CEX is an easy to use exchange that has been developed to offer users the opportunity to buy digital currencies with fiat currencies. The CEX.IO exchange was established in London. This is also where its headquarters is located.
Rating 4.0 / 5
- Offers users the opportunity to buy and sell over eight (8) cryptocurrencies
- Customers can buy cryptocurrencies via credit cards, crypto deposits, and bank transfer.
- It offers users margin trading
- It offers users advanced reporting
- Countless reports of hidden charges
- Outrageous trading and service fees
CEX exchange was launched in 2013 and was at that time operating as a Bitcoin exchange and also as a cloud mining service provider. During that time, one of the exchange’s mining pools Ghash.io held over 42% of the total mining power of the Bitcoin network. It was not until January 2015 that all cloud mining services were closed, thus, meaning that it began operating only as an exchange from that time. This exchange offers customers or users the opportunity to buy cryptocurrencies instantly with their credit and debit cards.
Also, the CEX exchange offers its customers a cross-trading platform through their official website and also their mobile application which has been made available. Currently, CEX seats as one of the top cryptocurrency exchanges operating in the crypto sphere. The core reason why this exchange has been able to achieve this feat is that of its extremely easy to use platform which makes it perfect for first-time traders or those with little or no knowledge of how cryptocurrencies work. Also, the CEX exchange provides its users with a multiple-level account system that has been customized and suitable for not just beginners but for institutional traders as well.
On this exchange, the exchange rate depends on the market activity or movement in the crypto market. This means that users will buy and sell cryptocurrencies while the exchange rates or value of these digital assets fluctuate simultaneously. Below an image of how the exchange platform looks like.
Transactions Fees (Payment Methods)
On the CEX exchange, users are charged about 3.5% of all transactions that are carried out. In addition to this, users are charged $25 for all credit card deposits to the account of each user. While these are the clear charges users are expected to pay, most users have complained that there are hidden charges when they buy cryptocurrencies with their credit cards.
Asides these charges, the CEX exchange charges a service fee of 7%. This fee is included in the price or value of the digital currency that is being offered or listed on the exchange. You will be charged this fee when you buy directly from the CEX exchange. Generally, the basic fee for trading on the platform is 0.2%. It is important that you bear in mind that higher charges can be incurred when you make use of credit cards and also when you make withdrawals direct to your bank account. Asides the service charge, the trading fee of this exchange is quite moderate when compared to that of the other exchanges.
The developers of this exchange have stated that they store their coins in an offline means. The developers do not provide adequate or detailed information on how this process is carried out. Although it if it’s true, then it means that this exchange is one of the most secure exchanges around.
To ensure that the accounts of users are safe, the exchange allows for the integration of the Two-Factor Authentication system. Most users who have deployed this security have found it to be troublesome. Irrespective of that, the system does its job perfectly.
Unlike most of the other exchanges, CEX has suffered a hack back in 2013 when the exchange was still in its infancy stage. Since then, no attempt or hack has been carried out on the network as the vulnerability was resolved then.
How It Works
Unlike most of the other exchanges, CEX is a private limited company that is based in the UK and is registered with the ICO in the UK as well as the FINCEN in the United States. This is why the exchange applies the Know-Your-Customer (KYC) and the Anti-Money Laundering (AML) policies that have been made necessary by the relevant authorities. To make use of this exchange, you will be required to verify your identity with the exchange as soon as you complete the registration.
The process of verification involves providing the exchange with a valid email address, telephone number, and a password. You will be required to verify the telephone number as well as the email address provided. Like most of the other exchanges, CEX provides users with the opportunity to deploy the Two-Factor Authentication system using either automated phone calls, SMS, or even through the Google Authenticator application.
How to Buy Cryptocurrencies On CEX.IO
This exchange supports the buying of cryptocurrencies with VISA, MasterCard, or even virtual cards. All that is required is for users to add their credit or debit cards to their accounts. This verification could take up to 48 hours, but after the process is completed they can begin buying Bitcoin and Ethereum instantly.
Once the cards have been verified, users can then click on the “buy” tab and select the desired cryptocurrency and amount. See the image here below for an overview of how the buy/sell page looks like.
CEX offer users the opportunity to buy the following cryptocurrencies;
The CEX exchange is known for its active customer support team. This sets this exchange apart from most of the others. Customers or users can make requests and lay complaints via email. Also, the exchange provides them with an extensive, comprehensive, and precise Frequently Asked Questions (FAQ) column.
Customers have revealed that although it takes time, the customer service team still responds to their complaints.
The CEX exchange can be accessed with the following devices and operating systems;
- Mobile browser
Although the CEX.IO exchange has been developed to offer certain impressive features, the amount of fees it charges has seriously stunted its growth. The issue of hidden charges has also contributed to the negative reviews and complaints the exchange has gathered.
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