This is a detailed review of CEX.io – one of the oldest exchange platforms for Bitcoin and other cryptocurrencies. CEX.io is not only for trading cryptocurrencies. The platform also provides brokerage service with supported cryptocurrencies, including BTC, ETH, etc. In this CEX-io review, you will learn about the company and the services it offers. We will also compare CEX.io with its closest competitors in the field of cryptocurrency trading.
How CEX.io Started
The history of CEX.io began in 2013. Back then, in London, one of today’s leading crypto exchanges started out not only as a Bitcoin trading platform but also as a cloud mining provider. The mining pool that CEX.io owned was called Ghash.io. It grew rapidly, and once it got so huge, that held almost 50% of the overall network mining power. However, in 2015, CEX.io Ltd. had to shut down its cloud mining project. And now, this platform only provides cryptocurrency exchange services.
Registered as an FINCEN money services business, CEX.io uses KYC (know your customer) and AML (anti-money laundering) policies. What that means is that a user will have to undergo a verification process before being able to buy/sell cryptocurrencies on the exchange.
What CEX.io Offers
On CEX.io, a user can buy cryptocurrencies using a credit card as one of the payment options (currencies include USD, EUR, GBP). Other payment options include ACH transfer for customers living in the USA, SEPA transfer for the UE residents, and a wire transfer. CEX.io offers two ways of buying crypto assets:
- Through a trading platform
- Via brokerage service
The CEX.io trading platform
The CEX.io trading platform is designed for experienced traders. The platform’s best features are lower fees. When trading crypto assets through this platform, a customer will have to pay a maximum of only 0.25%. This is next to nothing, especially compared to 7%-fees on brokerage trading.
When trading crypto assets through CEX.io, a customer will have the opportunity to use all the necessary features, including market orders, limit orders, advanced reporting, and even cross-platform trading. You can also trade via a mobile app and a bunch of APIs.
So if you are an experienced crypto trader and know your way with modern-day cryptocurrency trading platforms, CEX.io might be just what you’re looking for.
The CEX.io brokerage service
If you are a beginner trader looking for an easy way of buying cryptocurrencies, your best bet is to use the brokerage service provided by the CEX.io platform. What you will have to know right from the start is that buying crypto assets through a brokerage is not only easier but also, unfortunately, more expensive. That is because, through brokerage, CEX.io will sell crypto coins to you at a premium.
Brokerage trading uses so-called Fill-to-Kill orders (FOK for short). These orders are meant to be executed instantly and in full. This is not the same as placing orders on trading platforms where you have a variety of orders like a market order, a limit order, or a stop-loss order. The latter will have different effects on the trading process.
So brokerage service is a good way of trading Bitcoin for newcomers. If you choose this option, you won’t have to go through a complete course on trading cryptocurrencies.
However, there is a downside of the CEX.io brokerage service – you will have to buy crypto assets with a higher exchange rate. Fees may reach the value of 7%.
Here’s a step-by-step instruction of how the CEX.io brokerage service works:
- When a user enters a trade, the cryptocurrency’s price is calculated by CEX.io, and then it gets frozen for 120 seconds;
- Then, a user must decide how much money they would like to spend and deposit the chosen amount of funds to their trading account (payment methods include paying with a credit card or debit card).
- After that, the platform will show the number of crypto coins a user can receive;
- By pressing the Buy/Sell button, the user signals to the system that they are ready for the operation. After that, the system will run the check to make sure the user has enough money to buy bitcoin (or any other supported cryptocurrency);
- With the favorable market situation, the order will be OK for execution (with the conditions that are not worse than the user agreed on);
- The system will send a notification to the user in the case when the exchange rate experiences a sudden spike that may halt the execution of the order;
- To match the order to other orders on the exchange, the user must confirm the trade;
- After that, the system will adjust the balance (there are cases when the amount can be larger than the one the user previously agreed to but never smaller).
The CEX.io Broker service & margin trading
Prior to 2019, CEX.io provided a margin trading service. But today, the company has a separate margin trading platform for that – CEX.io Broker.
With CEX.io Broker, traders can execute cryptocurrency trading operations via CFDs. Multiple order options, tech analysis instruments, and professional trading tools are available. Margin trading allows customers to leverage their positions and increase trading profitability. However, this type of crypto trading also increases the risks of financial losses.
Today, CEX.io provides margin trading for BTC, ETH, and LTC.
- It is highly recommended that you don’t engage in margin trading unless you know what you’re doing and are aware of the risks.
- When trading cryptocurrency derivatives, you are not buying actual crypto assets – you are engaging in a speculative process on the crypto-assets price.
- Withdrawing profits is only available in Bitcoin or fiat currencies only – NOT the cryptocurrency you have been trading.
Where is CEX.io Available?
Since 2019, CEX.io is available in 48 American states thanks to the Money Transmitter Licenses. Globally, the exchange boasts a strong worldwide presence. However, there are regions where you won’t be able to use the CEX.io services to the full.
Countries where you can’t pay with a credit card (or a debit card) on CEX.io include Afghanistan, Algeria, Bosnia & Herzegovina, Bahrain, Bangladesh, Bolivia, Burundi, Cambodia, Congo, Central African Republic, Cuba, Algeria, Ecuador, Ethiopia, Iraq, Iran, Iceland, Kuwait, Laos, Lebanon, Libya, Morocco, Nepal, Nigeria, North Korea, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Somalia, Sudan & South Sudan, Syria, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe.
Users in India can’t use MasterCards for withdrawals.
Countries where you can’t use wire transfers include Afghanistan, Bosnia and Herzegovina, Burundi, Congo, Central African Republic, Côte d’Ivoire, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, North Korea, Laos, Lebanon, Liberia, Libya, Nigeria, São Tomé and Príncipe, Somalia, Sudan & South Sudan, Syria, Tanzania, Tunisia, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe.
The CEX.io Payment Methods, Currencies & Fees
CEX.io supports the following payment methods:
- Credit or debit card deposits and withdrawals
- Wire transfers (including SEPA)
- Domestic bank transfer (ACH) – for the US residents only
- Skrill (for EUR and GBP)
On CEX.io, a user can choose from a wide array of currencies as a payment method. However, the types of transactions and currencies that you can use for them differ.
Fiat currencies that you can use for deposits include:
CEX.io supports the following cryptocurrencies for deposits:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- Tezos (XTZ)
- Matic Network (MATIC)
- Basic Attention Token (BAT)
For trading, you can use these cryptocurrencies:
- Bitcoin Cash
Note that you can use these cryptocurrencies for cross-currency exchange. For instance, you can exchange Ethereum for Ripple, Bitcoin for Ethereum, etc.
For brokerage operations on CEX.io, you have these cryptocurrency options available:
- Bitcoin Cash
- Bitcoin Gold
- Ontology Gas
- Basic Attention Token
- Matic Network
You can any of these currencies with USD. For some, EUR, RUB, or GBP deposits are available.
Trading fees (as well as hidden charges) are frequent complaints in multiple reviews. Users complain that CEX.io may charge up to 7% for using the service.
Here’s an example for the CEX.io brokerage service:
- You buy Bitcoin for a total worth of $1000
- When the trade is complete, you will receive only $920 of the total sum
- This is possible because the exchange value that CEX.io shows you already have the fee included in it.
When using the CEX.io trading platform, you will deal with a different fee policy.
To fund your account, you will need to execute a transfer via one of the supported methods: bank wire transfer, SEPA, or with a debit or credit card. The first two methods are commission-free. But if customers choose a debit/credit card payment option, deposit fees will be 2.99%.
Withdrawal fees can be as high as 3%, with the addition of extra fees in the total amount of $25, depending on what currency and payment method you’re using. For instance, paying with fiat currencies via a credit card is the most expensive option.
As for transaction fees, CEX.io uses a maker-taker concept meaning that the user who created the order (the maker) will have to pay a lower fee than the one who fulfills the order (i.e., the taker). Thus, depending on who you currently are in the process, you will pay a transaction fee ranging between 0.16%-0.25%. You can see the complete fees chart by following the link.
The margin trading fee is 0.5%.
How Much Can You Buy?
The buying limits in CEX.io depend on what type of account verification you have performed. And there are four of them:
a) If you’re using an identity verified account, you are able to buy Bitcoin for no more than $1000 daily. Another feature of such an account is that you only can use your credit card.
b) If you have undergone an address verification process, then you are able to buy Bitcoin for the maximum price of $10,000 per day. You can also withdraw a total worth of $50,000 daily.
c) When using an enhanced verified account, you are not limited to buying Bitcoin in any way.
d) Corporate verified accounts have no buying limits either.
In order to verify your account, you will need to provide a scan of a government-issued identification document and your personal information.
To know more about the CEX.io account policy, please follow the link.
CEX.io Customer Support Team
Despite being one of the oldest crypto exchanges and the first-ever cloud mining provider, CEX.io is not completely free from customer support issues. But, and that is very important, the CEX.io client support team is doing their best to help troubled customers.
Mostly, whenever you come across any kind of in-platform difficulty, the support team will give you a relevant reply to your problem.
If you have already traded on the CEX cryptocurrency exchange, you are free to share your user experience in the comment section.
Today, Trustpilot rates the CEX platform as Average giving it a 3.7 out of 10 ratings. And though it’s not as much as it could be, still, this is a decent rating. Reddit also has a bunch of client reviews about CEX.io, but none of them seem to be particularly good or bad.
As for the reviews from Trustpilot, most users dislike hidden charges, verification process difficulties, and the way the support team works. However, we have already mentioned above that in terms of customer support, CEX.io has been making improvements.
CEX.io and Other Cryptocurrency Exchange Platforms
In this section of our CEX.io review, we will check out what CEX.io looks like compared to its closest rivals such as Binance, Bitstamp, Coinbase, and Coinmama.
But before we begin we have to make a short notice:
- Some traders (especially beginner traders) may find credit card fee calculations confusing. But in reality, they are quite simple. When calculating a credit card purchase fee, you have to keep in mind that it consists of two fees – an exchange fee and a credit card clearing fee. So when you buy Bitcoin with a credit card on CEX.io, you pay a 3% clearing fee and a 7% exchange rate fee which eventually sums up the total fee of 10%.
CEX.io vs. Binance
The Binance bitcoin exchange platform supports purchases with credit/debit cards thanks to its collaboration with Simplex. When buying bitcoin or another supported crypto coin on Binance with a bank card, you get an exchange rate fee that is lower than the CEX’s 3%. But there is a nuance – on Binance, you will have to take into account the Simplex clearing fee. With that fee, the total price will be fairly just the same as what you get with CEX.io.
For more information on Binance, follow the link.
CEX.io vs. Bitstamp
Just like the CEX.io, the Bitsamp Bitcoin exchange allows users two trading options: regular trading and brokerage. Bitstamp’s trading fees are lower than the CEX’s ones – with a credit card, you can buy the maximum of $1,500 worth of Bitcoin a day and up to $15,000 worth of Bitcoin each month.
If you want to know more about Bitstamp, follow this link.
CEX.io vs. Coinbase
With Coinbase, you get a 3.99%-fee for credit card purchases. This is obviously higher than what CEX offers. But Coinbase’s exchange fee is lower than the one on CEX.io. As a result, buying one bitcoin from the Coinbase company will be cheaper. The difference is 4%.
For a detailed Coinbase company review, follow this link.
CEX.io vs. Coinmama
Coinmama’s fees are relatively close. With a 5% clearing fee, buying crypto coins on Coinmama is fairly the same as buying them through CEX.io. More details on Coinmama here.
A Quick Recap of the CEX.io Review
Before we move to the conclusion, let’s make a quick recap of what has been said in our CEX.io review:
- CEX.io is a popular crypto exchange where you can buy/sell BTC, ETH, LTC, and a number of other crypto coins;
- CEX.io is a licensed DLT provider;
- Besides being a trading platform, CEX.io also provides brokerage services;
- You can choose a credit/debit card, a bank transfer, a wire transfer, SEPA, and Skrill as a payment method;
- Beginner traders are advised to go with the CEX.io brokerage service for easier crypto trading;
- Experienced traders are welcome on the CEX.io trading platform;
- The CEX.io bitcoin exchange also provides margin trading services in a number of trading pairs (for experienced traders only);
- The company received negative reviews for poor client support in the past, but now its support team has gotten better.
Is it Safe to Use CEX.io?
CEX.io is a real crypto exchange veteran. This platform has a long history and boasts a solid reputation. It is perfect for experienced traders (using a trading platform) and for newcomers (using brokerage service).
Another thing to stress here is that CEX.io is one of the most secure exchanges around, thanks to its security features.
The only major downside to the exchange is that it has high fees for its brokerage service. But as long you mind the fees, CEX.io is a great choice for crypto assets money investments.
Pros & Cons
Fishing our CEX.io review, here’s a brief pros & cons resume:
Pros: solid reputation; user-friendly; dedicated support team; high-level trading options; a smartphone/tablet app.
Cons: high fees.
If you still have questions regarding the CEX.io review, be free to check out the FAQ section below.
Is CEX.io a wallet?
No, this is an exchange. On CEX.io, you only buy and sell crypto coins. And while you are able to hold your crypto funds on your account, it is highly recommended to keep them in a safer place like a software or a hardware wallet.
How can I buy bitcoin on CEX.io?
- Go to the CEX.io home page.
- Register your account
- Hit the buy/sell button
- Select the cryptocurrency you wish to buy
- Choose the currency you’re paying with
- Choose your payment method (a bank card, bank transfer, SEPA, wire transfer, Skrill)
- Insert how many coins you wish to purchase
- Hit the buy button
- To be able to go on, you will need to verify your identity
- Insert your payment details
- Withdraw money to your wallet
How do I withdraw money from CEX.io?
- Go to the Finance page.
- Click the Withdraw button.
- Select how much money you want to withdraw
- Insert your wallet address
- Make sure you’ve inserted the data properly and proceed with the withdrawal
- After that, you will need to insert a security 2-factor account authentification code
- Then you will be sent a confirmation link (the link will be valid for the next 30 minutes)
- Follow the link to confirm the withdrawal
How long does it take to withdraw from CEX.io?
Usually, CEX.io withdrawals take up to 24 hours. After the payment is approved by the CEX’s finance team, it will be sent to a user’s bank account. Note that bank transfers may take a different amount of time in different banks. To know more about what can affect bank transfers, consult with the platform’s Help Centre.
Does CEX.io require an ID?
Yes, it does. To be able to buy and sell crypto coins on CEX.io, you will need to verify your account. To do so, provide a scanned image of a government-issued identification document. Your ID must be internationally recognized and have Latin characters (or Latin transliteration) in the main fields.
Is CEX.io trustworthy?
Yes, CEX.io is safe to use. The exchange has a solid reputation and uses high-security instruments such a 2-factor account authentication and identity verification.