How to Buy Crypto in Five Minutes: A Guide to XCOEX

29 May 2019

The new UK-based XCOEX strikes an interesting balance between ease of use and an ample selection of trading options. The exchange seems to be aimed at newer users, with a very simplified, intuitive, and slick interface; but, there are enough trading tools available on the platform to be able to do serious trading.

XCOEX is a fairly new (2017) exchange based in the UK, and fully regulated within the jurisdiction, as well as compliant with the EU-centered General Data Processing Regulation framework. The exchange also has a crypto license from Estonia.

In this guide, we will briefly detail how to get set up on XCOEX, and show the user around the platform, while giving an honest review of the pros and cons of XCOEX.

Getting Set Up

One of XCOEX’s main selling points is the ease of signing up, and they do not disappoint in this regard. Signing up is almost instant, even email confirmation isn’t required to get started.

There is a good amount of leeway when it comes to transfers. Funding amounts are divided into three levels, and up to one bitcoin per day or just five per month can be withdrawn from the exchange with essentially zero KYC/AML

Fiat transfers come into play only at the second identification level: $2,000 worth of daily deposit and withdrawals, and $10,000/50,000 worth of monthly deposit and withdrawals. Crypto deposit amounts are always limitless, but withdrawals go up with the second level identification as we would expect. XCOEX require a government-issued ID and proof of residence, as well as a video confirmation, to approve a second-tier account.

Perhaps the reason for this somewhat permissive crypto trading policy is the small number of coins available at the moment to trade. Only five of the top cryptos are traded on the platform, and you can probably guess which ones they are: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and XRP. This policy is likely used to help XCOEX avoid concern that some traded assets could be considered securities, and thus cut down on KYC/AML.

There is, of course, 2-factor authentication, in the form of both SMS and Google.

Trading

XCOEX’s interface is very fast, very clean, and very intuitive. The only two main sections of the website are “INSTANT BUY” and “EXCHANGE.” Notably, instant buy allows only quick purchase of the five offered cryptos with fiat currency. Clearly, this section is aimed at newbies and retail investors.

The meat is in the exchange section. A mini TradingView chart interface is present, but with some reduced functionality.

Entry level trading options are available. Market and stop-limit orders are both present; although strangely there do not seem to be simple limit orders.

Trading on the Go

XCOEX also offers its users apps available for both iOS and Android, allowing traders to buy and sell cryptocurrencies while on the go. The apps feature an easy-to-use interface and have the same top cryptocurrencies as the exchange’s desktop version available for buying and selling.

Moreover, XCOEX ensured its apps feature a wallet with top-notch security, so traders can be confident they’ll be safely investing in the cryptocurrency space. These also let users get notifications on their devices regarding the market.

There are various available options to deposit and withdraw funds from the cryptocurrency exchange, including debit and credit cards, as well as international wire transfers. The exchange also lets users deposit and withdraw funds through SEPA transfers.

The bottom line seems to be, XCOEX is worth trying, especially for newer folks to the crypto scene - but even experienced traders, investors, and enthusiasts might be refreshed by the smooth and well-oiled feel of the platform.

Now would be the time to do it, too: XCOEX is in June offering a lottery promotion, in which everyday customers could win $1,000 worth of Bitcoin Cash.

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