CEX.IO is a trusted cryptocurrency exchange that provides numerous services. You can not only purchase and sell cryptocurrency on the authorized exchange, but you may also borrow and earn interest on it. The platform’s intuitive design allows its 4 million users to diversify their cryptocurrency holdings confidently. In this CEX.IO exchange review, we will discuss its benefits and drawbacks.
- There are over two hundred digital currencies and tokens that CEX.IO will trade for you.
- Users can stake numerous cryptocurrencies they currently own on the site to receive cryptocurrency revenue.
- Consumers might take out loans secured by their cryptocurrency holdings to satisfy an immediate demand for fiat currency.
- Knowing that CEX.IO has been authorized and licensed for operation in all locations where you can access its products and services is important if you’re an investor.
- IO caters to a wide variety of users by offering various options. However, this can make it confusing for newcomers to the cryptocurrency industry.
- Despite the fact that it operates on a global scale, the CEX.IO exchange does not offer as much liquidity as its competitors, which are located in other countries.
The Four Types of Accounts
CEX.IO has four tiers of trading accounts for cryptocurrencies, each requiring distinct forms of authentication before trading can begin:
- Users with Basic accounts can make Bitcoin purchases of up to $500 per night and up to $2,000 monthly. Please be aware that certain accounts cannot purchase using a bank transfer.
- Verified accounts have a daily limit of $10,000 and a monthly limit of $100,000 for buying Bitcoins with a credit card or bank transfer.
- There are no limits placed on the total number of Bitcoins that users with Verified Plus or Corporate accounts can acquire.
Getting verified will require you to provide identification information and a proof of identity document from a government agency.
What to Look for When Choosing a Cryptocurrency Trading Platform
When comparing cryptocurrency exchange platforms, it’s important to think about more than just fees.
- Accessible Coins
Think long and hard about the cryptocurrency options on every specific exchange. A cryptocurrency exchange that only deals in a few coins may be adequate for your needs. On the other hand, crypto enthusiasts may use any of Gate.io’s 600+ supported cryptocurrencies.
Due to its increasing use and value, crypto has become an attractive option for cybercriminals. Hundreds of millions of dollars have been stolen from prominent cryptocurrency exchanges, including Binance and KuCoin. Exchanges often compensate those who have their coins robbed, but no one wishes to find themselves in that situation. If you buy cryptocurrency on numerous exchanges, you can spread out the danger.
- Educational Materials
If you’re new to working with cryptocurrencies, you should look for a user-friendly exchange that provides extensive educational materials.
In conclusion, the fact that you can visit an exchange’s site does not mean it is operational in your nation or even region. Many local and national governments have yet to determine the precise legal and tax treatment they will accord cryptocurrency.
After extensive investigation, we have published the two Bybit user costs that may be incurred.
- Cost of Trading
Bybit operates on a maker-taker basis but does not impose trading costs on makers, instead rewarding them with rebates. To encourage you to become a market player, Bybit offers reimbursement for orders that deepen the market. A market taker is someone who removes cash from the accounting records. There is a Bybit trading fee associated with that. The maker rebate is currently 0.25 per cent, and the taker charge is 0.7 per cent. You will see a change in the value of your account due to rebates and taker expenses, but your initial profit will remain unchanged.
- Funding Costs
Bybit’s funding strategy ensures that the trading price of perpetual agreements is as similar as feasible to the spot value. The relative value of the two costs determines who is responsible for the funding fee. When the trading price is higher than the spot price, those who hold long positions are the ones who are responsible for paying the funding fee to those who hold short positions. More investors opening short positions could lead to a steep drop in the market price if this occurs. Conversely, the cost is incurred by those holding short positions if the price falls under the spot price. The platform financing cost is deducted every 8 hours.