CEX.io is a popular crypto exchange. It is one of the oldest crypto exchanges and is still going pretty strong. This is because the team constantly adds new features and coins to the platform on a monthly basis. The only downside is the regulatory restrictions that prevent US traders from using the platform.
This quick guide will touch upon the pros and cons of CEX.io while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose CEX.io?
Relatively low fees
It is registered
Variety in cryptocurrency support
What’s not to like?
US customers are not accepted
Basic account holders have strict deposit limits
Slow transaction processing
Brief Background of CEX.io
CEX.io was founded in 2013 as a provider of cloud mining services. The company, however, gradually evolved into a multi-functional cryptocurrency exchange over the years. The exchange provides trading of crypto assets through mobile apps, web trading portal, and by using API applications.
What is the Trading Fees on CEX.io?
There are three basic types of fees charged on the platform, including:
Transaction fees (maker-taker fees)
Deposit/withdrawal fees (specific to each payment method)
Margin trading fees
Transaction fees depend upon the trader’s 30-day trade volume. This table explains the fee for Bitcoin trading.
Margin trades have open fees that are capped at 0.2% of the invested amount. Any rollover fees are capped at 0.01%. There are no fees charged by CEX.io to close trades.
How to Deposit and Withdraw Funds?
Deposits and withdrawals can be made in several ways on the platform. It is also important to note that each option comes with its own deposit and withdrawal limit.
The following channels are used on CEX.io to deposit and withdraw funds.
Wire transfer(SWIFT and SEPA)
Credit/Debit cards issued by MasterCard and VISA.
CEX.io supports fiat currency, including:
Great Britain Pound (GBP)
Russian Ruble (RUB)
United States Dollar (USD)
The account type used by the trader determines these limits on funding options. Traders that have basic accounts have maximum limits on deposit and withdrawal amounts. Traders with verified plus accounts or corporate accounts have low limitations.
For instance, basic account holders can deposit a maximum of $1,000 monthly or $300 daily. Verified account holders can deposit a maximum amount of $100,000 a month while their daily limit is $20,000. There are no limits for users with corporate or verified plus accounts.
Is CEX.io Versatile in Terms of Trading?
Generally, trading that takes place on CEX.io is between ETH, DASH, Ripple (XRP), Bitcoin Gold (BTG), ZEC, Bitcoin Cash (BCH), and BTC as the cryptocurrency and any one of the fiat currency as the corresponding trading pair. Supported fiat currencies include the US Dollar, Euro, Ruble, British Pounds, etc.
Bitcoin and Ethereum can be easily bought and sold on the platform. The following trading pairs are available to those who want to pair these crypto-assets:
Other highly traded pairs include ETH/BTC, ZEC/BTC, BCH/BTC, etc.
How User-Friendly is CEX.io?
CEX.io has jumped ahead of the competition in the past year. It has come ahead as a leading Bitcoin broker in the trading community. This is owing to its sleek interface and user-friendly or completely beginner-friendly design. Beginners find it tremendously easy to work with CEX.io when it comes to purchasing bitcoins.
CEX.io Customer Service
The company can be very proud of its support team and rightfully so. The responses are always quick and detailed. Support is available through multiple channels on the trading platform and outside it. A very small downside is the canned responses that may be used sometimes. Nevertheless, these canned responses seem to answer a user query in the best possible fashion by providing all the information required.
The Bottom Line
One of the biggest complaints of users while trading on CEX.io is the amount of “hidden charges” and the exorbitant fee model. They can charge as high as 7% for purchasing bitcoins. This is when other exchanges using the maker/taker model charge anywhere from 0.15% to 0.20%. This is a serious drawback that would keep beginner enthusiasts from using this exchange.
If you are not too caught up with the fee, then CEX.io has some great features. It has a splendid customer support base and a very beautiful interface. It also supports fiat currency, which can make it easy for you to make your entry-level exchange.