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BROKER REVIEW

CEX.IO

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June 21, 2020 | 

JOHN K MWANIKI |  0 Comments | 

2456 Views

BROKER CEX.IO

Our Pick

Mimimum Deposit

$100

Crypto

currency
currency
currency
currency
currency

Regulation

country

Our Score

9

Crypto investing is a risky venture, and nothing beats the need for a legit site. Of all the sites, CEX.io is one of the oldest trading platforms that has continually provided a conducive trading environment.

Acting as both a trading site and brokerage, the site allows the buying and selling of major cryptocurrencies like Ethereum, Bitcoin, and many more. The site also invests in customer service and multiple resources for the users. 

Here is a detailed CEX.io review. 

Services

CEX.io is a multipurpose platform that allows users to buy and trade cryptocurrencies and brokerage services. 

The brokerage services allow users to buy coins from the platform at a premium cost. Purchasing the coins from the site is quite straightforward and needs no prior training. Otherwise, it is quite expensive compared to buying from an external broker.

CEX.io also offers a dedicated trading platform where users conduct margin trading. 

As a broker, the site provides a variety of trading order types, trading tools, and analysis for cryptocurrency trading. It also allows traders to improve their position with the experience, thus more trading access and risks.

Deposit and Withdrawal 

CEX.io provides multiple deposit and withdrawal options. It also allows a higher deposit and withdrawal limits based on the account of the trader. The basic account comes with more limitations compared to the corporate and verified accounts.

The platform supports credit and debit cards, wire transfer, crypto capital, and Neteller.

Security 

CEX.io is a safe platform to use as FinCEN regulates it in the USA as a money business service. In the UK, it operates under the Information Commissioner's Office. The site also provides for a detailed verification process that eliminates any form of crooks who might use the site. 

CEX.io comes with other security features like two-factor authentication for login. It also stores user funds in cold storage that keeps it safe from internet crashes and hacking.

Fees

The platform charges fees for transactions like deposits/withdrawals and margin trading fees. These higher fees have been the most significant changes, as in most cases, traders don't understand their existence.

The fee chargeable is also dependent on the account a trader operates, the currency and payment method. It provides for withdrawal fees of up to 3% and as a service charge of $25. The cost depends on the market model such that the transaction creator pays more than the receiver.

Customer Support

CEX.io provides reliable customer support to its users. It gives a detailed FAQ section on the site that handles most of the primary customer concerns. Otherwise, for advanced issues, the users can access customer support through Email, depending on the nature of the problem.

It has a dedicated email address for both business inquiries and accounts and cardholder issues.

Pros and Cons 

CEX.io comes with several advantages for traders like reliable customer support. The site is also easy to understand even for beginners. It allows for exchange in different currencies and several trading pairs that make it possible for multiple users from different countries.

The site also supports buying currencies from the platform, even though a little expensive. The account is also secure as it is registered with different regulatory bodies. 

It also has its fair share of cons like limited cryptocurrencies to trade. It does not have a wallet functionality; hence does not support other popular payment options like PayPal and Skrill. Lastly, the client must still play a role in promoting security, like creating a strong password.

Verification

CEX.io provides for different account levels, with each level coming with different considerations. The higher the account, the higher withdrawal, and transaction limits.

The basic/default account mostly allows for fiat deposits using credit and debit cards. It allows for limits of $1000 daily deposits and $3,000 monthly transactions. Otherwise, to get higher limits, the user must have a verified account. 

The company requires you to provide all the necessary personal information for verification. Some of the information to provide are government issues identification document, filled form of personal data, and addresses. Afterwards, the user must include a scanned photograph.

All the documents must be valid otherwise the process remains invalid, and the user must restart the process. 

Having a verified account comes with several advantages. It is the only way to withdraw fiat currency. It also allows for multiple withdrawal and deposit options. 

Conclusion

Anyone looking for a great trading platform is better off with CEX.io. It comes with a user-friendly interface that is simple to use and navigate. It also provides for exceptional customer support in the form of FAQs section and emails. With all the advantages, it makes an excellent platform for both beginners and professional traders.  

With all the knowledge about the platform, the trader can make an informed decision if it's the one.

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.

24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.

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