CEX is a Bitcoin exchange service launched in 2013 in London. CEX has earned an excellent reputation in recent years. Currently, they offer the exchange, as well as simple buying/selling methods for Bitcoin and Ethereum.

CEX is also one of the oldest Bitcoin exchanges. It is registered in FinCEN and applies the policy of KYC (Know Your Customer) and AML (Anti-money laundering) which better than other Bitcoin brokers like Coinbase etc. It means that you must verify your identity before buying Bitcoins through Exchange. With CEX you can buy Bitcoins with your credit card, bank transfer or SEPA transmission if you are in the EU.

However, CEX transactions work a bit differently than other Bitcoin exchanges namely Binance, based on fill or kill commands also known as FOK. It is different from how other exchanges (Olymp Trade) work. For example, if you have two Bitcoins at an agreed rate for CEX, you are sure to get the money, but if you have 2 in Bitcoin Cryptopia, you have to wait, when someone wants to sell these Bitcoins Cryptopia for the sale price. CEX charge its customers a premium so that they can carry out their transactions consequently at the higher exchange rate.

How does CEX work?

To invest Bitcoins through CEX you can enter the desired amount on the website, and then CEX calculates and freezes the price for 120 seconds. Soon after you click on the Buy or Sell button on the page, the system will check if there are sufficient funds available in your account. If the current market situation allows you to fulfill your transaction in conditions that are not inferior agreed, then the trade will execute. In case of a sudden increase in the exchange rate, which prevents the execution of the contract in decided terms, you will inform about it. Once you confirm the transaction, your order will link to other change orders, and your balance will be adjusted. Sometimes the amount may be higher than agreed, but not less.

Commissions, Fees and Other Charges

Users at CEX mostly complaints one thing that the amount of the fees and the hidden costs are not mentioned before the trade. CEX charges 7% of the service tax, which calculates the amount of the currency you pay. So, if you buy Bitcoins worth $ 2000, you get only $ 1930. It simply means that the increased exchange rate you see on CEX website already includes all the service charges and also the additional fees. However, these prices are relevant only if you want to make purchases directly at CEX. The exchange also offers bargaining services that charge a variety of fees. CEX also allows you to purchase Bitcoins at a very low rate with your credit card. Customers can also buy through bank transfers without any charge.

Confidentiality

CEX requires very little information for the first level of verification. However, to increase the limit, some personal data and document analysis are necessary.