CEX.IO Exchange Review

/CEX.IO Exchange Review

CEX.IO Exchange Review 2018-02-13T14:24:29+00:00

Complete CEX.IO Review

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 Bitcash. 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 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.

  • Limitations

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

  1. Basic – with the basic account, you can buy Bitcoins worth $400 per day, but not more. In a month, you cannot buy Bitcoins worth more than $2000. Purchases cannot be made via bank transfer.
  2. Verified – with verified accounts, you can purchase Bitcoins worth $10,000, maximum, and $100,000/ per month, max. Purchases can be via bank transfer and credit card.
  3. Corporate – with this account, you purchase any amount of Bitcoins, as there is no limit. There are also no restrictions on the payment methods you can use.
  • 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:

  • credit card- Credit cards accepted include Visa, MasterCard, Neteller and PayPal Debit Master Card.
  • bank transfer

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
  • Etherium
  • Dash
  • Bitcoin Cash
  • Ripple

Verification factors

CEX.IO offers a two-factor authentication and a Google authenticator to increase user account security. Both features are available and the user can choose to use them or not.

Fees

  • Purchases made through bank transfer are free of charge.
  • Purchases made via credit card attract a charge of 9% + $0.25 for every purchase.
  • For withdrawals, a 1.2% + $3.80 fee is charged.
  • There are also margin trading fees.

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.

  • 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.

  • Costumer support

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.

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.

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