CEX.io is another cryptocurrency exchange to entertain crypto traders. With Cex.io, anyone can purchase Bitcoin directly using a Credit Card or a Debit Card. Apart from these two options, you can buy currency using bank transfer or by depositing some cryptocurrency i.e. Bitcoin in your Cex.io wallet. The currency is then stored in your Cex.io wallet and you can begin trading against all the coins that are available on Cex.io.
Like other exchanges, Cex.io also charges you a small amount of bitcoin as the fee. There is a fee for some cryptocurrencies and some currencies have absolutely no fees. Since most of the first-time buyers of cryptocurrency enthusiasts look for an easy way to get Bitcoin, Cex.io is one great choice for them.
In order to get altcoins, we need Bitcoin for most of the times. Bitcoin is the primary coin that you can use to get any other altcoin such as Ethereum, Neo, NeoGas, DASH and any other coin. There are some coins that you can only get using Ethereum, but there are not so many exchanges that offer direct purchase of Ethereum. So, even to get Ethereum most of the times, you need Bitcoin in the first place.
With Cex.io, you can directly purchase Ethereum as well. Another coin that can be easily purchased through Cex.io is DASH. There are around 21 cryptocurrencies listed at Cex.io. Some of the currencies can be bought directly using a Credit Card and fiat currency while some can be traded for your primary currency. The most popular use of Cex.io is the direct purchase of Bitcoin using a Credit Card.
For now, we will move towards the guide on how to use Cex.io for cryptocurrency buying and selling. I am going to show you how you can buy Bitcoin and Ethereum using your Credit Card.
Make an account on Cex.io
- First of all, open Cex.io exchange.
- Click on Sign-Up appearing in the top-right corner of the site.
- Now Sign-Up either using your social media account or your email address.
- Cex.io will ask you to enable 2FA. Follow on-screen instructions to enable it using Google Authenticator.
- Once done, you will be able to access the exchange.
Deposit Fiat Money on Cex.io
- Now the next step is to deposit some fiat money using your credit card.
- In order to do so, click on the deposit button appearing in the top-right side.
- Now enter your VISA card or Master Card information and click on proceed.
- Cex.io will ask you for card verification. You will have to take your own selfie holding your card with only the last 4 digits visible and upload it or write down the details of the card on a piece of a paper, take a selfie with the paper in your hand and then upload it.
- It will take a few hours for Cex.io to verify your card.
- Now you can load funds using the same deposit button on the site.
- Once your card has been verified and you have added funds, you can start buying Bitcoin or Ethereum.
Buying/Selling Bitcoin or Ethereum on Cex.io
- Now click on the Buy/Sell button on the top-left corner of the site.
- It will show you what currencies you can buy using fiat money.
- Now select the currency i.e. BTC, ETH or DASH.
- Enter the amount of fiat money that you want to spend on cryptocurrency purchase.
- Click on the Buy button now.
- Your coin will be bought and added to the Cex.io wallet.
Note: You will find out that the prices of coins on Cex.io are a bit higher as compared to the current prices. That is because the exchange has a small fee that it charges and it has a small premium that will be charged as well. If you want to buy coins at a lower price, you can try using Coinbase instead.
Withdrawing your cryptocurrency from Cex.io
- Click on the Withdraw button on the top-right.
- Select the currency that you want to withdraw.
- Enter the address of the wallet to which you want to send the coins.
- Complete the procedure by following on-screen instructions to make a successful transfer.
Withdrawing fiat money to your Credit Card
Once you have funds in fiat money, you can withdraw them to your credit card. Here’s a video by Cex.io explaining the entire process.
Trading between bitcoin and altcoins on Cex.io
There is a trading button appearing on the left side of the navigation bar of Cex.io. Through this button, you can enter the trading menu of the exchange. You can select the coins you want to trade between and then enter your desired amount to buy or sell it. The orders chart can give you an idea of the prices that are currently going on. It’s advised to place a low buy and a high sell order.
That’s all for now. Since Cex.io has halted the new registrations temporarily, I wasn’t able to get into the exchange. Because of that, I couldn’t take screenshots to put here in the method. The guide is going to work the way it’s explained above. In case you face any difficulties, feel free to reach me out through the comments section below.
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