cex.io chart

CEX.IO is a cryptocurrency exchange and former Bitcoin cloud mining provider. Founded in London in 2013, CEX first began as a cloud mining provider that owned the Ghash.io pool. As an online digital currency exchanger, CEX.IO offers the trading of cryptocurrency for fiat money, including USD, EUR, GBP, and RUB. The exchange charges commissions from 0% to 0.25%  on trades using the Maker-Taker fee schedule. The current list of cryptocurrencies available on CEX.io is Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.

cex cryptoName: CEX
URL: https://www.cex.io
Total trading pairs: 15
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic Daily: 1000 USD; Monthly: 3,000 USD
Verified Unlimited
Verified Plus Unlimited
Corporate Unlimited

Registration

CEX.io allows for initial registration using email, Google Oauth, or Facebook Oauth. To continue after Oauth, you will still need to manually input your email address. An email verification link will be sent to you. Upon verification, you are directed to the /buysell page, which has prices for currency available for purchase by Credit Card, good for the next 66 seconds. After that, a new price is populated, based on exchange rate, and you are given a further 120 seconds.

cex.io screenshot

Verification

A full guide to account verification is available here. With basic registration, you are allowed to buy and sell bitcoin with a daily limit of $1000 via credit card only, and a monthly limit of $3000. Verification allows you to make bank transfers and take commissions as well as removes the deposit/withdrawal account limits on basic registration.

 

CEX.io verification screenshot
CEX.io verification

The Verified level requires the submission of identifying documentation (DL, Passport, or ID card) and a tax reference number, such as a social security number. This will include your address and scans/photos of your identification documents.

CEX personal information verification
CEX personal information verification

In the personal information section, the registree will be required to submit their Gender, date of birth, first, middle, and last name, place of birth, and contact number. Optionally you can submit social media profiles as well. The following page is a simple address verification form.

From the CEX.io website:

PAYMENT OPTIONS

Most popular methods: Visa, MasterCard, bank transfer (SWIFT, SEPA), cryptocurrency

STRONG SECURITY

Protection against DDoS attacks, full data encryption, compliant with PCI DSS standards

WORLD COVERAGE

Providing services in 99% countries around the globe, including 24 states of USA

LEGAL COMPLIANCE

Registration in the UKMSB status in FinCEN, essential licenses and strong relations with banks

MARGIN TRADING

1:2 and 1:3 leverages, automatic funds borrowing, no extra accounts needed, negative balance protection.

COMPETITIVE COMMISSIONS

Reasonable trading fees for takers and makers, special conditions for high volume traders, strong offers for market makers.

CROSS-PLATFORM TRADING

Trading via website, mobile appWebSocket and REST API. FIX API for institutional traders

ADVANCED REPORTING

Downloadable reports, real-time balance, transaction history with transparent fees

HIGH LIQUIDITY

Fast order execution, low spread, access to high liquidity orderbook for top currency pairs

Bitcoin Futures

U.K.-based cryptocurrency exchange Coinfloor has announced that it will be launching a physically settled bitcoin futures next month, making it a first.

Speaking at the Futures Industry Association’s annual conference in Boca Raton, Florida, Mark Lamb, co-founder of Coinfloor, said to Reuters that:

When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract so they can hedge their exposure across exchanges.

In December, Chicago-based registered exchange CME Group Inc and Cboe Global Markets Inc started offering exposure to cryptocurrencies such as bitcoin. Bitmex, CryptoFacilities also offer bitcoin futures, whereas Wall Street investment firm Cantor Fitzgerald self-certified a new contract for binary options tied to bitcoin, as announced by the U.S. Commodities Futures Trading Commission (CFTC). This makes Coinfloor, at least, the sixth company to list a product offering exposure to digital currencies.

However, unlike the aforementioned organisations, which deliver cash settled contracts, Coinfloor will be providing physically settled contracts. This means that when the contract expires, the asset that is being traded – bitcoin – will be delivered.

According to Lamb, there has been cause for concern among investors and large proprietary trading firms regarding cash settlements, with many believing that they can easily be manipulated. He is of the opinion that individuals may try to move the price of the indexes or auctions on spot exchanges that set futures prices in their favour.

After the first day of trading for the Cboe exchange in December, the platform saw the price of bitcoin jump in value by $1,000, pushing the price of one coin to above $17,000.

However, the idea of bitcoin futures is still looked at with some concern. In response, in January, J. Christopher Giancarlo, the chair of the CFTC, announced that the regulator would be developing a ‘heightened review‘ process for how cryptocurrency derivatives, such as bitcoin futures, come to the market.

The regulator has also come under fire in the past from the Futures Industry Association (FIA) for allegedly not consulting with the organisation regarding the CME and Cboe product launches. According to the FIA, the agency rushed through the process by permitting the exchanges to ‘self-certify‘ their bitcoin futures contracts.

Featured image from Shutterstock.

QUONIE is a Japan-based company founded in 2014 by Mike Kayamori and Mario Gomez-Lozada. It is #10 on BlockExplorer’s top 25 exchanges of 2017 list. In 2017 it became one of the first cryptocurrency firms to acquire licensing from the Japan Financial Services Agency. QUONIE has two exchanges under it, the first of which trades crypto/crypto called QRYPTOS, and the second that trades fiat/crypto called QUOINEX.

QRYPTOS seems to have relatively little activity across its markets, though there is some. Low to mid-tier traders looking for a smaller exchange with loads of trading pairs will find QRYPTOS to be a good place for their trading endeavors.

QUOINEX is also somewhat quiet, at the time of writing there was little to no activity on anything other than the BTC/USD and BTC/JPY markets.

Both exchanges offer an API that can be used for programmatic trading and information gathering.

QUONIE

Feature QUOINEX QRYPTOS
URL https://quoinex.com  https://www.qryptos.com
Trading pairs 58 78
Trading Fees Yes Yes
Margin Trading Yes No
Withdrawal Fees Yes, for fiat currencies No
Deposit Fees No No, aside from an XRP wallet opening fee
Verification Yes Yes

Registration

Registration on both platforms is similar, requiring an email and password. Though you cannot register on QUOINEX in the United States. Once you submit the registration form you will receive an email to confirm your email address.

Fees

QUOINEX

QUOINEX’s fee system is atypical. When registering you may select a single trading pair that will have 0% fees on any trade, while the rest of the trading pairs will have a flat 0.25% trading fee across the board. There is no deposit fee for either crypto or fiat on QUOINEX, though any banking fees incurred are yours to deal with. For withdrawals, there are no fees on cryptocurrencies, though there is a minimum withdrawal amount that is specified per currency. For fiat currencies, there are different fees per currency, which are listed on QUOINEX’s support system

QRYPTOS

QRYPTOS uses a maker/taker structure for its fees, where takers are charged a flat fee of 0.15%, while makers are charged a fee of -0.075%, meaning you will receive currency as a maker. The fee for makers is marked as temporary, and the date which it ends is not advertised. There are no fees involved in either deposit or withdrawal.

Interface

Both exchanges share a similar interface, which is highly configurable and defaults to a dark background with light text. You can select between a basic and advanced mode for trading.

The interface’s basic mode provides a small chart, the current price and order book, and large sections for submitting buy and sell orders.

In advanced mode, the user is presented with a well-sized chart of the selected trading pair in the middle. On the top left, you get a list of markets and their price that is user configurable and below that the history of the currently selected market. On the right, you have the current order book and a place to submit buy/sell orders.

The entire interface is configurable, from the overall color scheme to the location and size of all the information panes.

Verification

For both exchanges, verification is required to withdraw currency, but not to deposit. This can lead to a situation where you cannot extract funds from either exchange. So make sure you have completed verification before starting to trade. Verification requires a government ID and proof of residence, which may not be more than three months old. For QRYPTOS, you can use your government ID as proof of residence if it has an address on it. Verification should complete within a week after submission.

Security

Both exchanges support two-factor authentication via multiple apps, including Google Authenticator and Duo Mobile.

Coinone is a South Korean cryptocurrency exchange founded in 2015, it is #8 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. Coinone is one of the larger Korean cryptocurrency exchanges, and as such, it is recommended to mid to large-scale traders, specifically those looking to trade in Won. As all trades on Coinone occur in Won, and all Coinone trading pairs are cryptocurrency to Won.

Coinone

coinone cryptoURL:  coinone.co.kr
Total trading pairs: 9
Deposit fees: No
Withdrawal fees: Yes, per currency
Trading fees: 0.00% – 0.15%
Margin Trading: Yes
Verification: Yes, multiple levels

Registration

Registration is simple, requiring you to enter an email address, password, and solve a simple CAPTCHA-like puzzle. You receive an email to confirm your email address, though it is all in Korean. You can change the language emails are sent in the account configuration, though by default this is set to Korean.

Fees

Coinone breaks down its fees into a tiered maker/taker scheme that is based on the total you have traded in the last 30 days. And that total is updated daily at 3 AM. On the low-end fees are 0.1% for both makers and takers with 100,000,000 Won or lower in trades. On the High end, fees are 0% for makers and 0.02% for takers with 50,000,000,000 Won or more in trades. All margin trades carry a flat 0.15% fee for both makers and takers.

There are no deposit fees, and withdrawal fees differ by currency, there is a list of fees per currency available on Coinone’s site.

Interface

Coinone’s interface is a very clean and bright white with blue highlights. While the trading interface is well thought out there are some sections that are in Korean even when the selected language is English.

There is a chart of your currently selected trading pair at the top of the page. Below the chart on the left is the current order book for the selected trading pair and on the right is where you can submit buy or sell orders. On the right of the entire page is an overview of all currencies Coinone trades and their current price, below which is the status of your current orders. Further below on the right is your current fee rank, with how much more you need to trade to move up a fee level.

Verification

Coinone has four verification levels. And to withdraw currency you are required to have at least level one. Each verification level has higher withdrawal limits than the previous one

Verification Level Requirements Withdrawal Limit
Level 1 Email and location 1,000 KRW
Level 2 Phone number based authentication 500,000 KRW
Level 3 OTP Registration 1,000,000 KRW
Level 4 Review by operations team 100,000,000+ KRW

 

Security

OTP (One time password) also referred to as 2FA is available, though the method of configuration is unclear.

Jay-Z investing

Arrive, which is a subsidiary of  Jay-Z’s entertainment firm Roc Nation, announced in early February 2018 that it is investing in the trading platform Robinhood. Robinhood offers commission-free trading of U.S. stocks, ETFs/options, and in January, it announced it would soon be offering free cryptocurrency trading as well.  Arrive focuses on funding startups and providing “high-growth companies with both capital and consumer engagement through cultural influence.”

Robinhood, Champion of Equitable Financial Access

“We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost efficient for customers of all size. Robinhood will have our support as they execute the long-term vision of their company,”

Arrive President Neil Sirni said of founders Vlad Tenev and Baiju Bhatt, who launched the platform in 2015. Their goal was to make trading easy for anyone through a mobile app and to eliminate the $7 to $10 trade fees charged by most brokerages. In October 2017, they also launched Robinhood for Web, a web platform with investment research and discovery tools. Bhatt told CNN a few years back when the financial services company was first getting off the ground:

“The ability to participate in the stock market is a huge privilege that we as Americans have. Getting it more accessible to large audiences is a huge opportunity,”

Robinhood now has more than 3 million users and was most recently valued at $1.3 billion, the company reports. Over 80 percent of users are millennials and it is currently the fastest-growing brokerage.

Rapper and entrepreneur Jay-Z (Shawn Carter) is not the first artist in his field to back Robinhood — rappers Nas and Snoop Dogg invested in the fall of 2014, along with actor Jared Leto.

Crypto-Trading on Robinhood Imminent

Robinhood’s crypto-trading is due to begin this month and more than 1 million people have already signed up.

Bhatt recently said:

“It is fairly obvious that people care about [cryptocurrency]. We want to be there and help shape the way the industry goes with a better platform at a better price,”

 

Featured image via The Come Up Show, Flickr.