What is CEX.IO?
The CEX.IO cryptocurrency exchange was launched in London back in 2013 and doubled as cloud mining service until 2015. The exchange is one of the most popular ones today, which in part is due to its simplicity and ease-of-use. If you’re a beginner, then CEX.IO offers you an easy learning curve. If you’re a seasoned trader or institution, you won’t be disappointed either — CEX.IO has a fully customizable multi-level account system for you to dig into.
How to get started on CEX.IO
Go to the CEX.IO website and enter your name, email, password, and phone number to set up your account. This process also takes care of your two-factor authentication, so you’re secure.
How to set up payment on CEX.IO
CEX.IO is one of the few exchanges that allows you to use credit and debit cards as a method of payment. You’ll be asked to take a selfie with your payment card to verify your identity and card details. Verifying your card details can take up to 48 hours, after which you’re ready to start trading. You also have the option to make a simple bank transfer instead.
Fees on CEX.IO
Credit card deposits into your account incur a fee of 3.5% + $0.25. CEX.IO charges a flat rate of $10 for bank transfers. Which option is the cheaper one depends on the amount you’re transferring. CEX.IO also has a 7% service charge on all purchases made directly from them. Trading on the different markets incurs different fees. Some of the fees are as low as 0.2%, so it can pay off to shop around.
Transaction limits on CEX.IO
There are some limits you should be aware of when trading on CEX.IO. Te limits placed on you depends on the type of account you have.
Basic accounts require you to provide a copy of a government-issued ID, and lets you buy Bitcoin and Ethereum tokens worth $500 in one day, and a maximum of $2,000 per month.
Verified accounts require you to provide a government-issued ID as well as proof of residence, and will raise the limit to $10,000 per day and $100,000 per month.
Verified Plus and Corporate accounts have no limitations but require much more information to be submitted to verify the identity of you or your business.
Making withdrawals on CEX.IO
One of the key features on the CEX.IO exchange is the option to withdraw funds directly to your payment card. Although this is a practical feature, it does have some limits and incur some extra charges. You can withdraw €2,000 per day to your payment card, and maximum €50,000 per month. Withdrawals are charged a flat rate of $3.80 for Visa cards. MasterCard withdrawals are charged an extra 1.2% on top of the flat rate. Finally, it’s also possible to withdraw funds to your bank account. Bank withdrawals costs a flat rate of $50 per transfer. You can save a lot of money on fees by using Crypto Capital, which is a blockchain-based banking service. Crypto Capital reduces the withdrawal fee to 1%.
Want to learn more about the different cryptocurrency exchanges? Read our ultimate guide HERE.