Cex.io launched in early 2013 in the UK as a holding entity for GHash.io, one of the largest bitcoin mining pools. Ghash grew to control about 42% of bitcoin hashing power. The company was founded by Ukranians - Oleksandr Lutskevych and Oleksandr Ushchapovskiy.
The exchange feature was added to help users sell and buy shares of the mining pool using bitcoin. Through its cloud mining services, the exchange made it easier and more convenient for users to enter and leave mining operations. There was no need to purchase mining hardware when joining, or to dispose of it when exiting.
By September 2014, Cex’s user-base had reached over 200,000. The exchange started accepting deposits in US dollars, euros and Russian rubles through wire transfers, credit cards and SEPA from users around the world who wanted to buy bitcoins or GHash mining shares.
After the August 1st Bitcoin hard fork that saw the creation of Bitcoin Cash (BCH), the exchange announced they had enabled selling and buying of the new cryptocurrency on their platform.
Before proceeding to the core of my Cex inspection I would like to remind readers that the company ceased all cloud mining operations in January 2016. Supposedly this was to better focus on their services as a cryptocurrency exchange and trading platform.
You can register on Cex using a Facebook, Google, VK, or Github account. The process takes less than a minute. However, before you can use your credit card to purchase cryptocurrencies, you need to submit it for verification.
To verify your card, you will fill out a form that requires you to provide the name on the card, the card number and the expiration date. In addition, the exchange requires you to upload three color photos proving ownership of the card.
The first photo you provide is a selfie of you holding the card with its information clearly visible. The second photo is a selfie of you holding both the credit card and a government-issued ID. Information on both documents should be readable. The third photo is a selfie of you with the back of the ID visible.
After submitting these photos and filling out the form, you will be prompted to confirm that the information you have provided is up to date and valid. You will also give permission for a company compliance officer to view the information.
If everything meets the exchange’s requirements, you will receive an email notification alerting you on the readiness of your card for use on the exchange. If any part of the information you provide is not correct, the compliance officer will reach out to you for clarifications.
The verification process can take a few hours or up to a day. Some users, however, have reported waiting for longer than a day.
The Cex mobile application is available for both Android and iOS. Through the app, you can deposit bitcoin, ether, and litecoin using a QR code. You can also place limit market orders within the app.
Users can view balances, active orders and changes in price. You can also initiate, manage and cancel orders as well as use real-time data from across different exchanges to analyse cryptocurrency markets.
Since the release of the app in December 2015, feedback from users has been both positive and negative. Some users have welcomed the app as a handy tool for keeping in touch with the market while on the go. I believe that such statements are indeed true, but more work could be made to expand the features of the app.
Others have expressed disappointment over poor user experience. Common complaints includes the app failing to execute orders, not displaying detailed graphs and making it difficult to login in.
It also only offers a fraction of the services accessible through the website. For instance, you can’t do margin trading through the app.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|