You are looking for a crypto exchange that allows you to sell and buy cryptocurrencies such as Bitcoin, Ether, and XRP. This CEX.IO review can help you make the right choice.
Our guide to the world's most popular crypto exchanger will tell you all about CEX.IO, the cryptos that you can buy, and their pros and cons.
This CEX.IO review covers the latest information to help you make an informed decision on whether or not this exchange is right. This review will cover its history, security, features, and commissions.
We have so many topics that we need to get it all in one CEX.IO review. Let's start by looking at what this popular cryptocurrency exchange has in store for us.
CEX.IO Company Details
CEX.IO was founded in London in 2013. It initially served as a Bitcoin exchange, and then as a cloud mining service.
It was originally a cloud mining company that owned the mining pool GHash.io. GHash, one of the most important mining pools in the world in 2014 was still in existence.
In 2015, however, the CEX.IO team made the decision to discontinue cloud mining services. This was due to the low price of Bitcoin and the inability to purchase the required equipment for mining ( ). The GHash.io pool for mining has been closed. The CEX.IO project has been discontinued. However, it continues to operate as an exchange platform for cryptocurrency.
According to CEX.IO, there are roughly 2.7 million customers worldwide. Customers have many ways to access the platform. CEX.IO customers have access to their account via the API and the mobile app, even if they don't use the web. CEX.IO is the only company that offers this kind of freedom, which allows you to choose any device you like.
CEX.IO pros & cons
Let me give you a list of all the benefits and drawbacks of the CEX.IO cryptocurrency exchange.
- Excellent support
- It is simple to use
- Accept debit and credit cards
- It's easy to verify
- Higher Fees
CEX.IO Account Types
Register on CEX.IO to create an account. As you can see, each account comes with basic features. This account allows you to buy bitcoins or other altcoins with your preferred payment method.
You can trade with this account but you cannot place orders exceeding $100. For further identification verification, you will need more information to access larger amounts.
- Basic: Buy and Sell Bitcoins with your Visa or Mastercard
- Verified - Increase your limit and allow more payment options to confirm your identity
- Verified plus: Get priority support and increase your account limits;
- Corporate: Create a corporate account to represent your company.
CEX.IO Account opening requirement
Customers must enter a valid email address, and a country of residence when opening a new account. After verifying your email address, the platform will request additional personal information, such as your full name, date of birth, and other details. CEX.IO will create a new account for you after you click 'Next'.
The basic account is the first introduction to CEX.IO. Basic account holders are able to make deposits up to $100 in fiat currencies and withdraw up to $100 per hour in fiat currencies. Basic account holders are allowed to make unlimited cryptocurrency deposits.
Customers of CEX.IO can have access to all products with a basic account. Demo trading allows you to learn how to navigate the platform. Demo accounts are pre-funded with fake money to simulate real trading environments.
You can trade limit and market orders in the trader category even if you have a basic account. This is as long as the funds are deposited. CEX.IO allows you to deposit funds via bank wire transfer, credit or debit cards. Users can perform technical analysis with real-time charts and various technical analysis tools on the Trade page. You can also view the tradable currency pairs and view the order log to check the market depth.
How reliable is CEX.IO.
You might be interested in: Is CEX.IO legitimate? Is CEX.IO secure? Yes and no. It is definitely legal as it was authorized in the USA as a Money Services Business. The Financial Crime Combating Network (FinCEN) has also granted it a license. They are not going to abandon their customers suddenly!
CEX.io offers DSS certificate level 2 protection to its users. CEX.io has demonstrated a certain level security in storing, processing, and transmitting bankcard data.
CEX.io is not considered 100% safe. This is a cryptocurrency exchange. They are a popular target for hackers due to their large number of currencies.
There are many examples of hacking in digital currency history, and it is unlikely that this will change. You should not store your cryptocurrency on any exchange. You should instead use a secure wallet such as MyEtherWallet and Exodus.
Let's now take a look at the evolution of the exchange into the trusted platform that it is today.
CEX.IO Ltd was registered in the UK in 2013 before it began trading with cryptocurrencies. Since then, the Financial Conduct Authority (FCA) has been watching over the company.
The US Treasury Department's FinCEN conducted an audit of CEX.IO in 2017. It issued a report that gave CEX.IO a certificate for good conduct. Additionally, CEX.IO is a member of the CryptoUK Foundation. This trade association is made up of crypto companies located in the United Kingdom and whose mission is to promote ethical conduct in the crypto asset industry.
CEX.IO is officially present in the USA from 2020. On July 4, it was granted the Money Transmitter Licences (MTL). MTL allows CEX.IO operation in nine US states. This brings the total number of US states where CEX.IO is allowed to operate to 27.
Legal and authorized cryptocurrency exchanges are those with licenses from regulatory authorities such as the FCA or FinCEN. We can conclude that CEX.IO operates according to the highest industry standards.
Cross-platform trading is possible with the CEX.IO platform via the website, mobile app (available on Android or iOS), WebSocket, Rest API and WebSocket.
CEX is the most well-known cryptocurrency exchange currently in operation. Its website is very user-friendly, making it ideal for beginners.
You can also create a tiered account system, which is configurable and suitable for both institutional and beginner traders.
Every trade is between two parties: The maker (whose order was on the order books prior to the trade) and the taker (who places the order that matches the maker's order). Because their orders create liquidity in a market, we call them "makers". This liquidity is "taken" by those who match the orders of makers with theirs.
CEX.IO charges 0.05% for every order you open and close, regardless of whether or not you are a taker. Rollover fees are charges for keeping a position open and "rolling it over" to the next period.
Rollover fees are currently charged every four hours and cost 0.06% for each 24 hour period. If you open a trade on Monday morning and close it Friday afternoon, the fees will be 0.40% (0.05% + 0.05 + 5 x0.06%). This platform is not recommended for long-term investments. Instead, the platform is focused more on day trading and investments for shorter periods of time.
It is difficult to compare the fees described above to the industry average taker fee for regular centralized exchanges. The instruments traded on the different exchanges can also be different.
CEX.IO Broker Withdrawal Fees
The exchange doesn't charge withdrawal fees. There are always network fees when you make a transaction. The network fees that are paid to the miner are the only fee to withdraw from this platform. The withdrawal fee (or lack thereof) is competitive and below the industry average.
CEX.IO's customer support is a strong point. This is not something that is common with cryptocurrency exchanges.
It also offers email support and a detailed FAQ section.
Although there are numerous complaints about CEX's customer service, we found that they respond quickly to all reviews and took the time to answer them.
CEX.IO Products & Offers
You can purchase a variety of digital currencies from CEX.IO. This includes cryptocurrencies that aren't on the list of competitors like Binance.
There are many cryptocurrencies on the platform, including Bitcoin, Ether & Ripple, XLM and Bitcoin Cash. Dash, Zcash & Bitcoin Gold are just a few.
PrimeXBT Review Conclusion
CEX.IO had a mixed past reputation in the cryptocurrency community. They were often the subject of negative CEX.IO reviews and bad publicity. Many of these negative comments are based on complaints about hidden fees, customer support problems, and difficulties users face in verifying their identities.
Their reputation has grown with positive CEX.IO reviews.
CEX.IO is a trusted exchange. We have used them for many years without any problems. They are also well regulated - they are regulated by the FCA in the UK, and the FINCEN the US. This should make it easy to use them.
Its intuitive interface makes it easy for beginners to get started in cryptocurrency. Its cross-platform app makes it easy for you to track your account wherever you are.
CEX.IO continues to innovate by adding new cryptocurrencies to their trading platform. They also plan to include margin trading on the platform in the near future.
Although the account verification process can seem a little cumbersome, this is a common occurrence with major exchanges today as laws and regulations around the globe have become more strict. This can also be a good thing, since you can be certain they follow the same laws as any major stock exchange.
Although CEX.IO has a few drawbacks, such as higher fees, it is still reliable for trading Bitcoin, Ethereum and other cryptocurrencies.
CEX.IO is one of few exchanges that offers credit/debit or fiat card withdrawal options.