With the popularity of the crypto space, numerous ventures have been made into formulating and launching trading platforms for these digital currencies. Crypto exchanges such as Binance and Coinbase are behemoths in the particular sector. However, the ‘CEX exchange review’ provided in the article will aid you in knowing about this not-so-popular crypto-trading platform.
CEX Exchange Review: Company Profile
CEX.io is a global crypto-trading platform launched in 2013 that enables crypto users to transact digital tokens listed on their exchange. In addition, it follows all the global crypto regulations laid. The platform does charge some fees or commissions for the hassle-free completion of a given transaction. The division of the fee structure will be explained in the later paragraphs.
The CEX exchange review is incomplete without mentioning the fact that it supports over 100 virtual currencies on its server. Major stablecoins and even meme coins have been listed in order to provide a better lot for the user to choose from. The platform is fairly new in the world of crypto compared to several other major servers. Therefore, offering these many options is surely commendable.
The CEX.io website mentions that it has over 4 million registered users on its platform. The crypto-trading platform also claims that the funds lost by customers equal 0%. The aforementioned claim is an important point to be noted since in recent times even major crypto exchange platforms like Coinbase have been facing glitches that led to a loss of possessions for several users. Many customers often ask the question “CEX.io: Is it safe?”, the answer to that would be the metrics provided for consumer losses which equal to 0. In addition to these achievements, the platform has found its way into 99% of the world’s countries. The website also specifically mentions that the exchange operates in 48 US states.
The platform has earned various licences and registrations around the world. These include US licences and registrations, Gibraltar licences, UK registrations, and Canada registration.
List of Cryptos Available At CEX Exchange
One of the major factors that decide which crypto-trading network to choose is the variety of crypto options one gets to explore. Here are some cryptos in the CEX exchange list that the platform offers to trade.
- Bitcoin (BTC)
- Bitcoin Cash (BHC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Stellar (XLM)
- Tron (TRX)
- Binance Coin (BNB)
- Tether (USDT)
The majority of coins mentioned in the above list are stablecoins. Bitcoin and Ethereum hold a significant share in the crypto market capitalization, therefore, excluding any one of these coins is not an option for any crypto exchange. However, the noticeable mention is Ripple since the coin had been delisted from various networks due to the ongoing lawsuit which is popularly known as “XRP vs, SEC”. Even though CEX.io could have faced backlash from its users, it decided to continue the trading of XRP on its platform. This is an important factor to be noted when customers explore CEX.io review articles or features.
CEX Exchange Review Of Services Offered
The crypto-trading network offers a diverse portfolio of services to crypto traders, businesses, and even the common public who seldom indulge in crypto-trading. The products and services provided by CEX are explained in detail further.
The platform offers four services for its crypto traders. The services include:
- Spot Trading: This feature enables traders to place limit and market orders on the portal. Further, through this service users can trade any digital token offered on CEX. Currently, customers can transact cryptos using USD, EUR, as well as GBP.
- Margin Trading: This service enables customers to purchase and sell digital assets through leverage offered by the CEX.io broker. However, this form of trading is less popular among the majority of crypto and digital asset traders.
- Mobile app: For the purpose of providing crypto-trading facilities at the ‘fingertips’ of its users, CEX.io has also launched its mobile app. The app’s interface makes it easier for users to transact crypto assets at their convenience from anywhere and at any time.
- Trading API: The platform has launched an API in order to facilitate users to automate their crypto transactions at ease. CEX also ensures that its API is “reliable” and that its users can trust it for executing their transactions in an automated manner.
CEX offers services even for those who don’t indulge in crypto-trading often. Some of these products and services by the network have been explained for further understanding.
- Instant Buy: This feature ensures that users can trade crypto assets in a “few clicks”. The preferred mode of payment for such transactions includes credit cards and debit cards. This doesn’t have a complex interface as that of spot trading.
- Earn: Users can earn monthly rewards using this feature. All they have to do is hold “stake-able coins” and they will be eligible to claim rewards that the platform offers.
- Loan: We all have heard that stocks can be used as a security in order to get a loan. However, even crypto-assets can be considered for loans nowadays. The feature was added in September 2020. Most crypto exchanges prefer Bitcoin as the collateral but CEX considers other investments too and provides a loan ranging from $500 to $5,00,000.
- Wallet: This service enables traders to transact and store their crypto assets. It also maintains a record of transactions made. The possessions and their value can be easily determined from the wallet.
CEX also provides services that aid business enterprises in one or the other way. The organisations can sign up for two of the following provisions.
- Prime: It is an institutional-grade ecosystem developed by CEX for providing crypto-fiat services to businesses, which are closely regulated and monitored. It offers “deepest liquidity” and enables the enterprise to place order sizes across the major liquidity platforms available in the market. The feature is formulated in such a way that it is easy to access and provides various other services including API facilities.
- Direct: This enables businesses to buy a certain amount of Bitcoin at a fixed rate. The rates are generally cheaper than that of the market. Moreover, it offers a variety of payment modes such as Google pay or Apple to aid the transactions.
- Custody: The feature is currently in the pipeline and would be available for use shortly.
CEX Exchange Review: Fee Structure
If the ‘CEX fee structure’ is not mentioned the CEX exchange review would become trivial. Therefore, here is a close insight into the fee requirements, commission, limits, and other monetary policies followed by CEX. The platform calculates the CEX trading fees for the trading volume of a person in the past 30 days. The fee percentages vary from 0.01% to 0.25% for a taker and 0.00 to 0.15% for a maker. The highest fee deduction will take place if the 30-day trading volume is less than or equal to $101.000. On the other hand, the minimal amount of fee would be deducted if the 30-day trading volume exceeds $5 billion.
For a better understanding of the fee structure, the maker-taker concept should be known briefly. Makers are those who buy or sell crypto at a scheduled time which depends mostly on the price of the token. For instance, a maker would decide to buy Bitcoin when it is at $20,000. In contrast, takers are those who make immediate transactions to acquire or sell crypto assets.
In addition, depending on the payment method one uses, there are specified limits and commissions that should be considered while making crypto payments. For instance, if VISA cards are used then the minimum transaction should be $20, however, there is no upper limit. Through the above-mentioned payment mode, the daily withdrawal limit ranges between $20 and $50,000. The CEX.io deposit commission for the same is pinned at 1.49%. Further, there are charges levied on the withdrawal of funds invested using the aforementioned method. The CEX.io withdrawal fee for the same includes a service charge of up to 3% and a commission of up to $3.80. The other payment modes’ limits and commissions involved are provided in the table below.
The ‘CEX exchange review’ covered in this article provides an overview of the crypto exchange network’s working and what all services one can avail of from it. The platform has made a lot of crypto-trading activities easier through its mobile app and of course its trading API. Further, one can go through the fee structure section and make the choice of payment modes, and the nature of transactions to be executed (maker or taker). Also, the CEX crypto exchange review also aids in ascertaining how the platform is different from other such portals. However, in the end, it is the crypto traders’ decision whether to try this platform or stick to the dozen of other crypto exchange platforms.