Established in 2013 and based in London, CEX.io is an exchange that initially offered cloud mining services as well. In 2015, the platform closed the doors on its mining options and now operates solely as an exchange.
CEX.io is a cross-platform exchange, offering support on both its website and an iOS or Android mobile app. This popular exchange is attractive to users who prefer a simple and intuitive interface. The site is easy to navigate and is perfect for those who are new to the world of cryptocurrency.
The site boasts nearly three million active traders and supports over $8M USD in trades every day. As a result, users get high liquidity on an exchange that offers plenty of trading options. CEX.io is compliant with all UK licenses and regulations, so you can trust you’re buying, selling, and trading, on a reliable and trustworthy platform.
CEX.io supports several cryptocurrencies and setting up an account on the platform is quick and straightforward. Accounts on CEX.io are classified as either Basic, Verified, or Verified Plus based on the verification documents provided.
Many reputable exchanges request certain forms of identification to confirm you are who you’re claiming to be. As a result, your deposit and withdrawal limits are increased based on the information you provide. Usually, these forms consist of your passport, driver’s license, or another type of government-issued identification.
You can deposit both cryptocurrency and fiat currency into your CEX.io account, which is a nice feature that many exchanges don’t offer. Most make you choose one or the other, so CEX.io sets itself apart in this regard.
If you prefer to use fiat currency, the platform will accept GBP, EUR, RUB, and USD. If you’re interested in buying, selling, or trading digital assets using the CEX.io exchange, there are several from which you can choose. CEX.io supports BTC, ETH, BCH, BTG, DASH, LTC, XRP, XLM, ZEC, MCH, BTT, and TRX.
Fees and Limits
You’ll encounter a 3.5% charge, plus a $0.25 fee when using a credit card to deposit funds into your account. The benefit of using a credit card, however, is that the transaction is processed instantly. You don’t have to wait for your funds to show up in your account.
That’s because CEX.io operates differently than other exchanges when it comes to filling orders. While other platforms might wait until a seller is willing to part with their Bitcoin, CEX wants to ensure that your order is filled immediately.
The advantage here is that you’re getting what you agreed to immediately, which helps to establish trust with the exchange. As a result, you’re guaranteed to get your Bitcoin at the price you wanted. However, this guarantee comes at a cost. Check their fees here.
Additionally, CEX.io implements a service charge of 7%, which is built into the price of the digital asset on the exchange itself. Keep in mind that you’re only charged when you purchase cryptocurrencies on the CEX platform. If you trade for your digital coins, then you’ll encounter different fees, based on the coin you’re trading.
Trading fees on the CEX.io exchange begin at 0.2%. However, you can expect to experience higher charges if you’re making withdrawals to your bank account or using debit or credit cards. Overall, the fees and rates you’ll encounter on CEX.io are similar to what you’ll find throughout the cryptocurrency market.
When you start using CEX.io, the minimum amount of Bitcoin you can purchase is 0.01 BTC. Comparatively, the maximum you can buy is 10 BTC. Through different account types, CEX.io provides users a range of options, each of which has varying transaction limits.
It takes a little longer for Verified and Verified Plus users to receive approval due to higher limits. However, once they do, transactions are quick and smooth. Here are the account types available through CEX.io:
If you choose to go with a basic account, you’ll have the ability to buy up to $500 USD worth of Ethereum or Bitcoin each day. However, this amount is capped at $2,000 each month. To sign up for a basic account, CEX.io asks for a copy of a valid, government-issued form of identification.
With a Verified account, you can buy $10,000 of either Bitcoin or Ethereum each day. Like the basic account, there is a cap, but it’s $100,000 each month with Verified. If you want to have a Verified account type, you’ll need to provide a copy of an official government piece of identification. Your government identification must be supplemented with additional documents, such as proof of residence.
Verified Plus accounts have no limitations or restrictions on the amount of Ethereum and Bitcoin which they can buy, sell, or trade. To get a Verified Plus account, you’ll have to give CEX.io all the information requested for Basic and Verified accounts. Additionally, you’ll have to provide financial information confirming you have the necessary funds.
One great feature about CEX.io that isn’t available on other exchanges is the ability to withdraw your monies directly onto your debit or credit card. You will encounter a limit of $2,000 every 24-hours for these types of withdrawals with a cap of $50,000 each month. This limit is primarily due to restrictions put in place by MasterCard and Visa, and less about CEX.
All credit card withdrawals are charged a flat $3.80 rate by CEX, plus a 1.2% fee if you’re using a MasterCard. Bank card withdrawals with CEX are on the expensive side. For every bank withdrawal you perform, CEX charges a flat rate of $50 USD.
If you have a Verified account type, CEX provides the opportunity to withdraw your funds through its Crypto Capital feature. Crypto Capital is a private banking capital service using fiat currency but residing on the blockchain. Using the Crypto Capital feature results in a withdrawal charge of only 1%, which are the best rates CEX offers.
CEX.io usually gets high marks when it comes to customer support. The problem here is that this is in comparison to other exchanges. You can’t contact the exchange via phone or chat, so you’re relegated to either accessing the site’s FAQ section or submitting an email.
The platform typically responds to complaints and questions within 48-hours, which isn’t a bad turnaround time. However, it would be nice if CEX.io would implement either a phone number or chat option for customers who need an immediate resolution to their problems.
Is CEX.io Safe to Use?
One of the most common questions new users ask is whether an exchange is safe. CEX.io answers with a resounding yes, as it has been a reputable and reliable exchange for several years. Its high number of users and additional features make this platform a safe choice when you want to buy, sell, or trade your favorite digital currency.
Operating out of the UK means CEX.io has to adhere to the laws and regulations set forth by the national government. This is especially true as the exchange serves users from all around the world.
CEX.io is incorporated in the UK as a private limited company and is registered with FinCEN. Additionally, it is registered with the UK’s Information Commissioner’s Office and is fully compliant with the Payment Card Industry Security Standards Council.
For the most part, your funds are safe on CEX.io as the exchange states that it keeps user funds in cold storage. This method is secure as it protects your assets while they’re on the platform.
Additionally, it’s recommended that you store large amounts of cryptocurrencies in an offline wallet. With an online wallet, your funds are always susceptible to hacks. With an offline wallet, your assets are kept offline, so you don’t have to worry about anyone else accessing them.
To access higher limits on the CEX.io exchange, you’ll need to go through the site’s verification process. Here are the necessary steps to verify your identity on the platform:
- Prove your residence – The first thing you have to do is prove that you’re living where you say you are. Choose your country from the dropdown list, then choose your state and county if necessary. If you’re in the US, you’ll have to provide your social security number. If you’re elsewhere, you can use a tax id number, or turn this step off and move on to the next field.
- Verify your identity – io asks for documentation that shows you are who you say you are. Fill in the information requested by the platform, then take a selfie with the identification you’re submitting. Next, you’ll take an additional selfie with a note you write and your documentation to verify the date the picture was taken.
- Confirm your address – Provide proof of your address to CEX.io by submitting a utility bill or statement that shows your street address, city, state, country, and zip code.
- Link to social media (optional) – While you aren’t required to submit this information to the exchange, it does help your chances of successfully passing the verification process. You can submit your Facebook, Twitter, or LinkedIn profiles to CEX.io.
After you’ve submitted everything to the exchange, it is placed in a queue. Once it is reviewed and approved, you’ll receive a notification from CEX.io letting you know that you now have access to the site.
If for some reason your application is rejected, CEX.io will let you know the issue. Unfortunately, you’ll have to wait 30 days before you can submit your information to the site again.
Frequently Asked Questions
Does CEX.io have an app?
CEX.io does have an app. If you prefer to buy, sell, or trade digital currencies while you’re away from home, you can download the mobile app from either the iOS or Android app stores. As a result, you don’t have to be connected to your computer if you want to keep an eye on your favorite digital asset.
What countries are supported by CEX.io?
CEX.io does operate in the vast majority of countries from around the world. However, some do not have 100% access to the platform.
For example, the following nations can’t purchase cryptocurrencies with their credit cards: Afghanistan, Algeria, Iraq, Lebanon, Kuwait, Nigeria, Libya, Iceland, Oman, Palestine, Vietnam, Yemen, and Saudi Arabia.
Similarly, these countries can’t purchase cryptocurrencies through bank transfer: Afghanistan, Cote d’Ivoire, Democratic Republic of Congo, Ethiopia, Haiti, Eritrea, Iraq, Kenya, Iran, Syria, Liberia, Libya, Somalia, Vietnam, Turkey, Sudan, Tanzania, Yemen, Tunisia, and Zimbabwe.
While CEX.io is registered to operate in the United States, there are many states which it does not support. These include the following: Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, Vermont, Virginia, and Washington.
Does CEX.io provide a cryptocurrency wallet?
CEX.io does have a local wallet on its platform where you can store your favorite digital currency. However, it’s not recommended that you keep your funds on an exchange since they are constantly connected to the internet, which makes them more susceptible to hacks. If you want to keep your coins safe, consider moving them to an offsite wallet that supports your preferred cryptocurrency.
Summing It Up
CEX.io is a London-based cross-exchange with an easy-to-navigate platform and mobile app. They offer ample security and great versatility in terms of available currencies and funding options. However, their customer service is subpar, their fees are on the higher side, and certain countries/US states may be restricted from full access to the platform’s services.
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Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.