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CEX.io – Exchange Review

by Crypto Soho September 12, 2017 0 comment
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Cex.io Exchange

cex io logoOverview

People who have been following Bitcoin movement from the beginning might be familiar with Cex.io.

They were one of the first companies to provide a platform for Bitcoin trading.

Back then, the idea of Bitcoin was pretty new for the users. This London based company began their journey in 2013. They provide Bitcoin trading and cloud mining services for the users.

Their mining pool is known as Ghash.io. At some point, the company held almost 42% of the total mining power. In 2015, Ghash.io was closed and Cex.io continued as a Bitcoin trading platform since then. It has global network reach of 99% to provide service for people around the world.

Verification

The verification process of cex.io is very simple and there’s also a guide available for new users. One can post any question below the guide and a person from customer support will reply, a service similar to the ticket system. The verification process requires the usual information, such as personal information (name, address, phone number), Govt. ID (passport, driver’s license), Residency proof (bank statement or billing address with username) and photo ID verification.

Verification process is fast in CEX.io.

Trading

Cex.io allows four types of trading opportunity based on the account credential. A basic account has a daily limit of $500 and a monthly limit of $2000. If the account is verified, then the daily and monthly limit increase up to $10,000 and $100,000 respectively.

Verified Private and Corporate accounts have no limit in terms trading.

The trading interface of cex.io is very user-friendly. It provides Market order, Limit order and Stop order for trading. The margin trading is possible when the leverage is 1:2 and 1:3. The exchange also provides mobile apps to facilitate trading. Cex.io has a very polished Customer Support system. They have a reputation for a quick reply to provide users with detailed information.

Features

One of the key features of Cex.io is the payment card fund deposit system. It allows users to withdraw or deposit funds from any of the supported places. There’s a verification guide for users to help set up their payment card. Cex.io supports some of the major fiat currencies, such as US Dollar, Euro, Russian Ruble and Great Britain Pound.

On the other hand, it accepts BTC, ETH, and LTC in case of cryptocurrency.

Fees

Cex.io has a comparatively higher fees system in the market. Any direct exchange charges 7% to the user.

The fee system follows the maker-taker model for peer-to-peer trading. Zero percent fee is charged to maker while a decreased taker fee is applied based on the monthly trading volume of BTC.

Withdrawal and Deposit fee ranges from 1.2-5% depending on the transaction amount. The company supports margin trading which has fixed fee of 0.2%.

Security

The security measures of cex.io are strong enough to provide safe trading experience. Accounts are protected by two-factor authentication and security question protocol. Most of the coins are stored in cold wallet. There is hardly any incident of hacks or scams.

Overall

Overall, cex.io is an above average exchange service with high trade volume, robust support. It receives few negative feedback for a high amount of fees. Any new user can certainly use this exchange service for a reliable trading experience.

 

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