In this article, we introduce a CEX alternative that you can use for your next cryptocurrency purchases. Read further to find out more.
CEX.io is one of the oldest cryptocurrency exchanges around. They started as a cloud-mining company but fully committed to their crypto exchange services as of 2015.
They accept multiple deposit types and support several different cryptocurrencies. Users can buy crypto either by trading on their platform or through brokerage transactions based on Fill-or-Kill orders that execute immediately.
We wanted to weigh the pros and cons of this exchange and see if an alternative way of buying cryptocurrencies should be considered instead.
Why consider a CEX alternative
Although it is a beginner-friendly platform with global coverage, CEX.io does have its disadvantages, and we will be investigating what problems an aspiring customer might encounter when using their services:
- No digital payment services support
- Depositing and storing funds on the platform
- Withdrawal of funds
- Lengthy and invasive KYC process
- Falsely helpful customer support
Let us check all of these a bit more in detail to see how what they implicate:
1. No digital payment services support
Even though CEX.io accepts credit card and bank transfer deposits, they do not offer any kind of support for digital payment services like Skrill, Neteller or Perfect Money.
As a result, the only option to deposit funds in fiat will be by linking your credit card or bank details. CEX.io also accepts cryptocurrency deposits in order to trade on the platform, but therein lies the main problem of our next point:
2. Depositing and storing funds on the platform
If you want to use their services to, for example, exchange Bitcoin for USD, you will have to deposit some BTC in their proprietary wallet.
And, as with most of cryptocurrency exchanges, this creates an issue where you don’t have direct control of your funds anymore. As such, if you want to transfer these funds out of the exchange, you will have to undergo a withdrawal process, which brings us to our next issue.
3. Withdrawal of funds
Most of the negative reviews (and there’s a fair share of them) about CEX.io are about their withdrawal policies.
As a matter of fact, their users’ main complaint is, whether it be in fiat or crypto, that a lot of customers have encountered issues when withdrawing their funds.
Instead of the advertised quick transfers, there have been complaints of tedious KYC processes activating whenever large sums were requested for withdrawal.
A lot of testimonials state that they have been stuck in limbo with the compliance department for weeks before deciding to take matters on a legal level.
4. Lengthy and Invasive KYC process
On CEX.io, even the smallest deposit or withdrawal limit requires some kind of ID compliance. And for the biggest part, that is ok. After all, you are better safe than sorry. However, it’s on the higher verification levels that things start to get a bit invasive. Starting on the 3rd tier, the company might ask for highly private and personal details, like your spouse’s name, monthly income source and amount, a video of you speaking, and more.
One might think that its a bit too much information to share with a foreign company just for the sake of buying cryptocurrencies.
5. Falsely helpful customer support
When reading the responses their support team leaves on Trustpilot, one might think that their customer care is top-notch as they answer to almost every complaint.
But the average score of 6.3 seems to be pretty accurate when upon investigation we realized that most of the issues were never resolved.
A lot of discontent customers have been locked out of their accounts and funds because of technical difficulties. Or instead, have been going back and forward with their verification process never been accepted because of how complicated it is.
Having said all of this, we might want to explore how Paybis can fix these shortcomings and help you in your quest for purchasing cryptocurrencies on a regular basis.
Why should you choose Paybis instead?
Paybis is one of the top cryptocurrency exchanges and has been rising in popularity since its foundation in 2014. Let’s see, in a brief overview, what makes this exchange a great CEX alternative:
- Diversified payment options
- Your coins stay with you
- Simple and easy verification process
- 24/7 customer support
Let’s explain these points in further detail down below.
1. Diversified payment methods
In addition to credit card and bank transfers, Paybis also accepts a large variety of digital payment services: Payeer, Neteller, PerfectMoney, Advanced Cash and Skrill. You can use no less than 10 different methods to shop for cryptocurrencies in US Dollars, Euros or British Pounds.
2. Your coins stay with you
When completing a purchase on Paybis, your coins will be directly sent to your personal cryptocurrency wallet. This allows you to use them as you please, as soon as the transaction is completed. From there, you can spend them, trade them for profit or hold them as a store of value. You never have to apply for withdrawal, because you already have your cryptos in your pocket.
3. Simple and Easy verification process
Some purchases on Paybis require a KYC (Know Your Customer) verification. This process is very simple and can be gotten through within 10 minutes. In case you come across any problems, Paybis’ live chat support is there to guide you through and help you out as soon as possible.
4. 24/7 Customer support
Paybis’s support team is always available to our customers and they will help you with any issues you might be having. Multilingual and specialized individuals that strive on customer satisfaction work around the clock for you and have gotten universal praise for their helpfulness on Trustpilot.
Ready to take the first step?
Paybis never stalls transactions or increases wait times artificially, unlike many other exchanges out there. As soon as the payment is processed, you receive your coins and that’s it!
Let’s have a general overview compared to CEX.io and you be the judge on which one is a better alternative.