What is CEX.io?
CEX.io is a Bitcoin exchange platform which also accepts fiat currency. Founded in London, CEX.io first started as a mining pool back in 2013 and over time it developed into a multi-functional cryptocurrency exchange.
At one point in time, CEX.io used to own nearly half of all the mining power available (42% of Bitcoin hashing power). It used to offer cloud mining services up until 2015, but now it operates just as a cryptocurrency exchange.
To be allowed to accept fiat funds from clients, they are regulated as a payment provider but they are not managed by the Financial Conduct Authority. This may not sit well with experienced fiat traders, but it must be noted that FCA does not regulated companies that operate in the crypto hemisphere.
The platform lets users to trade on its web and mobile app, WebSocket and REST API.
The trading platform
CEX.io’s services can be accessed via a web based platform. It has the advantage that it can be used on any device without installing additional software. While it looks pretty functional, but the trading activity is displayed on only one single page which doesn’t provide sufficient input for technical analysis.
The app version of CEX.io offers only a small part of the services available on the web platform. Customers often complain about how the app fails to execute orders, has difficulty logging in, and does not display detailed graphics.
This programming interface was made for developers so they can customize and create their applications for trading their assets. There are three variations of the API: WebSocket (for experienced traders), Fix (for institutional traders) and Rest for accessing market data.
The trading limit is 600 requests per a 10-minute interval, and if developers want to increase the trading limit, they must contact support.
Security and safety
CEX.io has not seen a major hack so far. But there have been plenty of reports from clients that claim to have received emails that inquired about personal information, after their registration on the website.
CEX.io has negative balance protection for margin positions, a feature that will be very useful when facing aggressive traders.
There are very many clients that have given negative reviews, most of the complains being linked to the slow KYC procedures.
The supported virtual currencies are Bitcoin, Ethereum, Zcash and Dash. These currencies can be traded into EUR, USD and GBP. CEX.io has also developed a market for BTC/RUB transactions.
Payment can be made through credit/debit card, bank transfers and all the supported CEX.io currencies.
The availability of payments methods is dependent on the country you live in, and it limits the services you receive. Credit cards and fiat currency deposits are unavailable to the following countries:
- Saudi Arabia
Depositing through bank transfer is not available in the following countries:
- Cote d’Ivoire
- Democratic Republic of Congo
- Guinea- Bissau
- Sao Tome and Principe
While CEX.io is registered in the United States as a money service business, it is not available in more than half its states due to regulatory restrictions.
There are 5 basic fees within the CEX.io: deposit fees, margin trading fees, storage fees, maker-taker fees.
Storage fees are daily fees that are charged for storing your fiat currencies and cryptocurrencies until the balance of the account gets back to zero or if the stored value is claimed back by the user. Daily fees are dependent of the currency’s value.
- USD, EUR – 2 per day
- BTC – 0,003 per day
- RUB – 100 per day
- LTC – 0,4 per day
- DOGE – 25000 per day
- DRK (DASH) – 135 per day
Margin trading fees
Margin fees are the same for ETH and BTC, with BTC/USD, BTC/EUR, ETH/BTC, ETH/USD being leverage types. The open fee is 0.2% and the rollover fee is 0.01%. The platform does not charge fees for closing positions.
Deposit and withdrawal fees
When you pay your fees to deposit or withdrawal fees, there are two elements that determine the value of said fees. The first is currency and the second element is the used payment method.
Fees for depositing through bank transfers and cryptocurrencies do not exit. However, withdrawing using the aforementioned payment methods costs between $30 to 50% for bank transfers (in accordance to the fiat currency) and 0% to 1% for cryptocurrencies.
Transaction fees (Maker-taker fees)
These fees are paid only by the buyer and the seller does not have to pay transaction fees. Buyers have to pay fees ranging from 0.10% (for more than 6000 BTC traded) up to 0.20% (for less than 5 BTC traded).
Basic accounts can use only credit cards for withdrawing and depositing.
Deposit limits – $300 per day
Withdrawal Limits – $500 per day
Verified accounts can use credit cards and bank transfers for transactions.
Deposit limits: $10,000 per day
Withdrawal limits: $10,000 per day
To register on CEX for an account, you need to go through a lengthy verification process. Your card needs to be verified, and for that you have to fill a form and upload three color photos proving that you are the card owner. This verification process can take a few hours up to a few days. Some users have complained that the wait took longer than a day.
CEX.io is an exchange which has mixed reviews from its clients. It has lot of negative reviews from the community and few altcoin options. Fees are very steep, considering that there are other exchanges having similar features at lower or reasonable prices.