5 stars based on
Have you ever pondered on how secure Cex is for buying and selling cryptocurrency? Throughout this Cex review I will examine everything that you need to know. From being the leading bitcoin mining pool, to becoming the most beginner-friendly cryptocurrency exchange - Cex has quite the gift for continually adapting its core business practices to better suit the market.
The exchange feature was added to help users sell and buy shares of the mining pool using bitcoin. Through its cloud mining services, the exchange made it easier and more convenient for users to enter and leave mining operations. There was no need to purchase mining hardware when joining, or to dispose of it when exiting. The exchange started accepting deposits in US dollars, euros and Russian rubles through wire transfers, credit cards and SEPA from users around the world who wanted to buy bitcoins or GHash mining shares.
After the August 1st Bitcoin hard fork that saw the creation of Bitcoin Cash BCHthe exchange announced they had enabled selling and buying of the new cryptocurrency on their platform. Before proceeding to the core of my Cex inspection I would like to remind readers that the company ceased all cloud mining operations in January Supposedly this was to better focus on their services as a cryptocurrency exchange and trading platform.
The user experience takes a core part of my Cex analysis. This is after all the main take-home opinion that users get during and after their usage. The company serves its users through a website, a mobile application and an API. The website has a superior design when compared with other exchanges such as Coinmama or Bitfinex. Beginners are easy able to navigate from the sign-in page to the trading panel.
Such 2FA is actually quite easy to do, yet keeps accounts safe for signing in and withdrawing. The best types of 2FA are done using tools that only you control. One feature that makes Cex stand out from other exchanges is that it uses the fill-or-kill FOK model to execute orders.
This means that when you place an order, it is fulfilled immediately in its entirety. If the fulfilment cannot be achieved immediately, then it is cancelled. According the website analysis site Similarweb. Other countries that bring a high number of visitors include Russia 5. The Cex mobile application is available for both Android and iOS. Through the app, you can deposit bitcoin, ether, and litecoin using a QR code. You can also place limit market orders within the app.
Users can view balances, active orders and changes in price. You can also initiate, manage and cancel orders as well as use real-time data from across different exchanges to analyse cryptocurrency markets. Since the release of the app in Decemberfeedback from users has been both positive and negative.
Some users have welcomed the app as a handy tool for keeping in touch with the market while on the go. I believe that such statements are indeed true, but more work could be made to expand the features of the app. Others have expressed disappointment over poor user experience. Common complaints includes the app failing to execute orders, not displaying detailed graphs and making it difficult to login in.
It also only offers a fraction of the services accessible through the website. In addition to the mobile application, the team have made an application programming interface API available for developers to create customized applications for trading and managing funds. The API comes in three types: Rest for accessing market data, WebSocket for professional traders and Fix for institutional traders. The trading API is limited to requests per 10 minute interval. To increase this capacity developers will need to contact customer support.
It is ranked 15th in the list of crypto exchanges in terms of trade volume. It outranks almost all of them in the amount of traffic from Russia, however. Aside from Yobit and Livecoin, few other major global crypto exchanges have Russia even in the top five countries in terms of traffic to their platforms. The social media team are very active and responsive on Twitter, Reddit, and their blog.
Do reach out to them if needed. There are some very interesting articles that I would encourage everyone to follow: Aside from buying and selling cryptocurrencies, Cex has one of the best trading platforms. It supports margin trading for cryptocurrencies with 1: Features such as the automatic funds borrowing and negative balance protection make margin trading relatively accessible to beginners.
The process takes less than a minute. However, before you can use your credit card to purchase cryptocurrencies, you need to submit it for verification. To verify your card, you will fill out a form that requires you to provide the name on the card, the card number and the expiration date.
In addition, the exchange requires you to upload three color photos proving ownership of the card. The first photo you provide is a selfie of you holding the card with its information clearly visible. The second photo is a selfie of you holding both the credit card and a government-issued ID. Information on both documents should be readable. The third photo is a selfie of you with the back of the ID visible. After submitting these photos and filling out the form, you will be prompted to confirm that the information you have provided is up to date and valid.
You will also give permission for a company compliance officer to view the information. If any part of the information you provide is not correct, the compliance officer will reach out to you for clarifications. The verification process can take a few hours or up to a day.
Some users, however, have reported waiting for longer than a day. There are three types of fees on Cex: Cex charges users higher fees than most other exchanges. All transaction fees are paid by the buyer a trader who responds to an offer. The trader or seller who puts up an offer on the platform does not incur transaction fees.
The fees are a commission of the value involved and they range from 0. The higher the volume involved, the lower the fee percentage. Two factors determine the amount of fees you pay to deposit or withdraw from Cex. The first is the currency involved. The second is the payment method you choose to use. Depositing through bank transfer and cryptos is free. Deposits made through Visa and MasterCard cost between 3. The platform charges no fees for closing positions. You can access and use the services of Cex from anywhere around the world.
However, the availability of payment methods it accepts from your country of residence can limit the services you receive. The use of credit cards to deposit fiat currency is unavailable to residents of the following countries:. While the exchange is registered in the US as a money service business, it is unavailable in over half of its states due to restrictive regulatory requirements. Certain sites also offer similar beginner-friendly features.
Here are the best alternatives to Cex. October 09, by BestBitcoinExchange — 10 Comments. Buy Bitcoin Now Rank. Buy Now Go to eToro eToro. Ordering BTC with a credit card on Cex. Welcome Zcash trading on CEX. How was your experience using Cex - was it excellent or were there aspects you disliked? What would you add to this Cex review?
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Since Decemberusers from Ukraine can not pass the verification and fully use the exchange. Don't bother using them. The sad part is that every one of these exchanges has their drawbacks, but at least some admit when they are wrong and fix the issues while they are trying to adapt and find themselves.
This company on the other hand is not one of them. This is an example of a double charge issue and their poor response. We apologize for inconveniences caused. According to your account history, you have placed 2 orders to buy XLM, that were executed immediately, therefore your transaction couldn't be cancelled.
The emails might have landed there instead of your inbox. In case of any other questions, please let us know. Best regards, Nanna CEX.