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CEX.io: Bitcoin Exchange & Cryptocurrency Coin Trading Platform

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CEX Exchange

2018 CEX.io Review – Is the Exchange Still Reliable?

Cex.io is one of the more popular cryptocurrency exchange platforms, thanks to its very beginner friendly interface and a wide array of tools designed for crypto investors and traders at all levels of expertise.

Up until recently when they started having customer verification issues, their reputation was spotless, and they were considered one of the best crypto exchanges in the world.

Unfortunately, their recent mild issues have been responsible for a drastic drop in transaction volume. Naturally, this has caused intending and current traders to slow down on their trading using the same platform.

But does this mean that the exchange is unreliable or problematic? Not at all. As you’ll see in this review, we’ll be exploring its features and benefits, as well as giving you a general overview of the platform. Cex.io is a very safe and secure cryptocurrency exchange platform.

In this Cex.io review, we’ll be showing you everything you need to know to make an informed decision about whether it’s the right platform for you or not.

This will include a step by step guide showing you how to go about registering, their verification process, fees and important features that will help make trading easy and straightforward.

We guarantee that you will be able to start trading within minutes of reading this review. So, without further ado, let’s get started.

CEX.io General Overview

CEX.IO has been designed as the place for every individual who is looking just to sell and buy Bitcoins. Have the ability to deposit funds with the use of either your master card, VISA or through a bank transfer. This is not all as the platform can allow individuals to instantly sell or buy Bitcoins at a fair price without attracting any extra costs.

Headquartered in London, the company was established in 2013, as a bitcoin pool mining outfit. While it ran the cloud mining pool, it was the world’s biggest bitcoin mining pool, with a 42 percent market share.

They ran the Ghash.io cloud mining pool for two years before pulling out of the bitcoin mining business and transforming into an exchange.

This was right around the time bitcoin prices slumped and mining became far less profitable. The company has since then, grown to become one of the world’s leading cryptocurrency exchange platforms.

The platform has attracted over 700,000 users around the world, users who are satisfied with the platform, so for sure this is the platform you should consider to be a part of. The company has also designed an advanced order matching algorithm that has been backed by a unique trade engine.

The system has also been incorporated into an order book liquidity that will allow all the users the ability to execute high orders and also be able to apply the market making trading. You are also able to sculpt the best strategies and high-frequency trading to ensure you enjoy success in your Bitcoin trading.

Why is Cex.io Different?

Cex.io competes directly with Coinbase. Only instead of limiting traders to a certain geographical territory like Coinbase does, membership on the platform is worldwide, including over 20 states in the US.

The exchange is currently registered with FINCEN, making it a legally operating entity within and outside the US. As a Money Services Business, their security measures and exchange services are top notch and in compliance with industry standards.

However, you need to understand that because of their compliance to regulations, registration on the platform requires a declaration of who you are.

This means you will need to share some personal information usually in the form of an identification, utility bill and so on. This is in keeping with the regulatory body’s KYC and Anti-Money Laundering policies.

The company’s processes are also in keeping with the financial regulatory bodies in the UK. As a result, users are often able to directly buy their cryptocurrencies of choice using fiat currencies.

So, instead of going through the arduous process of locating a bitcoin or cryptocurrency vendor and then buying directly from them, you can simply pay for your cryptocurrency by using your debit or credit cards.

Naturally, these strong ties to financial institutions is the reason for the zero anonymity on the platform as well as some of the other requirements they demand.

However, these small restrictions haven’t prevented over 1 million members who use the platform for daily trading. Users can easily access the platform through the website on their desktop and through their apps on mobile devices.

While the platform allows for the trading of many cryptos, the more common fiat/crypto trading pairs include USD/BTC, EUR/BTC, ETH/USD, ETH/EUR XRP/USD, DASH/USD, XLM/USD and ZEC/USD.

Why should you choose the CEX.IO platform?

The platform has been designed with several desirable features, some of which we feel you should be aware of.

The best payment options available

The platform has been incorporated into the most popular methods you can find, this is from MasterCard, VISA or a simple bank transfer, or the use of cryptocurrency.

The system is incorporated with a strong security

The company has gone a step ahead in combining the best security system you can find in the market. It is to ensure you enjoy the protection against any DDoS attacks, there is full data encryption, and a system that is compliant with the PCI DSS standards.

There is world coverage

The system is able to provide services in 99% of the countries that are around the globe; this is including about 24 states that are in the USA.

The system is legal compliant

The company’s registration is based in the UK, it has an MSB status in FinCEN, and they have ensured to get the necessary licenses that are around and has a very strong relationship with several banks.

The platform is offering competitive commission

The company has ensured they have incorporated reasonable trading fees for the makers and the takers. And for the high volume trader be sure to enjoy special conditions, not forgetting there are also strong offers to the market makers.

There is high liquidity on the platform

The platform is able to offer fast order execution with a low spread to ensure trading is successful to all. You will also have access to high liquidity order book for the top currency pairs.

The platform offers advanced reporting

The platform has been designed with downloadable reports that have real-time balance; the report is also incorporated into transaction history to give you a better picture with transparent fees.

There is also cross-platform trading

The platform has been designed in a way that allows trading on the mobile app, website, REST API, and WebSocket. For the institutional traders, they are able to use the FIX API for easy trading.

What’s Been Happening Lately?

Well, the recent rise in popularity of cryptocurrencies as well as the promise of unfounded gains resulted in a huge influx of members to the exchange platform.

Unfortunately, this sudden influx resulted in long vetting timeframes, verification inconsistencies, and restricted accounts. As a result, new customers were not verified quickly, neither were traders able to access their deposits.

This, combined with the overwhelmed customer support resulted in significant lags between customer registration and their verification. Therefore, many potential new users as well as older traders just abandoned the platform.

That, plus the slow customer care response, caused users to panic and abandon platform. However, this problem wasn’t unique to CEX. Other exchanges like Binance, Coinrail and even Bittrex had to temporarily stop the registration of new members because of the huge influx.

The mistake CEX made was that they should have done the same, but they didn’t. Anyway, the company is avidly working on getting things are back to normal now and transactions as well as replies to customer inquiries are faster now.

The platform is doing everything possible to revert to 100 percent functionality so that traders and investors can take advantage of the current/impending cryptocurrency boom.

How to Join or Sign Up with CEX.io

This exchange platform has a very easy to use interface, making it very easy for anyone to join. You’ll need a debit or credit card for buying cryptocurrencies on the platform. Transfers from the platform can be sent to your bank, credit or debit cards too.

As earlier stated, you will need to provide a few documents to help with your identify verification. This is the only way to remove all account restrictions and help you trade in huge volumes successfully.

New traders will find the comprehensive ID verification guide handy for the process. You’ll need the following to register:

  • One means of identification -driving license, national ID card, or passport
  • Valid phone number
  • One proof of residence –utility bills, tax return or bank statements or rent receipts
  • Selfie of you holding one of the identification cards

That’s basically all you need to get verified. Once you have all these documents, simply scan or take the photos and upload them.

Now, it is very possible to sign up and just try to use the facilities as is. That just gives you access to the back office, so you can see what it looks like.

If you want to trade or invest, you will need to go through the verification process. While it’s true that the verification process can be a real hassle, they make up for it by the relatively short verification period.

The good news is it only takes 24 hours or less to have your documents verified. This is different from many other platforms that can take anywhere from 3 to 5 business days.

The exchange takes its security seriously. This is why they have recently introduced an email and phone number verification per account process. This way, every user is only able to have one account as against the past where one person can have multiple accounts on the exchange.

Step By Step Guide to Opening a CEX.io Account

Now that you’re ready to open an account, the following step by step directions will help you get started. Just follow the steps, and you’ll find it’s easy as a breeze.

  1. Register a New Account

Go to the website’s homepage at https://cex.io/. Make sure there’s the https:// at the beginning of the URL. Then, click Register on the upper right hand corner of the page

or scroll down and click Get Started

Once you click that, you’ll get a page like this:

Enter the necessary details in all the designated fields, agree to the terms and conditions, check the captcha box and register.

Once done, they’ll send you a verification email. Check your mail and verify your email (if it’s not in your inbox, check your spam/junk/bulk folder).

You can also sign up using your Google or Facebook accounts. Please note that the platform will not accept yahoo based email addresses during your signup.

Once your email has been verified, you’ll need to provide a phone number that you’ll use for your two-factor authentication (2FA). This is necessary for keeping your account safe and is tied to your phone number.

You can actually skip the 2FA step, but it will leave your account vulnerable to hack attacks. After setting that up, the next thing is to proceed to the verification stage, starting with the filling out of your profile page.

  1. Filling Your Profile Page and Verification

You’ll fill out your profile, including name, address, phone number and all the necessary details. Once that is done, it’s time to verify the account.

To do that, go to the upper right hand side of the member’s area, click the tab, you’ll see a dropdown menu, look for Verification tab. Once you click that, you’ll see the following page:

Fill in the necessary details and click Next Step to upload your documents and submit. After that, you’ll just wait until you receive a notification that your account has either been verified or not.

  1. Getting Your Account Funded

While you can easily fund your account with cryptos you bought elsewhere, CEX.io’s major attraction is the fact that you can easily buy any of the available cryptocurrencies using your Visa or MasterCard debit or credit cards, crypto capital and bank transfers.

It is a pretty straightforward process, but can take time to get your account credited –funds can take up to 14 business days to get clear. This is a major drawback of the platform seeing as many other exchanges make your funds available within minutes.

Just click the Deposit tab, and you’ll get this:

Choose your preferred funding method and click Proceed. Just follow the prompts to fund your account. It’s pretty straightforward.

After that, you can simply proceed to buying your cryptocurrency of choice.

How to Buy Bitcoins and Other Cryptos on CEX.io

The process is pretty simple.

  1. Link your Visa card or MasterCard, or bank account to your CEX.io account
  2. Add some funds to your account
  3. Use the funds to purchase bitcoins or any cryptocurrency of your choice

Here’s a pictorial example:

See? Very simple and straightforward, isn’t it? The good news is if you intend to buy any of the cryptos that are paired with fiat currencies, you can do so directly, instead of buying bitcoins first and then converting it to your crypto of choice.

Withdrawing Your Funds on CEX.io

This is pretty straightforward too. The exchange provides options to withdraw your funds and have them directly deposited in your cards or bank account.

All you have to do is specify how much you intend to withdraw, click withdraw and voila, your account will be credited within 1-5 business days.

Please note however, that withdrawals are impossible if you haven’t been verified. So, make sure you’re fully verified first before doing any trading whatsoever. The exchange platform can pay you in fiat currencies like USD, EUR, RUB, and GBP.

The company charges you a fee for both deposits and withdrawals. It also charges for transactions carried out on the platform. This is known as the maker/taker fees, which currently in keeping with that of other exchanges who tend to do the same.

Naturally the fees for makers are usually lower than that of takers. At the time of writing this review, the breakdown of fees schedule are as follows:

Conclusion on CEX.io Review

CEX.io is one of the more reputable, if strict cryptocurrency exchanges in the world. While it’s very easy to use, offers high security and makes it easy to withdraw your funds, it also has its downsides.

The most prominent of which is the stressful verification process. This alone, is enough for anyone to just jump ship and check out other platforms instead. That’s combined with the lacking customer support and complex fee structure is enough to discourage many.

But, if you stick with the platform and understand it, everything is easy from there onwards. With their top notch security and incredible marketplace performance, CEX.io is one to be taken seriously. The CEX.IO has been designed as a Bitcoin Exchange we can trust as it has a time-proven financial stability that offers its users 99% service availability. Meaning this is a platform you can trusts and trade on.

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Bitcoin Volumes Finally Grow Again and Bitfinex/Tether Issues Spark Systemic Risks, New Diar Report Affirms

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Diar has recently published its report of the crypto market for April. According to the company, Bitcoin volumes are finally growing again and the whole situation with Tether and Bitfinex showed the industry some of its systemic risks. DAI fee hikes and stablecoin projects were also highlighted in the report.

Bitcoin Goes Back To Growing Again

The main highlight of the month is, obviously, that Bitcoin is back on the action. After facing lows which started in 2018, the token has finally been able to effectively reverse the trends and have an actual price surge this month, going from less than $4,200 USD to over $5,200 USD during this short timeframe.

With this, the number of on-chain transactions has spiked for three months in a row, since prices started to get some of their value back in March and April. Now, transaction volumes are around their levels in June 2018 when the price of the asset was around $7,000 USD.

However, charts indicate that Bitcoin is yet to find more footing outside of speculative trading, so the bull market may not be as near as some think.

When looking at the volume of the whole quarters, Q1 2019 had lower volumes than Q4 2018, but Q2 2019 started considerably well.

Bitfinex and Tether Start Concerns of Systemic Risks

As you may have heard, Bitfinex was accused of using Tether funds to cover up its losses. According to Diar, there is a 26% shortfall of in-cash reserves to back Tether tokens (USDT). Tether loaned $850 million USD to Bitfinex to cover up losses and its general counsel Stuart Hoegner has affirmed that the company is operating with fewer reserves than the total market cap of the token.

This happened because Bitfinex had the $850 million USD “seized” by Crypto Capital, one of its payment processors. Unless Hoegner is lying, though, the company had the assets to back the stablecoin until recently.

While it is clear now that Tether simply does not have the money to back the funds, people simply keep buying the tokens. Now, instead of all cash, some shares of Bitfinex are being used to represent the rest of the value, which makes the stablecoin enter securities territory for the first time.

Curiously, the markets are all very tolerant now since the prices are still stable but the systemic risks are clear, especially if other companies are to follow Tether’s path.

DAI Hikes Fees Once More

Another situation highlighted by the reports is that DAI has decided to upgrade its stability fees once again as the community is desperately trying to make the prices of the so-called stablecoin go up again. DAI tokens are being sold for less than $1 USD, their official price, on secondary markets.

At the moment, the fees are 16.5%, after increasing three times in only one month. Before April, the fees were only 7.5%. This has resulted in a decrease of 4.9% in the circulation of DAI tokens.

Stablecoins Eye Wider Use Cases

Gemini and Harbor, a A16Z tokenized securities platform, have started a partnership in order to get more clients for the Harbor stablecoin. However, this was deemed “too soon” by Diar, as Harbor does not have any known token right now. The only one the company had was canceled.

TrustToken is also trying to get more stablecoins on its list, especially the ones that are not focused on USD, but on several other fiat currencies like HKD, CAD or GBP instead.

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#DropGold Campaign to Hit Your TV, Here’s A Breakdown of the Underlying Bitcoin Message(s)

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Grayscale, a leader in digital currency investing, launched an ad on Wednesday, May 1, telling investors that money should be contributed to Bitcoin holdings as opposed to gold. In a number of interviews, CEO of Grayscale’s parent company (Digital Currency Group), Barry Silbert and Managing Director of Grayscale, Michael Sonnenshein, have since expressed the underlying message of the ad.

The #DropGold Ad

According to news outlet, U Today, the ad starts off with a man holding gold bars in his arm, which he decides to drop. While doing so, a woman also does the same. Throughout the ad, people supposedly have their gold bars stacked in shopping carts, while “losing their gold coins.” Watching what’s about to unfold, the two individuals try to find their way out.

Advertising Bitcoin or Grayscale’s Services?

Despite being the one to have introduced this campaign, Silbert argues that it isn’t entirely about Grayscale services, but rather said services being a result of consumers’ decision. Yahoo Finance has since quoted the following comment made by Silbert himself:

“We do not see this as a Grayscale commercial. For us #DropGold is our ‘Got Milk’. This campaign is first and foremost focused on starting a conversation about bitcoin vs gold. If the ad makes people want to get into Bitcoin, we’re completely indifferent about how they go about doing it.”

Having said this, the commercial is evidently portraying Grayscale as an option, as towards the end, one is told, “Go Digital. Go Grayscale.”

Silbert’s and Sonnenshein’s Arguments Regarding Gold’s Limitations

Silbert believes that this campaign works towards addressing the fact that Bitcoin can serve as an equal asset class as gold, if not better. In particular, he was quoted saying, “But now you have Bitcoin, which, in our opinion, provides all the same attributes as gold – it’s fungible and scarce and you can’t counterfeit it – but the big difference is that Bitcoin has utility. Gold doesn’t have much utility beyond jewelry.”

He further argued that the goal here isn’t to replace fiat currency for shopping purposes, but rather to show the world that Bitcoin does a better job at doing gold’s job and this will be evident in the long run. Although he has acknowledged Bitcoin’s volatility as being concerning, he is hopeful that it will one day serve as both an ideal utility token and store of value.

As for Sonnenshein’s viewpoint, he sees this ad as revealing the “absurdity” associated with gold. More specifically, he said:

“We’re going after a narrative around gold being where investors should go when markets turn south or as a hedge against inflation […] we’re highlighting the absurdity of gold.”

As per The Block Crypto, Grayscale also tries to convince investors that the return earned from redistributing 5% of gold to Bitcoin will be greater than 5% yearly.

What are your overall thoughts on this ad? Did it leave you asking yourself, “Why did you invest in gold? Are you living in the past?” Share your thoughts below!

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Huobi Pro Bitcoin Exchange: Cryptocurrency Asset Trading Platform?

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Huobi Pro Cryptocurrency Exchange

Founded in 2013, Huobi Pro allows for a myriad digital currencies to be exchanged, at a 0.2 percent trading commission. Loyal users point to the low fees and stellar service that make the exchange stand out above others.

Although pitched at dedicated cryptocurrency enthusiasts since the site doesn’t accept fiat currencies many who enter the realm on the back of fiat end up at Huobi Pro, largely due to its diverse offering and favorable fee structure.

Huobi Pro in A Nutshell

A victim of China’s clampdown on digital currencies, the company might be registered in the Seychelles, but was originally founded in Beijing. As testament to the broad appeal of the platform, after the Chinese regime effectively banned all things crypto at the beginning of 2018, trading volumes have only grown.

While at first very much a Chinese company looking at the home market, Huobi Pro has been forced to find a wider marketplace on the international scene. Indeed, even prior to the official cessation of altcoins and their trading, the company heard the rumblings in 2017 and took its cryptocurrency interests abroad.

Huobi now provides exchange services to users in over 130 countries. Company offices are located in the USA, Korea, Japan, Singapore and Hong Kong. Although the Huobi Group also owns and manages the Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Pro is more of a pure “login and trade” exchange.

Users can employ network tokens to cast votes on adding new altcoins on HADAX. On the Huobi Pro exchange, a simplified offer encompassing all of the mainstream altcoins greets visitors. Some more popular coins offered are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), NEO (NEO), Qtum (QTUM) and Ripple (XRP).

That said, when one actually tallies the number of altcoins available for exchange, it becomes apparent why loyal followers value the site. A marriage of both simple ease of use and diversity in trading, the platform is largely welcomed by newcomers and experienced enthusiasts alike. In the current melee of regulation being contemplated, implemented and tweaked all the while, some users may be precluded from trading on the exchange based on their country of residence.

Huobi Pro accepts the funding of accounts only in digital currencies, and accepts deposits in any of its listed altcoins. Unlike other exchanges that have opted for a midway between crypto and fiat, Huobi Pro traders deal strictly in digital coins at every point of a transaction. Funds need to be withdrawn to a wallet, and fiat users looking to buy in will have to establish a wallet first in order to fund their Huobi Pro trading account.

Traders pay a maker or taker fee of just 0.02 percent using the exchange. There are more detailed offers, worth looking at for daily traders with volume.

Huobi Pro Membership Levels

VIP users get preferential platform trading fees if they buy the privilege with Huobi tokens. The Huobi Token (HT) was never an ICO token, but rather a system token that users only obtain by buying “Point Cards” on the Huobi Pro platform. Point Card is essentially a pre-paid Huobi card that keeps users liquid on service fees. One HT = 1 USD, therefore one “point” = 1 USD. The more points purchased, the more free points are added, although savings on 1000 points, for example, means only 10 HT for free.

Huobi Global minted a fixed total of 500 million tokens, with 300 million employed to facilitate the in-house VIP structure. A mark of the business group behind the platform is seen in their practice of buying back-sold tokens from the open market each quarter. Not only that, but those funds go towards the Huobi Investor Protection Fund (HIPF).

This is a planned fund that will compensate investors who suffer platform disruption and subsequent losses. It’s a tool that minimizes risk, smooths out the market overall and also goes towards protecting investor interests. This transparent and pleasing aspect of the platform is one reason traders have confidence in the exchange, and its popularity is rising worldwide.

By way of example, in order to glean a VIP status, a trader will pay 120 HT a month for First Level membership. This enables a 20 percent discount on trading fees. Running through toward the top end, a pricier option of 6,000 HT a month secures a 50 percent discount on fees. Overall, a diligent trader can optimize the system and come out with a substantial discount on the already low 0.02 percent base offer.

The company charges no fees to deposit funds, but there are withdrawal fees. Although there are reviews online listing withdrawal fees, it appears that, especially within the membership structure, users are advised to ascertain exact fees when establishing their account. Likewise, transfer limits need to established upfront to avoid disappointment later. There exist order size limits on the platform too, again becoming more malleable as one moves up the ranks of the VIPs.

Security And UX On Huobi Pro

All of the standard protocols including two-step Google Authenticator verification are at play on the platform. Unlike many other exchanges that offer a simple crypto-exclusive platform, Huobi Pro will need your personal details in the form of a passport copy and chat room comments are not devoid of complaints, although almost all of them take issue with the structure of the platform and its potential pitfalls. There are few allegations of lost funds or other negligence on behalf of the company. On the whole, Huobi Pro seems to be rubbing off its decidedly corporate ethos onto the exchange – good news for traders overall.

Another serious boon for the cryptosphere as a whole is that over 98 percent of holdings are stored in an offline cold wallet or vault. Imbued with a strict customer service ethic, the platform probably sports the best customer service to date for crypto exchanges. Available 24/7 365, there is a live chat option onsite.

The platform intel is sufficient although newbies might have to scratch to paint a clear picture of how exactly everything works. The FAQs are thoughtful and, again, testament to a polished offering. Huobi used to be one of the biggest Chinese crypto exchanges, based in Beijing. Started by entrepreneur Leon Li in 2013, since the move there has been mutual appreciation of its value. Worldwide users have taken to the exchange, as it too realized that it had global appeal.

Huobi Pro Conclusion

Huobi claims to have exceeded BTC 500,000 in daily trading approaching 2014. Although only in its fifth year, that’s a long time in cryptocurrency. Although frequently accused of embellishing trading volumes, these allegations have never been proven. In comparison to other digital exchanges that have suffered persistent user complaints and even been shut down due to criminal activity, Huobi Pro shines.

As an offering, it has low fees, great diversity and an unbeatable crypto-energy. No trader on the platform feels like they’re missing out on something else somewhere else, by most accounts. Possibly due to their prior involvement in the fintech world, the platform got it right first time around and user numbers prove it. The company Huobi also owns another trading platform, BitYes, more focused on USD/BTC and USD/LTC pairs trading. Great customer service and minimal technical glitches have made it appear positively top-tier, again in comparison to less polished outfits.

With a detailed offering, great client liaison – very unusual for most digital exchanges so far – and no legitimate proof of anything even vaguely dark hanging about them, the Huobi Pro project is recommended. Users are advised to always ascertain costs prior to trading – not hard with the customer support in this case – and sample a platform with small trades before trading greater amounts. To learn more, you can head to their official website: huobi.pro

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