How do you trade crypto at CEX.IO exchange? This guide will go step by step into the buying journey at CEX.IO by using the ‘Spot Trading’ interface.
Founded in London, UK in 2013, CEX.IO is a multi-functional cryptocurrency exchange that provides multiple financial services. They offer brokerage services as well as a trading platform for users. Also, CEX.io provides users with a wide range of essential features to ensure they can conveniently buy, sell, and trade digital currencies in a trusted and secured environment.
For instance, SEPA transfers on CEX.io are really convenient even for those who possess little knowledge on how to go about it. Deposits are completely free while withdrawal attracts a €1 transaction fee.
Amongst EU citizens trading at this exchange is a good alternative mostly because of its high daily trading volumes where about 70 different altcoins can be traded.
Besides, for crypto users, trading can be done with almost zero fees(0.25%) where you can hold special credits to get an extra discount for the fees.
This guide is going to show you how to trade your first cryptocurrency, via one of the world’s most reliable exchanges, CEX.IO.
How to start Trading Crypto at CEX.IO: Quicktake
In general, buying cryptocurrency at CEX.IO is a straightforward process, however, first-timers must do some extra necessary steps before they can start using the platform.
In short, below is the buying process for cryptocurrencies at CEX.IO:
- Register at CEX.IO for free by email or mobile phone
- Verify your account(KYC)
- Deposit money or buy with credit card
- Or: Send crypto(BTC, ETH, DOT, or any other) to CEX.IO
- Trade crypto at CEX.IO platform
Open an Account at CEX.IO and start Depositing
How to open an account at CEX.IO? At this stage, I’ll explain in more detail what is needed for the beginner to open an account and deposit money or crypto.
1. Register for an Account at CEX.IO
The first step will be to register for an account at CEX.IO. If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform.
2. Verify your account
Before you can start trading crypto on CEX.IO you have to confirm your account. Additionally, this can be done in two ways and depends upon the way you did your registration.
The easiest and most straightforward way to do this is by using an e-mail account. Therefore, all you need to get started is a valid email address or mobile phone. You will be asked to log in to your nominated email address and click the confirmation link.
The Verification on CEX.IO
After you did the signup, CEX.IO will ask you to enter some personal information and create a profile.
For cryptocurrency traders, there are four levels on the CEX.IO platform: Identity Verification, Address Verification, Enhanced Verification, Corporate Verification. Every beginning crypto trader at CEX.IO must undergo at least Identity verification and all the other ones are optional. The table below shows the details:
|Identity Verification||<=$3000 daily||<=$10000|
|Address Verification||<=$10000 daily||<=$10000|
Once you have registered, you can log in to CEX.IO using your email ID and password. You should also set up and activate 2FA authentication (highly recommended) for extra security.
To do this, navigate to your name and choose ‘Profile‘ and then ‘Security‘.
3. Deposit Money or Crypto
At this stage, you are ready to use the platform but need to deposit first. Money transfers can be done at CEX.IO in the following fiat currencies: USD, EUR, GPB, and RUB. For example, money deposits with USD are possible in combination with SWIFT.
Additionally, there are only three options available on CEX.IO to fund your new trading account:
- Payment card
- Bank transfer
- Deposit cryptocurrency
In detail, depositing fiat currency can be done in different ways and it also depends on which country you are residing in. In addition, EURO deposits can be done with SEPA where USD deposits can be done with a Wire transfer.
Finally, if you already have some crypto in a local wallet or at another exchange, just sent it over to CEX.IO and you can start using CEX.IO right away!
Step By Step Guide: How to Trade Crypto at CEX.IO
Next in this beginner’s guide to trading crypto on CEX.IO, I will cover the basics of using the trading interface on this platform. Remember that there are several other options available(like advanced orders or margin trading) however, as a starter we will just focus on buying or selling crypto for fiat currency.
1. Select currency pair
Initially, you’ll need to know what assets you would like to exchange, for example buying Bitcoin with your USD, or selling Ethereum (ETH) for euros.
After you know which pairs you’ll be trading, you are able to load the CEX.IO trading interface for the first time. Next, you go up in the menu and click on ‘Trade‘.
An overview of all markets will appear and the next step for you will be to find the currency pair you want to trade.
In this tutorial, we will be buying Bitcoin with USD currency so the trading pair will be BTC/USD.
To search for this pair click on the ‘BTC/USD‘ button above the chart and after that, the trading interface for the BTC/USD pair will load.
2. Setting up the order(BUY)
Just to rephrase, in a buy order, you pay with the quote currency(USD) and receive the base currency(BTC). Above you selected the trading pair so now it’s time to set up the order.
Now, to enter buy orders go with the cursor below the BTC/USD chart until you see ‘Buy BTC‘.
This screen shows you 6 different ways to set up a buy order, which are:
- Margin trading
As this is just a beginner’s guide into trading on CEX.IO, I’ll just focus on setting up a Limit and Market order on CEX.IO. Also, before you start entering values into these boxes, knowing how a market or limit order works is necessary.
A market order is meant for immediate execution, as it will match with limit orders that are already available on CEX.IO order books. In other words, by executing a market order you take 1(or more) order(s) from the available order book.
Also, market orders will always incur a slightly higher fee known as taker fee. With market orders, you can only input the volume you would like to buy or sell and not the price.
Limit orders will execute at the price you’ve set or better, once the market reaches your limit price. They can be subject to maker or taker fees depending on when it executes.
For example, you entered a buying price of $45000 into the order book while BTC is trading at $45500. Once the BTC price reaches $45000 the order will be executed at maker fees.
On the other hand, if a matching order already exists(at $45000), then it’s executed immediately, where the taker fees will occur.
3. Submit the Order
Once you’ve decided if you’re looking for a market or limit order, you fill in the required data and continue.
Finally, make sure the data is correct before you submit the order by pressing the grey ‘Place order’ button.
4. Wait for Execution
At this stage, your buying journey on trading crypto at CEX.IO is coming to an end. Moreover, you just need to wait for the order to be completed. Remember that completion can occur in two ways:
Immediately, where a market order was selected and your balance will change as well. Also, funds will be available right away for new trades or to withdraw.
Unfilled orders occur when a limit order was selected and you need a little patience for this order to be executed. In addition, if it takes too long or you need the funds, you can cancel the order at any time.
To check the orders that are currently open or waiting to be executed, scroll below until you see the ‘Active Orders‘ box.
…That’s it! At this point, you just traded your first USD for BTC at CEX.IO which is one of the most popular trading engines in the world. Happy trading 😁!
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