CEX.IO Exchange Review
CEX.IO was founded in 2013 as a licensed multi-functional digital currency exchange. Bitcoin (BTC), Ethereum (ETH), Uniswap (UNI), Litecoin (LTC), and other cryptocurrencies and tokens are supported by this London-based exchange. CEX.IO has established a worldwide crypto exchange system that supports over four million customers and is available in 99 percent of countries and 48 U.S. states.
CEX.IO was one of the first cryptocurrency exchanges to accept credit card and bank transfer payments. Even though it began in the United Kingdom, it is now licensed and controlled in the United States. This exchange offers several useful features, such as its crypto staking program, but it might be better in certain areas.
- CEX.IO history
CEX.IO, a Bitcoin cloud mining operator and hashing power system, was founded in 2013 and is powered by an in-house mining pool named GHash.IO. The purpose of the organization was to make it possible for people to receive Bitcoin mining rewards without having to invest in costly mining hardware.
Following the shutdown of GHash.IO caused by a lack of profitability in late 2016, CEX.IO came to a decision to suspend cloud mining. Instead, the business is concentrating on developing a worldwide bitcoin exchange ecosystem.
- Trading fields
Everyone, Traders, and Businesses are the three sorts of users that CEX.IO is aiming for.
2.1 Everyone
The exchange’s Instant Buy function allows anybody to purchase digital currencies using a variety of payment options. In addition, CEX.IO also offers soft staking, which allows users to earn crypto and crypto-supported loans, which enable clients to borrow fiat cash using bitcoin as collateral.
2.2 Traders
Traders may utilize the CEX.IO application to trade on the move and the exchange’s spot and margin trading platforms.
2.3 Businesses
Businesses may join CEX.IO PRIME, which provides liquidity to organizational purchasers. Companies may also use CEX Direct, a payment gateway for bitcoin purchases run by CEX.IO, to incorporate crypto payments.
- CEX trading environment
CEX.IO provides a number of various trading platforms. Each one of these platforms is determined by the payment type you use. For example, you may use a Visa or MasterCard debit or credit card to make a payment.
The exchange accepts a variety of payment options, such as bank account transfers, debit cards, PayPal, and credit cards, to deposit and withdraw fiat money. Fees differ depending on how you pay. You may buy cryptocurrencies using CEX.IO’s spot trading or Instant Buy options; however, the latter only allows card payments and hence has higher costs.
This interface makes it simple to check how much Bitcoin you’ll get for your money. However, the fees are significantly more than those charged by using the trading interface. You can buy digital currencies using your CEX.IO balance if you’ve already made a deposit. You may also use the balance of any digital currency in the wallet to do the transaction in a trade.
- CEX cryptocurrency market
CEX.IO now covers over 100 cryptocurrencies and tokens, with new ones being added on a regular basis. Here are some of the most popular digital currencies available to trade on CEX.IO right now:
- Bitcoin (BTC)
- Bitcoin Cash (BCH) (BCH)
- Cardano (ADA)
- Cosmos (ATOM)
- Ethereum (ETH)
- Litecoin(LTC)
- Tether (USDT)
- Tezos (XTZ)
- Tron (TRX) (TRX)
- Uniswap (UNI)
- Zilliqa (ZIL)
- A review on Staking in CEX
Staking is the act of keeping money in a bitcoin wallet to keep a blockchain network running. It enables clients to earn incentives by allowing your coins to operate for you and grow your profits while they are still in your account. Staking is closely connected to the Proof of Stake (PoS) consensus, which involves staking instead of mining to create and validate new blocks. PoS consensus has the benefit of requiring less computational power than Proof of Work consensus.
Staked coins are normally frozen until a validator joins the consensus process. You can, however, exchange your staked coins on CEX.IO. Even if you make an order, your reward would be computed as long as these coins are in your CEX.IO account.
- Security
The Financial Crimes Enforcement Network has CEX.IO Ltd. listed as a Money Services Business (MSB) (FinCEN). The Gibraltar Financial Services Commission also granted CEX.IO a Distributed Ledger Technology (DLT) license (GFSC). Users must complete the identity verification procedure to follow the Know Your Customer (KYC) and Anti-Money Laundering (AML) rules since CEX.IO is a strictly controlled digital currency exchange.
A user must follow multiple security processes once they execute a transaction on the site. Two-step verification and Google Verification are two examples. Users may also specify security questions, making it far tougher for attackers to get access to their accounts.
Pros
- CEX.IO is authorized and licensed to act in all fields where it provides services, offering investors a good sense of tranquility that they’re dealing with a trustworthy platform.
- Supports a vast variety of cryptocurrencies: CEX.IO covers over 100 different cryptocurrencies and tokens, representing the majority of the most popular crypto assets.
- Allows clients to earn cryptocurrency: Users may earn cryptocurrency by staking coins owned on the site.
- Customers can get crypto-collateralized loans in fiat currency, enabling loyal crypto owners to keep their savings in crypto even if they have a temporary need for fiat cash.
Cons
- Newcomers may be overwhelmed by the number of products and services available: CEX.IO has a lot of features aimed at different market niches, which makes it less user-friendly for first-time crypto purchasers.
- CEX.IO has less liquidity than other major famous exchanges, despite its worldwide reach.
Finally, it must be said that CEX.IO is a reliable cryptocurrency exchange that has built a strong reputation over the course of its almost eight-year existence. In addition, it has a solid security track record.
Official Website: www.cex.io
Source: The Pipsafe Team
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