CEX.IO Review: A Crypto Exchange That’s Safe, Secure, and Easy to Use

CEX.IO feature image

CEX.IO started life as a cloud mining provider with, back in 2013. Since then, it has evolved into a popular cryptocurrency exchange with over 1 million users and no longer runs a mining pool.

Is CEX.IO worth your time and money? Let’s find out.

What Services Does CEX.IO Offer?

CEX.IO is primarily a cryptocurrency exchange. You can exchange your fiat currency for one of nine cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Bitcoin Gold
  • Dash
  • Litecoin
  • Ripple
  • Stellar Lumens
  • ZCash

You can make cryptocurrency purchases using USD, GBP, EUR, and RUB. Users can purchase cryptocurrency directly from CEX.IO, but it does come at a premium.

The CEX.IO commission is quite high. Using their integrated Fill-or-Kill system, your cryptocurrency purchase attracts a 7% levy. That means if you bought $1000 of Bitcoin, you would only end up with $930 worth of Bitcoin in your account. trading fees change

CEX.IO users can use fiat currency or a supported cryptocurrency to make limited trades (e.g., market, limit price, stop-loss), or an instant fill buy order.

CEX.IO also supports margin trading. The CEX.IO margin trading feature allows you to take a long or short position on Bitcoin, Ethereum, and Bitcoin Cash, using either USD or EUR. The margin trading feature allows up to three times leverage.

(Check out our coverage of the other cryptocurrency exchanges available to you!)

Does CEX.IO Have Trading Fees?

CEX.IO operates a variable fee schedule. If you trade over a certain volume in Bitcoin each day, your fee schedule can change. If your volume rises, you receive lower fees in return. The below table illustrates the potential fee changes. trading fees change

CEX.IO charges a reasonable amount for Deposits and Withdrawals.

  • A USD VISA or Mastercard deposit incurs a 2.99% fee, while a withdrawal to either of those accounts has a levy of up to 3% plus a $5 processing fee.
  • A USD bank transfer deposit costs nothing, while a withdrawal attracts a 1% levy.

You can read the full Deposit and Withdrawal fee schedule here, including EUR, GBP, and RUB.

What Are CEX.IOs Buying Limits?

CEX.IO has four different account limits: Identity (basic), Address, Enhanced, and Corporate. Each account has a different purchase limit as well as requiring additional verification.

  • Identity: The Identity account limit is up to $1,000 per day or a maximum of $3,000 per month.
  • Address: Address accounts have up to $2,000 per day or a maximum of $20,000 per month.
  • Enhanced: An Enhanced account has a daily limit of up $8,000 or a maximum of $80,000 per month.
  • Corporate: Corporate accounts have the same limits as the Enhanced account, but come with additional Corporate functionality.

Each account level requires another slew of verification documents. CEX.IO practices KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. The addition of KYC to the CEX.IO exchange brought about a 30% decrease in fraudulent activity.

“With the upgraded KYC procedure, CEX.IO is aiming at a zero-fraud service, which results in absolute security of customers’ funds. As of now, we are offering verification through the mobile app, but our system is able to work with all types of interfaces, including tablets and web.”

CEX.IO Verification Documents

Identity account verification requires a proof of identity document, such as a driving license, passport, or identity card from your country of origin. You cannot trade on CEX.IO without providing this information, unlocking the basic “Identity” account.

The next step is the “Address” account. To unlock the Address account, you must provide CEX.IO with a proof of address document, such as a bank statement or utility bill. In addition, you can provide CEX.IO with links to your social media accounts, such as LinkedIn or Facebook, to increase your chance of verification.

Enhanced and Corporate account verification requires additional documents, including proof of earnings and corporate information. When you pass the Address account verification, you can request Enhanced verification, and CEX.IO inform you as to which documents they require.

CEX.IO doesn’t disclose which service it uses to verify your identity. It does, however, confirm that your documents will remain on file for up to five years after you delete your account.

Which Countries Can You Use CEX.IO In?

CEX.IO is available in most countries around the globe, but there are a few restrictions for certain services in specific countries.

  • Countries not supported for credit card purchases: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
  • Countries not supported for wire transfers: Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.
  • US states not supported at all: Alabama, Alaska, Arizona, 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.

Is CEX.IO Safe? Can You Trust CEX.IO?

CEX.IO has suffered one hack, back in 2013. The hack took place when the exchange was extremely young. Since that time, CEX.IO has remained secure. (Check out the worst cryptocurrency hacks of all time—don’t worry, CEX.IO isn’t on the list!)

CEX.IO strongly advises its users to use two-factor authentication to protect your accounts. (As do Blocks Decoded!)

With regards to trust, CEX.IO does carry a very mixed reputation throughout the cryptocurrency world. I know that all exchanges have detractors, and all exchanges will get things wrong from time to time.

But CEX.IO does have large numbers of users unhappy with the amount of time it takes to remove their funds from the exchange. There are also reports of direct bank transfers going missing or never reaching their designated account. Now, these are online posts, and anyone can head online and type whatever they want. After a while though, you must question why the volume of negative experiences is as high as it appears.

On the flipside, I also read a lot of very positive reports. Positive reports are always harder to come by because when everything is working well, users just get on with their business.

Is CEX.IO Worth Your Time?

Overall, the CEX.IO exchange is easy to use. It has a familiar interface that while unspectacular, makes buying, selling, and trading cryptocurrency a simple endeavor. You can access CEX.IO from your browser, or via the Android or iOS apps, another positive.

Is CEX.IO worth your time? We believe it is. If you want to give it a whirl, sign up for a CEX.IO account today!

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