- Good Customer Care Support
- Beginner Friendly
|Headquarters||London, United Kingdom|
|Main Feature||Beginner Friendly|
|Trading Currency||BTC, LTC, ETH|
|Free Demo Account|
|Fee Info||Easy Buy/Sell: 7%; Trading Fees: 0.0%-0.25%; Margin Fees: 0.2%; Roll Over Fees/Credit: 0.02%|
|Account Types||Basic, Verified, Verified Plus and Corporate Accounts|
|Deposit Methods||Credit Card, Bank Transfer, Cryptocurrency|
|Withdrawal Methods||Credit Card, Bank Transfer, Cryptocurrency|
|Account Currency||USD, EURO, GBP, RUB|
|US Traders Allowed|
- Interface is simple and intuitive
- Creating an account is easy
- No security breaches reported since 2013 Fast trade execution
- Platform is regulated
- Their own buy/sell module fee is high
- Limited withdrawal and deposit channels
- Account limits are dependent on verification No anonymity because of KYC policies
CEX.IO REVIEW: BUY, SELL AND TRADE CRYPTOCURRENCIES SECURELY
CEX.io is one of the legitimate exchanges that have been in the industry since the very beginning. It is natural for new solutions-stellar or scam-to crop up every time a business gap is identified. With cryptocurrencies, the situation is the same but when you dig in deeper and blow out all the chaff CEX.io stand still.
Besides the experience, the exchange is highly rated and a platform where buyers and sellers can easily exchange fiat for Ethereum or Bitcoins. There have been no reported cases of fund theft and it is a known fact that the platform has the much needed financial stability with 99.9% service reliability.
CEX.io started out in 2013 and back then, it used to offer cloud mining services and exchange services with their offices in London. Their cloud mining pool, Ghash.io was one of the largest in the world controlling 42% of the total network mining power but unfortunately, they did ceased their operation on January 2015.
It now operates solely as a regulated cryptocurrency exchange bound by FINCEN anti-money laundering and KYC rules and regulations. As such, there is no anonymity when you want to buy cryptocurrencies. The exchange will demand for your personal details before allowing you to convert fiat for coins but this has not stopped the influx of users and at the moment, there are more than 1.8M active CEX.io users bringing in a combined average daily volumes of 2145.6 Bitcoins.
Account Types and Currencies Supported
Figure 2: Account Types and Limits
The platform supports several fiat currencies- USD/EUR/RUB but before you get started you need to create a new account. There are four different types of accounts:
- Basic accounts which allows purchase of up to $500 and $2000 worth of Bitcoins daily and monthly.
- Verified accounts where limits for daily and monthly purchases have been increased to $10000 and $100,000.
- Verified Plus and Corporate accounts have no limits. Account holders can buy any amount of BTC or alt coins as they please.
Evidently, if you want to increase your cryptocurrency stock pile or assets, getting verified should be your top priority.
Account Verification and Security
This is needed if you want to increase your deposits or fiat fund withdrawals and is done as per FINCEN’s AML and KYC requirements. Verification is simple and intuitive.
Other than your personal information, supporting documents like scan copies of your government issued ID, residential address, a utility bill that is not more than 3 months old as a proof of residence and a selfie of you holding your identify document.
Figure 3: Government issued ID
If they are not, support may request you to take another selfie with another extra paper showing the date.
Figure 4: Selfie with ID
For account security, 2FA is always recommended and you will be prompted to set one before submitting verification documents. CEX.io recommends using Google Authenticator but you can set up 2FA via SMS or phone call. The choice is yours.
Figure 5: 2FA
After verification which is often done 24HRs, you can go ahead and deposit fiat or cryptocurrencies. Several local fiat currencies are supported including USD, EURO, GBP and RUB. You can as well deposit (or withdraw) funds in BTC, Bitcoin Cash, Bitcoin Gold, ETH, DASH, ZCash, XRP and XLM.
New account holders without virtual currency wallets can deposit (or withdraw) in fiat. Depending on account type, different limits apply.
You can deposit (or SEPA transfers for Eurozone account holders) only but certain countries are limited depending on their preferred deposit channels. Because it involves different intermediaries, funds are reflected after 1-3 days or longer if you deposit using bank transfers as it is dependent on bank processes. Besides that, Crypto Capital funding and withdrawal option is available.
Figure 6: Payment Methods
Account holders from the following countries cannot make deposit using credit cards: Afghanistan, Bosnia and Herzegovina, Burundi, Democratic Republic of the Congo, Central African Republic, Cuba, Ethiopia, Iceland, Iran, Iraq, North Korea, Laos, Lebanon, Libya, Somalia, South Sudan, Sudan, Syria, Uganda, Vietnam, Vanuatu, Yemen and Zimbabwe.
Users from these countries cannot make bank transfers: Afghanistan, Bosnia and Herzegovina, Burundi, Democratic Republic of the 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, South Sudan, Sudan, Syria, Tanzania, Tunisia, Uganda, Vietnam, Vanuatu, Yemen and Zimbabwe.
Figure 7: Add Card
Users who choose to pay using their debit or credit cards can link as many cards as possible to their verified account via card manager so long as the account name and card bear the same name. A link card can be used for both deposits and withdrawal transactions. Because CEX.io has a PCI DSS certificate, all card details are kept safely. Verification of linked cards usually takes 48Hrs but can vary depending on traffic.
Trading on CEX.io
Figure 8: Buy and Sell coins
It’s only after you have verified and deposited funds into your account that you can proceed and buy/sell CEX.io supported cryptocurrencies like BTC, LTC or ETH.
Their trading interface is simple and straight forward. When you want to buy a coin for example, the platform will freeze the coins price for 120 seconds to allow you to input the amount of fiat-or Cryptocoin- you would like to exchange for a given coin and checks the amount of funds available on your account.
CEX.io use a Fill or Kill order mechanism meaning there is no time that you will feel short changed and purchase a coin at a worse price. Prices are only filled at agreed or better prices if not, your order will be “killed” and get notified through email. For this platform specific buy and sell module, CEX.io charges a 7% fee.
All bought coins will be deposited to CEX.io respective wallet and it is recommended that all bought coins are moved away from the exchange to a third party service provider like Mycelium or Trezor depending on the coins bought.
CEX.io Fee and Charges
Has we have seen above, making direct coin purchases using fiat via CEX.io attracts a 7% fee. Other fees are also clearly detailed despite some complaints of hidden fees.
Figure 9: Maker and Taker Fees
There are maker and taker fees based on monthly BTC trading volumes ranging between 0.25% and 0.0%. It’s free for maker traders exchanging >6000BTC per month and 0.25% for taker trades below 5 BTC.
Figure 10: Deposit and Withdrawal fees
Cryptocurrency and bank transfer deposits in USD, Euro and GBP is free and is not available for Ruble withdrawal. However, card withdrawal attracts a 3.5% fee on the amount and an additional $0.25 for USD, €0.24 for Euro and £0.20 deposits.
Bank transfer withdrawal depends on your base currency. A $50 applies for USD bank withdrawal and $3.8 to withdraw through Visa. MasterCard charges differently with a minimum 1.2% on the amount withdrawn-again depending on base currency with an added $3.8 for USD and €3.5 for Euro withdrawals.
CEX.io profits from all margin trading and for every open position, a 0.2% trading fee and a 0.01% rollover fee applies.
CEX.io was allegedly “hacked” once in 2013 when $7000 was stolen from a user who had forgotten to set up 2FA for his account. Otherwise it couldn’t have happen but that anyway, as expected all blames were laid on the platform. Cloud mining services stopped in 2013 and since then their security has evolved.
- The first step is taken during account registration where it is highly recommended that all users set up 2FA for their accounts.
- All transactions are known since the platform is regulated by FINCEN. CEX.io adheres to their KYC and AML laws.
- They claim to store majority of account user funds in cold storages but the details about percentages are scanty.
Customer Care Support
Unlike most exchanges known for “canned” responses, CEX.io support takes their time responding to user inquiries with detailed information. Despite the clogged activity from high traffic, they also respond to bad reviews and try to answer-or provide a way forward for affected customers.
CEX.io has a dedicated Help Center where user can access their community, peruse through their FAQ page, read support status and even suggest features. Furthermore, inquiries relating to different departments have been segregated and are attended at differently.
Often people look at the ratings and from the web, CEX.io have an average 3/5 with complains ranging from high fees, verification and poor customer care support. Issues dealing with fees and verification can be blamed on users not going through the fine prints and so that cannot be entirely on the platform.
Selling and buying of coins is simple and intuitive, limited payment methods and most high cap alt coins are left out.
Overly, the fact that you can purchase coins straight from your credit or debit card makes it attractive. Additionally, the platform is beginner friendly. There is nothing complicated with explanations available before purchases are made detailing charges and the amount of coins you will get from a given amount of fiat.
The only downside is complaints about their high fees and tedious verification process which may take days.