CEX.IO CRYPTO EXCHANGE REVIEW – BROKER, FEATURES, FEES, IS CEX.IO LEGIT & SAFE 2020?
Cex.io Crypto Exchange is a cryptocurrency broker as well as a trading platform. Cex.io is an all-rounded, one of the oldest, and a reputable Crypto Exchange that combines both a great user friendly interface and offers a variety of trading options together with relatable algorithms. In this article I will make an in depth detailed ‘Cex.io Crypto exchange review’ and discuss brokerage services provided by the platform along features like Cex.io Fees, Cex.io trading options, Supported countries, Payment methods available, supported cryptocurrencies. Later, we will also analyze whether ‘Cex.io is safe and legit to use’?
CEX.IO Crypto Exchange was founded in 2013 in London (U.K) and initially operated as a Bitcoin exchange as well as a cloud mining service provider.
At one stage its mining pool, known as Ghash.io, was one of the largest in the Cryptocurrency market, holding 42% of total mining power of the Bitcoin network.
However, in January 2015 the site closed its mining services and now operates solely as a cryptocurrency exchange
In January 2015 the Cex.io Broker got regulated and licensed by Financial Crimes Enforcement Network (FINCEN) and the Information Commissioner’s Office (ICO) .
Cex.io crypto exchange review – Services
As one of the oldest platform Cex.io provides variety of services like Cex.io broker, multiple trading options and wallet services.
Cex.io is also a cryptocurrency broker. It allows you to buy supported cryptocurrencies with Master and Visa Card directly.
There is a slight difference between cryptocurrency broker and Cryptocurrency Exchange.
Cryptocurrency broker holds the cryptocurrency and sells cryptocurrency at a set price. A cryptocurrency broker mainly acts as an intermediary between the cryptocurrency market to simplify purchasing and selling of cryptocurrencies.
So cryptocurrency broker can be more expensive as they usually adds their premium to the original market price of the cryptocurrency. But Cryptocurrency broker is much faster and much safer platform for buying cryptocurrencies.
It means Cex.io broker allows you to buy cryptocurrency directly with credit card but with a premium ( slightly expensive rate)
CEX.io broker trades are based on Fill-or-Kill orders ( FOK).
FOK refers to the idea that an order must be filled immediately in its entirety or not executed at all. It’s like all or nothing (AON) but with a difference that FOK orders have a specific focus on the immediate point in time.
Because of this CEX.io has to charge customers a premium so that they will always be able to fulfill their orders, which results in higher exchange rate. The difference between the brokerage service exchange rate and a normal trading platform exchange rate fee can be as high as 7%.
Note – Cex.io lately decreased the credit card buying fee to 2.9% which is one of the lowest in the world
In their defence, Cex.io has clearly stated on their site that:
when a user enters a trade on this platform, they will deposit the amount they wish to spend, see the amount of Crypto they will receive; and upon indicating their choice, the platform will check for availability of enough funds. Once they verify their transaction, the company compares the order with those on the platform leading to an enhancement on the budget.
Trading services – Trading Types, Tools, and Trading Pairs on CEX.IO
CEX.IO has a easy to use and a use friendly trading interface featuring a variety of Trading orders types, technical analysis instruments and advanced trading tools.
Cex.io Crypto Exchange also has a high trading volume which provides users a lot more opportunities to trade, buy, and sell cryptocurrencies compared to smaller volume cryptocurrency Exchanges. Cex.io offers the following orders: Market order, Stop order and Limit Order.
However the Cex.io exchange currently doesn’t support trading with derivatives and futures,
But Cex.io offers margin trading based on CFDs (Contracts for difference) in a number of trading pairs.
Margin trading means borrowing funds from a trading site the (broker) for the trading cryptocurrency. It allows a crypto trader to trade more than their capital investment.
For example, If your initial capital investment is 100$ and you choose an exchange which offers 1:10 leverage.
Then you can borrow 900$ from that exchange hence you will be allowed to trade for 1000$.
It allows users to increase their profit possibilities (while also increasing the risk they are exposed to).
Margin Cryptocurrency trading is generally recommended to experienced traders (because some times it may be risky)
CFD stands for Contract for differences. When you are Trading CFDs you don’t buy actual coins, you’re just speculating on a coin’s futute price.
CFDs let you trade with crypto with low fees and quick execution.
Cex.io broker trading interface is fully personalized with the charts and the other necessary trading tools for analysis.
Risk management tools also help you to limit potential losses and increase profitability.
For beginners Cex.io also provides the demo account, Where you can get used to the trading interface and learn technicalities of trading without risking any money at the beginning.
Register an account at Cex.io
You can register at Cex.io exchange easily by providing your Email address or Phone number and setting up your password
As Cex.io is a regulated exchange and licensed by ICO (UK)
It applies KYC (know your customer) and AML (anti-money laundering) policies for registration. Which requires new users to verify their Email address and Phone number and then getting your Personal Information verified via uploading supporting ID documents.
As per the documents provided, users accounts will be classified as either Basic Account which buys Crypto by using cards; or a Verified Account which allows buying Crypto using all payment methods; or a Verified Plus Account where one can access all features in the verified account.
Cex.io Mobile app
Cex.io crypto exchange also has mobile apps for both Android and iOS. With the application,exchange becomes easier plus readily accessible.
- You can easily deposit and withdraw your funds
- You can Buy, Sell and trade crypto on the go
- You can monitor and track your orders
- Receive account related notifications and Price change alerts
- You can check your account balance.
- You can easily connect your account with mobile app by generation QR code at Your account profile page then scanning that QR code with the mobile app.
- You can also register new account with Mobile app
Verification and buying limits
Cex.io offers multiple account levels. Each account tier comes with it’s own advantages
These include additional payment options as well as higher limits on purchasing, deposits, and withdrawals
To achieve the higher account tier you need to get KYC verified. It means you have to get your identity verified.
Information and Documents required for verification
- Personal information (name, gender, date of birth, place of birth, address and a phone number)
- Government-issued id (ID card, passport, driver’s license) images
- Residence proof (utility bill with the user’s name and address or a bank statement)
- Selfie and note with an ID document
- Social media profiles (not mandatory, but do help in quicker verification)
Steps for basic identity verification
First you should choose how you will submit the photos. You can upload photos from your computer
Or you can also use mobile to submit the documents. You’ll see the QR code on your screen. Scan it with your smartphone. It will take you to next screen where you can upload the photo of required documents
Step 1 – Upload a photo of your ID document
At this step, upload a photo of your original ID document (not a photo of a scan or copy).
Step 2 – Upload a photo of the backside of your document
If you use your driver’s license or ID card, you’ll need to upload photos of both the front and back sides of the document.
Step 3 – Upload a selfie with the document
Upload a photo of you holding your identity document with your signatures
After you’ve submitted a high-quality photo, you can turn back to your computer (if you’ve taken the photos with your mobile phone). If you were uploading photos from your computer, you’ll be redirected to the next step.
Step 4 – Provide personal information
At this step, you’ll see a form where you should enter your gender, first name, last name, country name, date of birth, place of birth and link to a social profile (optional)
Then fill in information from your identity document serial number, date of issue, issuing country, and expiry date .
Then Confirm that you’ve provided the correct data.
Done! You’ve submitted your application for Identity verification on CEX.IO.
If you want to increase your account tier Then you can start Address verification right after you submit your Identity verification application.
Steps for address verification
Step 1 – fill in the form by entering your residential address details – street address, apartment/suite number, city, zip code, state/province, and country. US residents will also be asked to indicate the county.
Step 2 – Then Upload a residence of proof ( a utility or electricity bill, bank statement, or tax return document)
Step 3 – You should also link your social profile account (optional). Before submitting the document, please make sure it was issued within the last three months.
For Enhanced verification you need to provide selfie and bank statement.
For Corporate account verification you need to provide company related documents
The verification process usually takes up to 24 hours
Selling and withdrawal limit according to account tier –
- Basic identity verification tier – min $ 20 / max $ 1,000 / Daily. You can deposit $1000 per day and $3000 per month. SWIFT or ACH bank wire transfer is not available
- Address verification tier – min $ 20 / max $ 3,000 / Daily. You can make a daily $3000 and monthly $30000 deposit with credit card and $200,000 / $500,000 deposit with bank wire transfers.
- Enhanced verification tier – min $ 20 / max $ 10,000 / Daily. Unlimited monthly deposits and Withdrawals with bank wire transfer. But credit card deposits are limited up to $100,00 per Day and $100000 per month
- Corporate verification account tier – min $ 20 / max $ 10,000 / Daily. Unlimited monthly deposits and Withdrawals with bank wire transfers. But credit card deposits can be limited up to $100,00 per Day and $100000 per month (contact to customer support for custom trading amount)
How to Buy cryptocurrency with Visa or Master Card at Cex.io
If you haven’t created an account at Cex.io crypto exchange then Create an account as mentioned above
Step 1 – Go to to the Buy/Sell Button. Here you will find the option of buying Bitcoin and other cryptocurrencies with VISA or MasterCard credit card. Then specify the amount you want to buy in USD or BTC and click on Buy.
Step 2 –Then you have to fill in your visa or master card details. Then Proceed
As soon as it’s verified, you’ll receive a notification to your email address.
Step 3 – Then you will see the below screen where you recheck or reenter the amount of Bitcoins you want to buy. You will see the total payable amount including Cex.io fee which is 2.99%. Enter your card 3 pin CVV/CVC number. Check the amount and click on Buy. Then Make the payment .
After completing the payment you will receive the Bitcoins in your wallet instantly.
Note – you can buy bitcoin up to worth $100 without verification
Sometimes, cex.io may need some additional information to verify your card. If that happens, cex.io will contact you via email (from firstname.lastname@example.org).
In that case you might need to upload your card images (back and front) with your ID. And also need to take a selfie with your card and upload it for verification.
Once both your identification and card is verified. Then you can buy Bitcoin, Ethereum crypto, and other supported cryptocurrencies at Cex.io with Visa or MasterCard instantly
You can increase your buying and selling limit by increasing your verification level
CEX.IO crypto exchange uses Maker-Taker fee modal. Maker is the person who created the order usually pays a lower fee than the person who fulfilled the order (the taker).
- Cex.io trading fee can vary 0.10% to 0.25% on each transaction
- Cex.io charges 2.99% credit and debit card buying fee
- No deposit fee with Bank wire transfers and SEPA
- VISA and Mastercard credit card purchases incur a 2.99% fee for deposits.
- VISA card withdrawals can cost a fee up to 3% + $1.20,
- Mastercard withdrawals can cost a fee up to 1.8% + $1.20.
- Bank transfer withdrawals incur a fee of 0.3% + $ 25.00.
- For Margin trading there is 0.5% fee
To know more in details visit cex.io Fee schedule
CEX.IO crypto exchange support the following cryptocurrencies:
- BitTorrent (BTT)
- Bitcoin Cash (BCH)
- Bitcoin (BTC)
- Bitcoin Gold (BTG)
- Gemini Dollar (GUSD)
- Ethereum (ETH)
- Tether (USDT)
- Chain Link
- OmiseGO (OMG)
- USD Coin
- Ontology Gas (ONG)
- Cosmos (ATOM)
- Ripple (XRP)
- Dash (DASH)
- Zcash (ZEC)
- Litecoin (LTC)
- Stellar (XLM)
- MetaHash (MHC)
- TRON (TRX)
Supported payment methods
The payment method on CEX.io is compliant with the PCISSC (Payment Card Industry Security Standards Council). CEX.IO offers a variety of payment methods for depositing and withdrawing depending on rules set by the authorities and even a person’s own financial abilities.
Hence, the mentioned payment methods are accepted:
- Credit & Debit Card
- Bank wires Transfers like SWIFT and SEPA (EU customers only)
- Domestic Bank transfers like ACH
- Crypto Capital
Cex.io exchange provides a 24/7 top notch customer support. It provides support through email as well as an detailed FAQ section.
Its Physical addres is on the 2nd Floor, 1-5 Clerkenwell Road, London
CEX.IO cryptocurrency exchange has provided a helpline that ensures customers have 24/7 access to live chats and phones in case of an urgent inquiry. Response is relatively fast.
It has provided a FAQs section where users can easily access solutions to common problems before going for further assistance in the helpline section
Cex.io Crypto Exchange supports more than 190 countries worldwide including USA and India. But There are a few countries with payment mode restrictions.
The below countries are restricted for only credit and debit card transactions
Iceland, Nigeria, Vietnam, Afghanistan, Algeria, Bahrain, Qatar, Saudi Arabia, Iraq, Kuwait, Yemen, Lebanon, Libya, Oman, Pakistan, and Palestine
The following countries are restricted for transacting with bank transfer:
Afghanistan, Côte d Ivoire, Eritrea, Ethiopia, Vietnam, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, Somalia, Sudan, Tanzania, Tunisia, Turkey, Congo, and Zimbabwe.
Is Cex.io is safe and legit to use?
Cex.io crypto exchange is one of the worlds few cryptocurrency exchanges which is regulated and licensed by FiNCEN in USA and ICO (UK) It means you have not to worry about losing your funds.
There is only a single incident in 2013 a user lost 7000$ worth funds from his account (At that time exchange was relatively young). Other than that There has never been a single incident of hacking till date.
Without a doubt Cex.io is a safe and legit cryptocurrency exchange to use for beginners to pro crypto traders.
Until today I have used CEX.io hundreds of times and never faced any issue.
It is a solid and reputable exchange, with the only downside being the high fees they charge for their brokerage service.
If you’re a more advanced user, you can largely cut the fees by using the trading platform and not the brokerage service.
The user interface is very intuitive and easy to use and even complete newbies will manage to buy cryptocurrencies with it.
It also works well for the professional traders because it supports advanced trading techniques like margin trading.
The exchange has a large user base and consistently maintain the high trading volume in the crypto market.
- Highly secure, Reputable, Well established Cryptocurrency exchange with a large member base
- Easy to use interface, ideal for beginners.
- Advanced trading platform
- Regulated and licensed by FINCEN (USA)
- Multiple payment methods accepted including Credit card.
- Support decent number (25) of main league cryptocurrencies to buy, sell, and trade
- safe cryptocurrency cold storage and financial viability
- Offers high liquidity
- cross-platform trading via website, mobile app and API
- professional 24/7 support team
- Can cost up to 7% fee if you buy Bitcoin using their brokerage service.
Cex.io Crypto Exchange
- Highly secure, Reputable, Well established Cryptocurrency exchange
- User friendly interface with advanced options
- Large User base with high liquidity
- Top notch support
- Available worldwide
- 7% fee if buy cryptocurrencies directly using Cex.io brokerage service