CEX.IO OPINIONS AND REVIEWS 2021: A solid and easy to use exchange - Advantages and Disadvantages

🔊 Listen to the audio version of the article

CEX.IO was launched in 2013 in London and initially operated as a Bitcoin exchange and cloud mining service.

At one point, its mining pool, known as Ghash.io, was one of the largest in the Bitcoin network, holding 42% of the total mining power in the Bitcoin network.

However, in January 2015, the site shut down its mining services, meaning it now operates purely as a cryptocurrency exchange, allowing users to buy and sell Bitcoin and a variety of other cryptocurrencies with credit or debit cards. instantly.

The CEX platform offers cross-platform trading via the website, mobile application (available on Android and iOS), WebSocket and Rest API.

CEX is one of the most popular cryptocurrency exchanges currently in operation. One of the main reasons for its popularity is that its website offers users a very easy to use interface, which makes it ideal for beginners.

It also provides a tiered account system which is customizable and suitable for both beginners and institutional traders.

Visit CEX.IO

How to register on CEX.IO

CEX is a UK limited liability company and is registered with the ICO in the UK and FINCEN in the US.

It operates under the KYC (know your customer) and AML (anti-money laundering) policies, which require users to verify their identity with CEX upon registration.

This verification consists of providing CEX with an e-mail address, a telephone number, creating a password and then verifying the telephone number and e-mail address before uploading any identification.

CEX provides a two-factor authentication system, via SMS, automatic phone call or via the Google Authenticator application.

How to buy

CEX accepts VISA, MasterCard or virtual credit cards. Once registered and after verifying their identity with CEX, users can purchase bitcoin or ethereum using a credit or debit card, a bank transfer or, if in the EU, a SEPA transfer.

It is then easy for you to add your credit or debit card to your account. Credit or debit card verification can take up to 48 hours, but once completed, you can buy bitcoin and Ethereum instantly from your CEX account.

Card verification requires users to take a selfie with their credit card, with the photo including a clear image of the user's face and their credit / debit card.

This photo must be in color, high resolution and the file size must not exceed 15MB. Users should be aware that if the quality of the selfie is not sufficient for the CEX Compliance Officer, another selfie may be requested.

Buying bitcoins

CEX does not disclose which external agencies it uses to verify user identification.

However, it states that user IDs and credit card details are kept for at least five years after the accounts are deleted. Once the credit card details are presented, CEX presents a small verification charge to the credit or debit card.

To verify the card, users must enter the exact amount of this charge in USD. This cost is automatically refunded to users once verification is complete.

Users can also transfer funds via bank transfer. CEX currently accepts US dollars, euros and rubles. The USD / EUR bank transfer fee is a flat fee of $ 10 / €.

CEX.IO clearly explains how its service works, with the summary below explaining how to buy cryptocurrencies through the platform:

Once a transaction is entered, CEX calculates the transaction price and freezes it for two minutes. Users then enter the amount (in fiat currency) of Bitcoin or Ethereum they wish to buy at that price and the amount of cryptocurrency they will receive is shown.
Once users have pressed the Buy / Sell button, the CEX system checks the user's account to make sure they have sufficient funds to complete the transaction.
Once this process is complete, CEX will complete the transaction, provided that the order can be executed on terms no worse than those agreed.
Hence, if the market has fallen, the transaction will continue at the most favorable rate.
However, if the exchange rate has risen in the meantime since the transaction was

How to trade

In addition to the easy purchase of cryptocurrencies, CEX also offers a more advanced trading screen for people who prefer to buy or sell this way.

Trading screen

It is not as advanced as other exchanges, but it is easy to use and allows you to trade cryptocurrencies using fiat currencies: USD, EUR, GBP.

CEX fees

CEX charges 3,5% plus a $ 0,25 / £ 0,20 fee for credit card deposits to user accounts. Credit card purchases must be processed instantly once the card is verified. Some users have complained that these additional costs are “hidden charges”.

However, CEX states that the reason for the premium is to ensure that it will always be able to execute orders, as it operates on a different principle than most exchanges in that it executes orders at the rate offered without exception (otherwise known as orders Fill-or-Kill).

The advantage of this format is that users are guaranteed to receive immediately and in full what has been agreed upon. However, other exchanges, such as Bitstamp, require users to wait for a seller to be ready to sell bitcoins to the buyer at the asking price. The advantage of the CEX therefore lies in the guarantees and the instantaneity of the transaction, but these guarantees are subject to a high price.

Additionally, CEX charges a 7% service fee, which is included in the price of the cryptocurrency offered on the exchange. However, this service charge is only applicable when users purchase directly from CEX. If a user uses the trading services, a different fee applies.

Trading fees

The basic commission for trading on the CEX platform starts at only 0,25%. However, higher fees apply when using credit or debit cards or withdrawing from bank accounts.

They use the Taker / Maker model for trading on the platform, with commissions decreasing with volume as follows:

Trading volume 30d, creator of BTC Taker
≤ 5 0.25% 0.16%
≤ 30 0.23% 0.15%
≤ 50 0.21% 0.13%
≤ 100 0.20% 0.12%
≤ 200 0.18% 0.10%
≤ 1000 0.15% 0.08%
≤ 3000 0.13% 0.04%
≤ 6000 0.11% 0.00%
6000 0,10% 0,00%

Commentators felt that CEX's exchange rates are in the middle of the market and reasonable compared to other cryptocurrency exchanges (aside from the service fee).

Deposit / Withdrawal Fees

The deposit and withdrawal fees depend on the chosen method and are broken down as follows:

Currency Payment method Deposit Withdraw
USD
VISA 2.99

Service tax:

up to 3% + $ 1.20

MasterCard 2.99

Service tax:

up to 1,8% + $ 1,20

Commission:

up to 1,2% + $ 3,80

Bank transfer $ 0

ACH$0

EUR
VISA 2.99

€ 0

Service tax:

up to 3% + € 1,50

Commission:

up to € 3,50

MasterCard 2.99

Service tax:

up to 1,8% + € 1,50

Commission:

up to 1,2% + € 3,50

Bank transfer € 0

SEPA €0

GBP
VISA 2.99

Service tax:

up to 3% + £ 2.10

MasterCard 2.99

Service tax:

up to 1,8% + £ 2,10

Commission:

up to 1,2% + £ 2,90

Bank transfer £ 0

Faster Payments £ 0

RUB
VISA 2.99

Service tax:

0.5% + ₽ 20.00

Commission:

2.5% + ₽ 30.00

MasterCard 2.99

Service tax:

0.5% + ₽ 20.00

Commission:

2.5% + ₽30.00

CEX limits

CEX offers users a range of different accounts, each offering different transaction limits. Updates can be a long process, but subsequent purchases with verified accounts are much faster. The range of available accounts is as follows:

Identity Level: For 1 transaction: min $ 20.00 / max $ 1.000.00 / daily up to $ 1.000.00 / monthly $ 3.000.00
Address Tier: for 1 transaction: min $ 20.00 / max $ 3.000.00 / daily up to $ 3.000.00 / monthly $ 30.000.00
Enhanced Tier: for 1 transaction: min $ 20.00 / max $ 10.000.00 / daily up to $ 10.000.00 / monthly $ 100.000.00
Corporate Level: for 1 transaction: min $ 20.00 / max $ 10.000.00 / daily up to $ 10.000.00 / monthly $ 100.000.00
Payment method limitations

In terms of withdrawals, CEX is one of the few exchanges that allow users to withdraw funds to a credit or debit card. Their limitations are as follows:

Deposit limits

1

Recommended limits
for 1 transaction:

min $ 20.00

max $ 1.000,00

up to $ 1.000,00 daily

monthly $ 3.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 3.000,00

up to $ 3.000,00 daily

monthly $ 30.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 10.000,00

up to $ 10.000,00 daily

monthly $ 100.000,00

Recommended limits
for 1 transaction:

min $ 20.00

maximum $ 10.000,00

up to $ 10.000,00 daily

monthly $ 100.000,00

2

Recommended limits
for 1 transaction:

min $ 300.00

max $ 200.000,00

daily $ 200.000,00

monthly $ 500.000,00

Recommended limits
for 1 transaction:

min $ 300.00

max unlimited

unlimited daily

unlimited monthly

Recommended limits
for 1 transaction:

min $ 300.00

max unlimited

unlimited daily

unlimited monthly

3

Recommended limits
for 1 transaction:

min $20.00

max $ 200.000,00

daily $ 200.000,00

monthly $ 500.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max unlimited

unlimited daily

unlimited monthly

Recommended limits
for 1 transaction:

min $ 20.00

max unlimited

unlimited daily

unlimited monthly

As for withdrawals, here are the limits for each type:

Setback limits

1

Service tax:

up to 3% + $ 1.20

Commission:

up to $ 3,80

Recommended limits
for 1 transaction:

min $ 20.00

max $ 1.000,00

up to $ 1.000,00 daily

monthly $ 3.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 3.000,00

up to $ 5.000,00 daily

monthly $ 30.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 5.000,00

up to $ 10.000,00 daily

monthly $ 50.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 5.000,00

up to $ 10.000,00 daily

monthly $ 50.000,00

 2

Service tax:

up to 1,8% + $ 1,20

Commission:

up to 1,2% + $ 3,80

Recommended limits
for 1 transaction:

min $ 20.00

max $ 1.000,00

up to $ 1.000,00 daily

monthly $ 3.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 3.000,00

up to $ 5.000,00 daily

monthly $ 30.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 5.000,00

up to $ 10.000,00 daily

monthly $ 50.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max $ 5.000,00

up to $ 10.000,00 daily

monthly $ 50.000,00

 3

Commission:

0.3% + $25.00

Recommended limits
for 1 transaction:

min $300,00

max $ 50.000,00

daily $ 50.000,00

monthly $ 300.000,00

Recommended limits
for 1 transaction:

min $ 300.00

max $ 200.000,00

daily $ 200.000,00

monthly $ 1.000.000,00

Recommended limits
for 1 transaction:

min $ 300.00

max $ 200.000,00

daily $ 200.000,00

monthly $ 1.000.000,00

4

Recommended limits
for 1 transaction:

min $ 20.00

max $ 200.000,00

daily $ 200.000,00

monthly $ 500.000,00

Recommended limits
for 1 transaction:

min $ 20.00

max unlimited

unlimited daily

unlimited monthly

Recommended limits
for 1 transaction:

min $ 20.00

max unlimited

unlimited daily

unlimited monthly

Is CEX a reliable and safe exchange?

CEX claims to use offline cold storage to hold user funds, although it does not provide further details on where or how this process occurs. As noted above, the platform offers two-factor authentication for account protection which, while inconvenient for some users, ensures account security.

CEX has suffered at least one hacking incident, although this occurred in 2013 when the exchange was in its infancy. The vulnerability was fixed at the time, and no security incidents have been reported since.

Countries and states supported

CEX operates in most countries around the world, except those listed below:

The following countries are restricted for credit card purchases: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
The following countries cannot purchase by bank transfer: Afghanistan, Democratic Republic of Congo, Ivory Coast, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia , Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.

CEX is registered in 24 US states, but is NOT supported in the following states: Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire , New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, US Virgin Islands, Vermont, Virginia, Washington.

CEX customer support

CEX is generally well regarded for its customer support, which is not a traditional strength of cryptocurrency exchanges.

It offers email customer support and a comprehensive FAQ section.

While there are many complaints online about CEX's customer support, it would appear from a number of tests we have conducted that they are relatively responsive and take the time to respond to online reviews.

Conclusion

In the past, CEX has had a mixed reputation within the cryptocurrency community, often being the target of bad publicity and negative reviews. Most of these negative comments stem from complaints about hidden fees applied to the service, difficulties some users have in verifying their identity, or customer support issues.

Since we updated this guide in 2020, their reputation has only increased with a lot more positive reviews online.

CEX is a reliable exchange in our eyes, we have used them for years without problems and they are also well regulated - with the FCA in the UK and the FINCEN in the US which should put people who want to use them at ease.

Its user-friendly interface is ideal for beginners and allows for quick and easy entry into the world of cryptocurrencies. Its cross-platform application makes it easy to keep track of your account on the go.

CEX has continued to innovate with the addition of new cryptocurrencies, a more advanced trading platform, and they are looking to add margin trading to the platform soon.

The account verification process can be a bit cumbersome, but this is true with all major exchanges these days as regulations and laws around the world have become stricter. This should also be seen as a positive, as you can be sure they are abiding by the laws as any leading stock exchange should.

Even though CEX's main drawback is its higher fees, it's still a reliable exchange for buying and selling Bitcoin, Ethereum, and other cryptocurrencies.

They are one of the few exchanges that offer credit / debit and fiat card withdrawal options, so if you are looking for this feature, you should definitely check out CEX.

Visit CEX.IO