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CEX.IO Review 2021

5 Stars

CEX.IO is a registered cryptocurrency exchange operating out of the United Kingdom, as well as from Gibraltar and the recently launched offices in New Jersey, USA. Also, the company has offices in Cyprus and Ukraine.

The exchange operates as CEX.IO Ltd that offers cryptocurrency trading services globally; CEX.IO Limited that provides services to EU-based companies and CEX.IO Corp whose services are tailored for users in the US. CEX.IO Ltd has its correspondence address at 33 St. James's Square, London, England, SW1Y 4JS, United Kingdom.

Interested in buying cryptocurrency quick and easy? This CEX.IO review details everything you need to know including all key features, supported cryptocurrencies, payment methods, regulation, security, fees, and trading limits among others.

3 Steps to Sign Up to CEX.IO

1. Register and Verify your ID: To register for a free account, go to the CEX.IO website and click on Get Started. Enter personal information such as an email address and set a password. Check the Terms and Conditions box and click Create Account. Go to your email and use the confirmation link to complete the registration. Login and verify your address and complete identity verification.

2. Make a Deposit: CEX.IO makes it extremely straightforward to deposit funds into your account. Once you log in, click on Deposit at the top left of the account dashboard. You will be directed to choose a payment method. Select the currency and amount you want to deposit. Follow the prompts to complete the process.

3. Purchase your Crypto: Go to the Buy/Sell section and choose the cryptocurrency you want to purchase. Set the amount in preferred fiat currency (USD, EUR, GBP, and RUB - minimum $20). Go over the options and then click Buy. You can choose either to keep your purchased crypto on your CEX.IO balance or withdraw it to your external wallet right away. Alternatively, you can buy crypto by placing a limit or a market order.

Pros & Cons

Pros

Regulated platform and available worldwide
Fiat-to-crypto and crypto-to-crypto purchases
Instant card deposits
Staking - earn for holding cryptocurrency on the exchange
Margin trading available
24/7 customer support

Cons

Strict verification process after sign up
Not as many supported cryptocurrencies as some other exchanges

CEX.IO Compared

CEX.IO has grown to become a top tier digital asset exchange and currently competes with some of the most established cryptocurrency exchanges and brokerage providers in the crypto sector.

Privacy, security, and one of the lowest fees for credit card deposits and withdrawals are some of the features that make the platform popular with a growing number of crypto investors across the globe. Instant exchange and staking are also very attractive features on offer.

We always advise due diligence when it comes to decisions on financial and crypto trades. Compared is a part of our CEX.IO review that allows you to take that step. Here are some other options you could consider that we would recommend:

History of CEX.IO

CEX.IO launched its operations in 2013, registering and establishing offices in London, UK. The company still maintains a physical address in the country. Originally, it offered cloud mining services under the then powerful GHash.IO mining pool.

In 2014, the company abandoned the cloud mining venture and focused on Bitcoin trading, with its pioneering deposit with debit and credit card allowing users to easily buy cryptocurrency.

Expansion saw the team release a Mobile app in 2015, which boasts an intuitive, user-friendly interface. Withdrawals to debit/credit cards were added in 2016 following regulatory approval in the UK. As Bitcoin began to rally in 2017, CEX.IO became FinCEN regulated after successful auditing for anti-money laundering and terrorism financing.

The exchange has also played a key role in advancing the interests of the crypto trading sector as well as ensuring regulatory compliance. The company is a founding member of CryptoUK, launched in 2018 and which includes such big names as Coinbase, eToro, and CoinShares.

In 2019, it entered the US market and acquired Money Transmitter Licenses that allow it to operate in several states. To continue providing the best service to its more than 3 million users, the company has recently introduced a range of new services, including margin trading, staking, and instant top-up and selling via credit card.

Regulation and Security 

Regulatory compliance and security are two of CEX.IO's strong points as a crypto operator. Notable for the exchange is its continued search for regulatory approval across jurisdictions since it first launched in the UK in 2013, operating with a lot more transparency many of the unregulated platforms are capable. 

Apart from being registered with the UK's Information Commissioner's Office (ICO), it has regulatory approval from the Financial Crimes Enforcement Network (FinCEN). FinCEN is an agency under the US Department of Treasury and its license allows the exchange to operate as a Money Services Business, with availability in more than half of US states.

The company is also in the process of securing licenses from the Financial Conduct Authority (FCA) in the UK, Germany's Federal Financial Supervisory Authority (BaFin), the Monetary Authority of Singapore and Gibraltar's GFSC.

In terms of security, Observatory by Mozilla returns a security score for CEX.IO slightly above industry average when compared to other cryptocurrency exchanges.

Is CEX.IO Safe?

Security and safety of funds are one of the biggest concerns for any crypto user, and no doubt many people ask if CEX.IO is a safe platform.

Well, for starters, it is a registered and regulated entity with offices at 33 St. James's Square, London, England, SW1Y 4JS, United Kingdom. The exchange offers its services per the set guidelines of bodies like FinCEN and FCA in the UK. Furthermore, the exchange looks to protect its users by adhering to Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies and checks.

Users only trade once they have completed a stringent verification process, and in-built monitoring systems check all transactions for any would-be nefarious activities.

Client's crypto funds are kept in cold storage and custody accounts, with additional security enhanced by full data encryption and two-factor authentication (2FA). Users will be assured to note that it also has a PCI DSS certificate. PCI DSS stands for payment card industry data security standard.

Reputation

CEX.IO is registered in the UK and has received money transmitter licenses to offer services in the jurisdictions it operates. The company has regulatory approval from FinCEN in the US and is in the process of getting approved in several other countries in the EU and across the globe.

The exchange's solid reputation has seen it register over 3 million user accounts.

Is CEX.IO for Me?

Whether you are a pro or just starting, CEX.IO provides a platform that gives you the best of experiences. There are several reasons why you can choose CEX.IO whether you are a beginner or professional trader looking for advanced trading options.

I'm a Beginner

CEX.IO offers an easy-to-navigate user-friendly interface that makes it easier for beginners to register, deposit funds, and buy their first crypto. Users can easily scroll down or move to the next page to complete their transactions.

There is also the FAQ section and an updated blog with numerous educational resources that explain the basics of crypto buying and trading.

When in need of help, users can reach a great support team 24/7 via email, live chat, and telephone.

I'm Advanced

For the experts looking for advanced trading options, CEX.IO offers a range of products, including margin trading, platform CEX.IO Broker, automatic borrowing using the CEX.IO Loan, and more. Enjoy advanced reporting, fast order execution, and a high liquidity order book. The WebSocket API allows for full trading functionality, while institutional investors can use the FIX API to access Bitcoin liquidity information.

Exchange Wallets: Features, Supported Cryptocurrencies, and Security

Safety of user funds is central to a cryptocurrency exchange and CEX.IO continues to enjoy the status of never having been hacked since its inception.

Features like global coverage, regulatory compliance, a wide range of supported cryptocurrencies and low trading fees/commissions are attractive to both beginners and professional traders alike.

Wallet features:

The exchange uses both cold storage and hot wallets, but private keys are secured separately.

Every user is encouraged to secure their accounts by enabling 2FA while the use of the Withdrawal Pin Code (WPC) allows users to authenticate any mobile-based withdrawals.

Apart from physically separating private keys and using top-notch encryption, CEX.IO also employs the use of secure vaults and custodial storage to safeguard user funds. US customers also benefit from insurance protection of up to $250, 000 under the Federal Deposit Insurance Corporation (FDIC) program.

Supported Cryptocurrencies:

It supports over 60 digital assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), Tron (TRX), Cardano (ADA), Ontology (ONT), Chainlink (LINK), OmiseGo (OMG), BitTorrent Token (BTT), and MetaHash (MHC), Gemini Dollar (GUSD), Tether (USDT) and others.

Users can easily purchase these digital currencies using USD, EUR, GBP, and RUB.

How to Transfer Your Crypto Funds From/To CEX.IO

Before you transfer crypto from your CEX.IO account, ensure you have activated 2FA.

Login to your account and go to the ‘Finance’ page and click ‘Withdraw’. Select the crypto you want to transfer and the amount. Next, enter the recipient external wallet address and ensure it is correctly entered. Check the confirm transfer box and press ‘Withdraw’. Follow the link in an email sent to you to confirm the transfer. Your crypto will be sent to the address you provided.

To transfer crypto to your account, go to the ‘Deposit’ menu on the ‘Finance’ page and select the cryptocurrency you want to transfer. Copy / paste the wallet address or enter one manually. Fill the checkbox and hit the ‘deposit’ button to receive the coins into your account. 

Tip: CEX.IO does not allow crypto withdrawals in the first 48 hours following registration of a new account.

Fees and Costs

Deposits

Users pay a 2.99% fee on all their card deposits. Bank transfers (USD, EUR, or GBP) are free, though the waiting period can be up to 2 business days.

Withdrawals

Withdrawals via a bank transfer cost a 0.3% service fee plus $25 for SWIFT. However, ACH, SEPA, or Faster Payments are free.

Visa/MasterCard withdrawals cost 3%+$1.20 and 1.8%+$1.20 in fees respectively. Commissions for these payment methods go up to a maximum of $3.80.

Trading Fees

The fee is usually pegged on a user's 30-day trade volume and starts at 0.25% for takers and 0.16% for makers. The fee can then reduce to 0.10% for takers and 0.00% for makers as the trader's volume increases.

Payment Methods & Limits

CEX.IO allows for several payment methods. These include credit card, bank transfer/wire transfer, and wallet transfer. You can use it as a trading platform or as a brokerage.

Payment methods available

  • Credit/debit card
  • VISA
  • MasterCard
  • Bank transfer
  • SWIFT
  • ACH
  • SEPA (EU)
  • Faster Payments (UK)

Wallets

  • Skrill
  • QIWI
  • Epay
  • Cryptocurrency

Trading Limitations

Minimum trade size: $20

Maximum trade size: Up to $10,000 (Verified Accounts)

Performance, Features, and Functionality

CEX.IO's unique selling point is its well-established regulatory path, with the team's commitment to offering users the best of cryptocurrencies earning the platform plaudit. World coverage, security, cross-platform trading, real-time reporting, and high liquidity are some of the features and functionality that have seen the exchange attract a huge user base.

Trading Platform

CEX.IO offers cross-platform trading accessible online, mobile app, WebSocket, and API. A slick, easy to navigate design and intuitive interface makes it easy for both beginners and seasoned traders to go about their business.

The trading platform provides an advanced matching algorithm, a variety of trading tools, and a high liquidity order book. A demo account is also available for users of CEX.IO Broker.

Educational Resources

If you are looking to further your learning and understanding of Bitcoin and crypto, there are several online courses for that. Although the platform does not offer such a course, the company's blog does have curated and updated information on how to buy crypto, trading and so much more. There are also YouTube videos and tutorials designed to help users understand how the exchange works, while the team and the support centre offer 24/7 assistance via live chat, on social media, and on phone.

Trading Options

CEX.IO Exchange offers spot trading with the market and limits orders. CEX.IO Broker is where traders access margin trading via CFDs (Contract for Difference), with leverage from 2x of up to 100x. Enjoy high-frequency trading, and scalping to reap profits from price movements. It must be stated, however, that this form of trading comes with greater risk, and you should learn all you can before committing to any investment. 

Account Types

The platform offers a tiered accounts system or access levels. When you sign up for an account with the exchange, your level of access, and what you can do depends on whether you hold a basic, or verified account.

Deposit, trade, and withdrawal limits, as well as available payment methods, depending on the account tier. Specifically, users can register and maintain any of the following account types: 

Identity

Verifying your identity increases the daily limits to deposits of up to $3,000 and daily withdrawals of up to $10,000.

Address

A verified address unlocks the bank transfers payment option and increases daily limits to $10,000 for deposits and $50,000 for withdrawals.

Enhanced

A verified account that unlocks more payment methods and offers access to unlimited deposits and withdrawals.

Corporate

The top tier verified+ account for enterprises. Users get access to custom trading options along with unlimited deposits and withdrawals.

Final Thoughts

CEX.IO is a well-established and regulated company that has been in operation for nearly eight years now. The company and team behind the cryptocurrency exchange have shown that they value the security and safety of their users, with all measures taken to ensure that via a strict verification process. What the exchange might not offer users, for now, is access to the widest range of crypto assets, which might see people consider rival exchanges that do. Use of CEX.IO is as safe as any other leading exchange and its founders are still heavily involved, which is always a good sign.

Frequently asked questions

  1. Yes. It is registered and regulated in the UK and the US.

  2. Yes. Email verification is the most basic verification step needed to register for an account. You need ID verification to trade and you must also verify your card before using it.

  3. CEX.IO offers several cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Dash, and Chainlink.

  4. Yes. It offers mobile app access for both iOS and Android to allow users to buy, trade, and sell on the go.

Company Information

Company Name
CEX.IO
Website

Account Information

Minimum Deposit
$20
Email Support
Yes
Free Demo Available
Yes
Payment Options
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Coins
BTC, BNB, OMG, ETH, BCH, DASH, LTC, XRP, XLM, TRX, ADA, NEO, GAS, BAT, XTZ, ONT, USDT, WABI, HOT, LINK, ZIL, KBC, ETP, BNT, ANT, STORJ, LEND, REP

Pros & Cons