate one. It is for enterprises, and offers custom conditions.
The identity verification includes 4 steps. In the first place, you provide your ID type (number, issue and expiration date, etc.). Then, it is required to share some personal information, addresses and documents photos. Place confidence in the service and open the way to withdrawing fiat currencies.
Limits for Each Level
Depending on your account level, you get various conditions for transactions. Enter the appropriate page and you will see such alternatives as USD, EUR, RUB, GBP, ETH, BTC, BCH, XPR, XLM, Dash, BTG, ZEC. Each option provides its own daily and monthly limits, availability to use MasterCard, Visa (commissions apply), Bank Transfer, CryptoCapital.
Naturally, the higher your profile status is, the more liable conditions you get. Those points marked with a red X, are now turned to green ticks. Check the desired coin and find out what terms you are to cover in your case.
Funds Depositing into Your Account
The first thing to learn is the process of depositing. Initially, select a currency and amount you want to transfer. There, you are to observe a range of banking methods allowed. Mind the limits, fees and other circumstances before selecting any payment.
Attach the chosen mechanism to your account and provide some information needed. These can be card number, CVV, and other data. Make the transaction and indicate what taxes for each transfer are taken, and get the desired amount to your profile balance.
Trading Features on СЕX.IO Exchange
For users’ convenience, there are 2 sections. The first one is fiat balance, the second one is crypto balance. Observe the unit, its amount, total and in orders. There are also buttons of Deposit and Withdraw. What is more, entering your profile, you can view the history of your tradings. That gives you a chance to analyze the previous buyings and observe some statistics.
Order Types
As every service of the kind, there exist limit, market and margin trading types. Each alternative has its own specialties and differences, according to your transaction plans. Check out the appropriate list with type, leverage, margin, amount, open and close prices, stop loss and fee. Make sure the presented conditions meet your capacities, and buy the desired token asap.
Currencies and Trading Pairs
The variety of crypto currencies includes 8 titles, these are BTC, BCH, ETH, BTG, DASH, XRP, ZEC and XLM. Speaking about the regular money, you can use USA, EUR, RUB and GBP. For some customers, this short list doesn’t seem so comfortable though.
Once you observe the full list of possible pairs, you will see up to 30 alternatives. Each digital coin has about 3-4 matches with other money or tokens. This fact enlarges the targeted audience and involves more customers.
Handling Fees
Get acquainted with the fees in order to know how much you have to pay extra. The schedule is divided into transactions, deposit/withdrawal and margin trading taxes. There are presented percentages in front of each currencies pair, including both taker and maker options. By the bye, the maker-taker fee is based on your monthly trade volume for all pairs, so, sometimes it is you to decide the charges.
Withdrawing Specifics Steps
Just like the process of depositing, the withdrawing one also has its certain moves. Again, depending on your account level, you can meet various limits. Check out what are the daily and monthly maximum amounts to be redeemed, find out the allowed payments, etc. For instance, the highest point of monthly withdrawals for credit cards can reach $50,000.
The reason why I have been one of the best exchanges is because CEX io has come my way first. I regret the decision I’ve made then. It offers high fees, a lot of fees. I have found nothing to be inspired about the service. And I know they focus on a narrow list of countries. They support few languages and have delays on withdrawing. All that slows down in and out crypto processes, what is against the users goal.
I won’t make the same mistake again. Cex,io is a strong brand, which attracts users with its popularity only. All the rest is not worth anything, to be honest. The service supports only 3 currencies and provide soooo high fees. There is nothing so special and unique to provide such conditions, for sure. Besides that, my transfers were delayed, and not once or twice.
I have many accounts at different exchanges, but CEX IO is the most advanced and handy. I have been using it for last 6 months very often. Lucky for me, their following AML and KYC policy doesn’t cause troubles to me. They asked about my source of income, I sent the docs and everything is alright, but I’ve heard that resulted into a number of denials to other clients. I can understand they are upset. This exchange offers one of the fairest conditions for trading and more, plus a lot of pairs and currencies availability.
When I started a conversation at CEX IO, they promptly gave me answer and an advice. Then they asked me to write a letter and explain my problem in details and gave me their email. And I have been waiting for them to response like for two weeks. I can’t say the exchange doesn’t suit me or they have a bad support, just didn’t like that here. The explained that by the AML and KYC policy they keep to.
I can’t understand why everyone is so excited about CEX.IO. The site is perhaps good-looking. However, how about the closure of registration for a while? High fees? And numerous other aspects? Except for such factors, I have also faced an unpleasant situation with the customer support, which delayed the replies.
What else do you want? CEX.IO offers 8 cryptocurrencies for various kinds of transfers. Also, you can use fiat currencies for purchases. All the fees are revealed and you can find out all the conditions right on the site. Once there is something unclear, the friendly customer support service is available for you anytime. By the way, did you know that withdrawals are totally free?
I don’t know, I see it as a wonderful, even life-changing opportunity for myself. $20,000 in 2017 over $3,500 in 2018, the btc fell in its price. But leaving that drama behind, the electronic cash is more for investment, you still can’t buy food and other stuff like that. So I would look for such platform as cex.io to make it with an eye to the future. As I definitely see the crypto in it.
Anyway, in many reviews, I’ve seen grudge against its fees – 3.5%, actually. And I guess the people are far from the things as it is the starting point on alike exchanges where 5% and 6% are normal commissions.