CEX.IO Exchange Review

/CEX.IO Exchange Review

CEX.IO Exchange Review 2018-06-14T16:31:30+00:00
CEX.IO Exchange Review

Complete CEX.IO Review

Quick inner navigation:

  1. What is CEX.IO?
  2. Is CEX.IO Safe?
  3. How to use CEX.IO
  4. Verification factors
  5. CEX.IO Fees
  6. Special features

The cryptocurrency wave has taken the financial world by storm. It has got people going into an investment frenzy. Some even selling off their assets to buy the most valuable and profitable cryptocurrency in the market.

Bitcoin is the most popular cryptocurrency because its value has increased tremendously within a short period of time. It’s still the most valuable cryptocurrency, but others coins are also gaining in value. But, not as fast as Bitcoin since its entry into the market.

Among the better performing cryptocurrencies in the market include Ethereum, Litecoin, Dash, Ripple, and Bitcoin Cash. Although only a small number of cryptocurrencies are known, not many people are aware that the total number online exceeds 1300.

So, what is driving so many people to invest in digital currencies?

The primary reason why people are investing so much in cryptocurrencies is profit. There is no investment in the last few years that have had better returns than digital currency. Cryptocurrency has also become very attractive because it is not controlled by any governing authority.

The rise of Bitcoin and other cryptocurrencies brought about the growth and expansion of exchanges. These are platforms through which users can sell and buy digital currencies in exchange for fiat currency (USD, Euro, or Pound) or other cryptocurrencies. For example, you can exchange Bitcoin for Ethereum and vice versa.

Some of the most notable cryptocurrency exchanges include CEX.IO. Read this cex.io review to find out is the answer to the questions like “Is cex.io legit?”, “Can I trust cex.io?” and more.

What is CEX.IO?

Formerly a cloud mining provider, CEX.IO is private limited cryptocurrency exchange that offers trading of cryptocurrency with fiat currency (USD, GBP and EUR). Its former mining pool was called Ghash.io and of the entire network mining power, CEX.IO’s mining pool held 42% of it. This pool had mined Bitcoin worth $200million in the first year after it was established. However, it was closed in 2016.

The CEX.IO headquarters office is located in London, UK. CEX.IO began its operations in 2013.

CEX.IO has a number of certificates that indicate its security, as well as the data handling methods. The company uses policies such as KYC aka “Know Your Customer” and Anti Money Laundering, which is applied to all the customers. The security measures for the accounts are handled through 2FA aka Two Factor Authentication that is done with Google Authenticator. Other methods that CEX IO uses for security measuring purposes are phone calls or SMS.

CEX.IO supports almost all countries. However, certain countries have some restrictions. The following countries are restricted from making credit card purchases: Vietnam, Iceland, Bahrain, Iraq, Afghanistan, Lebanon, Kuwait, Nigeria, Libya, Pakistan, Oman, Qatar, Palestine, Yemen and Saudi Arabia.

These countries are restricted from making bank transfer purchases: Eritrea, The Democratic Republic of Congo, Afghanistan, Haiti, Ethiopia, Iraq, Guinea, Liberia, Sao Tome and Principe, Guinea-Bissau, Cote d’Ivoire, Kenya, Somalia, Tanzania, Sudan, Tunisia, Vietnam, Turkey, Zimbabwe, and Yemen.

CEX.IO Limitations

CEX.IO offers three different accounts, and each account has a buying limit.

  1. Basic – the overall limitations for depositing with this account, Visa or a Master Card being the chosen method of payment, are $ 1,000 per day and $ 3,000 per month. The minimum amount per transaction should be $ 20 and the maximum – $ 1,000. As for the withdrawals, the numbers are the same just like in the case of deposits. Basic accounts, however, do not support payment methods such as Bank Transfers or Crypto Capital.
  2. Verified – there is no total limit on this type of account. The daily limit for Credit or Master Cards is $ 3,000, meanwhile, the monthly limit is $ 30,000. The minimum amount of one transaction should be $ 20, meanwhile, the maximum has to be no more than $ 2,000. In case of Crypto Capital is your preferred method of payment the minimum limit per transaction is $ 100 and there is no maximum amount set. Also, there are no limits imposed both on daily and the monthly transactions. As for the deposits, you can also choose bank transfers as your preferred method of payment. In this case, you need to deposit a minimum of $ 1,000 and maximum of $ 200,000. The daily transactions should be no more than $ 200,000 and the monthly deposits should be no more than $ 500,000.
  3. Verified Plus – these type of accounts do not have any total limits imposed on the users. In case of Visa and Master card payment method, the daily limit is $ 10,000, the monthly limit is $ 50,000. The maximum sum of permissible transactions is $ 2,000 and the minimum is $ 20. If you decide to deposit through Crypto Capital the minimum amount per transaction is $ 100 and there are no daily or monthly limits. Finally, if you choose Bank Transfer as a method of payment, you should deposit at least $ 1,000 but there is no maximum amount. Also, there are no daily or monthly limits.
  4. Corporate the conditions and the limits for this type of account are very similar to “Verified Plus” – the daily limit is $ 10,000, the monthly limit is $ 50,000 if you choose to make transactions through Visa or Master card. The minimum limit for withdrawals with Crypto Capital are $ 10,000 and there is no set maximum. There are no daily and monthly limits for this account as well. If you want to deposit money you can do it through Bank Transfer as well and in this case, the minimum amount is $ 10,000, there is no maximum set and the daily and monthly transactions are not limited.

Buy/Sell information

To buy and sell Bitcoins and other cryptocurrencies on CEX.IO you need to go to their Buy and Sell page. From there, you can choose a bundle or enter the number of Bitcoins you want to purchase. Bear in mind that before you can buy or sell, you need to first deposit fiat currency into your account.

Buying methods

You can buy Bitcoin and any other cryptocurrency via:

Just like in case of limits the payment methods both for buying and for selling depend on the type of account you have.

  1. Basic – with a Basic account you may make deposits with Visa and MasterCard only. While making withdrawals you may use Visa and MasterCard only as well.
  2. Verified – you may make both the deposits and the withdrawals via Visa, MasterCard, Bank Transfer, Crypto Capital or SEPA.
  3. Verified Plus – you may make both the deposits and the withdrawals via Visa, MasterCard, Bank Transfer, Crypto Capital or SEPA.
  4. Corporate – you may make both the deposits and the withdrawals via Visa, MasterCard, Bank Transfer, Crypto Capital or SEPA.

Selling methods

You can sell your Bitcoin or other cryptocurrencies for fiat currency, and you can transfer your money to your bank account or card.

Available cryptocurrencies

These are the cryptocurrencies available on CEX.IO:

  • Bitcoin
  • Ethereum
  • Dash
  • Bitcoin Cash
  • Ripple

Verification factors

CEX.io pays a lot of attention to the safety of the platform and for that reason, it requires its users to get verified. The verification is a mandatory process for those users who want to upgrade their basic accounts and withdraw the fiat money or increase the buying, selling limits. CEX.io requires the following:

  1. ID – you need to provide your ID information.
  2. Personal information- for instance your gender, date of birth, phone number etc.
  3. Address – both the permanent and the current residence addresses.
  4. The scan of your ID card, a picture of you holding the ID, proof of residency.

Some people have been complaining and not very happy with the CEX.io verification requirements. However, all of these are being done for our own safety and good user experience.

Fees

The fees on CEX.io mainly depend on the method of payment and the fiat currency that you choose to make your transactions with.

The deposit fees for the available payment methods are as follows:

  • Visa and MasterCard – 3.5% + $ 0.25
  • Bank Transfer – no commissions
  • SEPA – no commissions

The withdrawal fees for the available payment methods are as follows:

  • Visa – $ 3.8
  • MasterCard – $ 3.8 + 1.2%
  • SEPA – 1%

Special features

  • There are competitive commissions for market-makers as well as special conditions for traders doing high-volume trading.
  • For margin trading, traders can borrow funds and receive protection against a negative balance.

Is CEX.IO Safe?

Many people ask: Is CEX.IO safe? The answer to this question is yes.

CEX.IO is legit and it is safe. It is a registered exchange in the UK and it is also registered as Money Services Business (MBS) with the Financial Crimes Enforcement Network (United States). The company holds various certificates and licenses including an ICO certificate of registration, a PCI DSS (The Payment Card Industry Data Security Standard) certificate and a certificate of incorporation.

Some of the reasons why people are confident about CEX.IO include:

  • Community Trust

CEX.IO may be a fairly new company, but it has built itself a good reputation since it was established. The company’s success is attributed to its reputation for providing supreme services and maintaining good relationships with its users.

  • Security

CEX.IO boasts of providing its users with high-level security including full data encryption, email and SMS two-factor authentication, Google authenticator and protection against DDoS attacks. All these security measures have been put in place to ensure that the integrity of user accounts remains protected 24/7. The company also does everything possible to stay away from scam users who will potentially cause troubles both for the company and for its customers. As a result of its hard work and all the efforts to keep the platform as safe as possible, CEX.io is one of those rare websites that has never been hacked and there have never been any thefts there.

  • Customer support

The CEX.io website is very helpful and provides a rather detailed information about various aspects of the website. It has different useful guides, well-structured tables with comprehensive information and so on. Along with this all, the customer support is available 24/7. You can contact them via email or submit a request through their website by visiting the Help Center page.

  • Handling speed

The company is efficient in the way it handles requests or queries. Their customer support responses quickly to ensure that inquiries are processed with very little delay. As for the transaction speed – the deposit payments through banks usually take the longest time to process out of all other payment methods. It usually lasts up to 14 work days to process the payments with bank transfers.

How to use CEX.IO

Opening an account with CEX.IO is a fairly simple process, as long as you have all the necessary documentation. To register, you need to:

  1. key-in your email address and password
  2. agree to the terms and condition and you are done
  3. You can also register using Github, Facebook, VK, and Google. The process is fast and simple.

However, bear in mind, that if you intend to use a credit card to make purchases, your card must be verified first. The verification process requires you provide your card information and photos of yourself. Given the steps that you are required to take, the process can take hours.

Review summary

CEX.IO is one of the leading exchanges in the world. It offers cross-platform trading via the website, mobile app, REST API and Websocket; high security; competitive commissions, high liquidity, and a variety of payment options.

The pros

  • The site is user-friendly and easy to navigate
  • The company offers an impressive range of services, deposit and withdrawal methods, trading pairs and security features
  • Simple signup via the website or social media accounts
  • Supports margin trading of digital currency/fiat currency pairs
  • High level of security
  • Reliable and efficient 24/7 customer support

The cons

  • The credit card verification process takes too long
  • It only supports a handful of cryptocurrencies
  • Its mobile app offers a small range of services and features

CEX.IO is good for beginners as it provides many useful and helpful services and features. Even if you have never tried cryptocurrency trading before, the platform makes it easier for you to understand how to go about it. If there is something you do not understand and require further clarification, or if you have any questions about their services or features, you can contact their customer support.

The company is doing pretty well so far but considering the increasing competition, new technologies, and their solutions, CEX.io should consider improving at least some of its disadvantages to keep its market share.

Thank you for reading, make sure to check our site for more guides and reviews!

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