CEX.IO Exchange Review

CEX.IO is a reputed and trusted international cryptocurrency exchange since 2013. The exchange is owned by the company named CEX.IO LTD which is officially registered in the UK. Plus, it is also registered as an MSB (Money Service Business) in FinCEN (USA). Based on the information available on its official website, CEX.IO has a customer base of more than 1 million members across the globe. From the CEX.IO exchange, anyone can buy/sell bitcoins at a fair price using secured transactions.

Is CEX.IO Exchange Safe?

Yes. It is completely safe to use CEX.IO either to buy/sell bitcoins. CEX.IO assures that the exchange is 100% safe as it follows several security measures to prevent fraudulent activities. For instance, you cannot withdraw funds or increase your deposit limits without providing documents to verify your identity. CEX.IO holds the certificate of compliance for PCI DSS (Payment Card Industry Security Standards Council) which ensures that all the information stored on their servers are safe and secure. Besides that, CEX.IO offers the Two-Factor Authentication to secure your transactions which can be easily set up from your account.

CEX.IO Pros

  • 3 options to set up 2FA for your account
  • Mobile Application of CEX.IO is available for iOS and Android platforms
  • Can buy/sell/trade cryptocurrencies like bitcoins
  • Unlimited deposit/withdrawal limits for verified accounts
  • Support for Margin Trading
  • Instant buying of bitcoins using a credit card
  • Cross-platform trading
  • Downloadable real-time reports
  • High liquidity
  • Available in the majority of the countries all over the world
  • 24/7 customer support

CEX.IO Cons

  • Can buy/sell/trade only a few types of cryptocurrencies
  • Only available in 24 states of USA

How the CEX.IO Exchange Works

Like most of the exchanges, you need to create an account before buying bitcoins from CEX.IO. Once your account is activated, you can either choose one of the 3 bitcoin packages (200 USD/ 500 USD/ 1000 USD) or enter your desired amount to buy the bitcoins. Then, you need to add the credit/debit card to your account and verify the same which roughly takes 5 minutes. Finally, you can place your order for the desired amount and receive the coins on your wallet. CEX.IO accepts the card in any currency

If you are using the bank transfer option, it may take 1 or 2 days to see the money on your account. And, you can place the order only after the money is deposited in your account.

CEX.IO Sign up & Login Process

Let’s take a look at the Signup and Login process for CEX.IO.

 

Sign up (Only for the new users)

  1. Go to https://cex.io/ and click the ‘Register’ link on the right side of the page. cexsignup1
  2. You can create an account either using your email address or through your existing social media accounts on Facebook, Twitter etc.
  3. Then, click ‘Register’ button after entering the email address, password and completing the captcha code.
  4. Now, your screen will prompt you to enter the confirmation code. Check your Inbox/Spam folders to find the confirmation email from CEX.IO. Copy the code from the email, paste in the provided box and click the ‘Proceed’ button.

This completes the sign-up process.

Login & Verify account

  1. Go to https://cex.io/ and click the ‘Sign in link on the right side of the page.
  2. You should see a screen similar to the one below.cexlogin1
  3. Before starting the buying process, enable the 2-factor authentication by choosing how you wish to receive the 2FA code (Google Authenticator / SMS / phone call).cexlogin2
  4. If you would like to verify your account, you can do that by clicking the ‘Verification’ link in the drop-down menu with your username.

How to buy bitcoins from CEX.IO?

Before buying bitcoins, you need to add your payment card (VISA/Master) to your account. See below on how to add your card.

Adding / Linking your card

  1. Log on to your account and select the option ‘Card Manager’ from the menu located on the right side of the page.
  2. Then, fill all the information about your card like the card number, expiry date, first & last name and cardholder’s name. Click the ‘Proceed’ button.cexbuy1
  3. Now, you need to upload two photos :
    • An image of your ID card + payment card ( If you are a verified user, then this photo is not needed )
    • A selfie of yourself holding the payment card
  4. Enter your three digit CVV code and click the ‘Proceed’ button.
  5. Finally, CEX.IO will instruct you to pay a small amount (in cents) to verify your account. Once your account is verified, that small amount will be refunded to you.

Congrats! You have successfully linked your card to CEX.IO. If you would like to add more cards, then you can follow the same steps to do that.

Add funds to your account

  1. Place your cursor over the ‘Wallets’ tab which is located on your account page and click the ‘Deposit’ option from the menu.
  2. Select the payment card you want to choose, enter the desired amount you wish to add to your account and click the ‘Deposit’ button.

Buying the bitcoins

  1. Click the ‘Buy/Sell’ tab located on the left side of your account page.
  2. Either you can choose any of the fixed amount ( 200 USD / 500 USD / 1000 USD ) to get the equivalent bitcoins. Alternatively, you can also enter your desired amount to buy the bitcoins.
  3. Finally, click the ‘Buy’ button to place the order for your bitcoins.

How to sell bitcoins on CEX.IO?

Some people would like to sell their bitcoins once they gained a decent percentage of profit. Few others would like to transfer them back to their payment cards to meet their financial needs. In any case, selling bitcoins on CEX.IO is highly secure as it can be done only after authenticating the transaction using your 2FA authorization code.

  1. Click the ‘Wallet’ tab on your account page and your screen will look like the one below.cexsell1
  2. Select the ‘Balance’ tab and choose your preferred withdrawal method (VISA/Master card).
  3. Now, select the currency and the desired amount you would like to withdraw from your account balance.
  4. Then, click the ‘Withdrawal’ button. Now, the screen will prompt you to enter the 2FA code to authorize the transaction. If you have configured Google Authenticator, then you can simply open the app to find the code and enter the same in the box provided. Otherwise, wait for few minutes to receive the code through SMS/Phone call.
  5. Finally, click the ‘Confirm’ button after entering the code to complete the transaction.

Congratulations! You have successfully sold your bitcoins and you should receive the money soon on your payment card.

Trading Bitcoins on CEX.IO

Bitcoin trading is possible both on the web interface and mobile app of CEX.IO so that the users can easily trade bitcoins on the go. CEX.IO exchange offers several API based solutions to enable automated trading of bitcoins. Mainly, it offers three types of APIs which are given below:

  • REST API – It is a handy tool to access the market data
  • WebSocket API – Targeted for professional traders
  • FIX API – Mainly used by institutional traders

Margin Trading

Margin Trading is basically a trading process in which you need to borrow funds for trading. It is equivalent to taking a short-term loan from a bank or financial institution. The main advantages of Margin Trading in CEX.IO offer a lot of benefits to the traders which are given below:

  • Funds can be borrowed automatically with position placement
  • No need to open an extra account for margin trading
  • Can choose 1:2 or 1:3 leverage based on the amount
  • Rollover fee is applicable only while the position is opened
  • Protects your account from a negative balance
  • Guaranteed stop loss

 

List of countries supported by CEX.IO

CEX.IO allows users from all countries to buy/sell bitcoins. However, it has placed restrictions for some countries based on the payment method.

  • VISA/Master card payments – Not available for Afghanistan, Iran, Iraq, Cambodia, Bangladesh,  Nepal, Pakistan, Libya, Uganda, Vietnam and more countries
  • Bank transfer – Restricted for Zimbabwe, Vietnam, Kenya, Iran, Iraq, North Korea, Libya, Nigeria, Afghanistan, Yemen etc.
  • Cryptal Bank – Not available for United States, Vietnam, Zimbabwe, Bosnia, Lebanon, Cuba, Syria, Tanzania, Iran, Iraq and more.

To know the full list of restricted countries, please check the payments page of CEX.IO

CEX.IO is available in the below-listed states of the US.

  • California
  • Hawaii
  • Pennsylvania
  • Massachusetts
  • Illinois
  • New York
  • Minnesota
  • Missouri
  • South Carolina
  • Wisconsin
  • Utah
  • Connecticut
  • Kentucky
  • Indiana
  • Oklahoma
  • Nevada
  • Maine
  • Montana
  • New Mexico
  • Rhode Island
  • Wyoming
  • West Virginia
  • Delaware
  • South Dakota
  • North Dakota

Accepted payment methods

CEX.IO does not support cryptocurrency payments. Instead, you can use any of the following options to buy bitcoins from CEX.IO.

  • VISA/Master card
  • Bank Transfer
  • PayPal Debit Master card
  • Crypto Capital
  • SEPA

Supported Cryptocurrencies

You can buy/ sell the below-listed cryptocurrencies from CEX.IO exchange

  • Bitcoin
  • Ethereum
  • Dash

Margin trading is available for the following trading pairs

  • BTC/USD
  • BTC/EUR
  • ETH/BTC
  • ETH/USD

CEX.IO Fees & Limits

Fees

  • Transaction fees – The transaction fees in CEX.IO is based on your 1-month trading volume for all the trading pairs. The Maker fees & Taker fees are inversely proportional to the trading volume. i.e. High trading volume = Low fees, Low trading volume = high fees.
  • Deposit fees – There are no fees for depositing fiat currency into your account via Bank transfer/ Crypto Capital. For credit cards, you will be charged up to 3.5%.
  • Withdrawal fees – For withdrawal using VISA card, the fees will be up to $3.80. For master cards, the fee is 1.2% + $3.80. For Crypto Capital, the fee is 1%
  • Margin Trading fees – The open fee is 0.2% and the rollover fee is 0.01%. There are no closing fees in margin trading.

Limits

CEX.IO sets deposit/withdrawal limits to the users based on the level of the account as well as the payment method. The four levels of accounts are given below:

  • Basic – Can buy/sell bitcoins only using the Visa/Master card with a daily deposit limit of 1000 USD and a monthly limit of 3000 USD.
  • Verified – If you provide the relevant documents to verify your identity, then there is no restriction on the deposit limits per day/month. Also, the members at this level can use another type of payment options like bank transfer to buy/sell the bitcoins.
  • Verified Plus – You will be eligible to priority support for any issues in your account at this level. Plus, the deposit/withdrawal limits will be more than that of the Verified level.
  • Corporate – This level can be used by businesses/organizations to invest in cryptocurrencies like bitcoins. It is not applicable for individuals.

To verify your account you need to upload the below documents on their website.

  • Identity document (Passport, Driving license or other ID document issued by your government)
  • Proof of residency (Bank statement, utility bill, Electricity bill etc)
  • Selfie of yourself holding the ID card

Kindly make sure that the size of the scanned documents doesn’t exceed the size mentioned in the guidelines provided by CEX.IO

Deposit Limits

Given below is the table which lists the different deposit limits based on the payment method

 

 

Basic

Verified Verified Plus

Corporate

VISA/Master card Daily : up to $1000

Monthly : up to $3000

Daily : up to $3000

Monthly : up to $30,000

Daily : up to $10000

Monthly : up to $100,000

Daily : up to $10000

Monthly : up to $100,000

Bank transfer  N/A Daily: up to $200,000

Monthly : up to $500,000

Daily: unlimited

Monthly: unlimited

Daily: unlimited

Monthly: unlimited

Cryptal Bank N/A Daily: unlimited

Monthly: unlimited

Daily: unlimited

Monthly: unlimited

Daily: unlimited

Monthly: unlimited

Withdrawal Limits

Given below is the table which lists the different withdrawal limits based on the payment method

 

 

Basic

Verified Verified Plus

Corporate

VISA Daily : up to $1000

Monthly : up to $3000

Daily : up to $5000

Monthly : up to $30,000

Daily : up to $10000

Monthly : up to $50,000

Daily : up to $10000

Monthly : up to $50,000

Master card Daily : up to $1000

Monthly : up to $3000

Daily : up to $5000

Monthly : up to $3000

Daily : up to $10000

Monthly : up to $50,000

Daily : up to $10000

Monthly : up to $50,000

Cryptal Bank N/A Daily: unlimited

Monthly: unlimited

Daily: unlimited

Monthly: unlimited

Daily: unlimited

Monthly: unlimited

 

Top Competitors

Coinbase can be considered as a competitor for CEX.IO as the functionality of both the exchanges is quite similar. Both the exchanges are reputed and provide utmost importance to the security of the coins stored in the accounts of the users. However, Coinbase is available in the majority of the states of the US whereas CEX.IO is supported only by half of the states in the US.

CEX.IO Security Features

Two-factor Authentication

You cannot make any withdrawals from CEX.IO without entering the 2FA authentication code. This step will ensure that the coins are safely secured in your account and cannot be withdrawn easily. You can set up the 2FA for your account using the Google Authenticator app. Alternatively, you can also enter the authorization code sent via SMS or phone call to authenticate your transactions on CEX.IO.

DDoS Protection

CEX.IO web interface is fully encrypted and well protected against DDoS attacks thus ensuring the safety of the coins. Also, the platform is fully compliant with the PCI DSS standards.

CEX.IO Customer Support

  • IO provides an elaborate FAQs section dedicated to the queries related to your account, trading or finance. You can take a look at them before sending an email to the support team.
  • For specific issues related to your account, you can use the Submit a Request form to send your query to the CEX.IO support team. They should get back to you within 24 hours or so.
  • You can directly send an email to support@cex.io in case if you require immediate attention to anything related to your account.

CEX.IO Rating (Out of 10)

8.5

Conclusion

CEX.IO is a trusted and safe exchange to buy/sell/trade bitcoins irrespective of your geographical location. It is especially good for those who are interested in margin trading as it offers advanced automated trading solutions using a variety of APIs based on the type of the customer. Also, CEX.IO is a great choice for newbies to buy bitcoins easily using their credit card very quickly.