What is CEX.IO and Its Purpose?
CEX.IO is a UK based cryptocurrency exchange platform. It enables the buying, selling, and trading of cryptocurrencies. CEX.IO supports many digital assets and also accepts multiple deposits. It is one platform which is easy to use for both beginners and advanced users. The main purpose of this article is to explore whether CEX.IO is a good platform for selling, buying or trading cryptocurrencies or not. The article is divided into following sections to address each aspect of the platform:
- Advantages and Disadvantages of using CEX.IO for cryptocurrency exchange.
- Which coins can be bought on CEX.IO?
- What Payment Methods and Fiat Currencies are used on CEX.IO?
- Who Should Use CEX.IO?
Advantages of the CEX.IO Platform:
- The CEX Website is easy to use and navigate for beginners. The windows for advanced trading are clean and hassle-free.
- Margin trade is an option in the CEX website. Margin trading is done through borrowed money and is a highly risky form of trading. Beginners should be very careful with this format of trading.
- Multiple fiat currencies can be used for several different trading pairs. This means that you can trade in different cryptos using the currency of your choice. There is no need to go back to Bitcoin every time. This ultimately results in fewer trades which means fewer fees.
- IO is a registered and secure cryptocurrency exchange program. It is registered as a Money Services Business with FinCEN in the USA. The platform also has a level two DSS certificate to authenticate its security.
Disadvantages of the CEX.IO Platform:
- The list of cryptocurrencies available at the CEX.IO platform is very limited. This can be a source of frustration for the traders.
- IO offers no support for eWallet type services. Payments cannot be made using PayPal, Neteller or Skrill.
What Coins Can be Bought On CEX.IO?
CEX.IO allow the buying and selling of different digital assets using Bitcoin or other fiat currencies on the platform. The list includes:
- Bitcoin Cash (BCH)
- Bitcoin Gold(BTG)
- Ethereum (ETH)
- Bitcoin (BTC)
- Ripple (XRP)
- Dash (DASH)
- Stellar (XLM)
- Zcash (ZEC)
What Payment Methods and Fiat Currencies are used on CEX.IO?
CEX.IO accepts fiat currencies from a lot of different countries. This enables people from across the world to use the platform for cryptocurrency exchange. Following fiat currencies are acceptable at CEX.IO platform:
- United States Dollar
- Pound Sterling
Payment methods acceptable on the platform are:
- Visa/Master Card
- Bank Transfers and Cryptocurrencies
Who Should Use CEX.IO?
CEX.IO is a good option for both beginners and advanced users. Below, we’ve listed the advantages of using CEX.IO for both types of users:
- The CEX website has a user-friendly support section that makes buying and selling cryptocurrencies seamless for beginners. The customer support team is live and at standby for user queries all the time.
For Advanced Users:
- All advanced buying options are offered on the platform. The CEX website is clean and can be easily navigated by advanced users.
- Margin trading is allowed on the platform
- There are no limits for the verified traders. This is a great option for master traders who can gather huge profits and withdraw them easily.
You should now be able to decide whether the CEX.IO platform is for you or not. The platform has a simple account setup and is a good fit for both beginners and advanced users to buy, sell and trade in cryptocurrencies.