CEX.IO is a popular crypto exchange. On how to register, replenish the purse, buy a crypto currency, withdraw funds, etc. – Read in our review.
Overview of the CEX.IO exchange, pros and cons
CEX.IO is registered in London in 2013. First, the exchange functioned as a cloud-based service. Users could buy power from the pool and extract crypto currency in a “remote” format. Over time, the site was added the possibility of exchanging Bitcoin for fiat – this was the starting point in the “exchange” biography of CEX. A full transformation into the stock exchange happened in April 2015. A month before, CEX.IO LTD received the status of Money Service Business (MSB) from the American Commission for the Investigation of Financial Crimes (Fincen).
Access to purchase and sale of the crypto currency service provides users from all over the world. You can quickly exchange one currency for another, and earn on trade using borrowed funds. For the convenience of customers, the interface is translated except English into such languages as Russian, Italian, Chinese, Spanish and Portuguese.
Currently, the CEX.IO Crypto Currency Exchange offers exchanger services and a simple purchase / sale of Bitcoin, Ethereum, DASH, Bitcoin Cash and ZCash. . Users can deposit on the exchange using both bank transfers and credit cards. The exchange supports trade in fiat: rubles, euro, US dollars and pounds.
Since 2016, the site CEX.IO has been added the possibility of margin trading and established an affiliate program, which, by the way, played an important role in the development of the exchange. At the moment, about 1.5 million people use the CEX.IO crypto exchange. Traders trading with the phone, the developers offered to work through mobile applications Websocket and REST API.
Allocate the following advantages of the crypto exchange CEX.IO:
- Russian-language interface and Russian-speaking support service operators;
- Ability to enter and withdraw funds through bank transfer and cards;
- Adequate trade commission;
- The presence of the trading pair Bitcoin and the Russian ruble;
- Availability of certificates and licenses from financial departments;
- Marginal trading in four areas;
- Mobile app for iOS and Android;
- It is possible to buy Gigachehi both for personal use and for further sale;
- Easy-to-use interface.
If we talk about shortcomings, then they are:
- Delays up to 20 days are possible with withdrawal of funds;
- Blocking users without verification;
- Prolonged and very pedantic verification – in addition to verifying the identity, it is necessary to verify the cards;
- Temporarily disabling individual output methods, transaction restrictions for residents of individual countries;
- Closing of Margin Trading Orders until Stop-Loss;
- Closed registration.
Registration and verification at CEX.IO
To open an account on the stock exchange and start trading, you need to register. To do this, the service asks to specify the address of its electronic mailbox, as well as the password. Be sure to open the letter and click on the link to confirm the e-mail. Next is the setting of two-factor authorization and only then it is best to continue working, closing the initial window with the exchange, which was opened before verification.
The limits of input and output depend on the level of your verification. If your identity is not confirmed, and only the initial verification of the mailbox is passed, then you can enter or withdraw Visa, MasterCard daily 300 US dollars, but not more than 1000 dollars a month. After the second level of verification (confirmation of identity), these limits increase to 10 and 100 thousand dollars, respectively.
To obtain the second level of verification, you should provide photos / copies of three types at once:
- Both sides of the passport;
- Your selfie with a passport in hand;
- Proof of the place of residence (utility bill, residence permit and so on).
Without verification, you will not be able to carry out transactions with fiat.
How to use CEX.IO?
In the exchange section, the user can buy a “package” of crypto currency for 100, 200, 500 or 1000 dollars. Or specify your own amount. The rate is determined by the CEX market. This is a purchase option for beginners. Trading is available in the Bidding section. Here on the left are the available markets: USD, EUR, RUB, BTC, GBP. Choosing the right currency pair, the exchange will present to it an online chart, will show the depth of the market.
On the “Finance” tab, you can find out the balance of Fiat and Crypto-currency.
Also on CEX.IO there is a margin trade, which can only be started by ticking the items:
– I fully understand and take responsibility for the risks in margin trading.
– I confirm that I am not a US resident
Margin trading is possible only with pairs of BTC / USD, BTC / EUR, ETH / BTC and ETH / USD.
How to replenish your wallet and withdraw funds?
Recharge and withdraw funds can be on tabs with similar names. You can add funds to the balance:
- with the help of payment cards;
- bank transfer (SWIFT, SEPA);
- through Crypto Capital.
Before working with the card, it must be linked to the account and verified. Takes this process less than an hour. Any Visa, MasterCard or virtual card is suitable, and in any currency – money will be automatically converted at the current rate.
Commissions on CEX.IO vary depending on whether you use their exchanger or just buy / sell currencies. If you need trading on the stock exchange, the fees do not exceed 0.2%. If you only want to buy and sell, the commission will be 7%.
In addition, there are fees for deposits and withdrawals. The payment for the deposit is about 3.5% when using credit cards, for free – when using bank transfers.
The fee for withdrawing funds is not more than 3.8 + 1.2% when using credit cards and $ 50 for bank transfers.
There are quite a lot of reports about the exchange on the forums. Of the pluses mention the rapid withdrawal of funds, work with cards. Of the minuses – a long period of verification, refusals of verification. In the Russian segment, there are often reports of problems with the withdrawal of fiat into bank accounts, as payments are declined. There are complaints and long waiting for answers from the support. Other customers write that there are no problems and the transactions take place instantly.
In connection with the massive influx of new users at the end of 2017, almost all operating exchanges, the CEX.IO administration temporarily closed registration. Due to strict adherence to KYC / AML standards, users have to provide bundles of various documents and learn more details from their bank.
Use the exchange crypto CEX.IO or not – it’s up to you, but we recommend that you learn as much information about this trading floor before using it so you do not lose your money.