Pros
- Licensed in the United States
- Strong security features
- Account holders can stake crypto
- Supports a wide variety of cryptocurrencies
Cons
- Some features aren’t available in the United States
- Support content is lacking
- Fee structure is complex and complicated
CEX.io is one of the most popular exchanges. It’s not as well-known as Coinbase or Binance, but if you’ve been in the industry for a while, you’re familiar with CEX.io. What products and services stand out the most? We take a closer look at our CEX.io review.
What is CEX.io?
Many people, even those who have been in the crypto industry for a while, don’t know that CEX.io has been around for nearly a decade. The platform launched in 2013 as a mining provider and Bitcoin exchange. Based in London, CEX.io once held 42% of the Bitcoin network mining power at one point.
However, mining operations were shut down in January 2015, and the platform turned its attention to cryptocurrency trading. Since that time, CEX.io has grown into an exchange that’s licensed and registered as an MSB (Money Services Business) with the United States Department of the Treasury.
Additionally, CEX.io offers card processing services to its European clients and recently expanded its services throughout the US, now serving 48 of the 50 states.
Investors and traders can use CEX.io via its web app or by downloading the mobile app. CEX.io supports both iOS and Android, so if you want to take the exchange with you on the go, you can do so with almost any smart device.
Order Types
While trading on CEX.io, users have access to the most popular order types: limit and market. There are more advanced order types available through CEX, but you’ll find them on CEX.io/Broker.
Market order
Market orders – also known as instant orders – are orders that involve selling or purchasing a digital asset at the best price available. This is done immediately at the market price. Users enter the amount of the currency they want to spend, then choose the crypto they want to buy.
Basically, if you have $100 to spend on Bitcoin, you’re telling the exchange to purchase enough Bitcoin for $100 right now. At that point, the market price is calculated based on the order book. So current buy orders in the order book will determine how much you pay per Bitcoin.
Market orders are almost always executed immediately and cannot be reversed. So make sure you’re getting the crypto you want before clicking on that submit button.
Limit order
Limit orders are orders placed to purchase crypto under the market value or to sell it above the market value at a set price. These orders aren’t completed until another user makes the request, and the price matches what you want. One of the benefits of limit orders is that you can cancel them so long as the order has not been fulfilled.
There are instances when a limit order may only be partially completed. This happens when there isn’t enough volume at the price to fill the whole order. What’s leftover stays open until the remainder is closed by another order. However, if you so choose, you can always cancel the remaining order, which would return the balance to your account.
Trading Options
CEX.io offers several trading interfaces on its platform. The default option is spot trading, which gives traders the charts and graphs they need to make successful trades. Even though it’s more advanced, it’s intuitive enough it won’t take anyone too long to grasp what’s going on.
Traders also have access to margin trading, except those in the United States. Most users will find this type of trading beneficial as they can make significant gains quickly. However, never enter into a trade that you can’t afford, otherwise, you might end up in a tight spot if things go awry.
If you’re an institutional trader, you can use CEX.io Prime, which is a platform that specifically caters to enterprise users.
Currencies & Payment Methods
CEX.io supports a wide range of cryptocurrencies account holders can buy, sell, and trade. Here’s a list of a few of the digital assets available on the exchange:
- Bitcoin (BCH)
- Ethereum (ETH)
- Stellar (XLM)
- Litecoin (LTC)
- Cardano (ADA)
- Basic Attention Token (BAT)
- Uniswap (UNI)
- Dogecoin (DOGE)
- Cosmos (ATOM)
- Polkadot (DOT)
Every cryptocurrency available on the CEX.io platform can be purchased using USD. In addition, some crypto can be purchased with other fiat currencies, including RUB, GBP, and EUR.
You can also deposit cryptocurrencies if you want to fund your account. CEX.io lets you use Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and several others. The platform also allows users to deposit funds using GBP, EUR, RUB, and USD. Users can also deposit funds using domestic bank transfers (for the US), Skrill (for GBP and EUR), and credit or debit cards.
Fees
A lot of the complaints about CEX.io center around its fees. Many account holders point to hidden charges that often accompany exchange transactions. For instance, CEX.io might charge up to 7% for payments made via fiat. So if you purchase $100 worth of your favorite crypto, you may only wind up with $93.
However, this fee only applies to instant purchases on the platforms. When you’re trading, you’ll see a different fee structure. For example, transaction fees on CEX.io use the maker-taker model. So if you created the order, you’re the maker, and if you’re fulfilling the order, you’re the taker.
Usually, the maker pays a lower fee than the taker. Transaction fees on CEX.io range anywhere from 0.00% to 0.25%, depending on the cryptocurrency and whether you’re the maker or the taker. However, the max you’ll pay is 0.25%. You can see the rest of the CEX.io fee schedule listed out here.
Limits
CEX.io has four different verification tiers on its platform. These tiers are named Identity, Address, Enhanced, and Corporate. Accounts with their identity verified can purchase up to $1,000 of crypto each day. These accounts can only use credit cards to purchase funds for their accounts.
Accounts that are address verified can purchase $10,000 in crypto each day. They can also withdraw up to $50,000 every day. Enhanced and Corporate accounts don’t have limits. They purchase as much crypto as they want each day. However, to become verified, you have to provide CEX.io with a government-issued identification along with personal data. If anonymity is your thing, this might not be the platform for you.
Security
As most exchanges do, CEX.io prioritizes security. Regulatory compliance is a big thing for the platform, which is why it follows KYC/AML guidelines. All account holders have to verify their identity before they can start trading on the exchange. This process includes providing CEX.io with a government-issued ID and your personal information.
Compliance and Licensing
CEX.io is licensed in many countries, including the United States and Canada. It’s registered as one of the Money Services Businesses with FinCen in the United States and FINTRAC in Canada. It also has money transmitter licenses in more than 30 states.
In the European market, CEX.io is regulated as a DLT Provider by the Gibraltar Financial Services Commission. The UK Financial Conduct Authority (FCA) awarded CEX.io a crypto asset business registration in the United Kingdom. This allows CEX.io to conduct crypto asset activities while it waits for the FCA to review its application.
Security Features
CEX.io has implemented multiple security features to protect user accounts and data, including 2-factor authentication (2FA), email and SMS notifications, confirmation via personal phone calls, withdrawal addresses whitelist, IP address whitelist, and others.
The exchange also provides a Crypto Insurance policy that covers up to $250,000 worth of digital assets stored on the platform against theft and hacking. In addition, CEX.io has a Security page that provides more details about the platform’s security measures.
In addition to the standard security measures, CEX.io also uses cold wallets to hold most of its user’s funds. A small portion is also held in hot wallets. These hot wallets are connected to the internet, but cold wallets aren’t, so the cold wallets, which is where most of the funds live, are more secure.
Day-to-day trading is covered by hot wallets, while the rest is private and offline. It should also make users feel more comfortable knowing that most of what is held in the hot wallets online belongs to the company, not individual users. Even if something happens and funds are stolen, user funds should be largely unaffected.
Daily wallet reconciliation procedures require that new client funds get moved to secure cold wallets.
Customer Service
CEX.io offers customer service 24/7 and has a dedicated support team to answer user questions and resolve issues. The exchange also provides a detailed Help Center with articles on various topics, including account management, security, verification, deposits & withdrawals, trading, and others.
CEX.io is available in multiple languages, including English, Russian, Chinese, and Spanish.
Unfortunately, most of the poor reviews for CEX.io are due to the fact that they harbor a lot of hidden fees. People also tend not to like the verification process or the customer support process.
The first two problems could easily be solved by reading the fine print because CEX.io makes both of these things very clear. While customer support could be better, it’s obvious that CEX.io is trying very hard to improve.
There’s a flood of responses to negative comments online, and responses come in a timely manner.
Alternative Exchanges
CEX.io isn’t the only exchange in the market, and it may not even be the best. There are a variety of options, and the right exchange for you depends on a lot of factors.
Kraken
This popular exchange is also available worldwide. They offer low fees, a variety of cryptocurrencies, and support for multiple fiat currencies. Kraken starts at just 0.26% for takers and goes as low as 0%, making them one of the more affordable exchanges. They also offer discounts to users who hold their native token, KRAKEN.
Despite the fact that they’re registered in the United States, there are still a few locations that won’t allow access, like New York and Washington. However, for everyone else, the platform has a friendly UI, and it’s one of the safest in the world.
Use USD, EUR, GBP, CAD, and plenty of others to buy, sell, send, receive, trade, stake, and so much more. Deposit fees will vary based on how you choose to fund your account, but you can fund your account with a bank deposit, wire deposit, SEPA deposit, and a few others.
Depots cost anywhere from $5-10, and fees for withdrawing funds will vary depending on the type of digital asset and the kind of withdrawal you’re performing.
Binance
Binance is a well-known platform that offers low trading fees and plenty of cryptocurrencies. They also offer useful tools and services for investors and traders. A large number of countries allow access to Binance.
With no deposit fees, you can justify the withdrawal fees that vary based on the assets you’re using. Their trading fees are some of the lowest in the world, starting at just 0.1%. Use a debit card, credit card, or bank transfer to pay for your funds and get support for USD, GBP, EUR, AUD, and plenty of other fiat currencies.
How to Open an Account
- Step 1: Visit the CEX.io site and select Get Started.
- Step 2: Provide your personal information and email address. Enter a password.
- Step 3: Review the terms and service, check the box, then click on the Create Account button.
- Step 4: Check your email and click on the confirmation link from CEX.io.
- Step 5: Complete the registration process by logging into your account and completing the verification process.
FAQs
Is CEX.io legit and safe?
This is a question that gets asked a lot, and for good reason. CEX.io is one of the biggest and most popular cryptocurrency exchanges out there, so it’s natural that people want to know if it’s safe to use.
The short answer is yes, CEX.io is definitely legit and safe. They are a registered company in the UK and have been in operation since 2013. They are also one of the few exchanges that allow you to buy Bitcoin with a credit or debit card.
Are CEX.io fees high?
CEX.io has relatively high fees, but this is to be expected with a credit or debit card purchase. The fees are higher than some other exchanges, but CEX.io makes up for it in convenience. With a credit or debit card, you can buy Bitcoin instantly, and the process is very simple.
Has CEX.io been hacked?
There are no records of CEX.io ever being hacked. This is largely due to the exchange prioritizing security for both user funds and platform access. CEX.io currently has a PCI DSS Level 1 certificate.
Can I withdraw from CEX.io without verification?
No, you cannot withdraw from CEX.io without verification. CEX.io requires KYC (Know Your Customer) verification for all accounts in order to comply with anti-money laundering regulations. This means that you will need to provide your name, address, and date of birth in order to create an account. Once your account is verified, you will be able to deposit and withdraw freely.
Who should use CEX.io?
CEX.io is a great option for anyone who wants to buy Bitcoin with a credit or debit card. The fees are higher than some other exchanges, but the convenience and simplicity of the process make up for it. CEX.io is also a good choice for those who want to trade cryptocurrencies, as they offer a wide variety of trading pairs. Overall, CEX.io is a safe and reliable option for buying, selling, or trading cryptocurrencies.
