What is CEX.io?
Many users know an answer to “Where is CEX.io located?”, but only some of them know the rules of working with it. To start working on the exchange, you need to top up your account. The developers of the exchange thought out ways to manage accounts taking into account convenience for users from different countries. The platform provides a high level of security as a cold storage of cryptocurrencies. To confirm the security of interaction with fiat funds and bank cards of users, CEX.io provides an international PCI DSS certificate. Sometimes the users ask, “How long does CEX.io take to verify?”. In reality, the procedure of registration and verification is quite simple and fast, in comparison with other exchanges.
The interface for managing accounts and controlling funds is located in the “Finance” section. To deposit cryptocurrency or fiat money to your account, you need to click the “Deposit” button under the “Balances” tab in the line of the selected deposit currency.
The user is offered three options to deposit fiat funds:
- replenishment of payment card;
- bank payment without commission;
- transferring using the CryptoCapital system.
For users who want to buy or sell Bitcoins, Ethereum, or Bitcoin Cash for fiat money, CEX.io offers a simple and convenient “Exchange” tool. It works on the stock exchange principle FOK (Fill-or-kill): FOK-order is either executed immediately or not executed at all.
According to CEX.io review, for the user, this means that he/she is guaranteed to receive the specified amount at the specified cost. The price is recalculated once every 120 seconds, the rest of the time, it is fixed, and the exchange takes on the risks of exchange rate fluctuations. The commission for this service is 7% of the transaction amount.
Trading on the stock exchange CEX.io is carried out in three modes:
- Limit. The user sets the amount of currency and the cost of its purchase or sale. Such an order will be placed in the stock glass and will be executed only when a counteroffer appears on the market;
- Market. The user specifies only the amount that he/she is ready to spend on the purchase of cryptocurrency or the amount of cryptocurrency for sale, and the exchange will choose the most favorable market offer. This order will be executed immediately;
- Margin trading. This tool allows you to capitalize on the growth and reduction of prices. The exchange provides a leverage of 1 to 2 or 1 to 3 of the user’s funds. The “Stop-loss” function allows users to reduce risks when trading in this mode by automatically closing order under unfavorable market conditions.
Full exchange functionality is available in the “Trading” section. The trading platform interface is clear:
- At the top, there are popular currency pairs;
- The left sidebar shows cryptocurrencies and available pairs for them;
- In the center, there are analytical tools – “Japanese Candlestick” chart and “Market Depth” for the selected pair;
- Below, there are exchange instruments: the buy and sell windows, the stock glass, the list of user’s active orders, and the history of recent transactions. Now, you know an answer to “What is CEX.io?”.
On the exchange CEX.io, a specific system of holding commissions for trades is used according to the Maker-Taker principle, where the maker is the one who places the order, and the taker is the one who takes it. Since it is the makers who create market liquidity, the commission for them is lower. Also, the amount of the fee depends on the size of the 30-day turnover of the user’s funds. The standard commission fee is 0.16% for the maker and 0.25% for the taker for any currency pair. These are CEX.io fees.