CEX.IO Review: Pros, Cons and How It Works – CoinJournal | Jewelry Dukan

CEX.IO is a regulated cryptocurrency exchange that offers a commission-free margin trading platform. It allows users to trade through its website, mobile apps, and a wide range of API solutions.

It was launched in 2013 as a Bitcoin cloud mining provider and hashing power marketplace powered by an internal mining pool called GHash.IO. It allowed people to participate in bitcoin mining without having to invest in expensive miners.

In 2016, CEX stopped cloud mining after GHash.IO was shut down because it wasn’t profitable. It shifted its focus to developing a global cryptocurrency exchange, which it has previously operated.

How it works

CEX.IO offers a wide range of products classified into three main categories, namely: “For everyone”, “For traders” and “For companies”.

The For Everyone category is for people looking to get into the crypto space and includes easy fiat-to-crypto buying options, a crypto wallet, crypto lending, crypto staking, and a debit card. However, the card is only available to customers in selected European countries.

The For Traders category is for those looking to trade cryptocurrencies and includes spot and margin trading. Traders can trade via the CEX.IO website and CEX.IO mobile apps or even use a range of API solutions including WebSocket, REST API and FIX API for automated trading.

The “For Enterprise” category allows institutions to access institutional-level crypto trading services through CEX.IO PRIME.

For the fiat-to-crypto purchase options, individuals can make payments by card or bank transfer, and allowed fiat currencies include USD, GBP, and EUR.

Now, before accessing any of the CEX.IO services, you need to sign up for an account. The process is straightforward.

To sign up for a personal account, all you have to do is provide your name, email address, password and country of residence. You will then need to confirm your email by entering a code that was emailed to you. At this stage, you can start exploring the CEX.IO platform.

However, in order to start trading, you must complete identity verification by presenting a government-issued ID. Additional verification levels increase your deposit and withdrawal limits.

Additional information and documentation is required to sign up for “Business” services.

Pros and cons of CEX.IO

advantages

  • The CEX.IO interface and trading platform is simple and easy to understand, making it a popular crypto exchange even for beginners.
  • It offers a wide range of withdrawal options including Visa, Mastercard, bank transfer (SWIFT, SEPA, ACH, Faster Payments) and cryptocurrency.
  • It has a mobile trading app for Android and iOS devices, making it easier for people who want to trade crypto on the go.
  • It is a regulated and licensed crypto exchange, which means it has passed all the security audits required by regulators. In particular, CEX.IO complies with the Payment Card Industry Data Security Standard (PCI DDS) and the General Data Protection Regulation (GDP).
  • It protects customers’ funds with full data encryption and hot and cold storage systems.
  • It supports a wide range of cryptocurrencies.
  • It offers a wide range of crypto services including crypto staking and crypto lending, which sets it apart from most popular crypto exchanges.
  • It calculates competitive commissions for both takers and manufacturers with special offers for high-volume merchants.

Disadvantages

  • Although the verification process is for the benefit of users, the process is quite extensive and may take longer than expected.
  • It has lower liquidity compared to other leading global crypto exchanges.
  • Its credit cards are not available worldwide; They are only issued in selected European countries.

Why you should use CEX.IO

CEX.IO offers a one stop platform where you can enter the crypto space by buying a variety of cryptocurrencies with fiat money and then investing your purchased cryptocurrency assets in a variety of ways including spot trading, margin trading and staking .

If you are from a European country (excluding Germany and Malta), you can apply for CEX’s debit card, which allows you to pay for goods and services directly with your crypto holdings. When you use the debit card to pay, you earn up to 5% crypto or cashback on every purchase you make online or in-store.

Final Verdict

If you are looking for an easy-to-use crypto exchange where you can buy cryptocurrencies with fiat money, then CEX.IO could be a good fit for you. The exchange is designed for beginners, experienced traders, investors and institutional crypto players.

The exchange offers excellent security for deposited funds and also offers a crypto wallet that allows you to earn staking interest by staking cryptocurrencies.

It is available in almost every country in the world including 48 states of the United States of America.

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