As the cryptocurrency market gains momentum and the interest to invest in cryptocurrencies surge even higher, there is a huge demand for safe and secure exchanges. As an investor or cryptocurrency trader, more than anything else you want an assurance that personal information you feed into the exchange platform such as bank details and debit/credit card details will not fall into the wrong hands. Anytime and all the time, you would want to trade on a secure, reliable and trusted platform.
Today, get to know about Cex.io, a well-respected exchange platform established in 2013 and serves well over a million users to date. The platform brings top-notch professionalism to the cryptocurrency market and offers high-quality services that are lauded by their customers.
Most institutional traders and individual traders rate it excellent when it comes to trading Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Zcash, and Dash because Cex.io offers several supportive tools to customers. Responsive customers support, first-class security, stable withdrawals, and deposits are just but the tip of the iceberg.
Review of CEX.IO
This article gives a detailed insight into the Cex.io platform, with clear explanations on how to sign up, buy and sell among other essentials. Most importantly, we shall first highlight the unique benefits you stand to enjoy as a user of the platform. So, let’s dive in and explore:
Is Cex.io safe? Security
Is Cex.io safe? Thank you for asking. Indeed, it is true that the first consideration when looking for a cryptocurrency exchange platform is the safety of the website. The platform offers full data encryption and protection against malicious hacks such as DDOS attacks. User accounts also have an extra layer of security through two-factor authentication. Therefore, you can do your transactions with confidence, irrespective of the quantity.
Is Cex.io legit? Cex.io does not only hold the reputation of operating on a high level of security but is also fully compliant with consumer protection regulations and digital asset laws. The beauty of this rule is that it protects you as a trader or investor, helps prevent fraud as well laundering of illicit funds.
CEX Payment options
Which payment methods are accepted? Cex.io offers you the option to pay through direct bank transfers, credit or debit card. At the same time, you can trade using any of the cryptocurrencies accepted on the platform. The transaction fees are considerably low, making it one of the most affordable exchanges in Blockchain trading.
CEX.IO Transfer limits
Are there any transfer limits? VISA and MasterCard payments are currently limited to €2,000 or equivalent in other currencies, per day per card, up to €50,000 per month. However, this should not worry you since it applies to the entire Blockchain trading market and not limited to Cex.io.
How is the transaction fee? Fees charged on the platform are primarily dependent on the trading activities. The cost is considerably friendly for both takers and makers, with even better offers for high volume traders. The exchange rate ranges between 0.5% to 2% for the mid-market.
What is margin trading? What currencies can you buy, sell and margin trade? Margin Trading allows you to take bigger trades even when you have a lean balance in your account. In other words, you leverage on your existing cryptocurrency to borrow funds to increase your purchasing power. At Cex.io, you will enjoy leverage of 1:2 and 1:3 on BTC/USD, BTC/EUR, ETH/BTC and ETH/USD.
Here is how margin trading works:
If the price of Bitcoin is $600 and you have $300 as your balance, you can use your $300 to borrow another worth $300 on the 1:2 ratio. Once the value of Bitcoin goes up to $800 for instance, the borrowed amount ($300) is returned automatically, and you gain a $200 profit. As you can see, margin trading gives you an opportunity to earn more even when your balance is low.
You can also profit by Margin Trading when the price of Bitcoin drops. For example, if 1BTC is currently trading at $600 and you speculate that prices are likely to drop, you can decide to sell your coins now and buy them when prices go down. Again, if you only have $300, you can borrow another $300 and sell 1 BTC at $600.Once prices go down to about $400, the BTC you borrowed is automatically refunded to the system and you keep the profits.
How can I benefit from the affiliate marketing program? The Cex.io Affiliate Marketing program awards a customer a bonus when they invite a new user to the platform. Currently, the platform is offering a 30% bonus of the fee your affiliate partner transacts. This is no doubt a good incentive that adds value to the platform. In fact, aggressive marketers can make tidy amounts of money from such transactions.
With around-the-clock support team, traders are assured of speedy response to their queries. The platform also promises to introduce more features and expand the network of partners to give users more option and flexibility.
A friendly Interface
The Cex.io platform is easy to navigate. From the signing-up process to selecting the payment method and selecting a cryptocurrency to trade, all processes are self-explanatory and follow a step-by-step procedure. Also, the platform gives access to a record of transactions history including the various fees incurred.
How do you get started on the platform?
To conduct any transaction on the Cex.io platform, a user must first “sign up” through a simple step-by-step process. On the top right-hand side of the website’s landing page, there is the “SIGN-IN” and “Register “icon. Hit the register icon to start the registration process. For a registered user, click on the “Sign in” key-in your details to access your account.
There are two steps that you give more attention while signing up: Verification of personal details and Choosing the mode of payment.
Once you create an account using your name and email address, a confirmation request is sent to your email. You click on the verification link, which then directs you the startup page where you choose between an individual and business account.
Next, confirm your cell phone number to create a 2-step identification security factor (2FA confirmation) to make your account more secure.
You are also required to fill details of your residence and also upload actual photos of documents to verify your identity. This is also meant to keep your transactions and account safe.
Choosing a Payment Method
As we mentioned earlier, there are two payment methods available on the platform; bank transfer and credit card. In order to use the bank transfer method, Cex.io initiates a verification transaction to and from your account. As soon as the transaction is processed, you proceed to transfer funds from your bank account to the platform.
The main advantage of using credit and debit card is that transactions are instant while it may take 4 to 5 days to complete bank transfers.
How do you trade on the Cex.io platform?
Now that you know how to sign up successfully and deposit funds, let’s delve into the most exciting part of the platform, trading.
The platform gives you some choices when buying or selling products. First, you can decide to buy using the predetermined prices displayed on the interface. Here, you just click on the amount you want to spend such as $100 and click buy to complete the transaction.
Secondly, you can choose to customize your purchase by stating what or how much you intend to spend.eg. BTC for USD or vice versa. On the interface, this section is found at the bottom end of the page and helps you calculate how much you spend or gain from a given transaction. For instance, if you key-in $10 from one end, it gives you the number of Bitcoins you can buy and vice versa.
Last but not least, you can sell or buy through the “Trade” option since this gives you a chance to monitor coin behavior in real time. At the topmost of the Cex.io website, there is a thin bar which displays various currencies, both fiat and cryptocurrencies. If you click on one of them, for example, Dash/BTC, ETH/BTC or ZEC/USD, you will see a display page with graphs showing the general performance of cryptocurrencies at that particular time. If you are happy with the price of a particular pair, you can sell or buy by clicking “Sell order” or “Buy order” option at the bottom of the page.
As you can see, the Cex.io platform has cut its niche in the cryptocurrency exchange market by providing top-notch services. Some of the benefits you stand to enjoy here as a trader include: safe and secure trading, reasonable transaction fees, convenient payment options, margin trading, opportunity to make extra income from the affiliate program and responsive customer support. In a nutshell, the Cex.io team is committed to ensuring that traders gain optimally from the platform. So next time you or anyone from your network is interested in an exchange, you know where to look. Happy trading!