Exchanges Market

The Best Cryptocurrency Exchanges in Armenia: Pros & Cons

April 10, 2018

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The Best Cryptocurrency Exchanges in Armenia: Pros & Cons

Abstract: Looking for a cryptocurrency exchange platform where you can easily buy, sell, and trade cryptocurrencies? This is a detailed overview of the best cryptocurrency exchanges in Armenia. The article compares pros and cons of various crypto exchange platforms in Armenia and provides recommendations on the basis of customer support, security and fees.

Although websites such as Localbitcoins and Paxful claim that they allow Armenians to buy and sell Bitcoin. According to Paxful thousands of bitcoin buyers from Armenia sign up every day and over 10,000 Bitcoin has already been sold in Armenia. Given the fact that Coinbase is not working in Armenia, CEX is the most reliable and widely used cryptocurrency trading platform in Armenia. Here is a quick overview of what you can do on CEX platform once registered:

Buy/Sell Bitcoins






CEX enables users to instantly buy or sell Bitcoins (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH), Zcash (ZEC) for USD or EUR in just a few clicks, just go to Buy/Sell page. You only need to choose the amount of the respective cryptocurrency to buy or sell, and select the available options:

  • Setting the limit and fixing the price, therefore, whenever the price of BTC, ETH, BCH, XRP, DASH, ZEC reaches your predefined limit, the buy/sell order will be executed.
  • Instantly buying and selling BTC, ETH, BCH, XRP, DASH, ZEC at Market Price.
  • Buying/selling at margin trading. This method of trading involves borrowing funds. It allows you to trade in excess of your personal funds. CEX.IO currently enables margin trading with 1:2 and 1:3 leverages on BTC/USD, BTC/EUR, ETH/BTC and ETH/USD pairs. The cryptocurrency exchange platform promises to add more margin trading options in future. The fees associated with CEX.IO margin trading can be accessed here.

*Please note that you need to fund account first with fiat money (USD/EUR) or Bitcoin. The minimum amount of $0.59 or equivalent in EUR/Bitcoins is charged and deposited back to your account for Master Card or Visa Card verification.   

Trade Bitcoin

To trade cryptocurrency using limit and market order placement you need to visit Trade page. Here you can also analyze Bitcoin price changes, market depth chart and view all currency pairs, get real time access to orderbook and track trade history.

Deposit and Withdraw Funds

You need to use the Finance page for managing finance. More specifically, you can check out your funds in fiat money (USD/EUR/RUB) and cryptocurrency, make deposits and withdrawals, and find your addresses for Bitcoin and altcoins. 

Based on your verification status and account type, there are various options available for deposits and withdrawals. Limits and Commissions table provides a detailed overview of your account opportunities, including current account type, upgrade capabilities, limits for deposits and withdrawals, payment options and respective commissions. 

Link a Payment Card

Want to make deposits and withdrawals via payment cards faster? Then you must link your cards via card manager. Everything is easy, simply provide correct information about your card and prove that you own it. Thereafter, the system will link a card to your profile for a quick access for further deposits and withdrawals. In addition, you are allowed to add several cards to your profile and manage them whenever you want. The PCI DSS certificate obtained by CEX.IO guarantees that all card information is safe. For a detailed guide on how to add a payment card click here.

Complete Verification

In order to be able to withdraw fiat funds or increase your deposit and withdrawal limits, you need to verify your identity. The system will ask you to provide some personal information along with supporting documents in accordance with AML/KYC Policy, therefore, preventing fraud causes. For guidance on complete identity verification you can check out a detailed guide.  CEX.IO has a very simple and intuitive verification procedure, nevertheless, in case of any issues; their professional support team is available to help you 24/7.

Download Mobile App

Ever thought of managing Bitcoin trading on the go?  Then you should consider CEX.IO mobile application for iOS and Android. You can even link a new smartphone and manage mobile devices by simply visiting a CEX.IO Mobile tab in Profile.

Enable 2FA

Your account security is the most important question, therefore, CEX has
Two-Factor Authentication, which is activated through Google Authenticator app. You can optionally set up 2FA via SMS or phone call. Carefully check your security status and manage preferences in Profile

Do you have a dual citizenship? If yes then you might consider using Coinbase as an alternative to CEX. But let’s explore in more details the pros and cons of using Coinbase as is opposed to CEX.

As two well developed long-standing cryptocurrency exchange platforms, they look to provide comprehensive solutions for new users to enter and trade within the industry.

Let’s explore the comparison of offered features, how they compare, and which service best suits your needs.

Exchange
Reviews Coinbase Review CEX.IO Review
Site Type Easy Buy/Sell Methods Cryptocurrency Exchange
Beginner Friendly Easier to use Easy to use
Mobile App Available Available
Buy/Deposit Methods Credit Card, Debit Card, Bank Transfer, Cryptocurrency Credit Card, Debit Card Bank Transfer
Sell/Withdrawal Methods PayPal, Bank Transfer, Cryptocurrency Bank Transfer, Cryptocurrency
Available Cryptocurrencies Bitcoin, Ethereum, Litecoin Bitcoin, Bitcoin Cash, Ethereum, Dash, Zcash, Ripple

Coinbase vs CEX.IO, what are the Pros and Cons?

There are a number of decisive factors why you might consider using either service.

The ease of use is where Coinbase beats CEX. Nevertheless, if you are looking for a more elegant solution to fulfil your trading needs, then CEX.IO is a better choice.  Coinbase is very easy for the first time user, while CEX.IO add in some more advanced features for more knowledgeable users.

Customer Support

Customer support is a very important decisive factor, so let’s see how these two trading platforms compare with each other.

CEX.IO customer support is mostly offered through email. Their team is quite prompt in replying to any enquiries and the service operates efficiently. The FAQ and help centre are very helpful. There is numerous amount of useful information, including guides to subjects like margin trading.

Coinbase has a pretty convenient customer service operation too. You’ll need to contact the company via email. Response times are anywhere between 24 to 72 hours depending on the nature of your query. The website is relatively helpful with a decent support centre and a few introductory guides. The homepage feels aimed at new cryptocurrency buyers. It’s simple and straightforward, limiting the margin of error significantly when compared to more robust exchanges. 

Security

It’s no secret there is a history of security issues with cryptocurrency, especially when it comes to massive piles Bitcoin. Both of these companies have been around for a few years which is always a nice factor. They have both had plenty of experience in building a secure platform.

CEX.IO is not as open with their security methods as other companies. Many exchanges, including Coinbase, take pride in telling you how safe your funds will be. CEX.IO uses cold storage, meaning your funds would be stored offline and away from hackers. Two-factor authentication is also in operation which stops your account being accessed with just a single password. It would be nice to access more information on the CEX.IO security, if just for peace of mind.

Coinbase uses notable security methods and is very upfront about how your funds are kept safe. They also use two-factor authentication on every account. The bulk of funds are in cold storage spread between vaults and safety deposit boxes around the world. Any online funds are insured by a Lloyds of London syndicate, a reassuring touch.

Fees

Fees can vary drastically from company to company. Therefore, it is extremely important to pay close attention to how you are trading cryptocurrency as some methods can be painfully expensive.

CEX.IO offers various ways to do business. You can use the easy buy and sell feature but this has a 7% markup on market prices. If you choose to pay with a credit card you will be hit with another 3.5% fee. Expensive yes, but it’s not unusual to see upwards of a 10% fee from companies when you buy with a credit card.

You are able to deposit funds via a bank transfer which is far more cost-effective, especially if you are trading on the exchange for a 0.2% fee. It might take a little longer to set up but it will save you a fair few quid on large orders.

Coinbase gives clear information on fees for the user. Credit Card purchases run a cost of 3.99% and buy transactions have a 1.49% fee. Free bank transfer deposits will help to get rid of those painful credit card fees.

Coinbase vs CEO.IX Comparison Summary

So, all in all, there are some very similar offerings from the two platforms. Both have an appeal for new users to get hold of various currencies almost instantly.

CEX.IO is clearly a little more feature rich and suits people looking to do a bit more than just buy to hold. The trading options are decent and you can work with low fees if you are willing to use the trading exchange.

Coinbase is super easy to understand for new buyers and is a simple option if you want to start building a cryptocurrency portfolio. The user-friendly interface of Coinbase simply is yet to be beaten by any platform out there.

Europeans might prefer CEX.IO as they make it painless for Euro bank account holders whilst North Americans might be happier with the US-based Coinbase.