At its height, it was in charge of 42% of the hashing power for Bitcoin. Later, when cryptocurrencies lost some of their value, the business decided to stop mining because it was no longer profitable.
The headquarters of CEX.IO are in London and the number of its users is around 2 million. Because of the excellent security it provides and the simple methods for buying and selling various cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and many others, many people opt to use it. You are possible to make a deposit by a credit card or a bank transfer.
Safety and Security of CEX.IO
If you look at the growing number of users and do a little research, you will be able to tell that CEX.IO is incredibly secure and safe. Because the business complies with international and regulatory laws, it also draws a lot of customers. It is a Private Limited Company, based in the U.K, which is registered with FinCEN. Additionally using a PCI DSS certificate, CEX.IO complies with the Payment Card Industry Security Standards Council. The company is registered with ICO of the UK.
The company asserts that it uses cold storage for the assets and has never before experienced hacker issues.
Additionally, you can increase the security of your account by enabling two-factor authentication. The website forces you to check a box stating that you are aware of the risks of deactivating 2FA even though you are immediately advised to do so. It is a good idea to keep your funds away from the exchange or the online wallet.
How to Buy Cryptocurrency on CEX.IO
Making an account is the first step you must take as a beginner. Go to the website of CEX.IO and find the registration button. Afterwards you will be offered with numerous alternatives of writing your email and a password. The most secure option is this. Otherwise, you can use your current account on GitHub, Google, Facebook, or vKontakte. Once you are done with the registration, you will have to conduct a verification via email.
After you initially log onto the platform, you will see that the system is requesting you to activate the 2FA. It is advisable to do so. In actuality, you ought to have one for each of your online accounts.
Your initial account will have withdrawal and deposit restrictions. If you would like to delete those, you need obviously go through the identification process. Once your account gets Verified, you will be able to access all functions and the limitations will be lifted.
Depending on where you are situated, you might be needed to have a Verified account in order to make withdrawals. Since the data is encrypted and securely stored, the entire process is quick and secure. Additionally, the process complies with KYC and AML laws. Your full name, birthdate, address, tax ID, social security number (SSN), government ID (passport, driver’s license), proof of address document, and a photo of yourself holding an ID or credit card will be needed.
You should receive your verification quickly because the company often works quickly. After completing that, you should proceed to financing the account with a bank transfer, CryptoCapital, your credit card, or both. The latter is the quickest alternative, however there are fees associated with it. You will then be able to purchase cryptocurrency.
With CEX.IO, you can also engage in margin trading. Not all platforms offer that. This would entail borrowing money from the broker in order to hold a larger position. This is a method with high risks and is utilized by only expert traders. On the BTC/USD, BTC/EUR, ETH/BTC, and ETH/USD pairs, you are provided 1:2 and 1:3 leverages. On margin trades, you must pay an initiation cost of 0.2% and a rollover fee of 0.01%.
Deposit and withdrawal maximums
Your account’s degree of verification will determine what restrictions you have for deposits and withdrawals. If your account is basic, you will only be able to make deposits and withdrawals of $3,000 per month and $1,000 per day using credit cards.
Following account verification, bank transfers will also be permitted, with daily deposit and withdrawal restrictions of $3,000 and $30,000 respectively.
As was said before, verification is a simple process that takes less than 15 minutes.
You can choose a “verified plus” account instead, giving you unrestricted access to deposits and withdrawals.