CEX is one of the oldest Bitcoin exchanges around. But is it really the best place to buy Bitcoin? I’m Nate Martin, and we’re gonna take a deeper look into CEX in our 2 minute review. Founded in London in 2013, CEX started out as a Bitcoin exchange and cloud mining provider. In 2014 its mining pool, known as G hash was so popular that it held 42% of the total network mining power.
Today CEX operates solely as a cryptocurrency exchange. CEX is registered with FINCEN and applies standard Know Your Customer and Anti-Money Laundering policies, meaning it requires identity verification. CEX’s two main services are its brokerage service and its trading platform. The brokerage service allows you to buy cryptocurrency using a card or wire transfer. CEX’s trading platform supplies all of the basic trading features, has decent liquidity, allows trading from several devices and also supplies you with advanced reporting.
The main difference between the two services is ease of use and fees. Beginners might be better off using the brokerage service: it’s as easy as it gets, while more experienced traders can use the trading platform and save A LOT on fees.
How much can you save? Well, while fees on the trading platform max out at point two five percent, CEX’s brokerage fees can reach up to 7%. CEX also operates CEX Broker, an advanced platform for cryptocurrency derivatives trading which features a variety of order types, technical analysis instruments, trading tools and leveraged trading.
When it comes to support, CEX seems to be doing an OK job making sure to address every negative review received. The majority of complaints stem from the somewhat hidden and relatively high brokerage service fees. To conclude, CEX is a solid exchange, with the main downside being the high fees charged for their brokerage service. More seasoned traders can sidestep the high broker fees by using the trading platform on their own.
Make it 3.
9 Stars from us here at Crypto Swami as we consider it a reliable platform with a variety of features for both beginners and experienced traders. Have you used CEX? Let us know what you think in the comments below. And if you haven’t, you can sign up or read our in-depth review using the link in the description below. That’s today’s 2 minute crypto review and I’ll see you.
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