CEX.IO is a cryptocurrency exchange based in London, United Kingdom. The exchange offers a range of products to customers from all around the world. CEX.IO stands tall among pioneer exchanges that made Bitcoin available to millions of enthusiasts, even before cryptocurrency became an adopted ecosystem.
In operation since 2013, CEX.IO has built a reputation of resilience and safety and has remained at the forefront of developments in the rapidly evolving crypto sphere.
Smartphone users easily access the trading platform via apps built for all major operating systems. CEX.IO is multifunctional, whereby it offers unique services to non-trading crypto enthusiasts, crypto traders, and crypto-focused businesses.
CEX.IO Review – Overview
CEX.IO offers a wide array of products ranging from instant buy/sell of crypto to margin trading. Other features, such as loans, savings, and crypto custody are also being introduced. CEX.IO is huge on platform security, and it has the blessings of reputable regulators in both the UK and the US.
Table of Contents
What is CEX.IO?
Oleksandr Lutskevych founded CEX.IO in 2013. He is also the Chief Executive Officer of CEX.IO Ltd. The company is responsible for running the CEX.IO cryptocurrency exchange. Initially, CEX.IO Ltd provided cloud mining services for customers across the United Kingdom and internationally.
After years of evolution, CEX.IO is now a dedicated platform where users can buy and sell cryptocurrency, and even engage in spot and margin trading. CEX.IO offers one of the safest cryptocurrency trading platforms in the global crypto ecosystem. The platform has never reported lost funds – either crypto or fiat currency – since it opened for business.
CEX.IO is among the few crypto exchanges registered with the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This means Oleksandr Lutskevych and his team always inform the US Treasury Department about suspicious financial transactions denominated in US dollars. For this reason, CEX.IO has locked out criminals who would have wanted to use the exchange for any criminal purposes.
Further, the close working relationship with FinCEN demonstrates that CEX.IO has stringent measures in place to identify its customers. To this end, new users undergo a know your customer (KYC) screening process. In addition, all customers are under obligation to adhere to CEX.IO’s anti-money laundering (AML) policies.
According to information available on CEX.IO’s website, about 2.7 million customers from across the world use the exchange. This has been made possible by the many avenues through which customers can access the platform. If not through the web, CEX.IO customers can access their accounts via mobile devices and API integrations. This kind of freedom to use a device of choice has not yet been offered by other companies and gives CEX.IO an edge over the competition.
How Does CEX.IO Work?
CEX.IO places its users into three categories. These are the ‘For Everyone Category’, the ‘Traders Category’, and ‘Businesses Category’.
To get started with CEX.IO, you need to register for an account. Every new account is the most basic. With this account, you can buy Bitcoin and many other altcoins using your favourite payment method. Although you can trade with this account, you cannot place orders beyond $100. To access higher amounts, you will need to provide more personal details for further identity verification.
When opening an account for the first time, customers must provide a valid email address and the country of residence. After verifying your email, the platform will then ask for more personal details, including full name and date of birth. Once you click ‘Next’, CEX.IO will create an intro account for you.
An Intro Account is the most basic of all accounts on CEX.IO. Intro Account holders can make a deposit of up to $100 in fiat currency, as well as make fiat currency withdrawals of up to $100 per day. When making crypto deposits, however, Intro Account holders can make unlimited deposits.
With the Intro Account, CEX.IO customers can access all the products that CEX.IO offers. For instance, you can start learning how to navigate the platform through a demo trading feature. The demo account comes pre-funded with dummy money, and it mimics the live trading environment.
Under the Traders’ category, you can make limit and market orders even with an Intro Account after loading funds. CEX.IO accepts deposits via wire transfers and credit/debit card. On the ‘Trade’ page, users can conduct technical analysis using real-time charts which come equipped with various technical analysis tools. Also, users can view the tradable currency pairs, see the order book, as well as check the market depth.
Key Services & Additional Features
In addition to spot trading, CEX.IO customers can make leveraged trades. The trading platform offers leverage levels as high as 1:100.
To demonstrate its adeptness at helping customers generate a good passive income, CEX.IO offers staking services. Staking means offering your digital currency to third party proof-of-stake blockchain platforms whereby you participate in validating transactions on the platforms. In exchange, you earn staking rewards. About 10,900 CEX.IO clients participate in the staking program, and the platform has already paid out $235,000 in staking rewards.
Another one of CEX.IO’s unique features is loans and savings. Customers (both individuals and businesses) will be able to apply for and to receive loans from the platform. Though this feature is yet to launch, it is an exciting addition to CEX.IO’s already large product catalogue. Another upcoming feature – for businesses only – is custody services. CEX.IO will place clients’ coins in cold storage for as long as the clients wish at a small fee.
What Cryptocurrencies are listed on CEX.IO?
On CEX.IO, you will find various cryptocurrencies, but the number varies depending on whether you are buying or selling. CEX.IO users can buy 26 coins, which include:
- Ethereum (ETH)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- … and 22 others.
Find the full list of coins you can buy here.
CEX.IO allows you to deposit or even sell a few other coins. These include:
- Bitcoin (BTC)
- Tether (USDT)
- Ripple (XRP)
- Litecoin (LTC)
- Tezos (XTZ)
- Ethereum (ETH)
- Matic Network (MATIC)
- Bitcoin Cash (BCH)
- Basic Attention Token (BAT)
When it comes to trading, CEX.IO offers various cryptocurrency pairs for trades. The coins whose pairs you will find on the trading platform are:
- Ripple (XRP)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
Supported Countries, Currencies and Payment Methods
Information on CEX.IO’s website says the trading platform serves clients in 99% of all countries in the world. In countries such as the United States, however, CEX.IO is available in just 27 states. Specific countries are not supported when it comes to transactions using credit cards and wire transfers. For instance, users in the following countries cannot transact using credit cards:
- Bosnia and Herzegovina,
- … and others.
Many of these countries face some form of sanctions from the United States.
What fiat currencies does CEX.IO support? Here is a full list:
- Russian Ruble (RUB)
- British Pound (GBP)
- Euro (EUR)
- US Dollar (USD)
Lastly, CEX.IO supports the following payment methods:
- Skrill (for Europe-based customers)
- Debit and credit card
- Wire transfer
- ACH (domestic transfer)
- Bank transfer
How to Trade Bitcoins For Other Coins on CEX.io Exchange
No Cex.io review would be complete without simple instructions for trading Bitcoins for other currencies. Because CEX.io also supports ZCash, Dash, BTG, etc. it's not simply an onramp for fiat currency but a small conventional crypto exchange in its own right. To start trading your Bitcoins (or whatever other coins you have deposited into a CEX.io wallet), visit the Trading page. Here you'll find an interface that works much like the Buy Sell page, but involves no fiat currency in the bargain.
How to buy Cryptocurrency on CEX.IO
CEX.IO makes buy/sell transactions easy and fast. Here is how you can buy cryptocurrency:
- Register for an account and go the Buy/Sell page.
- Specify the digital asset you wish to buy.
- Select the fiat currency that you wish to use and click ‘Buy’.
- If you are using a card to purchase, then link your card.
- Countercheck the card details for any errors and then click ‘Buy Now’.
CEX.IO Fees and Limits
CEX.IO charges a range of fees and commissions on certain transactions. When you deposit funds (fiat currency) using Visa, for instance, the deposit commission ranges from 1.49% to 2.99%, which is similar to commissions on MasterCard deposits. However, deposits via SWIFT, SEPA, and Faster Payments do not attract any fee nor commission.
Additionally, CEX.IO charges taker and maker fees. Takers are parties who take liquidity from the market while makers are the parties who provide liquidity by adding orders to the order book. Taker orders attract a fee that ranges from 0.25% to 0.1%, which is contingent on the party’s trade volume. On the other hand, makers pay a fee of between 0.16% and 0%.
CEX.IO has limits on certain transactions. For instance, you can only deposit a minimum of $20 per day when using a Visa card but without a maximum limit. The maximum deposit is also unlimited when using MasterCard, SWIFT, and SEPA. In domestic bank transfers, you can deposit a minimum of $20 and $100,000 on the maximum side. Also, Skrill users can deposit $20 on the lower limit and $10,000 on the upper limit.
There are also withdrawal limits on CEX.IO. Visa and MasterCard users have a daily withdrawal limit of $50,000 and $2,500 respectively on the upper side and a $20 limit on the lower side. There is no limit on the daily withdrawal amount you can make via SWIFT and SEPA, except lower limits of $300 and $20 respectively.
However, you need to verify your account to access most of these limits. Intro Account holders can transact with a daily maximum flat-limit of $1,000, no matter the transaction. To use many payment methods like SWIFT, domestic bank transfers, and ACH, you must verify your identity.
Is CEX.IO Safe?
CEX.IO has built a reputation for safety over the years, specifically due to the measures implemented. For a long time, CEX.IO has been registered with FinCEN to ensure that its AML and KYC practices are up to international standards.
Strict adherence to AML and KYC guidelines aside, CEX.IO advises its clients to enable two-factor authentication (2FA) for their accounts. The most popularly used 2FA method is via the Google Authenticator app, but the SMS method is also available.
2FA entails an additional layer of security processes to check the validity of the details entered in the sign-in area. When 2FA is enabled, you will be required to provide a unique access code to your account after entering the account name and password. The second type of validity check adds an extra security layer to protect your personal information.
Other safety measures implemented include a withdrawal pin code. A withdrawal pin code is a must-have before you can withdraw your funds. You will be prompted automatically to set up the pin code before completing the withdrawal request. This layer of security is mostly used on the CEX.IO mobile app. For this reason, it is advisable to select a different code than the one used to unlock your phone or tablet.
Also, CEX.IO’s robust customer support is a great safety measure. Any time there is an attempted hack, the CEX.IO team communicates to the customers, informing them of the breach, and advising a change of password. For this communication, CEX.IO insists on official channels to ensure that no customer falls prey to bad actors.
Following these safety measures, we are left with the certainty that CEX.IO is a safe cryptocurrency exchange.
Is CEX.IO Legit & Regulated?
CEX.IO Ltd was registered in the United Kingdom in 2013 before it started to offer the crypto exchange services. Since then, the company has been operating under the watchful eye of the Financial Conduct Authority (FCA).
In 2017, the US Treasury Department’s FinCEN carried out an audit of CEX.IO and gave a clean bill of health in its report. This was followed by CEX.IO participating in the founding of CryptoUK, a trade association made up of UK-based crypto-focused companies whose task is to regulate the association’s members. The goal of CryptoUK is to promote high standards of conduct in the country’s crypto assets industry.
In 2020, CEX.IO officially launched in the United States, after which it received the Money Transmitter Licenses (MTL) on July 04. The MTL permits CEX.IO to operate in nine US states, which brings the total number of states permitting CEX.IO’s operations to 27.
Legitimate cryptocurrency exchanges are those that have licenses from reputable regulators like the FCA and FinCEN. From the foregoing, we can conclude that CEX.IO is a legitimate exchange that operates to the highest industry standards.
CEX.IO Vs. Other Exchanges
CEX.IO is a leading cryptocurrency exchange on many fronts, excelling in platform safety and the range of products offered. This, though, does not blind us to the fact that many other crypto exchanges exist that offer competitive products and fees. Here, we provide a few alternatives that we highly recommend.