CEX.IO Review – How Does This Cryptocurrency Exchange Stand Out?

Summary

Have you really been itching to try out the cryptocurrency market CEX.IO? CEX.IO is a cryptocurrency market whose objective is to produce buying straightforward and easy. With various features and tools, CEX.IO has lots of discussions. Maybe your chatter good, though? Read our review on CEX.IO and choose for your self whether this is the cryptocurrency platform for you.

CEX.IO

For speculators or even cryptocurrency users who prefer an easy buying experience in regards to building their portfolios, both brokerage platforms are the thing to do. Luckily, you can find lots of diverse options it’s possible to select from in terms of finding a market together with your easy, and convenient products and services. CEX.IO is among these trades, as well among the earliest platforms on the business, they’ve assembled a solid standing concerning the buying of cryptocurrency.

CEX Main

CEX.IO

A Brief History of CEX.IO

CEX.IO, a London-based market, comes with an intriguing history, like in 2013, the business made its launch as being a provider for cloud mining solutions, also owned the GHash.IO mining pool. This ceremony enabled visitors to “pool” their funds together into a bigger network of miners, with the block advantages being divided amongst most the users at the pool. At one point, GHash.IO constructed almost 42 percent of their entire mining power-on the Bitcoin system, although business made precautions to protect against obtaining 51 percent of their mining power (which could allow the enterprise to take control the system completely, in what’s referred to as being a “51% Attack”). Finally, CEX.IO started to transition towards conversion and exchange solutions, allowing clients to convert their own fiat to get cryptocurrencies. September 2014 watched the accession of the USD, and also the Euro as base monies for repayment, with all the Russian Ruble being inserted per year after in 2015. Meanwhile, CEX.IO stopped their mining service stage, effortlessly altering the provider ‘s attention to introducing a trading platform. Now, CEX.IO functions as a brokerage and trading platform and is enrolled with FINCEN.

CEX.IO Product Offerings

The stage delivers quite a few distinct cryptocurrencies for buy for example Bitcoin; Bitcoin Cash; Bitcoin Gold; DASH; Ethereum; Litecoin; Ripple (XRP); along with Stellar Lumens (XLM). All these cryptocurrencies are sold with USD, using some cryptocurrencies is purchased with the Euro, GBP, and also the Russian Ruble, via bank transfers, bank cards, or even SEPA transfers (in a case in Europe). A number of the aforementioned crypto stocks might be changed to someone of those additional offered cryptocurrencies.

CEX.IO Platform and Tools

CEX.IO provides several diverse options for its buying and sale of cryptocurrencies. For the newcomer, or for anybody who favors a simple, easy-to-use working experience, CEX.IO provides a brokerage services, allowing users to buy any quantity that they really want, at reduced price. The amount pays with the brokerage will be marginally greater than you will cover an area trading platform. That is due to the fact that the agency is actually acting as the middleman, handily performing the deal medially your market so that the purchaser doesn’t have to. This method is perhaps the easiest for anyone just getting into the space, or for that savvy individual that likes to have a daily/weekly/monthly buy, regardless of the cost.

To buy on the brokerage platform, all a customer needs to do is simply input the type of cryptocurrency they wish to buy, followed by the type of currency they will be using to complete the buy. The minimum amount one can spend is $20 USD. The exchange offers the given cryptocurrencies in tiers of $200, $500, $1000, or custom amounts.

CEX.IO Buy

A spot trading platform is also available to customers. This platform is similar to many others in the industry, allowing customers to place purchase and sell orders at custom amounts. This method is generally not recommended for newcomers to the space, as it is easy to lose money in the event that one does not know what they are doing.

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CEX.IO also provides a margin trading platform. This is similar to the spot trading platform, but allows customers to apply leverage to their positions. Customers are able to borrow money to make their trade volume larger, thus (in theory) creating larger benefits in the event of a successful trade. Margin trading should be reserved for professional traders only, as individuals can liquidate their accounts easily.

CEX.IO Margin

CEX.IO Margin Trading

A mobile application is also made available for convenient, on-the-go crypto trading. Many of the functions found on the full website are also available on the mobile application. This is handy for the trader that needs to monitor their open positions, as well as the customer that needs an even more convenient method of buying crypto.

CEX.IO Mobile

CEX.IO Affiliate

CEX.IO also has an affiliate program that rewards users for referring their friends and family to use the exchange. To incentivize referrals, the platform rewards referrers with 30% of the fees from every deal made by the referred customers on the exchange. This is could possibly become profitable for individuals depending on the amount and frequency of the referred customers’ trades.

Opening a Free Account on CEX.IO

Opening a free accounts on CEX.IO is comparatively straightforward. But since the market is enrolled together with FINCEN and supplied by KYC (“Know-Your-Customers”) and AML (Anti-Money Laundering) legislation, clients are expected to verify their identity till certain point, determined by the degree of ceremony which the customer wants to make use of.

CEX.IO Register

To start, the newest customer should click on the “Register” button on the upper header of this CEX.IO page. This will make it possible for the client to enter their current email address, in addition to their preferred password. After seeing the Terms of Use, the Cardholder’s Agreement, along with CEX.IO’s Privacy Policy, the purchaser might need to look at the associated boxes suggesting compliance to the provisions. An extra box provides the client with the option of having delivered mails seeing fresh CEX.IO features and chances. After completing a CAPTCHA, the consumer needs to check their email, to which CEX.IO will subsequently send a message containing a code that’ll validate which the address is correct and valid. Entering the code to the corresponding box CEX.IO will finish the email confirmation procedure.

CEX.IO Email Confirmation

CEX.IO Confirmation Code

CEX.IO Registration Email Confirmed

The market will subsequently request that purchaser ‘s contact number, which can soon be related to the accounts and also be useful for two Factor Authentication. Once the quantity is inserted, the market will send a tiny code via SMS or phone call, which (just like the email confirmation ) is utilized to confirm the device number provided is legal.

CEX.IO Phone Verification

CEX.IO Phone Verification Type

CEX.IO Phone Verification Code

CEX.IO Phone Verified

It also needs to be mentioned that clients have various options for logging in to CEX.IO. Users may join using their own Facebook credentials; making use of their Google accounts; Github; VK; Telegram (in beta), in addition to confirmation via Telegram Passport.

Once the customer has enrolled and supported their email and contact number, they’ll have to submit personal documents to validate their identity, according to KYC/AML legislation. The degree of services open to this client greatly depends upon the total amount of information that the person provides.

CEX.IO Know Your Customer

CEX.IO KYC Identity Verification

The before all else amount of confirmation (using ID’s such as Drivers Licenses and Passports) permits the consumer usage of the capability to buy and sell crypto utilizing VISA/MasterCard, with an everyday deposit/withdrawal limitation of $1, 000, and also a monthly limit of $3000. The 2nd amount of confirmation provides the consumer usage of SWIFT and ACH transfers, in addition to boundless daily and regular monthly withdrawals and deposits to/from the market. Amount two bank card limits have been up to $3000 per day, and $30,000 per month; whereas SWIFT and ACH transfers possess a limitation of $200,000 per day, and $500,000 yearly. The Enhanced and Corporate degree accounts have unlimited withdrawals and deposits. Employing VISA/MasterCard with all these reports includes a $10,000 daily limitation, and also a $100,000 yearly limitation. SWIFT and ACH transfers with all an Enhanced and Corporate degree balances possess an infinite daily and yearly limitation.

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To create any purchases; save charge card information; make use of the brokerage stage, trading platform, or even gross stage, an individual ‘s individuality has to be verified to a particular level. It needs to be noted, whilst CEX.IO emerges worldwide, most states are exempt from charge card purchases and banking transfers together with CEX.IO. In the same way, the gross profit trading platform is simply accessible 27 states (the list is currently viewable here).

Since every nation of the United States needs its licensing and regulations, CEX.IO is enrolled in 24 countries such as: California; Connecticut; Illinois; Indiana; Kentucky; Maine; Massachusetts; Minnesota; Missouri; Montana; Nevada; New Mexico; New York; Oklahoma; Pennsylvania; along with Rhode Island. Service Isn’t encouraged in Guam or the U.S. Virgin Islands.

Currently, charge card transactions Aren’t accessible: Vietnam; Qatar; Yemen; Saudi Arabia; Oman; Kuwait; Algeria; Afghanistan; Libya; Iceland; Bahrain; Iraq; Nigeria; Palestine; Lebanon; along with Pakistan.

Bank transfer buys are limited in: Haiti; Iraq; Iran; Liberia; Guinea; Sudan; Tunisia; Syria; Turkey; Afghanistan; Somalia; Eritrea; Guinea-Bissau; Kenya; Zimbabwe; Ethiopia; Vietnam; Libya; Tanzania; Yemen; Cte de ‘Ivoire; So Tom and Principe; and the Democratic Republic of the Congo.

CEX.IO Fees

Like any other exchange in the cryptocurrency space, CEX.IO has a fee schedule in place in order to maintain the company and build a benefit. The fee the user will pay greatly depends on the service and payment method a customer uses, as the brokerage style of buy will carry a higher fee, as will any credit card transactions.

For the spot trading platform offered by CEX.IO, a standard Maker/Taker fee model is in place. The fee a trader pays will greatly depend on the volume (measured in BTC) they have traded over a 30-day window. Fees start at 0.16% (Maker)/0.25% (Taker) for a 30-day volume of 5 BTC or less, with the fee table adjusting incrementally as the volume increases.

CEX.IO Fee Schedule

The margin trading platform on CEX.IO carries a 0.2% fee for all transactions made on the platform, with a rollover fee of 0.04% for every 4 hours that a leveraged trade/position is open.

CEX.IO Margin Fee

For the brokerage section of CEX.IO, all deposits being made via VISA/MasterCard purchases will carry a 2.99% deal fee (not including any fees that may incur from the issuing credit card company). Bank transfers, as well as ACH (if in U.S.) and SEPA (if in Europe) transactions do not carry a fee to deposit.

Withdrawing funds, on the other hand, incurs more fees. For USD withdrawals, using a VISA card incurs a service charge of up to 3% $1.20, with a commission of up to $3.80; MasterCard USD withdrawals incur a service charge up to 1.8% $1.20, with a commission of up to 1.2% $3.80. USD withdrawals using bank transfers incurs a 0.3% $25 fee. There are no fees for ACH transfers.

For Euro withdrawals using a VISA card, a service charge will incur up to 3% 1.50, with a commission up to 3.50. Euro MasterCard withdrawals have a 1.8% 1.50 fee, with a commission of up to 1.2% 3.50. Euro bank withdrawals have a 0.3% 25 fee, whereas SEPA transfers (both deposits and withdrawals) have no deal fee.

The GBP has a similar setup for withdrawals on CEX.IO, with GBP VISA withdrawals incurring a service charge of up to 3% 2.10, with a commission of up to 2.90. GBP withdrawals using MasterCard has a 1.8% 2.10 service charge, with a commission of up to 1.2% 2.90. GBP withdrawals using a bank transfer has a 0.3% 25 fee.

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CEX.IO currently does not allow bank transfers for the Ruble, but does allow for transactions to be made using both VISA and MasterCard credit cards. All deposits carry a 2.99% fee (as seen with the other currencies). Withdrawals using either VISA or MasterCard carries a 3% 50 fee.

CEX Currency Fee

CEX.IO Currency Fees

In addition to the various fees that a customer may pay while using the broker (depending on the chosen payment method), CEX.IO also adds a 7% fee that is included with the amount seen on their brokerage platform. As mentioned previously, this is the service fee for acting as a sort of middleman medially the customer and the exchange.

An interesting note is that CEX.IO also has a storage fee for any of the user’s funds that are stored on the exchange. While users should never keep any cryptocurrency (not actively in a trade) on an exchange, this is important to keep in mind, as these fees can rack up quickly if the funds are left to sit for an extended period of time.

CEX.IO Storage

CEX.IO Customer Service

For customer service related issues, CEX.IO has a few different options to assist the customer in any way they may need. An FAQ exists, featuring many different articles pertaining to their Customer Success Program; information about various financial aspects of the account (how to deposit/withdraw, wallet address questions, etc.); basic account FAQ; as well as information related to the live trading aspect of the platform. Customers can also open a support ticket with their 24/7 Support Team in the event that a solution cannot be found in the FAQ.

CEX.IO Customer Service

CEX.IO Customer Service FAQ

CEX.IO Differentiators

While it is true that many of the services found on CEX.IO are found on almost every other exchange in the industry, CEX.IO’s allowance for the buy of crypto using credit cards and bank transfers in 4 different currencies makes this a viable choice for the customer that may not be able to use other exchanges legally in their residential locations. The options that CEX.IO does provide gives everyone from speculators to traders a way to buy, sell, and trade crypto in the manner that they prefer.

CEX.IO Why Choose CEX.IO

Is CEX.IO Trustworthy?

Having been in the space since 2013, CEX.IO has built their reputation consistently. As the company was one of the before all else cloud mining providers in the industry, CEX.IO had made a name for itself, and after all transitioning to providing exchange services, the company has continued to uphold their reputation. Some bad reviews have been floating around regarding CEX.IO and their services (mainly regarding the high fees and KYC requirements). However, a good mark of customer service is the fact that the exchange’s support team takes the time to respond to all negative reviews in an effort to help distressed customers find a solution.

Conclusion

CEX.IO is a fairly decent option for anyone looking for a location to buy and trade cryptocurrencies. The amount of crypto stocks offered is admittedly smaller than those offered on other exchanges. The fees on the brokerage platform are almost ridiculously high, especially if one chooses to use a credit card to complete their buy. Depending on the service being used, it may be best to search out a different exchange that offers equal services with lower fees.

CEX.IO

3.2

Trust

3.2/5

Commissions and charges

2.9/5

Deposits and Withdrawals

4.0/5

Trading Platforms

3.1/5

Customer Service

2.8/5

Pros

  • Many options for traders, such as brokerage, spot trading, margin trading, as well as a mobile application for on-the-go use
  • Easy to use
  • Transparent about all fees
  • Offered in 4 fiat currencies, giving service to customers around the world

Cons

  • KYC/AML must be completed before purchases are made, with certain services locked until a degree of information is provided
  • High fees

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