In today’s review, we will be looking at a popular UK-based exchange, CEX.IO, and analyze the features, security, pros and cons that come with this service.
CEX.IO Review: Exchange Overview
CEX.IO was first established in 2013 in London, starting out as a Bitcoin exchange and cloud mining service. Its mining pool was known as Ghash.io, and at some point in time, it managed to amass 42% of the total network mining power.
But in January 2015, CEX.IO closed its cloud mining operations, and now it only offers cryptocurrency exchange services.
The exchange is registered as a private limited company in the UK, and it is compliant with the FinCEN in the US and ICO in the UK, meaning it complies with standard KYC (know your customer) and AML (anti-money laundering) policies which require user identity verification.
Supported Currencies and Available Countries
CEX.IO supports 16 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Bitcoin Gold, Ripple, Stellar lumens, BitTorrent, Tron, Gemini Dollar, Zcash, Ontology, Ontology Gas, and MetaHash. It should be noted that with some crypto, you can only make deposits, buy, or trade.
The platform also supports four different fiat currencies:
- United States dollar (USD);
- Euro (EUR);
- Pound Sterling (GBP);
- Ruble (RUB).
CEX is registered to operate in 24 US States, but it is not supported in:
Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, and Washington.
The exchange is available in almost all countries, but there can be some restrictions on payment methods.
Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen are restricted for credit card purchases.
Residents from these countries cannot make purchases via bank transfer: Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, and Zimbabwe.
CEX.IO Compatibilities
The platform can be used on all PC operating systems, web browsers, as well as iOS and Android devices.
User Interface and Experience
The website is aesthetic and intuitive, allowing you to find whatever you need with just one click. The trading interface has been reported to be user-friendly and has fast loading speeds.
The exchange also has a mobile app for both Android and iOS, which allows you to make crypto deposits, place limit market orders, view balances, and manage orders. But compared to the website services, the mobile app has just a fraction of its trading features. For instance, margin trading is not available on it.
The app has received both good and bad comments, with most complaints being about the app failing to execute orders, not displaying detailed graphs, and making it difficult to login in.
The exchange also provides an Application Programming Interface (API) for developers that want to create custom apps. There are three types of APIs: Rest for accessing market data, WebSocket for professional traders, and Fix for institutional traders.
The trading API has a limit of 600 requests per 10-minute interval, but capacities can be increased by contacting support.
How to get a CEX.IO account
Signing up on CEX
You can register using a Facebook, Google, VK, Github account, or go to their site and click “Register” link on the top right of the page.
- Enter email address and password, complete the captcha, and agreeing to the terms;
- Click “Register”;
- Click the “Proceed” button;
- Click the link given in the confirmation email from the CEX.IO team;
- Provide your phone number to complete verification;
- Enable two-factor authentication;
- Submit your credit card for verification. Fill out a form with the name on the card, the card number, and the expiration date. Upload three color photos proving ownership of the card;
- Upload your ID and photo;
- Upload a selfie that holds both a credit card and a government-issued ID;
- Upload a selfie with the back of the ID visible;
- Confirm the provided information.
To upgrade a Verified Account, you will have to provide additional information:
- Submit the details of a government-issued identity document, such as passport, ID card, or driving license;
- Complete form with your gender, first name, last name, date of birth, place of birth, contact number, and address of residence;
- Submit a scan or photograph of a few identity documents to prove your residence.
CEX.IO accepts utility bills (not a mobile phone, TV contract, or printed internet bills), electricity bills, bank statements, or tax returns.
How to Use CEX.IO Exchange
Buying crypto
- Login to your CEX.IO account;
- Click on the “Buy Bitcoin with VISA or MasterCard;”
- Select your fiat currency from the drop-down on the right;
- Select the crypto you want to buy from the left;
- Select a specific amount. You can also buy bitcoins based on a fixed price (100, 200, 500, 1000);
- Enter the card details;
- Click “BUY” button.
Withdrawing funds
- Click “Withdraw” link on the top right of the page;
- Select the withdrawal payment method (Payment card/Bank transfer/Crypto capital);
- Select the fiat currency and enter the amount. Then, enter wallet address for crypto withdrawals;
- Click the “Withdraw” button;
- Wait for a confirmation email from the CEX.IO;
- Click the link on that email and authenticate using 2FA.
Trading features
- CEX.IO offers a multitude of trading orders that are for both advanced and beginner traders;
- Fill-or-Kill orders (also known as FOK) on Brokerage: FOK orders are executed immediately and in full (applies a 7% premium on brokerage services);
- Margin trading on CEX.IO Broker features cryptocurrency trading via CFDs and includes a variety of order types, technical analysis and trading tools;
- Market, stop and limit orders on the trading platform.
CEX.IO Exchange Fees
The trading fees are based on a maker-taker fee system, which is calculated based on your 30-day trading volume.
Visa and MasterCard deposits have applied a fee that is a percentage of the total transaction and a separate small payment. CEX.IO has different fees based on the fiat currency used:
No fees are charged on the bank transfers and cryptocurrency deposits. All fiat currencies except Ruble can be transferred through banks.
Margin trading fees
CEX.IO applied a 0.2% fee to open a position with a leverage of 2 or 3, in addition to a rollover cost of 0.1%; when you close a position, there are no fees charged.
The biggest issue with CEX.IO is that it has hidden charges. The platform applies a 7% fee for its service, and that is why you will see the price of Bitcoin being higher than the current price displayed on other exchanges.
Payments Methods
CEX.IO enables users to make deposits and withdrawals through a number of methods, including credit card:
- Credit card;
- Cryptocurrency;
- Debit card;
- Bank transfer (SEPA);
- SWIFT;
- Crypto Capital.
Transfer Limits
The platform has four different account levels depending on your identity verification status, and each account type comes with different buying limits and features.
Basic accounts have a maximum buy limit of $400 worth of bitcoins per day, and a monthly limit of $2,000. Deposit limits have a daily $1000 limit. Basic accounts cannot use bank transfers to buy, being limited to only with Visa and MasterCard purchases.
Verified accounts have a maximum daily purchase limit of $10,000 worth of bitcoins or a monthly maximum purchase limit of $100,000, with both credit card and bank transfer options.
Verified plus & Corporate accounts have no purchase limits.
Security Features
CEX.IO has, so far, never lost any funds due to hacking incidents. It keeps most of its cryptocurrency funds in cold wallets that are not connected to the internet.
The exchange is compliant with The Payment Card Industry Data Security Standard (PCI DSS), which attests that the provider can safely store, transmit, and process cardholder data. They also upgraded their PCI DSS Certificate to Level 2 in 2016, a top security standard.
The company is also audited once a year because it’s required of them in order to be compliant.
CEX.IO is registered to operate both in the USA and UK. In the US it is overseen by the Financial Crimes Enforcement Network (FinCEN), and in UK, it’s registered with the Information Commissioner’s Office.
Customer Support
The platform has been reported to have, on average, decent customer support. Users can contact support through email or they can look up their queries in their detailed FAQ section.
All online complaints regarding CEX’s customer support show that they take time to answer to their users’ criticisms.
CEX.IO Exchange Reputation
There have been both positive and negative reviews online, but a wide majority of them have been good, praising the company for its support responsiveness and eagerness to help.
Most complaints are regarding fiat money withdrawal delays, but many of them later posted that they received their money.
Another frequent complaint is about CEX.IO cryptocurrency prices and hidden fees. Even if the exchange has reduced some of them over the years, most people do not like the extra 7% fee.
CEX.IO Exchange Review: Verdict
CEX.IO is a reputable crypto exchange that is suitable for both beginners and advanced traders. Although the fees are higher on the brokerage platform, the trading platform of CEX.IO has market prices. We hoped that our review has helped you in deciding if this service is compatible with your needs.
CEX.IO Exchange: Pros and Cons
Pros:
- Good security;
- Regulated;
- Available in some US states;
- High geographical coverage;
- Multiple payment options, including cards;
- Multiple fiat options;
- Decent crypto listing;
- Responsive support;
- Various trading options.
Cons:
- High fees for card purchases;
- Demanding verification process.
Featured image: blog.cex.io
