CEX.io Review 2020
Established in 2013, London based CEX.io is a Bitcoin exchange as well as a cloud mining providing company. There was a point when CEX.io’s mining pool, also referred to as Ghash.io held almost 42% of the entire mining power. However, in January 2015, the company shut down its cloud mining business, and thus today CEX.io functions only as a crypto exchange. The exchange which has registered with the FINCEN applies the usual KYC (Know Your Customer) as well as AML (anti-money laundering) policies.
This implies that you will have to first verify your true identity before you purchase any cryptocurrencies through the exchange. Through CEX.io one can deposit funds through different methods and the exchange also supports multiple digital assets. The platform is ideal for advanced as well as beginner users who wish to buy and sell cryptocurrencies.
How CEX.IO works?
CEX.io is the World’s first-ever cloud mining service provider. It has excellent experience of cryptocurrencies as well as its safety. At CEX.io, The exchange offers the option to trade more than 80 cryptocurrencies around the world. The platform accepts limited information for setting up and verification of basic accounts. But, to verify your accounts to a level higher, traders are required to increase their limits.
At CEX.io, security is of paramount importance. As a result, the platform offers 4 different account verifications. These include:
- Identity verification (deposit of up to 3,000 daily and withdrawal of as much as $10,000)
- Address verification (withdrawal of $50,000 and bank money transfer accepted)
- Enhanced verification (zero limits for both deposits & withdrawals)
- Corporate verification (zero limits for both deposits & withdrawals)
Buying cryptocurrencies at CEX.io is similar to shopping at any online store. You are required to decide the currency you wish to purchase as well as select the preferred trading pair. Firstly, you must ensure that you have some fiat money or cryptocurrency such as USD, GBP, etc. in your trading account. You could do the same by transferring cryptocurrency to your digital wallet or through topping up your account by bank transfer or credit card.
For instance, to purchase Bitcoin you will have to follow the following steps:
Step 1: Sign-in into your trading account
Step 2: Make sure that you have transferred fiat or crypto to the account
Step 3: Go to CEX.io by choosing Buy/Sell tab
Step 4: Select your preferred trading pair
Step 5: You may place the limit order in case you wish to choose the pricing per BTC on your own. Fill the desired price and amount.
Step 6: You may place the market order in case you intend to purchase BTC at the existing market price. Your order shall be filled instantly.
Step 7: Next, click on the place order tab.
Step 8: Based on your selected order, you will become the owner of Bitcoin.
Is CEX.io Legit?
In case you are wondering whether CEX.io is a legit broker or not, then the answer is certainly a yes. The website is registered with the US in the form of a Money Services Business. Apart from this, the broker is licensed with the FinCen or the Financial Crimes Enforcement Network. This implies that they’re very unlikely to carry out any scam on crypto traders. CEX.io also offers protection to users as it holds the level-2 DSS certificate. This indicates that the broker has proved that it offers a certain amount of security when it comes to storing, processing as well as transmitting payment card-related data. However, it is always advisable that traders tread cautiously as many crypto exchanges have been hacked in the past. This is also one of the reasons why one should refrain from storing their cryptocurrency on any exchange. A better idea is to store it in the hardware wallet.
As far as CEX.io’s trading platform is concerned, it is much advanced as well as offers a host of features including limit and market orders. The CEX.io trading platform is a highly functional platform that lets you purchase, sell, manage, and trade orders as well as funds as and when you like. Traders can also keep a track of their trades with order notifications, price alerts, real-time data, balance, and order statuses easily. The platform’s simple interface, as well as highly intuitive navigation, offers a seamless experience anytime, anywhere.
The platform offers decent liquidity and also permits cross-platform crypto trading through a mobile app as well as numerous APIs. In fact, it also provides traders with advanced-level reporting and is thus ideal for experienced traders. One of the benefits of trading with CEX.io is that the platform charges a low fee for trading. Thus, while the fee for brokerage trading can go as high as 7%, the same for CEX.io is 0.25% at the maximum.
CEX.io Mobile App
Traders can also take advantage of the CEX.io mobile app for carrying out buying, sell, earning, and exchanging cryptocurrencies anytime, anywhere. Their mobile app features different functionalities of the platform to match the requirements of traders. Traders can take advantage of advanced order algorithms, analytical tools, and high-liquidity order book as well as instant and simple buying/selling interface. The app also supports leading crypto protocols as well as digital currencies. Apart from this, the app also provides users with price alerts, money management tools, and order notifications. The app is highly secure and also extends 24x7 support to users.
Pros and Cons of CEX.io
Before you sign up with any crypto trading platform, it is crucial to understand its pros and cons. As far as CEX.io is concerned, the platform makes an excellent option for both advanced and beginner level crypto traders. However, the platform has the following pros and cons:
Excellent Support: The support section on the CEX.io website is undoubtedly great as it helps you to understand much about trading on the platform. Simply visit the support page on the website and you will know exactly how to trade through CEX.in. Apart from this, the platform also offers an email support form for users who may have their own set of queries.
Different Pairs for Trading: Another big advantage of CEX.io is that it offers different pairs for trading along with several fiat currencies. This implies you can purchase as well as sell different cryptocurrencies with your preferred currency. There isn’t any requirement for you to use Bitcoin first. Besides, fewer trades imply fewer fees.
Easy to Navigate and Use: One of the prominent advantages of the CEX.io platform is that it is easy to navigate and use. Their advanced trading window is clean as well as free of clutters. This makes it convenient for users to browse their site.
Margin Trading: The platform offers options for margin trading. This means you can trade with the help of borrowed money. But, it is important to know that margin trading is extremely risky and is not at all recommended for beginner traders.
Secure and Registered: As already mentioned above, CEX.io registered with the US-based FinCEN and also holds the level 2 DSS certificate. This makes the platform highly safe and secure for trading.
Not Many Cryptos Available: One of the disadvantages of the platform is that it does not offer a wide range of cryptocurrencies for trading.
Does Not Support eWallet Services: The platform isn’t supportive of eWallet services. This implies that there is no way for you to make payments through Neteller, PayPal, Skrill, and other online payment options.
What Coins Can be Bought on CEX.io?
There are only a couple of cryptocurrencies that can be purchased using either fiat currency or Bitcoin on CEX.io. This includes currencies like Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin GoldBitcoin Gold (BTG), Ethereum (ETH), Ripple (XRP), Dash (DASH), Stellar (XLM), and Zcash (ZEC). Litecoin (LTC), Tron (TRX), BitTorrent (BTT), MetaHash (MHC), Ontology (ONT), Ontology Gas (ONG), Cardano, Neo (NEO), Gas (GAS), Cosmos (ATOM), Basic Attention Token (BAT), Tezos (XTZ), Matic Network (MATIC).
Each of these currencies is bought using USD. However, one can also purchase a few currencies using GBP, EUR, and RUB. The cryptocurrencies supported for the trading purpose include Bitcoin, Ripple, Ethereum, and Bitcoin Cash.
Another great thing about the platform is that it accepts a variety of fiat currencies. This makes CEX.io useful for individuals from different countries across the globe. For instance, you can make payments in the United States dollar, Euro, Pound Sterling, and Ruble. The platform also accepts different methods of payment when it comes to funding the account.
Thus, Master card and Visa deposits attract a fee which is a specific percentage of the entire transaction as well as a separate payment. The following are the fees charged by CEX.io for each of the currencies:
It is also important to note that CEX.io does not charge a commission for transfers via bank account as well as cryptocurrency deposits. Bank transfers can be done using all currencies apart from the Ruble. However, you should be duly verified to utilize these features.
Traders can open numerous types of accounts on CEX.io such as Basic, Verified Plus, Verified as well as Corporate. With every account, tier traders can enjoy multiple benefits such as additional options for payment and high limits on crypto transactions as well as withdrawals.
While the verified plus and corporate accounts are designed for advanced traders, basic and verified accounts are ideal for beginner traders.
As far as basic accounts are concerned, they are default accounts that one can create right after one signs up with CEX.io. The only method of payment accepted for fiat deposits in case of basic accounts is a MasterCard or Visa. The following are the limits that traders need to keep in mind when it comes to depositing funds in the basic account.
- USD : Monthly- $3,000 and Daily- $1,000
- EUR : Monthly- 3,000 EUR, Daily-1,000 EUR
- RUB : Monthly- 180,000 RUB, Daily- 60,000 RUB
- GBP : Monthly- £2,000, Daily- £800
Users who are interested in the withdrawal of fiat funds and even increasing the limits of their payments should verify their identity. To do this, users must submit certain personal data as well as documents for reaching the verified level. This information is essentially required to ensure that the organization complies with AML or anti-money laundering as well as KYC regulations. Thus, if you are interested in creating a verified account, you must submit the identity documents such as passport, driving license, and ID card.
They must also fill-up the form by providing your personal data such as gender; first, middle and last name; birth date, birthplace, contact details as well as your social media link (optional). Next, traders must provide their address details such as their residential address details as well as the permanent address. Apart from this, users must submit a photograph or scan of their identity documents. Aside from the identity documents, users are also required to provide their selfies holding those documents as well as address proof.
Benefits of Verified Account
As the user of a verified account, you can utilize more methods of payment as well as also enjoy higher deposit & withdrawal limits. It is equally important for users to have verified accounts in case they plan to make withdrawals in fiat currencies. Thus, with verified, corporate, or verified plus accounts, users can deposit & withdraw using bank transfers as well as the cryptocurrencies traded on the platform. The limits on these account types are unlimited, however, there are a few recommended deposits as well as withdrawal limits related to each of these payment methods.
Who is CEX.io for?
The CEX.io platform is ideal for both beginners and advanced traders (https://blog.cex.io/product/how-to-earn-with-cex-io-21967). If you are a novice trader, then you will be glad to know that the platform is user-friendly. This means that you can first purchase a window with either $200 or $500 or $1,000.
This is the very first screen that users witness once they have registered an account. Every window has a simple to access scroll down box which can be used for selecting the digital asset you wish to purchase and the currency that you wish to use. Apart from this, the support section provided on the site is also an excellent tool for new investors or traders. This section consists of several FAQs and in case users don’t find the right answers then they can use the email requesting form.
On the other hand, advanced traders, get every buying option that they would want from a highly advanced platform. These options are provided on an easy to use and clean platform. Aside from this, the platform allows advanced traders to trade using margin i.e. borrowed money. Once you become a verified user, you can easily earn huge profits as well as withdraw them without facing any trouble using multiple deposit & withdrawal methods.
A major issue that users encounter with CEX.io is that the fee amount, as well as hidden charges, are too high. For example, the platform requires users to pay 7% as the fee amount from the fiat currency that they pay for any service. Thus, if you purchase Bitcoins worth $1000, you will receive only $920. This implies that the higher exchange rate that one sees on CEX.io comes inclusive of the service fee. However, no other fee is applicable.
It must be noted that the fee mentioned above is related only to brokerage service. The platform charges a different fee for different services. Also, to trade on CEX.io, you will have to fund the account with SEPA transfer or bank wire transfer. Both, do not require you to pay any commission to CEX.io. Alternatively, you can fund your account with a credit card that attracts a fee to the tune of 2.99%.
Withdrawal fees, on the other hand, can go as high as 3% in addition to service charges of $25. However, this depends on the currency as well as the method of payment chosen by you. The transaction fees revolve around the maker and taker model. This implies that the individual who crafted the order (i.e. the maker) pays a low fee when compared to the individual who fulfills the order (i.e. taker).
Based on your transaction side, you’ll have to pay an amount which is anywhere in the range of 0.16% and 0.25% at the maximum.
Countries Supported by CEX.io
CEX.IO supports almost all the countries apart from a few of them where credit card purchasing is restricted. These include countries such as Iceland, Afghanistan, Vietnam, Bahrain, Algeria, Kuwait, Iraq, Lebanon, Nigeria, Libya, Pakistan, Oman, Palestine, Saudi Arabia, Yemen, and Qatar.
Apart from this, the following nations are banned from purchasing using a bank transfer method. These include the Democratic Republic of the Congo, Afghanistan, Eritrea, Côte d’Ivoire, Guinea-Bissau, Ethiopia, Iran, Haiti, Kenya, Iraq, Libya, Liberia, São Tomé and Príncipe, Guinea, Sudan, Somalia, Tanzania, Syria, Turkey, Tunisia, Yemen, Vietnam, Zimbabwe.
Also, the platform does not support the many U.S States like Alaska, Alabama, Arizona, Colorado, Florida, Arkansas, Georgia, Idaho, Guam, Kansas, Iowa, Louisiana, and Maryland among others.
CEX.io- Is it a Wallet or not?
No. It is an exchange for cryptocurrencies buying and selling. While the exchange allows you to hold funds on its web wallet, it is recommended that you move the funds to your personal wallet.
How much time does it take to Withdraw funds from CEX.IO?
Well, the crypto exchange is adept at providing quick and efficient withdrawals. Typically, all withdrawal requests are quickly processed within a matter of 24 hours. Once the payment has been processed by the Finance team, it would require some time for the funds to reach the trader’s bank account. This time taken depends on their bank’s processing rules. To make withdrawals, traders must click on their CEX.io wallet and then press the ‘Withdraw’ option. Once the trader has specified the amount he/she is looking to withdraw and the card that needs to be credited, they will have to confirm the sam with 2FA.
Recent News Articles
CEX.IO and PrimeXBT Become Partners to Facilitate Alternative Options for Deposits
PrimeXBT, a multi-asset BTC based platform has recently partnered with CEX Direct to enable users to purchase Bitcoin directly via the platform. Read more
CEX.io offers higher staking rewards to Coin Holders
With the rise in the crypto staking offers, CEX.io recently offered a special deal for customers in July. With this, anyone can join as well as become a part of staking without any prior tech knowledge. Read more
ETH Dominates BTC on CEX.io Exchange
According to CEX.io, Ether trading has gone up on its exchange when compared to BTC trading. More and more cryptocurrency investors are depositing BTC and withdrawing ETH, which means that there is a higher demand for ETH. Read more
With multiple deposit options, numerous digital assets as well as user-friendly navigation as well as design, it is quite obvious that CEX.io is an excellent platform for crypto traders. It provides you with an easy to access the welcome screen where crypto buying can be carried out most simply and effectively. In addition to this, upgrading and verifying your account at CEX.io is also easy. The platform has its pros and cons, but overall it is excellent for both beginners and advanced level traders.
In a nutshell, if you are searching for a secure and trusted bitcoin exchange then CEX.io is the right place to get started. It allows you to buy top cryptocurrencies, using your credit or debit card, and that too within a couple of minutes. Besides, you can also withdraw funds to your bank account or card in just a few clicks.
The trading platform is essentially a multi-functional one and offers a highly advanced algorithm for order matching. With intuitive interface as well as advanced trading options, it can grow your trading portfolio, while empowering your trading abilities. CEX.io’s ability to ensure safety against DDoS based attacks, cryptocurrency cold storage, full encryption of data, and the fact that it is compliant with PCI DSS safety standards ensure complete protection of your funds. Another advantage with CEX.io is that it charges reasonable fees for both takers as well as makers and extremely potent for the makers. Traders also have access to a wide range of APIs including REST API, WebSocket as well as FIX API that allows them to carry out auto trading as per their requirements. The platform also offers prompt customer support through email, live chat, and phone on around the clock basis. Thus, all your queries will get answered instantly. With more than 3 million users on its platform, and the ability to offer the best features for trading, CEX.io is undoubtedly a reliable platform for trading.