CEX.io Exchange Review
CEX.io Cryptocurrency Review
Trust Score: 9/10
When CEX.io first launched in 2013, they started out as a Bitcoin-only exchange and ran a could mining service as well. This all changed in 2016 as they dropped the mining and instead added the ability to trade Ethereum on their exchange.
Users of the site often commend this London based exchange for its interface being easy to use, a fill or kill feature that makes it easy for beginners to purchase cryptocurrency and for its honest and trustworthy reputation.
As mentioned, with CEX.io being a London-based PLC, you can be sure that they will have certain laws and regulations that they will have to adhere to. They are registered with both the FinCEN and the Information Commissioners Office of the UK and are always compliant with the rules and regulations that are demanded by both.
CEX.io is also one of the oldest exchanges around and in that time we have not heard or read too much in the way of complaints of having their security breached in any way. This is one of the reasons why we think that any trader no matter their experience level should check out CEX.io.
Another reason would be due to accepting credit cards for deposits and withdrawals, something that cannot be said for many f its competitors.
If CEX.io is a Bitcoin/Ethereum exchange that you have been thinking about trying out for some time, take a look through our review to learn everything you need to know about the place.
There are not too many cryptocurrency exchanges that also have a handy app that you can use on the go but CEX.io is one of them that does.
Downloadable for Android and iOS users, this app offers the same functionality as the exchange website but makes the whole process much more efficient on mobile devices.
Among the things you can do with this app are:
- Analyze market data
- Monitor price changes
- Buy and sell your BTC or ETH
- Make deposits and withdrawals
CEX.io is quite limited with the number of cryptocurrencies that it allows players to buy and sell as there is just Bitcoin (BTC) and Ethereum (ETH), the two largest currencies. This could always change in the future as they look to expand but for now, those two are more than enough to trade with.
Currencies that you can use to purchase Bitcoin or Ethereum on CEX.io include fiat currencies such as USD, EUR, RUB, GBP while you can also use cryptocurrencies such as ETH, BCH, BTG, ZEC, DASH, XRP, XLM and BTC.
Registering at CEX.io
As with most cryptocurrency exchanges, the first thing you will need to do before you can make a purchase of cryptocurrency on CEX.io is to create an account. This is extremely straightforward on CEX.io as you just click the ‘register’ button on the homepage before following the instructions.
This will include providing a username, email address and a password. That email CEK.io address will need to be verified and an email sent to you from CEX.io will explain how this is done.
Once you have verified your email address, CEX.io will also offer to help you set up 2-factor authentication on your account which is always highly recommended if you want to have as much protection for your account as possible. There is always a risk that you could be hacked if you do not take the necessary precautions and 2-factor authentication is definitely one you should be taking.
- Simple account creation
- 2-factor authentication recommended
Making a Purchase on CEX.io
Once you have created an account, you will then have to get verified if you ever want to deposit or withdraw your cryptocurrencies from your account. At the basic level, you will be able to buy and sell Bitcoin or Ethereum but you will never be able to take it from the exchange.
Verification will vary from country to country but this is required in order for you and the exchange to abide by the laws and regulations in your country of residence.
Verifying your account will usually require submitting things like:
- Full Name
- Government-issued identification (passport, drivers license etc)
- Utility bill
- Selfie with credit card
In our experience, verification was completed within a day but this might depend on how many accounts they need to verify before yours. We have heard that in some case it can take between 1-3 days.
Once verified you can use either Visa or Mastercard to verify your account or opt for bank transfer. Credit cards will usually be the quickest way to get your fiat currency on CEX.io but there will be fees attached to the process. Bank transfers, on the other hand, will be cheaper but can take between one and three days to complete.
Once the funds are in your account, you are ready to buy either Bitcoin or Etherium on CEX.io.
Firstly, you have the choice of using their Fill or Kill feature which guarantees against fluctuations in the market to ensure that you get the agreed amount of coins or better. This is the quickest and easiest way to make a purchase on CEX.io but can also be the most expensive in terms of fees.
Secondly, you could just go straight to their exchange and trade there if you wanted to save on the fees and perhaps even find a better rate for yourself.
The FOK feature is an excellent one that makes the whole process very easy – we just wish the fees were a little lower.
Accepted Payment Methods
There are not too many payment methods available for users to take advantage of on CEX.io but most of you will be able to make use of them. There are not many exchanges that accept credit cards, so being to do just that is definitely a feather in their cap.
For making deposits, you have the option of using a credit card, bank transfers or cryptocurrency.
Withdrawals are the same and you can once again make withdrawals (as long as verified) via credit card bank transfer or cryptocurrency.
If there was one area where we feel CEX.io is not among the best exchanges, it is their fees. All in all, their fees are quite high compared to their competitors. The conundrum for users is whether the level of security, the features they provide and their reputation justifies these fees.
For small transactions the fees are not worth it, so unless you trade large amounts it might be worth considering another exchange.
- Deposit Fees
Depositing on CEX.io is free if you use the bank transfer payment option but you will be charged around 3.5% when using Visa or Mastercard.
- Withdrawal Fees
Withdrawing is where it can get quite expensive as you could be looking at as much as $3.8 + 1.2% if you use Visa or Mastercard and as much as $50 if you opt for a bank transfer.
- CEX Fees
How much you will have to pay for fees when using the CEX.io exchange will depend on how you use the site. If you use their easy/buy fill or kill feature you will have to pay a rather substantial 75% in fees for every purchase or sale. As for using bank transfers, you could face charges up to a maximum of $50.
The deposit and withdrawal limits at CEX.io will depend on the level of verification that you have provided the exchange. There are four tiers in total and these are Basic, verified, Verified Plus and Corporate.
Each of these will have various depositing and withdrawing limits placed upon them depending on the type of payment method used and all the information you need regarding this can be found here.
- Basic:- Basic accounts can only use Visa or Mastercard and will have deposit limits of $300 per day or $1,000 per month. There will also be a minimum deposit of $20 required. As for withdrawals, the limits are $500 per day or $2,000 per month.
- Verified:- By verifying your identity with CEX.io, you will be given the ability to use bank transfers as a payment option on top of Visa and Mastercard. All deposit and withdrawal limits will also increase on a daily and monthly basis.
- Verified Plus:- Being verified at tier 4 level with giving you additional perks such as priority support and you will also see your deposit and withdrawal limits raised once again. This tier will allow you to withdraw as much as $500,000 on a monthly basis at CEX.io and also have no limit on maximum deposits if you use bank transfer.
- Corporate:- Corporate accounts are the top tier and once qualified for this level of verification, you can enjoy custom conditions as well as unlimited deposits and the ability to withdraw up to $500k per month.
If you wanted to use cryptocurrency to deposit and withdraw on CEX.io, you will have to be verified at the minimum. At that level, you will be able to withdraw and deposit your currencies on the site but will be subject to limits for withdrawals. These can be increased the higher the tier that you increase.
Cex.io is widely known to offer their services all across the globe and in fact, can allow players from all countries apart from the following to use certain parts of their services:
Users from the following countries are not permitted to use credit cards to make deposits on CEX.io:
- North Korea
Users from the following countries are not permitted to use bank transfer to deposit funds into their accounts:
- Côte d’Ivoire
- The Democratic Republic of the Congo
- São Tomé and Príncipe
Many cryptocurrency exchanges are not normally renowned for having the best levels of customer support but it does seem that CEX.io is one of the exceptions.
They offer customer services through email which in our experience is pretty responsive and always almost extremely helpful. Replies can usually be expected within a day but two at tops and you might even find an answer to your issues via a very extensive F.A.Q section on the site.
- Responsive email support
- Comprehensive F.A.Q section
CEX.io uses offline cold storage for their holdings which is always a good sign when you are looking for an exchange that is safe and secure. They also recommend that you use 2-factor authentication from the likes of Google authenticator to further protect your account.
Your safety should also come down to your chosen cryptocurrency wallet too – so always make sure you use one that is the most secure and that you always follow diligent practices when trading.
CEX.io is an exchange that is ideal for both beginner and experienced traders alike. It has some simple-to-use features that will help beginners get used to the crypto-world while the more experienced traders will love to have a bit more functionality within the exchange.
Additionally, the fact that users can purchase Bitcoin and Ethereum on CEX.io is great, as this option is not widely available across the cryptocurrency sector. Furthermore, due to so many countries being accepted on CEX.io, it makes for the perfect place for those that normally have trouble finding an exchange that can and will accommodate them.
If we had any complaints it would be that the fees are quite high compared to their competitors. An example would be coinbase which has much lower fees for their own ‘simple buy and sell method’. On the other hand, CEX.io does allow its users to make much larger deposits than Coinbase – so it will come down to what you require the most.
A dedicated app also makes a big difference to exchanges of this size – so why not check it out today?