Cex.io vs Coinbase

The demand for cryptocurrencies is growing constantly, despite regular ups and downs. The number of services providing sell, buy and exchange options is increasing along with the interest of a wide range of users. As practice shows, even the most popular services aren’t able to provide 100% perfect service. Each major market player has personal pros and cons.
Let’s see this phenomenon in details, using two popular exchanges to discover: cex.io vs coinbase. First, we will give a brief description of the two exchanges, then compare their main aspects alternately.

Introduction to the exchanges

Coinbase was founded in 2012 in San Francisco, California. The number of users served exceeds 10 million people; over $ 20 billion was spent through the stock exchange during transactions. Coinbase currently available in more than 30 countries, including the United States. The main feature is a trading principle. Coinbase does not offer direct trading, and everyone can buy coins here by fixed market price. This simplifies the buying process and activates the ability to credit card use.

Cex.io exists from 2013 and it was a cloud mining service from the beginning. Company’s headquarters is located in London, United Kingdom. Cloud mining was available as an option until 2016, and exchange was added to it in 2014. Today cex.io is highly appreciated for the simplicity, reliability, and multi-variation of exchange pairs. The audience exceeds one million users.

Coinbase vs cex.io: Security issues

Coinbase is fully legal and complies with US law. The main value is the fact that the site is supported by a number of large and trusted investors: Bank of Tokyo, Blockchain Capital, Digital Currency Group and others. User finances are not used for third-party purposes during storage, and the return guarantee is mandatory. Almost all finances are stored in cold storage offline, which guarantees protection against hacker attacks. A small active (online) amount of funds is fully insured. Coinbase offers complete user account protection tools. This is a series of two-factor authentication options and profile activity notifications.

Cex.io safety principles are almost the same. Cex.io is totally legal (and cooperates with government agencies to investigate illegal activities), provides offline methods of data storage and offers the user the same tools of account protection.
Here you can’t choose a leader.

Cryptocurrencies Supported

Differences between Cex.io and Coinbase starts with the question of the number of available currencies. Coinbase focuses on a small number of popular currencies and does not plan to introduce new options in the near future. The current list of available currencies is as follows:

  • Bitcoin;
    Bitcoin Cash;
    Ethereum;
    Litecoin;
    Ethereum Classic.

So, as we can see, this is the most popular ones. But what about Cex.io?
This site provides a lot of exchange options between the highly demanded cryptocurrencies and fiat currencies. For example, Bitcoin, Ethereum, XPR, Stellar, Bitcoin Cash, Dash, Litecoin, ZCash (more than 10 in total).

So, the second exchange looks more voluminous.

Coinbase vs Cex.io: Customer Support

Coinbase support is provided by email (or phone). Answers always come, and the user usually has to wait for 1-3 days. It is important to add that the rule “first google, then ask” has not been canceled. Do not forget to look into the big FAQ, which gives you detailed answers to most questions.

Cex.io support service is very active. You can contact the managers directly at the site, by e-mail or phone call. They answer quickly enough, especially if the question is in English. The question and answer section is also good.

That is, there is a slight advantage to cex.io.

Fees

Coinbase. Fees varies from 1.49% to 3.99% depending on the payment method. Credit cards related to higher fees because of a fee for companies that serve the cards. It also helps to fight fraudsters. You can save up to 2.5% using bank transfers. If you choose this option, you’ll pay less in comparison with other sites that sell cryptocurrences directly to the users (including Cex.io).

Cex.io. Commissions and deposit limits depend on the input method and currency. For example, if you choose a credit card, you’ll pay 3.5% + $ 0.25 of the amount. Fee for withdraws of cryptoinvestor’s funds is lower and depends on the payment system. If you prefer Visa $, the fee will be $ 3.8; Mastercard is 1.2% + $ 3.8. Cex.io does not charge a commission for Bitcoin input, but you’ll have to pay 0.001 Bitcoin for operation.

Both systems have their advantages and disadvantages here.

Buy/Sell restrictions

In this case, it is difficult to draw a clear conclusion in a few facts. Coinbase works with specific situations. These situations consist of some user factors, such as:

  • place of residence of the user;
    payment method;
    the level of verification in the system, which depends on the amount of data provided by the user.

For example, US residents have such restrictions in the system:

  • Bank account – $ 5,000 (buying);
    Credit card – $ 50 (buying);
    Selling – 50,000 dollars.

All limits are displayed at the main page of the user’s account, and each person can send request to increase the limits at any convenient time.
A similar specificity of restrictions (except for the money) is also characteristic of Cex.io.

Cex.io vs coinbase availability

You can use Coinbase being the resident of any country from this list: Australia, Austria, Belgium, Bulgaria, Canada, Macedonia, Hungary, Ireland, Italy, Canada, Cyprus, Spain, Denmark, Ireland, Spain, Liechtenstein, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, USA.

Cex.io has a significant advantage in this matter, because it works with users from 90% of the countries of the world. Among others, let’s notice here Canada, Germany, Spain, Greece, Australia, Portugal, South Korea, Egypt, Armenia, Philippines, Gibraltar, Kazakhstan, Malta, Bangladesh, Tunisia.

Now it’s time to put together all the facts about Cex.io and Coinbase.

Overall impression

Considering everything pointed and not specified above at the same time, let’s collect together the main advantages and disadvantages of the two exchanges in order to form an understanding of who deserves victory.

Coinbase is characterized by extreme ease of use and user-friendly interface. The service provides short delays when buying a cryptocurrency, and this is a huge advantage over the competitors. It is real to pay for cryptocurrency with a credit card, not only bank transfer.

Commissions are average. They are relatively low, for example, in comparison with a number of other market players who offer convenient buying formats. The company has a good reputation and guarantees the safety for each user’s funds.

There’s also some problem issues for Coinbase. We’re talking about total control over cryptocurrency transactions and quite low technical security for internal wallets of exchange. Also, you can find services with lower commissions, but it is important to check trust issues.
Cex.io repeats a number of advantages of its competitor. It is all about availability of input and output funds using credit cards. There are quite low trading commissions, and it is important to note unique opportunities for users from a number of non-English speaking countries. For example, users from Russia may be happy to have a full Russian interface and the opportunity to exchange the ruble for Bitcoin (and vice versa) directly. By the way, the interface here is also very convenient and intuitive. All certificates of reliability and a bunch of positive reviews attached.

There’s some negative points too. Cex.io periodically stops payments for up to 3 weeks. Also, the exchange actively bans unverified users, and verification is very complicated and inconvenient (a person must confirm his identity and payment cards). Some of output methods can be turned off temporarily.

Summarizing, we can note the high value of both exchanges, despite some inconveniences. But in the end, we propose to give a slight advantage to Cex.io. The reason is a large number of available countries and cryptocurrencies to buy, sell and exchange.

Considering everything pointed and not specified above at the same time, let’s collect together the main advantages and disadvantages of the two exchanges in order to form an understanding of who deserves victory.

Coinbase is characterized by extreme ease of use and user-friendly interface. The service provides short delays when buying a cryptocurrency, and this is a huge advantage over the competitors. It is real to pay for cryptocurrency with credit card, not only bank transfer. Commissions are average. They are relatively low, for example, in comparison with a number of other market players who offer convenient buying formats. The company has a good reputation and guarantees the safety for each user’s funds.