CEX.IO Review

Bitcoin/Crypto Exchange

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  • Popular and secure bitcoin exchange platform
  • Instant buy with VISA/Mastercard
  • Easy to get started
  • Higher price for their Fill-or-Kill orders
  • Extensive verification process to increase limits

Overview

CHAPTER 1

Review Introduction

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CHAPTER 2

Why Choose CEX.IO?

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CHAPTER 3

Security and Protection

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CHAPTER 4

Fees and Limits

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CHAPTER 5

Verification and Restrictions

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CHAPTER 6

Account Types

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CHAPTER 7

Opening Account

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CHAPTER 8

Bitcoin Buying Tutorial

CHAPTER 1

Review Introduction


CEX.IO is a trusted exchange where you can buy Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies. It’s one of the oldest cryptocurrency exchanges on the crypto market with over 3 million users. CEX.IO makes it easy for anyone to buy and sell cryptocurrencies with Visa/MasterCard or bank transfer. They are one of few cryptocurrency exchanges where you can buy bitcoin or other crypto directly with your credit/debit card.

The cryptocurrency exchange also has a platform for professional traders with low fees. However, their fees are higher for direct purchases with Visa or Mastercard but this service allows buying cryptocurrency instantly and receiving it to your balance right away. We will go through that and all you need to know in this review. CEX.IO has been on the market for a long time and have high trading volume. Because their order book has good liquidity, customers transact large orders, high-frequency trading such as scalping and more advanced strategies.

The site has a clean interface that is user-friendly. CEX.IO has built a strong brand as the exchange has never been hacked since it was introduced in 2013. The company uses cold storage and other security measures to protect your bitcoin and ethereum. There is also 24/7 chat support, something that is rare in the crypto space. At the end of the review, we will help you open an account and buy bitcoin.

How Does CEX.IO Work?

CEX.IO offers different services for exchanging bitcoin and other cryptocurrencies. You can place an order on their trading platform in the same way as on other exchanges. If you download the CEX.IO mobile app, you can exchange crypto to fiat or other crypto in a few clicks with the Instant Exchange option. But you can also buy directly with their Instant Buy service based on the Fill-or-Kill (FOK) order that makes it easier for beginners to buy bitcoin. But you can also buy directly with their Instant Buy service on the Fill-or-Kill (FOK) order that makes it easier for beginners to buy bitcoin.

With this order, you get a fixed price that is updated every 120 seconds. You specify the amount you want to buy and see what amount of USD/EUR/GBP you need to pay. You can choose to pay with your card or available balance. When you press the buy button, the exchange checks that you have enough funds available on your account. If you have, their system will automatically match your order with another in their order book.

The exchange guarantees that you get the exact amount of bitcoin/ether or other cryptocurrencies you specified. You can also get a larger amount if the price falls before your order is completed. Prices on the crypto market are constantly changing. You will be notified if your order is prevented from being executed on agreed terms (for example, if the price suddenly rises sharply). This is an easy way to buy bitcoin, but at the same time, the fees are higher than the usual trading on CEX.IO. In this review, we will explain in detail how their fees and platform work.

Experience of Customer Support

We have tested their 24/7 chat support on the CEX.IO website. Whichever page you’re on, you can click on the help icon, and then a chat widget run by Intercom opens. It took no more than a few seconds to get a response, and it was very detailed.

Their customer support has also answered questions and complaints on other sites such as TrustPilot. This shows that the company cares about its customers and reputation. Of all the customer services we have tested on Bitcoin exchanges, no one has been better than CEX.IO. The customer support is one big advantage of trading bitcoin at the CEX.IO Exchange.

User Account and Fees

CEX.IO has developed a platform with four different types of user accounts. In this way, the exchange is adjusted according to customer needs. This is a smart solution to offer both Bitcoin beginners and institutional traders a good user experience.

Further down the review we will explain the differences between their accounts and help you choose the right one. We have also made a Bitcoin Buying Tutorial with easy step-by-step instructions. If you follow it, you can buy bitcoin and ethereum or another cryptocurrency directly with your credit/debit card.

Their trading platform has a fee between 0 and 0.2% depending on your monthly trade volume and whether you’re the “maker” or “taker” in the transaction. This is one of the best rates on the crypto market. Their FOK orders have a higher fee. In other words, the fees vary a lot but you can choose among the available options to buy your crypto.

To help you, we have created a price table in the “Fees and Limits” section. There you will find all different payment methods for different currencies, payment fees, monthly buying limits and more. We also talk about the company’s background, user experience, security and protection, verification process, supported countries, different account types and everything you need to know to get started. CEX.IO is one of the oldest and safest crypto exchanges on the market.

 

 

CEX.IO Background

CEX.IO was launched in 2013 and was the world’s first bitcoin cloud mining provider. The company is based in London, England and is fully licensed. CEX.IO started as GHash.IO which became the largest mining pool in the crypto market. Their mining pool accounted for over 42% of the total hashing power in the Bitcoin network during 2014 reported blockchain.info.

CEX.IO great success with its mining pool posed a threat to the security of the network according to many. People were worried that GHash.IO would grow too big and control a majority of the computer hashing power for Bitcoin mining. If this were to happen, Bitcoin would become more centralized because a 51% attack threat would occur. CEX.IO made an official statement to ensure all miners and developers about the security of the network:

Although the increase of hash-power in the pool is considered to be a good thing, reaching 51% of all hashing power is serious threat to the bitcoin community. Ghash.IO took all necessary precautions to prevent reaching 51% of all hashing power, in order to maintain stability of the bitcoin network.

The CEX.IO Exchange demonstrated that the company is reliable and have good intentions. The company announced in January 2015 that they would shut down their cloud mining services due to reduced profitability. This was because the bitcoin price had fallen and the difficulty level of bitcoin mining had risen.

The GHash.IO mining pool was closed in October 2016. However, CEX.IO has continued to operate and develop its crypto exchange for Bitcoin, Ether, Dash and more other cryptocurrencies. Today, CEX.IO is one of the most trusted and secure crypto exchanges on the market.

CHAPTER 2

Why Choose CEX.IO?


As you can see in the image above, there are many reasons to choose the CEX.IO exchange. They have several useful features that other exchanges don’t offer. However, there are not only advantages to the exchange. At the end of this review, we have listed pros and cons. Below we have listed some advantages and features in detail:

  • Many payment methods: There are many different payment options to choose from at the exchange. You can buy bitcoin with VISA/MasterCard, bank transfer (SWIFT, ACH, Faster Payments, and SEPA), Skrill transfers or with other cryptocurrencies. CEX.IO is one of few exchanges offering purchase of bitcoin, ether and around 28 more cryptocurrencies instantly with your credit/debit card. Besides, you can also make withdrawals directly to your credit/debit card.
  • Strong security: CEX.IO is one of the oldest exchanges in the crypto space and has never been hacked. There is protection against DDoS attacks, all data is encrypted (they have SSL certificate), and they comply with PCI DSS standards. We strongly recommend that you use two-factor authentication when logging in.
  • Available globally: The exchange is available in over 99% of all countries around the world, including 47 states in the United States. In the section “Verification and Limitations”, we have listed all countries with restrictions.
  • Fully licensed and regulated: CEX.IO LTD is based in London, England and is a regulated exchange. The company is ICO registered in the UK and registered as MSB (Money Services Business) at FinCEN in the United States, received a Distributed Ledger Technology (DLT) issued by the Gibraltar Financial Services Commission (GFSC) and Money Transmitter Licenses (MTLs) in 47 US states. Recently, CEX.IO announced applying for the license with the Monetary Authority of Singapore (MAS) and starting its expansion to the Asian market. That makes CEX.IO a regulated and trustworthy exchange. The trading exchange is seeking regulatory status in many jurisdictions. The trading exchange is seeking regulatory status in many jurisdictions.
  • Margin trading available: In early 2020, a cryptocurrency margin trading platform CEX.IO Broker was opened for the public. CEX.IO Broker is a part of the CEX.IO Group ecosystem. Margin trading is associated with high risk and is not recommended for beginners, however, you can start with a Demo account and try the waters.
  • Very low fees: CEX.IO has very low fees on its trading platform between 0 to 0.2%. If you are a maker (placing an order), the fee is 0% and if you are a taker (accepts a current order), the fee is 0.1-0.2% depending on the monthly trade volume.
  • Third party integration: You can link your CEX.IO account with other platforms. Users can exchange cryptocurrencies via the website, mobile app, WebSocket, REST, or FIX API.
  • Advanced reporting: The exchange provides real-time account balance and transaction history with all information and fees. This makes it easy to analyze and evaluate your cryptocurrency trading. You can download all reports.
  • High trading volume: CEX.IO has a large trading volume. This is positive because good liquidity reduces the spread (the difference between the buy and sell price) in the order book. In other words, the high trading volume makes trading faster and cheaper.

 

User Experience

It’s not surprising that CEX.IO has a user-friendly site. The exchange has improved its platform for many years and this becomes obvious when comparing CEX.IO with other crypto exchanges. The trading platform is easy to use and you can make market and limit orders. You can trade with the top cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), DASH, and more. As well as the fiat currencies US Dollars, Euros, Russian Ruble and British Pound.

CEX.IO has relevant information on its web pages and an intuitive interface. The trading exchange also has a mobile app for Android and iOS available to download. At the end of the review, we have included screenshots from their platform. Their website includes different pages; “Buy/Sell”, “Trade”, “Finance”, “Cards”, and “Affiliate”, “Margin Trading”, “Staking”, “Loans” and more.

  • Buy/Sell: Here users can buy bitcoin, ether, and over 25 cryptocurrencies more at fixed prices with a Fill-or-Kill (FOK) order. This is the easiest but most expensive way to buy bitcoin on the platform. You will learn everything about their fees with different payment options in the “Fees and Limits” section.
  • Trade: On this page, all crypto and fiat currencies that you can trade are listed. You can view all buy and sell orders in the order book together with order history. There are interactive graphs for the price and order depth.
  • Finance: CEX.io has compiled all your online wallets for fiat currencies and cryptocurrencies in the same location. You’ll see what balance you have and if you have any active orders in the market There are several subpages with account information such as your transaction history.
  • Cards: You can add your credit/debit cards on this page. Here you manage all your credit/debit cards that are linked to your CEX.io account. There are not many Bitcoin exchanges that accept payment with Visa/MasterCard.
  • Affiliate: Here is all information about their affiliate program. You can invite friends and be rewarded with 30% of their transaction fees at no additional cost to them.
  • Margin trading: redirects you to a cryptocurrency margin trading platform CEX.IO Broker.
  • Staking: Here you can see the list of stake-able coins and the reward you’ll receive if you keep them on your CEX.IO account. It’s a good point that your funds are not locked for the staking period and you can withdraw and trade them anytime and receive your staking rewards at the same time.
  • Loan: On this page, you can get the loan using your cryptocurrency as collateral. You’ll find the terms, rates of interest, and loan calculator. The service is convenient for those who want to get cash, but don’t want to sell their crypto assets.

CHAPTER 3

Security and Protection


CEX.IO is one of the oldest and safest cryptocurrency exchanges on the crypto market. Throughout the company’s history, no customer has ever experienced account funds theft on their platform. This is in a market that is constantly exposed to hacker attacks and fraud. CEX.IO uses cold storage for a vast majority of bitcoin and cryptocurrency stored at the exchange. This means that private keys for bitcoin are stored offline, thus protecting users’ money against various types of hacker attacks.

The company has built a strong brand as the exchange platform has never been hacked since it was introduced in 2013. CEX.IO encrypts all data on the exchange and has protection against DDoS attacks and similar. There are also other security measures available on all user accounts.

We strongly recommend that you use two-factor authentication (2FA) when logging in at the exchange. It creates an additional layer of protection that prevents unauthorized access. Under account settings, there are other security options such as email and SMS notifications, second verification email, and more.

The CEX.IO Exchange is fully licensed and regulated in England. It’s one of few exchanges in the crypto market that has received a PCI DSS certificate. That allows them to store and process cardholder information. The company is also registered as MSB (Money Services Business) at FinCEN in the United States.

The exchange has all the required licenses and robust security, but if don’t want to store your funds there – you can transfer your bitcoin to your private bitcoin wallet.

CHAPTER 4

Fees and Limits


Payment MethodFunds AvailableCurrencyDeposit FeesMonthly Buying Limits*
Credit / Debit CardinstantUSD3.5% + $0.25$20 — unlimited
Credit / Debit CardinstantEUR3.5% + €0.24€20 — unlimited
Credit / Debit CardinstantGBP3.5% + £0.20£15 — unlimited
Credit / Debit CardinstantRUB5% + ₽15.57₽1,525 — unlimited
SWIFTvariesUSD/EUR/GBPNo fee$300 / unlimited
SEPAvariesEURNo fee€20 / unlimited
Faster PaymentsvariesGBPNo fee£20/ unlimited
ACHvariesUSDNo fee$20 / unlimited

* Your monthly buying limit will vary depending on your account type.

Above we have listed different payment methods to deposit funds into your account. Deposits can be done with credit or debit cards, SWIFT, ACH, Faster Payments, Skrill, SEPA transfer, and, of course, cryptocurrencies. As you can see in the price table, funds available, deposit fees and buying limits vary depending on the payment method you choose. Fiat currencies supported are USD, EUR, GBP, and RUB, but deposits can be made with any currency.

CEX.IO has fees that vary widely depending on your payment method. If you buy or sell cryptocurrency on their exchange platform, the fee is 0 to 0.2%. The fee depends on whether you’re the “Maker” or “Taker” in the order book. Maker’s fee is mostly 0% while the taker’s fee is 0.1-0.2% depending on trade volume.

The alternative is to buy cryptocurrencies directly with their Instant Buy service for a fixed price. This is much easier but implies a higher fee. The minimum deposit amount to your account is $20.

You can read more about their buying limits, fees, and account types on their Limits and Commissions page or in the “Opening Account” section further down. The withdrawal fee will also vary between bank transfers, VISA, MasterCard, and Skrill. However, you can always transfer your cryptocurrencies to another wallet without paying any additional fee except one that is included in transaction processing by the blockchain. Below we have listed fees for withdrawals to fiat currencies:

  • VISA Card: Service charge: up to 1.8% + $1.20 and commission up to 1.2% + $3.80
  • MasterCard: Service charge: up to 1.8% + $1.20 and commission up to 1.2% + $3.80
  • SWIFT Bank Transfer: 0.3% + $25.00
  • ACH, SEPA, Faster Payments : no fee

CHAPTER 5

Verification and Restrictions


As a regulated crypto platform, CEX.IO is not anonymous. You will need to verify your identity as the company complies with AML (Anti-Money Laundering) and KYC (Know Your Customer) rules to prevent money laundering and fraud.

If you want to increase your buying limit, you need to verify your address as well. This means that you need to prove your home address by uploading a document containing your name and address. Lastly, you need to upload a picture of yourself holding your passport, driving license or ID card and credit/debit card. Read more about identification on this page.

There are different specific limits and rules for various countries. Below we have compiled a full list of all countries with some form of restriction with CEX.IO user accounts.

Countries with Restrictions

Due to the regulatory requirements and rules, CEX.IO doesn’t provide services in select countries and territories. The list of them is available here.

There are also some restrictions for using certain payment methods for the residents of some countries. You can find them on the Limits and Commissions page.

CHAPTER 6

Account Types


Four Different Account Types:

The exchange has four different types of user accounts. Your account type depends on how much you have verified, and the buying limit will increase accordingly. Here you can open an account at the CEX.io Exchange.

  • Identity: The account that requires verification of your personal information such as your name, gender, date of birth, place of birth, address, and phone number. With the Identity level account, you can buy bitcoin up to $3,000 per day and withdraw up to $10,000 per day. This account does not work with bank transfer.
  • Address: Once you have submitted your personal information and verified your place of residence, you will receive an address with this account, you can buy bitcoin up to $10,000 per day and withdraw up to $10,000 per day. This account works with both credit/debit cards and bank transfer.
  • Enhanced: If you have a verified account, you can apply for “Enhanced”. This means that you receive priority customer support and can trade cryptocurrency without any limits on the exchange.
  • Corporate: There is also a company account without buying limits. Corporate accounts can also get custom terms for trading at the CEX.IO Exchange.

CHAPTER 7

Opening Account


1. Registration of Account

Opening an account at CEX.IO is easy and literally takes a few seconds. All you need to fill in to register is your email, password, and country. Before registering, you need to agree to their Terms of Service and Privacy Policy and verify that you’re not a robot with reCAPTCHA. When done, you will immediately be logged into the trading platform and get a verification email. CEX.IO starts by recommending the use of two-factor authentication and pass the identity verification to protect your account. Here you can open an account at the CEX.IO Exchange.

2. Verification and Information

Once you have verified your email address, you will receive an unverified account that doesn’t allow you to make deposits and trade on CEX.IO. You can buy and sell bitcoin with other cryptocurrencies only after you get your identity verified. If you verify your identity as we discussed in the previous section, your buying limit will increase to $3,000 per day. In the section above we have listed all different types of CEX.IO accounts.

3. Deposit of Money

Deposits can be done by credit or debit card, Skrill, SWIFT, ACH, Faster Payments, SEPA transfer, and, of course, with other cryptocurrencies. There is no fee for transferring money to your account with a bank transfer, but it may take additional processing time. Otherwise, you can buy bitcoin and cryptocurrency instantly with your VISA/MasterCard. This is the easiest way to buy bitcoin and is recommended for beginners. The fee for buying with a credit/debit card depends on which currency you use. If you use a card in your local currency – there can be some exchange fee charged by your bank. In the fees and limits section above, there is a price table and more information. Below we have made a tutorial on how to buy bitcoin with credit/debit card.

 

CHAPTER 8

Bitcoin Buying Tutorial


We have made a buying tutorial on how to buy bitcoin and cryptocurrency instantly with your credit/debit card. You can buy Bitcoin with a SWIFT bank transfer, ACH, Faster Payments, SEPA transfer, Skrill, or directly with VISA/Mastercard. For more details, visit their payment card verification guide. Follow our easy step-by-step instructions below and buy Bitcoin directly on CEX.IO.

1. Create Account

Above we went through how to open an account at the exchange. Enter your email address, password, and country. It can’t be easier, and it only takes a few seconds to open an account at CEX.io. Once you have created an account, you will be logged in immediately, and you will receive an email that you need to verify.

2. Add Credit / Debit Card

When you are logged in, click on “Cards” in the navigation menu to add your credit/debit card. There you fill in the details of your Visa/Mastercard (which is the card number, cardholder’s name, and expiry date). You can add how many debit cards you want as long as your name is on the card.

 

3. Enter CVV / CVC Code

When making a deposit or buying crypto, you need to enter the CVV/CVC number on the back of your credit/debit card to verify that you have your payment card.

 

4. Buy Bitcoin!

When your credit/debit card is linked to your account, you can immediately buy Bitcoin or other cryptos. Log in and click on “Buy/Sell” or “Trade” in the navigation menu to buy Bitcoin, Ethereum, Dash and other cryptocurrencies.

 

Frequently Asked Questions

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Screenshots of CEX.IO

Pros and Cons with CEX.IO

  • Popular and secure bitcoin exchange platform
  • Instant buy with VISA/Mastercard
  • Easy to get started
  • Higher price for their Fill-or-Kill orders
  • Extensive verification process to increase limits

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