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CEX.IO Review [2020] – A Safe, Proven Crypto Exchange

CEX.IO manages to balance the provision of an exchange platform with advanced services and an interface that is visually appealing, easy-to-use, and accessible to newer crypto investors. CEX.IO has been in the cryptocurrency business since 2013, starting as a cloud mining provider, and claims to currently have over a million users, ranging from “Bitcoin beginners […]

CEX.IO Review [2020] – A Safe, Proven Crypto Exchange was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

Republished by Plato

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CEX.IO manages to balance the provision of an exchange platform with advanced services and an interface that is visually appealing, easy-to-use, and accessible to newer crypto investors.

CEX.IO has been in the cryptocurrency business since 2013, starting as a cloud mining provider, and claims to currently have over a million users, ranging from “Bitcoin beginners to institutional traders.”

Here’s our CEX.IO exchange review for 2019

That said, CEX.IO does not offer all the features that some crypto traders expect from an advanced digital asset trading platform and it only supports a limited number of cryptocurrencies and trading pairs, so it definitely cannot satisfy the needs of all investors.

If CEX.IO sounds like it could be the right fit for you, then please read on.

CEX.IO’s time-proven stability and security

In this CEX.IO review we will cover all the key facts about the exchange, its main distinguishing features, the registration, and verification process, its fee schedule and then summarize everything we have learned with a quick pros and cons list at the end – where you can decide if it’s the best cryptocurrency exchange for your needs.

“Even when Bitcoin price is experiencing harsh times, the Bitcoin index is still hundreds (or at least dozens) times higher than that of a US dollar, Euro, or other fiat currency. If a trader can read charts and draw conclusions based on what he sees, if he can look at the market as a system and clearly see the trends playing a significant role in the Bitcoin price establishment, or simply if he trusts his intuition, then this person can easily join the trading lot. In this case, the opportunity to earn a pretty big sum is worth all the risk.”

CEX.IO Blog

CEX.IO Blog

Quick Facts

CEX.IO Facts Sheet
Exchange Type: Centralized
Fiat-to-Crypto: Yes
Crypto-to-Fiat: Yes
Crypto-to-Crypto: Yes
Number of Fiat Currencies Traded: 4
Number of Cryptocurrencies Traded: 10
Number of Countries Supported: 150+
Number of Fiat Currencies Supported: All
Bank Transfers/Deposits: Yes
Credit/Debit Cards: Yes
Wire Transfers: Yes
PayPal: No
Exchange Wallet(s): Yes
Account Size Limits: No
Spending Limit Periods: Yes
Margin Trading: Yes
Trading Fees: 0.25% or less taker and 0.16% or less maker
Deposit/Withdrawal Fees: 2.99% deposit and 3% + $5 withdrawal for credit cards, 1% withdrawal for bank/wire transfers
Headquarters: UK
Incorporated: UK

CEX.IO Features

CEX.IO lists several key benefits and features it has to attract clients including a range of payment options, strong security, worldwide coverage, legal compliance, margin trading, reasonable commissions, cross-platform trading, advanced reporting, and high liquidity as can be seen in the screenshot below:

Screenshot of CEX.IO homepage – “Why choose CEX.IO?”

Let’s take a look at some of these features and others in a bit more detail.

Advanced Orders

CEX.IO allows users to place advanced order types, specifically limit and stop orders.

While this may not sound like much to the uninitiated, these advanced order types are essential for anything beyond the most basic investment strategies.

However, some variations of these order types such as a trailing stop that are not yet available on CEX.IO.

“If you’re a day trader, then you’ll need to know about stop-loss and take-profit points. These are the price levels where you are going to exit a trade. For example, if you think that the price of bitcoin has reached a support level that it has come to in the past and there are no signs that it will be able to break through that support and go lower, then you may want to place a buy order.”

CEX.IO Blog

CEX.IO Blog

Low Commissions

CEX.IO has very low and simple transaction costs. At 0.25% or less for takers and 0.16% or less for makers, CEX.IO is easily competing for the top spots in the industry for lowest transaction fees.

Low transaction fees mean more trading strategies become viable, and your trades need to work less hard to make a profit.

Note: Maker and taker fees are a way to differentiate between orders that provide liquidity (Makers) and those that take away liquidity (Takers).

A market maker is placing an order that may or may not be filled. This standing order adds ‘liquidity’ to the market by adding more potential volume that can be traded.

A market taker, by contrast, is choosing from existing orders set by market makers and closing these orders down, thereby removing liquidity from the market by removing some of the potentially tradeable volumes.

Since exchanges like more liquidity, as it attracts more traders to their venue, they are willing to reward market makers with lower, and sometimes even positive, transaction fees.

Go to CEX.IO

CEX.IO

Slick Interface

If you are new to crypto exchanges, then you probably can’t do much better than CEX.IO’s market interface.

Many newer crypto traders and investors may be intimidated by all the flashing lights and scrolling numbers of an advanced trading platform, however, CEX.IO’s interface is the right balance of simplicity and function.

Low Credit Card Deposit and Withdrawal Fees

The value of low deposit and withdrawal fees for credit card users is hard to overstate.

Many crypto investors highly prize the convenience and privacy of using their credit cards to make cryptocurrency transactions.

However, not all digital asset exchanges offer this option and those that do often charge extremely high fees for the privilege.

CEX.IO Low Fees

While not the most competitive in the industry, CEX.IO’s credit card fees (2.99% for deposits) are still well below the market average, and this is a major advantage to a huge range of crypto investors.

Note: You can find more information about buying cryptocurrencies with a credit card at CEX.IO and other recommended exchanges in our “How to buy Bitcoin with a Credit Card” guide.

Margin Trading

CEX.IO has its own margin trading platform called CEX.IO Broker, which is currently in beta.

The platform offers cryptocurrency trading via contracts for difference (CFDs) and has advanced trading tools, technical analysis instruments, and different order types available.

Users will be able to trade Bitcoin and Ethereum with up to 10x leverage when the platform goes live.

CEX.IO Broker – Margin trading cryptocurrency CFD platform

CEX.IO Affiliate Program

CEX.IO allows its users to earn 30% of the commissions from exchange transactions for anyone they refer to the platform.

CEX.IO Affiliate Program

CEX.IO Listed and Tradable Cryptocurrencies

CEX.IO currently has 10 cryptocurrencies listed and available to trade on the exchange. This includes:

Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Dash, Litecoin, Ripple’s XRP, Stellar, Zcash, and Gemini Dollar.

In April 2020, CEX.IO also announced support for Chainlink (LINK), which is one of the most exciting projects and most-traded assets in the crypto market.

Trading of LINK/USD, LINK/EUR, and LINK/GBP are supported on CEX.IO, and users can withdraw LINK from the platform.

Registration, Verification, and Crediting Your Account

CEX.IO’s verification process is among the most onerous in the industry.

Not only does CEX.IO manage to drag the industry-standard verification process of identification documents and proof of address out over more details and pages than its competitors, but it also requires additional selfies be uploaded for each stage and the provision of a tax identification number.

CEX.IO Proof of Identity

This excessive verification process continues with your payment card, with several additional photos being required, whereas most other crypto exchanges simply require your payment card details.

There is also a third level of verification for increased limits and services based on personal income and assets, but in this regard, CEX.IO manages to come closer to the industry standard.

CEX.IO have recently introduced Skrill payments, an online payment provider who process fast fiat transfers, which enables customers to credit their CEX.io accounts with British pounds (GBP) and euros (EUR). 

Users with enhanced and corporate accounts can use Skrill to easily transfer funds to their trading account without the need to wait for lengthy bank transfers.

CEX.IO has some of the best fees in the industry, both in terms of transactions and deposit/withdrawal fees.

Transaction Fees

CEX.IO’s transaction fees are 0.25% or less for takers and 0.16% or less for makers.

These fees decline toward zero based on your 30d trade volume.

For a breakdown of what taker/maker fees are, please see the note in the Features section above.

Credit Card Fees

CEX.IO’s deposit and withdrawal fees for credit cards are variables based on the supported currency used (USD, EUR, GBP, RUB) and the volume transacted.

You are encouraged to follow the link above to see for yourself in detail, but the most important numbers are the 2.99% deposit and up to 3% + $5 withdrawal fees for USD and 2.99% deposit and up to 1.2% + €5 withdrawal fees for EUR.

These are very competitive numbers, though not the best in the industry.

Bank Transfer Fees

The bank transfer fees are 0 for deposits in all currencies and 1% for USD and €1 for EUR withdrawals.

The €1 withdrawal fee is nominal and competitive with the best in the industry, while the 1% fee for USD withdrawals can actually be quite high for large sums, as many competitors will charge zero or flat rate for bank/wire transfers.

Pros and Cons

Let’s briefly examine how all these factors stack up for CEX.IO with a pros and cons list.

  • Slick interface
  • Good exchange for newer crypto traders and investors
  • Good credit card fee rates
  • Very good transaction fee rates
  • Well established exchange with 0% users funds theft
  • Good knowledge resources for people looking to learn advanced crypto investment and trading
  • Margin trading
  • Affiliate program

  • Low deposit and withdrawal limits for credit cards
  • Lacking features that professional crypto traders would expect from an advanced trading platform
  • Onerous verification process
  • Only 10 coins supported

Closing Thoughts

CEX.IO is an interesting exchange with some nice feature that will appeal to many cryptocurrency investors and traders.

CEX.IO – “Bitcoin exchange you can trust”

This includes its safe crypto cold storage, the fact that it’s well-established and never lost any users funds to theft, it has a mobile application, a 24/7 support team, and offers margin trading.

In addition, the low transaction and credit card fees make CEX.IO an excellent choice for anyone looking to buy Bitcoin or any other major cryptocurrency using their credit cards. The same can be said if someone wants to sell them, as long as they don’t mind the onerous verification process.

Go to CEX.IO

CEX.IO

References

Disclosure: Blokt strives to provide transparent, honest reviews, and opinions. The writer of this article is a user of the product(s) or service(s) mentioned in this article and was not influenced by the respective owners.

We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. Thank you kindly for your support.

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Blokt is a leading independent privacy resource that maintains the highest possible professional and ethical journalistic standards.

Blockchain

How did Bitcoin lending become so popular?

Republished by Plato

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The rising valuation of Bitcoin witnessed the growth of several sectors involved with the digital asset. The crypto lending market has exhibited extraordinary growth as institutions-focused Genesis registered a 245% growth in their outstanding loans in 2020.

While the BTC lending market is young, its swift adoption has created a billion-dollar industry, which is one of the benchmarks of development for the current Bitcoin ecosystem.

Total Bitcoin collateral grew by 1170%

Source: Arcane Research

According to Arcane Research’s recent Banking on Bitcoin report, the total active collateral in the BTC lending market has increased to ~$25 billion from $2 billion in 12 months. It was estimated that the number of Bitcoin used for collateral at the moment is around 420,000 BTC, however, this estimation is based on a modest evaluation that only 50% of the active loans are backed by Bitcoin collateral, whereas various industry experts believe it could be close to 70-80%.

While there are various Bitcoin lending companies in the current market, the impact of the institutional lending organization such as BlockFI and Genesis have been vital.

As mentioned earlier, Genesis’ active loans outstanding improved from $649 million in Q1 2020 to a whopping $3,821 million in Q4 2020. From Q3 to Q4, the growth was roughly 80%.

BlockFi registered similar impressive numbers, with a 50x increase in retail loans BTC collateral from Q4 2018 to Q4 2020; from $10 million to $500 million.

Bitcoin lending’s popularity grows

There are multiple factors that played into the expansion of the BTC collateral market. Over the past 12 months, the asset has received significant recognition after recovering at a rapid rate following the March 2020 crash. However, some of the most common reasons include leveraging on an existing position, arbitrage plays, and covering operation costs without selling any crypto holdings.

Source: Arcane Research

Some of its innate properties have improved over the few months. Bitcoin’s market has a 24/7 availability, which can be traded all year round and it is easily updated. Other assets such as Gold are only trading during the working days of the week, which is close to 30% less than Bitcoin.

Its store-of-value credentials have also improved drastically, with 75% of Bitcoin remaining in profit throughout its history.

However, one of the major reasons involves the ease at which BTC loans can be processed. Traditional loan methods require a certain amount of credit score, a tediously long process, and a lot of paperwork.

With Bitcoin, users do not need to establish a relationship with their banks to get a loan and they can easily lend from the emerging borderless Bitcoin lending market.


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Source: https://ambcrypto.com/how-did-bitcoin-lending-become-so-popular

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Blockchain

OLB Group enables crypto payments for thousands of US merchants

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OLB Group (OLB), a New York-based e-commerce merchant service provider, is making it easier for businesses to accept cryptocurrency payments.

OLB’s more than 8,500 merchants are now able to accept Bitcoin (BTC), Ethereum (ETH), USDC and DAI at the point-of-sale through the company’s OmniSoft business management platform. Customers wishing to pay with cryptocurrency in-store or through their mobile phones can simply elect to do so with their cryptocurrency wallets. All payments are processed through SecurePay, a payment gateway that authenticates the transaction, converts the cryptocurrency to U.S. dollars and approves the final sale.

The decision to integrate cryptocurrency payments was partly driven by the growth of contactless and online orders during the Covid-19 pandemic. With the OmniSoft platform already providing merchants with several options to facilitate payments, cryptocurrencies were the next logical step. 

Ronny Yakov, OLB Group’s CEO, says the payment gateway and point-of-sale architecture are “familiar territory for merchants,” which makes integrating cryptocurrencies through such channels easy.

On the topic of cryptocurrency payments – a promising but underutilized use case for the industry – Yakov believes we are still in the very early stages of adoption.

“It’s very early in crypto-as-a-payment adoption, but we see increasing interest from merchants exploring this payment option as a means to meet their customers however and wherever they prefer,” Yakov tells Cointelegraph.

He also believes certain industries are more likely to adopt crypto payments before others:

“We anticipate that adoption will happen more quickly in higher-ticket transactions such as jewelry, B2B billing and real estate because the transaction fees for cryptocurrency processing are lower – often half of typical credit card fees.”

Cryptocurrencies like Bitcoin have struggled to become a viable medium of exchange, inviting criticism about their utility. Charlie Munger, the billionaire investor and Berkshire Hathaway vice chairman, recently criticizedBitcoin for being “too volatile to serve well as a medium of exchange.”

With development work on scaling and sidechains still in progress, it remains to be seen whether cryptoassets will ever function efficiently as payment systems. In the meantime, assets like Bitcoin and Ethereum are valued for their store-of-value and development capabilities, respectively.

Source: https://cointelegraph.com/news/olb-group-enables-crypto-payments-for-thousands-of-us-merchants

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Blockchain

Litecoin, Monero, Dash Price Analysis: 28 February

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Litecoin witnessed a downwards breakout from a parallel channel and moved to its support at $156.75. Monero was projected to move sideways as trading volumes and buying activity was suppressed. Lastly, a descending triangle emerged on Dash’s chart but a breakout largely depended on the direction of the broader market.

Litecoin [LTC]

Source: LTC/USD, TradingView

On the hourly timeframe, Litecoin broke below its parallel channel and moved to another region of support at $157.5. The On Balance Volume dipped as the price broke below the bottom trendline, but the index was recovering at the time of writing. A bullish crossover in the Stochastic RSI added some more optimism as LTC picked up from the $157 support line.

However, it was hard to overlook LTC’s bear market and stronger cues could be needed to back a move above the immediate overhead resistance. A spike in the 24-hour trading volumes could be one such signal that could project an upwards breakout on the charts.

Monero [XMR]

Source: XMR/USD, TradingView

The 24-hour trading volumes on Monero were muted as the cryptocurrency failed to break out from the $224.5 and $196.3 range. The  Bollinger Bands showed that volatility remained on the lower side as the bands were compressed. This also meant that massive movements were unlikely and XMR could continue to trade within its current channel over the next few sessions.

A bullish twin peak setup on the Awesome Oscillator was negated as momentum tilted in the favor of the sellers at the time of writing.

Dash [DASH]

Source: DASH/USD, TradingView

Dash formed a descending triangle on its 4-hour chart as the price formed lower highs since snapping a local high at over $330. The On Balance Volume also steadily declined as the sell-off was heightened by a correction in the broader market. The Stochastic RSI continued its southbound trajectory after reversing from the overbought region.

Further weakness in market leaders BTC and ETH could continue to have a negative impact on Dash, and support levels at $166.8 and $135.3 could be tested in the event of a downwards breakout. On the flip side, Dash’s pattern could be invalidated if the price moves north on the back of a broader market rally.


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Source: https://ambcrypto.com/litecoin-monero-dash-price-analysis-28-february

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