CEX.IO is an exchange platform built on the concept of FOK orders. Fill-or-Kill orders are useful in the cryptocurrency market because the price varies by the minute. Therefore, in order to make sure you aren’t buying bitcoins at a much higher price than expected, CEX.IO has an FOK system. When you complete the form to buy bitcoins at a specific price, it freezes that for 120 seconds whilst it looks for a seller who also wanted to sell at that price. When that match happens, it’s only a matter of time before the payment is complete. If the market situation becomes worse, the order will not go through and if the market rises, it will notify you.
That’s why you can be sure that every order at CEX.IO goes through at the price that you wanted to buy.
CEX.IO uses the concept of FOK orders to complete purchases on the website. The FOK orders are much faster since you don’t have to wait for someone to accept your offer. That means you can purchase bitcoin, receive them almost immediately, and withdraw soon after.
CEX.IO also has an API tool which allows for automated trading. An API tool is essentially an electronic trader which completes trades on the behalf of individuals and institutions. The website also has a bitcoin and ethereum converter, which can be used to see how many bitcoin you can buy with your own budget. The website also has an affiliate program where people can register themselves and share a link to their friends. If their friends use that specific link to buy bitcoins on the website, they receive 30% of the transaction fee from CEO.IX. The platform is unique because it allows people to purchase much higher bitcoins compared to other platforms. Not only that, it also offers Ethereum: the second most popular cryptocurrency.
Security is one of the most important features offered by CEX.IO. The website recommends using a 2 factor authentication and trust me, there’s three different red dialogs if you haven’t activated it.
Since emails are quite easy to hack, it’s pretty easy to just hack your account and transfer all your bitcoins to another. The website helps you prevent this through the 2 factor authentication.
A 2 factor authentication is essentially like giving your bank a phone number so that when you need to verify a transaction, the bank sends you a text with the verification code. It’s as simple as that and prevents most hacking. In the unlikely event that you actually are hacked, the platform freezes your account and resets all passwords for you. The CEX.IO team then investigates the situation further. The team is pretty helpful in a case like this, so you can rest assured!
The security is quite modern since they recommend you to use a third-party card manager in order to make sure that you can pay quickly whilst remaining completely protected. Wire and SEPA transfers, both available on CEX.IO are obviously better for maintaining security of your bank details. All these transactions are only available on the Verified, Verified Plus and Corporate Accounts so you might have to provide national identification before you deposit money.
Overall, the CEX.IO platform has effective security measures and works at great length in order to prevent any sort of hacking.