CEX.IO Review – Candid Analysis of Popular Cryptocurrency Exchange

Pros & Cons Explained

Pros

Reasonable fees

Despite not being the lowest in the industry, CEX.IO’s trading fees are reasonable and competitive with other exchanges like Gemini or Coinbase. You can start trading for as little as 0.15% per month and as you trade more, the fees go down.

Regulated and licensed

CEX.IO is a regulated and licensed cryptocurrency exchange. With its licenses across multiple jurisdictions, investors can rest assured that they are working with a compliant platform.

High purchase limits

CEX.IO offers high purchase limits for its users, which vary according to the level of account verification. As purchase limits increase with the level of verification.

For example, users with a basic level of verification are eligible to purchase up to $1,000 worth of cryptocurrency per day and a maximum of $3,000 worth of cryptocurrency each month.

Please keep in mind that these limits may vary from country to country and other factors, so it’s best to check your account limits on the CEX.IO website before trading. For instance, deposit/withdrawal limits for United States residents are $5,000 per day.

Multiple trading pairs

With 242 trading pairs currently available, CEX.IO allows users to trade cryptocurrencies against fiat currency and other cryptocurrencies. 

CEX.IO supports trading pairs such as

1. BTC/USD
2. ETH/USD
3. USDT/EUR
4. LTC/USD, and many more.

Access to 100+ coins

CEX.IO gives you access to 100+ coins, such as Bitcoin, Ethereum, plus other popular ones.

Direct Bitcoin trading option

CEX.IO provides users with an easy way to trade Bitcoin directly. Using this method, you can buy and sell Bitcoin directly using fiat currency, and you don’t have to exchange your fiat currency first.

Staking

CEX.IO supports a number of cryptocurrencies for staking such as Ethereum (ETH), Cardano (ADA), Cosmos (ATOM), Tezos (XTZ), and Polkadot (DOT). However, stake requirements and rewards vary from cryptocurrency to cryptocurrency, usually requiring a deposit of a certain amount of coins for a set period of time.

Crypto-backed loans

With crypto-backed loans from CEX.IO, your cryptocurrency holdings can be used as collateral to borrow funds. This may be a useful option for you since it allows you to access cash without selling your cryptocurrency holdings or exposing yourself to capital gains taxes.

Reputable hack-free service

It’s true that the CEX.IO has never been hacked, but it is important to be aware that it does not have a built-in security system similar to Binance’s SAFU.

Flexible customization options

CEX.IO offers flexible customization options so that you can completely customize your experience on the platform to suit your preferences and needs. For example, the CEX.IO trading interface allows you to customize your trading environment to suit your needs. 

You can create multiple trading layouts and save them for later use, along with custom trading pairs.

Credit card support

With CEX.IO, you can easily buy and sell cryptocurrencies using your credit card. The process is fast and convenient, with transactions typically completed in a matter of minutes.  

Fiat withdrawal to credit and debit cards

CEX.IO has made it easier for anyone to withdraw fiat currency to their credit or debit cards, making it easier for crypto traders to access their funds. CEX.IO requires you to link your Visa or Mastercard credit/debit card if you haven’t done so already.

Exceptionally fast customer support

CEX.IO boasts an exceptionally fast and reliable customer support team, ready to assist with any cryptocurrency trading-related issue. They can also assist you if you’re having difficulty navigating the platform.  

Cons

Low liquidity compared to its rivals

CEX.IO offers low liquidity – while CEX.IO has a global footprint, and yet it offers less liquidity than other major exchanges.

Extensive KYC protocol

Withdrawing large amounts from CEX.IO requires an extensive KYC process, which can take days or weeks.

Limited Cryptocurrencies Supported

CEX.IO supports a limited number of cryptocurrencies compared to some of its competitors. There’s nothing wrong with this, but if you’re looking for a large selection of cryptocurrency exchanges, you might want to consider other platforms.

Limited availability in the US

CEX.IO has limited availability in the US to just 50 states. For someone who lives in New York, CEX.IO is not allowed to be used. 

Limited educational content

Limited educational content could be an issue for new cryptocurrency traders seeking more detailed information and guidance on trading strategies, market analysis, or similar topics.

Complex fee structure

CEX.IO operates with a complex fee structure that is tiered, with different fees charged for trades and other services based on users’ trading volume plus other factors. 

What is CEX.IO?

CEX.IO is a cryptocurrency exchange offering all the services you need to buy and sell various cryptocurrency assets. You can access it through a web browser, iOS, Android devices, WebSockets, and Rest APIs.   

The platform accepts a variety of deposit types, and through its versatile functionality, users can set price alerts to purchase assets at the best price. 

CEX.IO also has multi-currency support to help you expand internationally. 

Moreover, for UK users, 3 options exist, including CEX.IO, CEX.IO Broker, and CEX.IO Direct. As far as protection is concerned, level two DSS certificates protect users on the exchange. In other words, the system has a certain level of security that’s reliable enough to store, process, and transmit credit card information. 

We will now analyze the company’s background and understand how it became the most trusted platform.

Sing Up Now

CEX.IO Exchange Overview

Founded in London, UK in 2013, CEX.IO was one of the first exchanges to facilitate fiat-to-crypto transactions through credit cards and bank transfers. 

Initially, CEX.IO operated as a cloud mining provider, which enabled individuals and companies to mine cryptocurrencies without investing in their own mining equipment. 

Company was working under the name of GHASH.io mining pool, one of the largest mining pools back in 2014. It was 2015 when the company decided to cease cloud mining services. 

Low Bitcoin price at that time and the lack of mining hardware forced the company to take this course of action. With this, GHash.io’s mining pool came to an end and CEX.IO started operating solely as a cryptocurrency exchange. 

In 2016, they expanded their offerings to include crypto services and products so advanced users could load their crypto tokens directly onto their fiscal credit or debit cards. This step made it super-easy to exchange fiat currencies for cryptocurrencies. 

The year 2018, however, witnessed impressive growth during which CEX.IO launched CryptoUK. 

CryptoUK was founded with a single objective: to bridge the gap between governments and encourage the adoption of cryptocurrency and blockchain technology in the UK.

In 2019, CEX.IO announced the expansion of its market base into the US. With the help of US-authorized operatives, the company managed to collaborate with major service providers around the world.

Today, CEX.IO has more than 300 global professionals serving a user base of 4 million across jurisdictions such as the USA, Cyprus, and Gibraltar. 

The platform supports more than 200 cryptocurrencies and tokens, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). 

Is it safe and legit?

CEX.IO has never been hacked and maintains a record of keeping its customers’ cryptocurrencies secure. 

Regarding its legitimacy, note that, CEX.IO LTD is registered in the US as a Money services business and its licensing agency is “Financial Crimes Enforcement Network (FinCEN)”. 

CEX.IO is also certified under DSS level two. Indicative of the exchange’s compliance with PCI Data Security Standard (PCI DSS) requirements.

Can you trust CEX.IO?

CEX.IO exhibits its trustworthiness in a number of ways, including:

1. Security Measures

CEX.IO has adopted advanced security measures to safeguard both its users’ funds and personal information. There’s two-factor authentication (2FA) for enhanced security and cold storage to prevent hackers from accessing the funds. 

Moreover, CEX.IO is fully compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, which help protect against crimes that involve money laundering and fraud.

2. Reputation

CEX.IO has been operating as a cryptocurrency exchange since 2015 and is highly respected among cryptocurrency enthusiasts. Plus the user reviews on independent platforms such as “Trustpilot” are highly favorable. 

Aside from this, CEX.IO is partnered with major financial firms, most notably Visa and Mastercard, which demonstrates that it’s a reliable and trusted institution.

Popular Cryptocurrencies Listed On CEX.IO

CEX.IO supports more than 44 cryptocurrencies with a few notable ones missing, such as Binance Coin, Ripple, and Lido Staked Ether, all of which rank in the top 20 cryptocurrencies by market cap. 

As for the top 20 cryptos, CEX.IO carries 15 of them outlined in the following table.

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. USD Coin (USDC)
4. Cardano (ADA)
5. Tether (USDT)
6. Litecoin (LTC)
7. Dogecoin (DOGE)
8. TRON (TRX)
9. Solana (SOL)
10. Polygon (MATIC)
11. Avalanche (AVAX)
12. Polkadot (DOT)
13. Dai (DAI)
14. Uniswap (UNI)
15. Wrapped Bitcoin (WBTC)

How Does CEX.IO Stand Out From The Rest?

CEX.IO stands out from other cryptocurrency exchanges in several ways:

1. Trade Functionality

With CEX.IO’s order-matching algorithms, robust analytics, and user-friendly interfaces, users can gain optimal returns on investments. 

2. Trading Fee

Compared to other exchanges, CEX.IO has pretty reasonable trading fees. Starting fee is 0.15% and further goes down as your monthly trading volume increases.

3. User-Interface

CEX.IO boasts a user-friendly interface that makes it super-easy for users to trade cryptocurrencies. Moreover, the platform provides tools and features that cater to different skill levels, making it accessible to both novice and professional traders.

4. Price Alerts

The CEX.IO team knew that it would be difficult for users to decide the ideal time to invest in crypto so they introduced the price alerts feature. With the help of this feature, a minimum purchase price can be set, so that coins can be automatically purchased whenever the price drops below the set threshold.  

5. Stake

The program features a hassle-free staking program through which users can generate earnings from holding certain cryptocurrencies. The best return on investment (ROI) comes from holding your coins for long periods of time and earning returns passively.

CEX.IO’s staking program supports a number of cryptocurrencies, like:

• Cosmos (ATOM)
• Tezos (XTZ)
• Cardano (ADA)
• Ontology (ONT)
• Tron (TRX)
• Songbird
• Zilliqa
• Avalanche

6. Affiliate Program

CEX.IO offers a wealth of ways for users to make money and affiliate programs are one of them.  This affiliate program allows both individuals and businesses to earn rewards with minimal effort, similar to crypto staking. Upon signing up, you will receive a unique affiliate link. 

Now all you have to do is promote CEX.IO. It will be a breeze if you are someone with a lot of influence and in return, you will receive 30% as a commission on every successful transaction of your referral. 

Earning rewards from each affiliate link can be unlimited, as more traction means higher returns. To ensure every user gets a full payout from the affiliate program, affiliate cookies are maintained for a month.

7. Mobile App

With CEX.IO’s mobile app, users can manage their accounts and trade cryptocurrencies on the go. All CEX.IO website features, including trading, deposits and withdrawals, account management, and customer support, are accessible through the app.

With an intuitive interface, the mobile app is easy to navigate and use. 

Additionally, the app provides users with real-time market data, price alerts, and news feeds that keep them informed about the latest cryptocurrency developments.

Advanced security features in the app, such as biometric authentication and two-factor authentication, help protect users’ funds.

8. Cryptocurrency Selection

CEX.IO has a good selection of cryptocurrencies to trade, with over 140 to choose from. Bitcoin, Ethereum, Dogecoin, and many other cryptocurrencies are available.

User Experience

Generally speaking, CEX.IO’s user experience is quite satisfactory. As the exchange does a great job ensuring that both novice and experienced traders have a seamless experience.

Due to its sleek, user-friendly, and fresh interface, it’s super easy to navigate. As soon as you verify your identity, you get a plethora of advanced features mentioned above, which you can start using immediately.  

CEX.IO strives to satisfy the needs of crypto investors and bitcoin brokers alike by functioning as both an exchange and a trading platform. 

The platform offers analytical tools for advanced traders and accepts debit and credit cards for deposits and withdrawals. A spot trading and moment margin trading platform is also available for those seeking to trade cryptocurrencies.

Traders interested in margin trading through CEX.IO Broker can take advantage of a commission-free margin offer. 

Trading Experience

Users report positive trading experiences on the platform thanks to its advanced security measures, including two-factor authentication, SSL encryption, and cold storage of funds.

Moreover, CEX.IO’s robust trading engine facilitates high-volume trading, ensuring fast and reliable order execution, and allowing users to trade with confidence. 

For a better trading experience, you’ll also find competitive trading fees and low withdrawal fees, which makes it affordable for all traders.  

Fee, Payment Methods, And Fiat Currencies

CEX.IO impose 3 different types of fees on users, namely:

1. Transaction fee also referred to as maker-taker fee
2. Deposit and withdrawal fee
3. Margin trading fee

Transaction Fee

Traders’ transaction fees are based on their 30-day trade volume across all pairs, recalculated daily at 00:00 (GMT).

While low-volume and new users will be charged a 0.25% taker fee and 0.15% maker fee on their transactions.

Deposit and withdrawal fee

Deposit and withdrawal fees vary depending on the payment method used and from asset to asset. The best thing about CEX.IO is that it accepts a wide range of fiat currencies. 

It is therefore useful for people of different countries. 

Below is a list of fiat currencies that CEX.IO currently supports:

• USD – United States Dollar
• EUR – Euro
• GBP – Pound Sterling
• RUB – Ruble

CEX.IO supports several payment methods (domestic and international), including:

Payment Method	Daily Deposit Limit (Min-Max)	Daily Withdrawal Limit (Min-Max)
Mastercard	$20 – Unlimited	$20 – $2,500
Visa	$20 – Unlimited	$20 – $50,000
PayPal	$20 – $1000	$20 – $100,000
S.W.I.F.T	$300 – Unlimited	$300 – Unlimited
Domestic Wire Transfer (ACH)	$20 – $100,000	$20 – $100,000

Besides those listed above in the table, users can also use, Skrill, Faster Payments (UK Only), and Epay (US Only).

Commissions are also associated with deposits and withdrawals. Commissions are listed below:

Mastercard

On your Mastercard, a deposit commission of 2.99% or 3.99% applies ( GBP deposits made using UK-issued cards) whereas withdrawal service charges up to 3% + $1.20 and commission up to 1.2% + $3.80 applies.

Visa

On your Visa card, a deposit commission of 2.99% or 3.99% applies ( GBP deposits made using UK-issued cards) whereas withdrawal service charges up to 1.8% + $1.20 and commission up to $3.80 applies. 

PayPal

For PayPal card holders, a service charge of 1.49%; 2.99% to 3.99% + service charge, and 0 commission applies, whereas withdrawal service charge varies from 1% + $5 with a commission of 2% cap of $16.

S.W.I.F.T

On your S.W.I.F.T card, a deposit commission of $2.99 applies where the withdrawal commission can be as high as 0.3% + $25 ($50 minimum). 

Domestic Wire Transfer (ACH)

On your Domestic Wire Transfer, a deposit commission of $2.99 applies whereas the withdrawal commission can be as high as $2.99. 

Fee Schedule For Makers And Takers

30-Day Trading Volume	Maker	Taker
≤ 10,000	0.15%	0.25%
≤ 100,000	0.13%	0.23%
≤ 500,000	0.09%	0.19%
≤ 1,000,000	0.07%	0.17%
​​≤ 2,500,000	0.05%	0.15%
≤ 5,000,000	0.03%	0.13%
≤ 10,000,000	0.01%	0.11%
≤ 20,000,000	0.00%	0.10%
≤ 50,000,000	0.00%	0.08%
≤ 100,000,000	0.00%	0.07%
≤ 200,000,000	0.00%	0.06%
≤ 500,000,000	0.00%	0.05%
≤ 1,000,000,000	0.00%	0.04%
≤ 2,000,000,000	0.00%	0.03%
≤ 5,000,000,000	0.00%	0.02%
> 5,000,000,000	0.00%	0.01%

Buying And Withdrawal Limits

On CEX.IO, crypto purchases, and withdrawals are subject to limits based on factors such as payment method, account verification level, and cryptocurrency type.

Account verification levels are as follows:

Basic Account  

A basic account (default account) holder is permitted to purchase up to $500 worth of Bitcoins per day and up to $2000 a month. 

Bank transfers are not possible for these accounts. Visa or Mastercard are the only methods of depositing fiat money into a basic account.  

Verified Account

Users with verified accounts can purchase up to $10,000 of Bitcoins per day and $100,000 of Bitcoins per month using direct bank deposits or credit cards.

Those who want to increase their daily deposit limit, withdrawal limit, or withdraw fiat funds must verify their identity first. It’s quite easy if you follow the account verification steps below. 

Verified Plus Account

Users with a verified Plus account are eligible to purchase unlimited bitcoins.  

To have a verified account on the platform, you’ll need to provide your personal details and a valid government-issued ID. 

Now, interested in a verified account. It’s easy to get one. 

Let’s see what it takes to get a CEX.IO verified account. 

CEX.IO Account Verification

CEX.IO urges users to verify their accounts to maximize their functionality. As the verification process aims to ensure user account security, legitimacy, and compliance with different laws and regulations.

So, for account verification, as a user, you need both personal information and supporting documents.

1. As a first step, you must provide a government-issued ID. Passports, ID cards, or driving licenses could all be used.
2. Now, fill in the form with your personal information like Date-of-birth (DOB), Gender, First Name, Middle Name (optional), Last Name, Contact Number, Place of birth, and finally, link to social media. 
3. It’s time to fill out the address. Include both your residential and permanent addresses. If both of the addresses are the same, indicate that to the exchange. There’s an option for it next to the permanent address field titled the same as residential.  

Now, you will need to scan or photograph a few documents to verify your identity. For this, you must meet the following requirements.

• The issue date of the submitting documents must be in the future. This means your documents must be valid at the time of submission.
• You are required to provide high-quality, full-color scanned photographs of your photographs.
• You are required to submit copies of both sides of the documents. 
• You are required to submit documents in either pdf or png, jpg, gif, tiff format. 
• When submitting documents, note that they must not exceed 15MB in size. 
• The documents you intend to submit must be no more than three months old.
• The only documents accepted are those written in the Latin alphabet (a,b,c). 

Now, it’s time to move on to the third step of the verification process.   

Submit your identity document along with a selfie showing you holding a document and proof of your address.

Your identity document must be government-issued and match the one you used to fill out the above form. A national ID, passport, and driver’s license are acceptable forms of identification. Selfies with identity documents must also include the document’s owner (you).

Getting a clear shot, however, isn’t always easy due to a number of guidelines. Therefore, asking a friend or relative for help may be a better option. 

Ideally, a photograph should meet the following criteria:

1. Look straight into the camera when taking a photo.
2. Selfies in full color are a must.  
3. Selfie’s background must be neutral or light in color.
4. Make sure to take a selfie with no red eyes. 
5. In the selfie, you shouldn’t be wearing anything covering your face. Accessories such as sunglasses, headbands, hats, or bandanas.
6. Make sure your document’s information is easily visible.   

Photographs or scans of the residency document are also required. The document must contain your address (the one you entered on the verification form). 

Proof of residency document must include the following:

• Bank statement
• Electricity bill
• Utility bill (not a phone bill, TV contract, or internet bill).
• Council tax bill or tax return.

Other residency proof documents will also be accepted, according to the CEX.IO support document. There are a few exceptions, though, like electronic bills and statements, screenshots from online sites, phone bills, and credit card statements.

Benefits of having a verified account  

Having a verified CEX.IO account has countless benefits users can take advantage of. Here are a few of them:

1. Increased Limits

A verified user has a higher deposit, withdrawal, and trade limits. Those who need to move larger sums of money on the platform may find this useful.

2. Ability To Withdraw In Fiat Currency

Verified users on the platform will have the ability to withdraw their funds in fiat currency. 

3. Faster Processing

Users who have verified their identities typically enjoy 3X faster transaction processing times. Consequently, deposits, withdrawals, and trades are processed faster than with unverified accounts.

4. Advanced Features Access 

You will need a verified account to access features, such as margin trading. Trading opportunities and features increase when your account is verified.

5. Access To Better Customer Support

If you become a verified user on the platform, you will have access to better customer support. Customer service is available online through a support center, a live chat feature, and via email.

Better customer support can be extremely helpful in situations such as when using the platform for the first time and asking for guidance.

CEX.IO Crypto Loans: How To Apply

CEX.IO offers crypto-backed loans on its platform. These crypto-backed loans are easy to receive and can be used to invest in or withdraw cryptocurrencies.

To be eligible for a crypto loan on CEX.IO, follow the simple steps below:

1. Create an account and verify your identity as a first step to be eligible for the crypto loan.
2. Create a wallet and Transfer Bitcoin or Ethereum to it.
3. For better terms and interest rates, use the platform’s loan calculator.
4. To receive your loan, agree to the terms once the calculation is done.
5. USD 500 or EUR 500 is the minimum loan limit, and the minimum term is 7 days. Depending on the selected currency, the loan-to-value ratio (LTV) usually ranges from 30% to 60%. The interest rate begins at 8%.

Whereas, the maximum loan limit is $100,000 USD or EUR per loan. However, for a higher loan limit, reach out to the platform’s customer service representative.

How To Stake Crypto On CEX.IO

Staking is the process of holding coins for a specific period of time to support the blockchain network and earn rewards in return. 

Generally, there are two methods of staking crypto: you can either run a node or deposit your crypto into a pool. In both cases, however, a thorough understanding of staking is required, and they also require time.

On CEX.IO, however, all you need to do is purchase the supported coins and deposit them into your account, the platform takes care of the rest. 

Keep in mind that not every cryptocurrency can be staked. 

The following coins are available for stake on CEX.IO:

• Cosmos (ATOM): 14% interest
• MetaHash (MHC): 14% interest
• Zilliqa (ZIL): 11% interest
• Polkadot (DOT): 10% interest
• MATIC: 10 % interest
• Songbird (SGB): 8-9% interest
• Solana (SOL): 5% interest
• Tezos (XTZ): 5% interest
• Tron (TRX): 3.5% interest
• Cardano (ADA): 2.6% interest

CEX.IO Wallet: How To Use It

Using the CEX.IO wallet is fairly straightforward, as it can be accessed via the website and the mobile app. Cryptocurrencies such as Bitcoin, Ethereum, Ripple, and others can be stored in the wallet. 

It is even possible to buy or sell crypto with ease as it will allow you to monitor your portfolio from anywhere and anytime.  

Those who want to withdraw cryptocurrency to an external wallet, visit the finance page and click withdrawal next to the currency they wish to withdraw.  Similarly, on the same page, click “Deposit” next to the coin you wish to deposit. You can also find your cryptocurrency wallet address during this step.

Final Verdict

If you are looking for the best opportunities to expand your portfolio and generate passive income by trading crypto and staking, then CEX.IO is an ideal platform for it. 

Overall, it’s great for new users, but the multitude of features can sometimes be distracting. Nevertheless, experienced traders and investors will find CEX.IO to be a good fit as their go-to exchange for all their crypto needs.