CEX.io is one of the oldest bitcoin exchanges around the world. The company provides a trading platform and brokerage services for Bitcoin, Ethereum, and a host of other cryptocurrencies. If you are a beginner, it is better to use the brokerage option instead of trading. For a detailed review, keep reading.
CEX.io Overview
- CEX.io started in 2013 in London as a bitcoin exchange and cloud mining provider. Known as Ghash.io, it owned 42% of the network's total mining capacity.
- In January 2015, cloud mining operations were shut down and today CEX.io only operates as a cryptocurrency exchange.
- CEX.io is FINCEN registered and applies standard KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. This means that you will need to verify your identity before you can purchase cryptocurrency.
Services CEX.io
CEX.io allows you to buy cryptocurrency using your credit card, wire transfer, SEPA transfer (if you live in the EU), or ACH transfer (for US residents). The site offers two ways to buy cryptocurrencies, a trading platform, and brokerage service.
CEX.IO Securities Brokerage Service
- CEX.io's brokerage service is a way for new users to easily (albeit somewhat more expensive) purchase cryptocurrencies. Knowing that CEX.io when trading cryptocurrencies finds it at a higher price.
- CEX.io brokerage transactions are based on Fill-or-Kill commands (also known as FOK). FOK orders are executed immediately and completely). This is different from placing your order on the trading platform because different types of orders (eg market, limit, stop lose) will give you different types of results.
- Bottom line The brokerage service is a simplified way for beginners to start buying Bitcoin or any other crypto without having to go through a full course of trading.
- The difference between the exchange rate of the brokerage service and the exchange rate of a normal trading platform can reach up to 7%. CEX.IO has a very clear explanation on their site of how this service works, here is a summary of it:
- You enter the amount of money you want to spend and see how many coins you can get. After you press the buy/sell button, the system checks to make sure you have enough funds available.
- If the situation on the market allows the execution of your order in conditions no worse than what you agreed, the order will be executed (the order can also be executed on more favorable terms).
- In the event of a sudden rise in the exchange rate, which prevents the order from being executed according to the agreed terms, you will be notified. After the transaction is confirmed, your order is matched with other orders on the exchange, and your balance is adjusted. Sometimes the amount can be greater than what is agreed, but not smaller.
CEX.IO. trading platform
- More advanced users can use the CEX.io trading platform. The upside to using the platform is that the fees are much lower. Just for comparison, while the brokerage fee can be as high as 7%, the fee on the trading platform is a maximum of 0.25%.
- The trading platform is very advanced and offers all the features you would expect such as market orders and limit orders. The trading platform has good liquidity, allows cross-platform trading (via the mobile app and several APIs), and also provides you with advanced reports.
- Bottom line: If you are an experienced trader, the CEX.io trading platform is where you should conduct your transactions (as opposed to a brokerage service).
Margin Trading CEX.io
In the past, CEX.io allowed users to perform margin trading, directly from its trading platform. However, since 2019, CEX.io has opened a dedicated margin trading service called CEX.io Broker.
CEX.io Broker is a CFD cryptocurrency trading platform that features a variety of order types, technical analysis tools, and advanced trading tools. It allows users to leverage their position and increase their profit potential (while increasing their risk ).
Margin trading is recommended only for experienced traders, when trading CFDs in which you are not buying actual currencies, you are only speculating on the price of the currency. This means that you will not be able to withdraw profits in the actual cryptocurrency you are trading, only fiat currency or Bitcoin.
Currently, margin trading on CEX.io is only available for Bitcoin, Ethereum, and LTC.
Currencies and Payment Methods
Supported cryptocurrencies for buying via brokerage service
- Bitcoin (BTC)
- Ethereum (ETH)
- Ribble (XRP)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash coin
- Stellar (XLM)
- Litecoin (LTC)
- TRON (TRX)
- BitTorrent) BTT)
- MetaHash) MHC)
- Ontology) ONT)
- Ontology Gas) ONG)
- Cardano (ADA)
- Neo) NEO)
- Gas) GAS)
- Cosmos) ATOM)
- Basic Attention Token) BAT)
- Tezos) XTZ)
- Matic Network) MATIC)
- All currencies can be purchased with US dollars. Some currencies can also be bought with EUR, GBP, and RUB.
Supported Cryptocurrencies for Trading
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- The mentioned cryptocurrencies can also be traded among themselves (eg BTC/XRP, ETH, BCH, etc.)
What cryptocurrencies are supported for depositing into your account with them
- Bitcoin) BTC)
- Ethereum) ETH)
- Ripple) XRP)
- Bitcoin Cash) BCH)
- Litecoin) LTC)
- Tether) USDT)
- Tezos) XTZ)
- Matic Network) MATIC)
- Basic Attention Token) BAT)
What banknotes are accepted for deposit?
- USD
- EUR
- GBP
- RUB
What payment methods are available to them?
- Credit/Debit Card.
- Bank wire transfers (including SEPA).
- Domestic bank transfer (ACH).
- Skrill (for EUR and GBP).
CEX.io platform fees
- One of the biggest complaints users have about CEX.io is the number of fees and hidden fees the company has. For example, CEX.io can incur a fee of up to 7% of the amount of fiat currency you pay for the service.
- For example, if you buy $1000 of Bitcoins, you will get only $920.
- However, the above fee is only for the brokerage service. Different fees apply to the trading platform. To trade, you will need to fund your CEX.io account either by bank transfer, SEPA transfer (both have no commission on the CEX.io portion), or credit card (2.99% fee).
- Withdrawal fees can be as high as 3% plus service fees up to $25, depending on your currency and payment method (credit cards are the most expensive option).
- Transaction fees are modeled on the person who created the order (the maker) usually paying a lower fee than the person who executed the order (the applicant).
- Depending on your side of the transaction, you will pay anywhere between 0.16% -0.25% at most. A full schedule of CEX.io trading fees can be found here. For margin trading, there is a 0.5% fee.
What are the limits for buying and withdrawing currencies?
There are five different levels of account verification on CEX.io:
- Start: This account can buy up to $100 in Bitcoins per day and withdraw $100 per day.
- Identity: Verified accounts can buy up to $3,000 in Bitcoins per day. And withdraw $10,000 a day. These users can only use credit cards to fund their purchases.
- Address: Accounts with verified addresses can buy up to $10,000 in Bitcoins per day and withdraw $50,000 per day.
- Enhanced Accounts: There are no restrictions on booster accounts on the number of Bitcoins that can be purchased.
- Companies: There are no restrictions on company accounts on the number of Bitcoins that can be purchased.
Customer Support and User Reviews
- Trustpilot gives CEX.io an “Average” rating and the majority of user reviews appear to be unsatisfied either due to the hidden fees (i.e. high exchange rate), or the identity verification process.
- The first two issues are usually related to people who don't understand the nitty-gritty, and CEX.io has made it relatively clear how much you'll pay for your coins. As shown below:
- Regarding support, the main thing I can say is that CEX.io is definitely making efforts to improve in this aspect. I say this mainly because of their customer service follow-up to answer all inquiries. I can't say that cryptocurrency platforms are free of support issues, but if they do, they always find their answer promptly.
Frequently Asked Questions About Secio
Is CEX.io a wallet?
No CEX.io is a cryptocurrency exchange. While you can keep your funds in the exchange's web wallet, it is highly recommended that you move them to your own wallet.
Does CEX.io Require Personal Identification?
Yeah. All verification levels on CEX.io require an international passport / national ID/driver's license. This document must be valid and internationally recognized. Check its version in Latin letters or with a Latin translation of the main fields.
How can I buy Bitcoins on CEX.io?
- Go to CEX.io.
- Click Buy/Sell.
- Choose an amount to buy.
- Click Buy.
- Complete the registration process.
- Enter your payment information.
Is CEX.io trustworthy?
Until today, I've used CEX.io a few times and haven't had any problems. I think it's a solid platform, with the only downside being the high fees they charge for some services.
Bottom line, as long as you are aware of the fees and verification process required to buy larger amounts of Bitcoin and other currencies. We also ask you to share your suggestions or inquiries with us through the comments.
