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CEX.IO Review: Before You Sign Up, Read This

CEX.IO is committed to safety and has never lost any crypto funds. It also has low trading fees and many other great features like a great program for crypto staking. There are some things that could be improved, such as the complex withdrawal and deposit fees. To learn more, read our complete review.

CEX.IO Background 

CEX.IO was founded in 2013 as a Bitcoin cloud-mining provider and marketplace. It is powered by GHash.IO, an in-house mining pool. The company was founded with the goal of enabling individuals to receive Bitcoin mining rewards without needing to invest in expensive mining hardware.

After GHash.IO was closed, CEX.IO decided in late 2016 to cease cloud mining due to a lackluster profitability. Instead, the company focused on building a global cryptocurrency exchange network.

CEX.IO, a regulated cryptocurrency exchange, has over 4 million users today. It provides products and services to three market segments: Everyone, Traders and Businesses.

The features for “Everyone” include simple fiat to crypto purchase options, a cryptocurrency wallet, exchange staking and a crypto lending platform. Spot trading, margin trading and the mobile app can be used by traders to trade on-the-go. Finally, ‘Businesses can use CEX.IO PrIME which offers institutional-grade crypto trading.

CEX.IO offers credit card processing services for customers in selected European countries. It also has a commission-free margin trading platform CEX.IO Broker.

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MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

How CEX.IO works

CEX.IO, a cryptocurrency exchange based in London, allows you to trade, buy, and sell dozens of digital currencies. It is licensed and regulated in the United States as well as in other countries around the globe.

You can deposit or withdraw fiat money through the exchange using a variety of payment methods including bank account transfers and PayPal. The payment method you use will determine the fees. Although CEX.IO offers spot trading and Instant Buy options, you can also buy cryptocurrency. However, the latter accepts only card payments and charges higher fees.

CEX.IO is different from other international exchanges that have their own U.S. platforms. All users have the same trading platform. Customers from the United States are not able to access certain features such as margin trading, crypto-backed loans and crypto savings accounts.

Setting up a CEX.IO Account

The process of opening an account at CEX.IO can be done in a few minutes and is very similar to opening a traditional brokerage account online.

For a personal account you will need to enter your name, email address and password. After you have shared these details, you will need to confirm your email address using the confirmation code that you received via email.

You can now explore the CEX.IO platform. You will need to complete your registration in order to trade. This process involves sharing your address and uploading government-issued identification documentation. Your deposit and withdrawal limits will rise once you have completed the process.

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Users can increase their withdrawal and deposit limits by completing additional verification steps.

More information and documentation is required to sign up for a business bank account.

CEX.IO Verification

Step 1

To reach the verified account level, users will need to provide some personal information as well as documents. This is all very basic information. This information is required to ensure compliance with anti-money laundering and know your customer (KYC regulations).

Below are the necessary documents and instructions on how to submit them at CEX.IO. These steps should be followed carefully. If you fail to provide the document requested by the company, they will refuse to upgrade your account. You’ll need to start over. This could result in you missing out on huge price swings when buying or selling cryptocurrency.

  • First, you will need to submit details from a government-issued identification document. This could be your passport or ID card.
  • Complete the form with your personal data. You will need to fill in the form with your personal information, including gender, first and middle names (optional), last names, dates of birth, birthplace, contact number, as well as a link to social networks (optional).
  • Next, users will need to fill out their addresses. These include your permanent address and your residential address. You can tell the exchange if the addresses are identical if they are. Click on the box marked “same address as residential”. It is located next to the “permanent addresses” fields.

Next, submit a scan of or a photograph of some identity documents to verify your identity. They must comply with the following requirements:

  • The issue date must be in future. Documents must be valid on the date they are submitted.
  • Both sides must be submitted.
  • Scanned images should be in full color with high resolution.
  • Documents should be in jpg, pdf, gif or png formats.
  • The maximum file size is 15MB.
  • The scan or photograph must not be older than three months.
  • Documents must be written using the Latin alphabet (a,b,c, d …).

Step 2

The user must submit an identity document, a photo of the document and proof of address.

The government must issue the identity document. It must match the form you filled out above. Accepted identification documents include passports, national IDs and driver’s licenses.

The selfie must show the owner of the document, you. It can be challenging to get clear shots due to the many guidelines. It might be a good idea to ask a friend or relative for help when taking a “selfie”. These criteria must be met:

  • The camera must be viewed directly at you.
  • The background should be either light or neutral in color.
  • The selfie must be in full colour.
  • There is no “red-eye”.
  • Nothing can obscure your face like sunglasses, hats or headbands.
  • It is important that the information in the document be easily visible.

A photograph or scan must be included with the proof of residency document. It must contain your address (the one listed in the verification form). This document will be accepted for proof of residency:

  • Utility bill (not a TV contract, mobile phone, or printed internet bill).
  • Electricity bill
  • Statement from the bank
  • Return of tax or Council tax bill.

Other proof of residency documents are also accepted according to the CEX.IO support document. It does not include electronic bills and statements as well as online screenshots, credit card statements and mobile phone bills.

CEX.IO Features 

Trade Options

CEX.IO offers multiple trading interfaces. CEX.IO offers multiple trading interfaces. The default spot trading platform has charts and multiple orders. It’s not difficult to use, but it can be overwhelming.

CEX.IO offers an easy-to-use Instant Buy option. Simply enter the cryptocurrency that you wish to purchase and the amount. Although it is simple to use, Instant Buy can prove costly. You can pay fees as high as 7%.

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Margin trading is also available, however it is not available in the United States. The exchange also offers institutional trading through CEX.IO Prime for businesses.

CEX.IO Margin Trading

CEX.IO allows trading up to 100x on its margin platform.

You can trade Contracts for Difference (CFDs) here. Technically, this means that you are not trading the actual asset. Instead, you trade the price difference between your entry points and exit points.

Margin trading can increase your risk significantly. It takes just a 1% swing to make your entire position liquidated at 100x leverage

This interface is more complex and may require some time to get used to.

Trade Forex pairs can be made on CEX.IO Broker. You can also trade Forex pairs on CEX.IO Broker. The available leverage ranges from 2x to 100x.

CEX.IO Trading Platform

CEX.IO has a few trading platforms. Depending on the payment method used, which one you will see will determine which one.

The following information will be displayed to you if you are buying directly with a Visa debit or credit card.

It’s easy to see how much Bitcoin you are getting for your price using this interface. The fees for buying via the trading interface are a little higher than the Bitcoin purchase.

You can also buy with the balance of money you have already transferred to CEX.IO. Trades can be made with any cryptocurrency balance you have in your exchange wallet.

Liquidity

Messari.io ranks CEX.IO as #17 in its ranking of crypto exchanges based on real spot volume. CEX.IO made $25 million across its 37 trading pairs on a day Coinbase had $4.5 billion volume. BTC/USD, ETH/USD and USD/USD each had $7 million in volume. They are the most liquid pairs on the exchange and account for more than half the total volume.

Although $25 million may not seem like much, it is a significant amount for traders who have positions that are sufficiently large to move the market. It might be worth considering trading on another exchange if you are in this category. CEX.IO will provide sufficient liquidity to meet your needs.

Credit Cards

CEX.IO allows users to purchase bitcoins and also sell them to credit cards or debit cards. These fees are:

  • USD: Maximum 3% + $5 Fees and Commission
  • EUR: EUR3 + EUR5 fees & commission
  • GBP: 3% plus PS5 fees, commission
  • RUB: R50 fees, commission and up to 3%

CEX.IO offers a 50% discount on GBP deposits made with a UK-issued card. The deposit fee is now 1.5%

Mobile App

This platform provides mobile apps for Android and iOS users. The CEX.IO mobile app offers the same functions and allows users to trade cryptocurrency on the move.

You can also set an alarm to be notified when the price of the cryptocurrency that you wish to trade reaches the desired value. You can also reach out to the support team via multiple channels 24/7 for any questions or concerns.

CEX.IO Supported Cryptocurrencies

CEX.IO has over 100 cryptocurrencies available, but only half are available for U.S customers.

The U.S. version CEX.IO is at the middle of the pack when it comes to cryptocurrency selection. Most major cryptocurrencies can be bought and sold, with the exception of standouts such as:

  • Bitcoin (BTC).
  • Ethereum (ETH).
  • USD Coin (USDC).
  • Avalanche (AVAX)
  • Stellar (XLM)

There aren’t any obvious omissions. There are some cryptocurrencies it doesn’t support, such as Algorand (ALGO), and Ethereum Classic (ETC), however the most important area that this exchange lacks is smaller crypto projects.

Fees and Commissions

When you take action on the platform, there are various CEX.IO fees. These fees include withdrawal/deposit fees and transaction fees.

The individual’s 30 day trade volume is the basis for the transaction fee. Every day, the trade volume is recalculated at 10:00 (GMT).

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Transaction fees are based on whether trades were made or taken. Takers are orders that cannot be executed immediately and add liquidity to the market. On the other hand, makers can be matched instantly and take liquidity out of the market.

Taker fees range from 0.1% to 0% for maker orders, while taker fees can be as high as 0.01% to 0.25% depending on trade volume.

Depending on the method of payment, withdrawal and deposit fees can vary. Here are some examples of the fees associated with USD currency.

Visa

  • Deposit commission: 2.99%
  • Up to $3.80 in withdrawal commission
  • Service Charge: Up to 3% + $1.20

Mastercard

  • Deposit commission: 2.99%
  • Withdrawal commission up to 1.2% +$3.80
  • Service fee: Up to 1.8% + $1.20

Bank Transfer

  • Deposit commission: $0
  • Withdrawal commission: 0.3% + 25

ACH

  • Deposit commission: $0
  • Withdrawal commission: $0

Epay

  • Deposit commission: $0
  • Withdrawal commission: 1%

Skrill

  • Deposit commission: 3.99%
  • Withdrawal commission: 1%

This platform makes sure that CEX.IO fees don’t exceed 10% while providing users with the best possible experience and seamless transactions without any delays.

Is CEO.IO safe?

CEX.IO has been registered in several locations around the world as a money transmitter company.

The exchange is PCI DSS-compliant. This is the Payment Card Industry Data Security Standard. It means that CEX.IO meets certain requirements regarding its handling of credit card information.

Two-factor authentication (2FA), which can be done via SMS or Google Authenticator on CEX.IO, is a way to protect your account. SMS 2FA is not recommended as it is susceptible to sim-swapping. App-based 2FA such as Google Authenticator and Authy is preferred.

Hardware 2FA devices such as Yubikey and Nitrokey are not currently supported.

CEX stores the majority of its funds in wallets that are protected by video surveillance and armed security guards.

This infographic provides more details about the security measures of the exchange.

Getting a crypto loan on CEX.IO

CEX.IO offers crypto loans through its platform. You can receive loans in just a few minutes. These loans can be used to withdraw or invest in cryptos.

To get a loan, you must first register an account. Then transfer Bitcoin or Ethereum to CEX.IO’s wallet. To find the best interest rates and terms, the platform offers a loan calculator. After the calculation is complete, you can agree to the terms and receive your loan.

Minimum loan limits are USD 500 and EUR 500. The minimum term is 7 days. The loan-to value (LTV) ratio varies depending on the currency, but usually it ranges between 30% and 60%. Interest rates can start at 8%.

The maximum loan amount is USD 100,000 or EUR 100,000. You can contact the customer service to request a loan amount that is higher.

Pros and Cons

Pros Cons
Earn rewards by crypto staking High fees
Organized lists of cryptocurrency Very limited educational content
Spot trading is free of charge
Various payment methods

What is the speed of CEX.IO?

CEX.IO will process most credit card transactions immediately after initial verification. Although it can take a while to verify your account, it will make later purchases much faster.

Generally, purchases are executed immediately. This is only true if you place a limit order that is not in line with the current market price. For more information on the differences between taker and maker orders, see below.

Conclusion

CEX.IO is now a global crypto exchange that has been regulated and is free from the cloud mining of Bitcoin. It offers a wide range of crypto products, services and solutions to customers all over the globe.

The exchange can be overwhelming for first-time investors due to its many features and products. However, investors and traders who are more experienced will find CEX.IO to be a good choice.

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