The cryptocurrency world has been making headlines over the last few months. Despite being a market that has been steadily growing over the last few years, a flurry of media attention in November and December 2017 saw currencies like Bitcoin, Ethereum, and Ripple/XRP, make huge gains in a short span of time. No longer the reserve of an informed few; cryptocurrency has become increasingly accessible to the general public. However, with this swathe of new investors comes the inevitable question: where is the best place to buy them? It seems there are new sites and new scandals coming weekly, so getting to know the landscape is important, particularly for new investors.
As early adopters of the cryptocurrency market, the company was founded in 2013 as a Bitcoin exchange and the first ever cloud mining service. Their platform has grown over the years, moving away from cloud mining and more towards providing a safe and secure platform to trade Bitcoin and other cryptocurrencies. They now offer a cross-platform trading network via their website, mobile app, WebSocket and REST API, to over one million customers. A wide variety of currency and payment options are supported, and they promise to deliver 24/7 customer service.
Cex.io offers some strong parings in terms of both fiat and cryptocurrency. One of the reasons they grew in popularity over the last couple of years is that they accept payments via major credit cards. In terms of currencies, it’s possible to purchase and trade on the most spread currencies, such as:
» Bitcoin Cash
» Bitcoin Gold
It’s also possible to margin trade in the following pairings:
As you can see, this is a fairly good offering and gives plenty of options when making a purchase. It’s also possible to link a payment card to directly deposit or withdraw cryptocurrency. This makes it possible to actually use your currencies to shop with.
As we’ve mentioned already, one of the appeals of Cex.io is the ability to make purchases using credit cards. The site accepts payments from Visa and MasterCard in US Dollars, Euros, British Pounds and Russian Roubles. You can also purchase other currencies using Bitcoin you already have. Payments can also be made via bank transfer in the same four currencies listed above. There are varying wait times for these funds to become available, but overall it’s not too long. As with any cryptocurrency exchange, users should research the necessary terms and conditions before sending any payments.
In term of supported countries, Cex.io gives good coverage across the globe. There are a few restrictions on both credit card purchases and bank transfers however. Although it seems that they are rapidly trying to expand their reach, the best way to determine if a country is supported is to visit their site. We also recommend checking their news feed, as they often announce newly supported countries for both payments and withdrawals.
Fees and Charges
One of the biggest criticisms of the site is the expensive fees. Cex.io has a 7% transaction fee for credit cards, which is charged on the amount of fiat currency your purchase with. As a comparison, Coinmama has a 6% transaction fee, BitPanda is around 6%, and Coinbase is only 3.75%. The fees at Cex.io are rather high, which may be off-putting for some users. Furthermore, customers on TrustPilot often complain about the ‘hidden’ fees on the exchange.
Depending on what level of verification you have, your daily and monthly purchase limits will be capped. For example, basic verification has a $400 per day or $2000 per month limit on transactions. This applies only to credit cards, as basic users cannot link a bank account. Verified users have much higher thresholds, with a $10,000 daily and $100,000 monthly limit applying.
There are many reasons to choose Cex.io as your platform for buying and trading Bitcoin and other cryptocurrencies. Below we’ve listed some of the key features that make it such a good choice:
They offer a wide range of currency support, including USD, GBP, RUB and Euro. Users from all over the world can buy cryptocurrency with fiat.
A 2-factor authentication system is aimed at providing a safe and secure way to trade, buy and sell in this emerging market.
The site and mobile app both use intuitive interfaces. It’s easy for newcomers and more experienced users to navigate the site and make a purchase.
Although there have been plenty of negative reviews surrounding customer support, they do offer a live chat option which seems to have a good response time. They’re a company that also seems fairly transparent with their news, changes to service, and added functionality.
Perhaps most importantly, they offer a wide range of cryptocurrencies to buy and sell, and trade in. With the added bonus of credit card support, and their established reputation, Cex.io is a good choice of platform.
With the industry being as new as it is, it’s inevitable that there will be some negatives. Reviewers and customers are quick to leave negative feedback, particularly if they don’t fully understand the process they’re involved in. Below are listed some of the complaints most often reported:
The issue that many critics point out is the relatively high transaction fees. Compared to many similar sites, Cex.io stands out as one of the most expensive.
In order to start making purchases, users must first go through a fairly lengthy verification process. Although this adds to the site’s security, it does mean that users are left waiting for a while before being able to trade.
Some users have reported delays in receiving funds from Cex.io. It can take a while for these funds to be deposited, and there are certainly a few accounts of customers waiting far longer than should be expected.
Although Cex.io has only been trading since 2013, they’re still one of the most established names in the cryptocurrency world. Over this time they have gained a fairly good reputation; they’re easy to use, reliable, and give a wide range of options. Users will find their site simple to navigate, and once the slightly long verification is complete, they offer a good experience. The one notable downside is the fees that they charge. However, they’re working towards being more affordable and more transparent in this area. Overall, they’re a good choice of platform to deal in cryptocurrency.