Finding a reliable and trustworthy crypto exchange isn’t always easy. It must have an excellent selection of cryptocurrency, affordable trading fees, a user-friendly UI, and more. As such, the crypto experts at Smart Billions put together a detailed CEX.io review to see if the crypto exchange is worth your time.
Smart Billions is one of the leading online cryptocurrency workshops. Our group of blockchain enthusiasts and entrepreneurs aim to teach people about the ever-changing world of cryptocurrency so they can get the most out of their investments. If you want to take your crypto trading to the next level, Smart Billions can help.
Continue reading to learn more about CEX.io and see if the platform meets your high expectations.
- Operating Since 2013
- Cryptocurrencies Supported 65+
- Fees Vary
- Deposit Methods Credit card, Debit card, Epay, Advcash, Skrill, ACH, and Bank transfer
- Fiat Currencies USD, EUR, GBP, and RUB
- Verification Methods Email, 2FA
- Margin Trading Yes
- Futures Trading Yes
- About CEX.io
- Supported Cryptocurrencies
- Purchasing Cryptocurrencies Through CEX.io
- Withdrawal and Deposit Fees
- Withdrawal Fees
- Trading Features
- Customer Support
- Is CEX.io Safe or a Scam?
- Pros and Cons of CEX.io
- CEX.io Exchange Review for Australia
- CEX.io Exchange Review for Canada
- CEX.io Exchange Review for UK
- Contact Smart Billions for More Information About Cryptocurrency
CEX.io started as a small cloud mining provider and Bitcoin exchange in 2013. The crypto exchange grew rapidly and rebranded itself as a multi-asset brokerage and cryptocurrency trading platform two years later. CEX.io continued to grow and eventually became an international exchange with offices in London, Ireland, Ukraine, Gibraltar, Cyprus, and the USA.
Today, CEX.io ranks as one of the oldest and most respected cryptocurrency exchanges, with over 750,000 active and registered users. Several CEX.io reviews praise the platform’s security and accessibility.
The United Kingdom registered CEX.io as a Money Service Business, and many consider it one of the most trusted exchanges in the country. It abides by all the UK licensing and regulation guidelines, making it one of the most legitimate exchanges available. One of the leading financial regulators, FinCEN, regulates CEX.io, furthering its legitimacy.
CEX.io co-founded a non-profit organization called CryptoUK in the late 2010s. The association promotes communication and understanding between regulatory authorities and cryptocurrency exchanges to improve the UK’s regulatory framework. It hopes to bring the two parties together and enhance their relationship while validating crypto exchanges.
Although CEX.io started as a Bitcoin-only exchange, it has branched out and now supports numerous digital assets. It enables you to trade cryptocurrencies of over 65 altcoins and carries some of the most coveted digital currencies as well as a few lower-liquidity assets. Below we list just some of the cryptocurrencies CEX.io supports.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Tether (USDT)
- Cardano (ADA)
- Tron (TRX)
CEX.io allows you to purchase crypto with a Mastercard or Visa and pay in USD, GBP, EUR, or RUB. However, the fiat currency you pay with depends on the asset you want to purchase.
Purchasing Cryptocurrencies Through CEX.io
CEX.io allows you to purchase crypto in two ways: through a CEX.io brokerage service or on its trading platform.
CEX.io Brokerage Service
CEX.io’s brokerage services enable you to sell and buy Bitcoin and other cryptocurrencies at an elevated rate to avoid paying more expensive service transaction fees. The crypto exchange utilizes Fill-or-Kill orders that won’t raise the price of your purchased crypto during the small interval after the transaction. CEX.io executes the Fill-or-Kill orders immediately and in full, making it easier for beginners since they don’t have to carry out complicated orders themselves.
It’s important to note that these orders can reach up to 7% of the entire amount, making them higher than other alternatives.
CEX.io charges a taker / maker transaction fee that is based on your 30-day trading volume for all trading pairs.
CEX.io makes a perfect option for experienced crypto traders looking to branch out to more sophisticated order types. It supports numerous advanced orders, including stop-loss orders, market, limit, etc. However, these orders are often high-risk, so keep that in mind when trading.
The crypto exchange’s trading fees come in much lower for takers and makers when compared to its brokerage service. Taker fees don’t exceed 0.5%, and maker rates top out at 0.16%. Review CEX.io’s fee schedule according to a 30-day trading volume using Bitcoin.
- < 5: 0.25%
- < 30: 0.23%
- < 50: 0.21%
- < 100: 0.20%
- < 200: 0.18%
- < 1,000: 0.15%
- < 3,000: 0.13%
- < 6,000: 0.11%
- > 6,000: 0.10%
- < 5: 0.16%
- < 30: 0.15%
- < 50: 0.13%
- < 100: 0.12%
- < 200: 0.10%
- < 1,000: 0.08%
- <3,000: 0.04%
- < 6,000: 0.00%
- >6,000: 0.00%
Maker orders are limit orders that are posted to the order book
Withdrawal and Deposit Fees
One of the best aspects of CEX.io is how easy users can purchase crypto with fiat currency. Several payment options are available, simplifying the buying experience.
The crypto exchange allows you to buy cryptocurrencies with USD using the following methods:
- Credit card
- Debit card
- Bank transfer
CEX.io doesn’t charge users using the payment options listed above except for card and Skrill purchases. The exchange has a 2.99% card fee (1.49% for UK-issued credit and debit cards) per deposit and a 3.99% Skrill fee.
The crypto platform also charges a small withdrawal fee. However, CEX.io exempts all Advcash and ACH transfers from the charge.
Users withdrawing funds with their card must pay a 3% service fee and an additional $1.20. CEX.io also charges a commission fee of up to $3.80.
CEX.io requires Epay and Skrill users to pay a 1% withdrawal fee while charging bank account transfer withdrawals 0.3% plus $25 for commission.
The exchange also charges withdrawal and deposit fees for RUB, GBP, and EUR payments.
The cryptocurrency exchange ranks user accounts according to their identity verification level. The levels include the following.
- Identity Accounts: Limits daily deposits to $3,000 and daily withdrawals to $10,000
- Address Accounts: Restricts daily deposits to $10,000 and daily withdrawals to $10,000
- Enhanced Accounts: Unlimited daily withdrawals and deposits
- Corporate Accounts: Unlimited daily withdrawals and deposits
Additional verification stages allow users to increase their withdrawal limits and deposit.
CEX.io also requires card users to deposit at least $20 and withdraw $20 to $50,000 (Visa) or $2,500 (MasterCard) every day.
CEX.io used to allow users to participate in margin trading on its basic trading platform. However, the exchange changed its policy in 2019 and created a CEX.io Broker program for more experienced users.
It views CEX.io Broker users as more advanced and believes they understand the risks of CFDs and margin trading. The exchange also believes that CEX.io Broker traders will invest responsibly and not spend more than they can afford to lose. CEX.io only lists three cryptocurrencies for margin trading: Ethereum (ETH), Litecoin (LTC), and Bitcoin (BTC).
CEX.io also offers crypto-backed fiat loans to interested investors. It allows you to borrow EUR or USD in exchange for Ethereum or Bitcoin. You can borrow a minimum of 500 USD/EUR for seven days or longer.
To utilize the feature, deposit either ETH or BTC to your account and visit the Crypto Loans page. Once there, you can enter your desired loan amount and learn how much cryptocurrency you need for collateral. The page also allows you to check the interest rate, repayment date, and service fee.
CEX.io must verify your identity before granting you access to crypto-backed loans. You can use your card or Skrill to withdraw the money, as well as a wire transfer. However, crypto-backed loans aren’t available to United States users.
The CEX.io Staking feature allows you to earn a passive income by holding your cryptocurrency. You only need to purchase one or more of the staking tokens and store them in your CEX.io account. If you already have the necessary staking tokens, you must deposit them into your account to qualify.
The required staking tokens include:
CEX.io calculates your passive income every hour and forwards it to your account balance monthly. If you want to use the tokens before the set time, the exchange platform will calculate your passive income for that period.
CEX.io doesn’t currently have a customer support line or live chat box available to users. However, it does allow you to email their support team if you have any questions or concerns regarding the platform or its services. The lack of live chat boxes and customer support numbers put CEX.io at a severe disadvantage compared to other crypto exchange platforms like Coinbase and Binance.
To make up for its lack of customer support options, CEX.io constantly posts updates and user tips on its social media pages. They also have a detailed Help Center page on their website that lists several helpful articles about the platform and how its services function.
Is CEX.io Safe or a Scam?
CEX.io has several regulations to ensure your private information stays safe and secure. Besides its FinCEN registration, the crypto exchange platform also obtained a certificate for compliance with the PCI DDS regarding card payments. It also complies with its regulators’ KYC, AML, and additional privacy policies.
To further its security, CEX.io utilizes a strict mandatory identity verification process. The exchange also examens their users’ Sanctions and Political Exposed Persons application lists.
If a trader engages in suspicious activity while using CEX.io, the exchange will conduct an investigation, monitor their transactional patterns, and request justification for their trades. If the user refuses to provide the required information, CEX.io will suspend their account.
CEX.io stores its users’ funds in a cold storage facility and encrypts their private keys to enhance security. The exchange platform keeps the encrypted data in unique devices called Hardware Secure Modules and secures them in multiple locations with 24-hour surveillance.
You can also protect your account by activating two-factor authentication (2FA). Once activated, you can sync it with an authentication app that produces one-time codes. CEX.io also has a Withdrawal Whitelist feature that prevents unauthorized IPs from accessing your account and creating withdrawal requests.
CEX.IO also provides their customers with protection under a level two DSS certificate. This means, CEX.io has proved itself as having a certain level of security to transmit, process, and store payment card data.
Pros and Cons of CEX.io
Like most cryptocurrency exchanges, CEX.io has advantages and drawbacks. Below are some of CEX.io’s pros and cons.
- Institutional features (order execution tools, payment services, API tools for automated trading, and more!)
- Affordable fees
- Supports several popular crypto assets
- Staking rewards
- Crypto-backed loans for qualified accounts
- Offers specialized services for advanced traders and businesses
- Has a mobile app
- 24/7 customer support
- Offers data encryption and 2FA.
- Relatively low fees
- Provides different trading tools for both beginners and advanced traders
- Offers more tokens than coin options
- Crypto-backed loans, savings, and staking rewards not available to United States users
- CEX.IO broker for derivatives trading is separate to CEX.IO
Does CEX.io’s Mobile App Work on iOS and Android Devices?
Yes. Both iOS and Android users can download CEX.io’s mobile app. It features all the bells and whistles available on its website. It enables you to perform instant buys and sells using the Trade Pro tools or trading platform.
Does CEX.io Support Multiple Payment Methods?
Yes, but it depends on the fiat currency and your location. Review the payment methods CEX.io supports.
- Credit and debit cards (MasterCard and Visa)
- Bank transfers
- Wire transfers
- Faster Payments
Each payment method has different withdrawal and deposit fees/limits.
CEX.io Exchange Review for Australia
CEX.io was established in 2013 as a hashing power marketplace and a Bitcoin cloud mining provider – powered by an in-house mining pool known as GHash.IO. The company’s mission was to enable individuals to earn Bitcoin mining rewards without the need to deploy costly mining hardware in their houses.
In late 2016, the company decided to stop cloud mining following the closure of GHash.IO (because of lack of profits). Instead, CEX.io shifted its focus to building a global cryptocurrency exchange platform.
Today, the company is a regulated crypto platform with more than four million users. It offers services and products for three market segments, which it refers to as Businesses, Traders, and Everyone.
Businesses can leverage CEX.io Prime, which provides institutional-grade cryptocurrency trading services. Traders can benefit from margin trading, spot trading, CEX.io’s mobile app for on-the-go-trading. And lastly, features for Everyone include a crypto lending platform, exchange staking, a crypto wallet, and simple fiat-to-crypto purchase options.
CEX.io also provides credit card processing services to its customers in certain EU countries. Plus, CEX.io broker (separate from CEX.io) has a commission-free margin trading platform.
CEX.io Exchange Review for Canada
One of the oldest Bitcoin exchange platforms still operating to these days is CEX.io. The company was established in London in 2013 and has served more than four million customers since then.
In the exchange’s early days, its main product was a cloud mining pool known as GHash.io. At one point, this mining pool made up 42% of the Bitcoin network’s hash power. However, GHash.io shut down in 2015 as management focused as being a crypto exchange platform.
Aside from Bitcoin, CEX.io also supports trading with a myriad of crypto assets including Ethereum, Dash, Litecoin, Bitcoin Cash, Ripple, and many more. You can buy digital assets using Mastercard or Visa directly. You can also deposit funds to your CEX.io account using SWIFT, SEPA, or ACH bank transfers.
CEX.io has a solid reputation when it comes to security. The crypto exchange platform claims to have never lost a single cent of user funds. Furthermore, CEX.io has obtained relevant licenses to run business legally in several countries. It is registered with Money Services Business in the United Kingdom and with FinCEN in the United States. This means, that you will need to comply with Anti-Money Laundering (AML) laws and Know Your Customer (KYC) processes by verifying your identity in order to fully utilize CEX.io’s crypto platform.
To sum it up, CEX.io offers many features you would want in a crypto platform.
Want to learn more about exchanges in Canada? Here’s a list of Best Canadian-based Crypto Trading Platforms in Canada.
CEX.io Exchange Review for UK
CEX.io was launched in 2013 as a hashing power marketplace and a Bitcoin cloud mining provider, powered by their very own mining pool called GHash.io. CEX.io’s goal before was to enable individuals to earn Bitcoin mining rewards without the requirement to deploy very expensive mining hardware in their locations.
But in the late 2016, CEX.io decided to put a halt on their cloud mining services following the shut down of GHash.io since it was not profitable anymore. From that time, CEX.io decided to shift its focus to establishing a global crypto exchange platform.
These days, CEX.io is a regulated exchange with over 4+ million users. The exchange offers products and services for three market segments, whey the company refers to as Everyone, Traders, and Businesses.
The Everyone market can use simply fiat-to-crypto purchase options, crypto lending platform, exchange staking, and a crypto wallet. Meanwhile, the Traders market can benefit from spot trading, margin trading, and the exchange’s mobile app so users can trade while on the go. And finally, the Businesses market can utilize CEX.io Prime, which offers institutional-grade crypto trading services.
For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.
Contact Smart Billions for More Information About Cryptocurrency
If you want to improve your crypto trading strategies or want to read more CEX.io reviews, visit Smart Billions’ website. We can take your crypto trading to extraordinary new heights while improving your investing tactics. Visit Smart Billions today!