|-It is a company with years of experience in the market.|
-It allows to easily buy and sell the main cryptocurrencies.
-It is located in the United Kingdom.
There are few cryptocurrency exchanges that have managed to remain reliable and stable over time within this market, we have witnessed how even the largest have fallen, such as the case of Mt. Gox. For this reason today we will analyze one of the best exchanges that have achieved permanence despite the difficulties, it is CEX.io.
What is Cex.io?
Cex.io is a cryptocurrency exchange and broker that is formally registered as a company in London, UK and it has all the licenses and registrations to legally operate as an exchange office. Likewise, it is part of the Financial Crimes Enforcement Network of the United States, an organization in the financial sector of this country.
It has been operating since 2013 and since then the company has had significant growth, which has positioned it as an interesting option to buy and sell cryptocurrencies with dollars, euros, rubles, and pounds sterling. Right now they operate with a total of 22 cryptocurrencies, including Bitcoin, Bitcoin Gold, Litecoin, Bitcoin Cash, Cardano, Dash, Ethereum, Stellar, BAT, Monero, Zcash, Ripple and the stable coin Gemini USD that was incorporated in late 2018.
Previously, they provided cloud mining services and mining pools through the GHash.io platform, but they were suspended in 2015. Various reasons are speculated as to why they suspended these services, but, officially, there is no information on the reason for that decision.
In general terms, Cex.io offers the following services:
- Instant Purchase of Cryptocurrencies: A service that allows the user to buy Bitcoin and other cryptocurrencies instantly with fiat money by credit card using USD, EUR, GBP, and RUB.
- CEX.io Crypto Exchange: A classic cryptocurrency exchange where the trader can access real-time market quotes, buy and sell order books to see the general state of the market, price charts, and other tools to facilitate the buying and selling of cryptocurrencies at the best prices.
- CEX.io Broker: It is a platform designed for margin trading with digital assets based on Contracts For Difference. It combines the best features from CFD trading, margin trading, Forex trading, and other multi-asset trading solutions with innovation. It operates similarly to classic Forex brokers that offer cryptocurrency trading using CFDs.
One of the most important aspects to consider before opening an account with CEX.io is its margin trading service. This service provides users with the possibility of obtaining a “loan” (leverage) to be able to carry out trades with 1:2, 1:3, 1:5, and even 1:10 leverage on the most important cryptocurrency pairs, such as BTC/USD, BTC/EUR, ETH/BTC, and ETH/USD.
At the security level, this exchange reports that it has NEVER suffered any type of attack within its platform and this is because they have a very high level of protection. Firstly, it should be noted that access to the platform is protected against DDoS attacks, channeling accesses to prevent hacking attacks by overloading computers.
It is also important to determine that all Cex.io data is protected following the Data Security Standards that are required in the Payment Card Industry, the so-called PCI DSS. Regarding the security measures for users, they are offered the two-factor authentication system to access the account and the exchange platform.
CEX.io keeps most of the cryptocurrency funds in a cold wallet, that is, a crypto wallet that is not connected to the Internet, and only maintains a small volume on the platform to ensure liquidity and speed of transactions.
They also carry out checks to verify that the credit cards you use really belong to you and that it is you, the account owner, who is really trying to get the money out, when someone makes a withdrawal request.
Cryptocurrencies that we can buy at Cex.io
Initially, you could only buy Bitcoin and Ethereum on Cex.io. However, over time this exchange has been adding more digital assets. We can say that his offer was limited. The advantage was in the speed and reliability of the service.
However, currently, the company has expanded the offer of digital assets, both in its instant purchase service and in its exchange service.
The cryptocurrencies that we can buy and sell are the following:
It certainly doesn’t offer as many cryptocurrencies as Binance or other exchanges, but its offering is certainly decent and on the rise.
How to buy cryptocurrencies with CEX.io?
Due to the legal regulations that this exchange is subject to, in order to buy and sell without limits on Cex.io, customers must go through a strict identity verification process with personal photos and copies of official documents (KYC process). In order to go through the verification process we must register on the platform with all our real information.
Unverified accounts can only buy and sell cryptocurrencies using credit cards, with a limit of $1,000 a day and $3,000 a month. Unverified customers cannot deposit funds via bank transfer. Likewise, bank accounts cannot be used to buy or sell cryptocurrencies for US citizens, whether or not they have verification.
Verification process in CEX.io
As in other exchanges, the verification process of this company requires that the client take and send a personal photograph as well as attach a photograph of some type of official identification. Some type of invoice or official documentation that shows the exact address where the customer lives will also be necessary. It is important to remember in this last point that the address that we check is located in the country that we indicated at the time of our registration.
The commissions within the platform vary according to the transaction type that you want to carry out. Firstly, we will indicate the commissions that the client has to pay to deposit fiat currency in the exchange. In the case of bank transfers, no commission is applied, while if credit cards are used, a 2.99% fee applies to the amount to be paid.
For withdrawals in FIAT currency, a sum between flat and percentage commissions is applied. In the event that you want to withdraw to a bank account, a commission of $ 50 and a minimum withdrawal of $ 1,000 are established.
For Skrill deposits and withdrawals, a 1% fee applies.
For fiat currency withdrawals, fees also depend on the method used and the volume withdrawn. In the event that the client wishes to make a withdrawal to a bank account, a commission of $50 and a minimum withdrawal of $1,000 are established.
If you want to withdraw with a credit card, the flat commission is 5 dollars plus 3.8% on the amount you want to withdraw. In the case of credit cards, they have lower minimum limits, located at $20.
When it comes to trading commissions, they have a system that varies between the maker (those who place new orders within the exchange) and the taker (those traders who take the orders created within the exchange) and it also varies according to the amount of Bitcoin that it is traded within 30 days. For users who trade with less than 5 BTC in a month, commissions for makers are 0.16% while for takers they are 0.25%.
They also establish a commission for leveraged transactions (margin trading) that are made within the platform. The commission is 0.2% for opening new positions on the platform and 0.1% for closing open positions.
In order to have complete information on the rates that apply within the platform, we can go to the official website of Cex.io.
How to deposit funds with Cex.io?
The methods that we can use in Cex.io to deposit funds are the following:
- Bitcoin: No fee.
- Credit Card (VISA and Mastercard): Commission of 2.99%.
- International Bank Transfer: No commission.
- SEPA Bank Transfer: No commission.
- Skrill: Commission of 1%.
It is currently one of the few exchanges that allow its clients to buy cryptocurrencies with Skrill.
Cex.io trading platform is an online application with different functionalities for cryptocurrency trading. It offers a different interface and tools depending on the service we are using.
The following is the platform for the instant purchase of cryptocurrencies:
Below is the Cex.io exchange platform. As we see, it has the typical functionalities such as real-time quotes, charts and an order book.
Finally we have the trading platform to trade cryptocurrency CFDs. As you can see, it is quite similar to the platforms offered by online Forex and CFD brokers:
CEX.io Customer Service
The customer service is good, compared to other cryptocurrency exchanges, but in times of high activity, it is overwhelmed. Just as the bitcoin bubble was and the great explosion of popularity it got in a few months, you will see that in all the reviews we talk about cryptocurrency platform customer services we say that the times could be improved. In this case, the same thing happens.
Now when you get an answer it is informative and useful.
Staking service of Cex.io
Cex.io offers a staking service for clients who have in their possession cryptocurrencies that work with the PoS (Proof of Staking) algorithm, in such a way that they can receive rewards by just keeping coins and tokens in their account.
Currently, cryptocurrencies like Tron and Neo, and Tezos, which can be exchanged on Cex.io, operate under the PoS model instead of PoW (Proof of Work). By staking your coins, you let them work for you and increase your earnings while they’re sitting in stored in the account.
The following image shows the list of coins that allow the client to earn money by staking in Cex.io:
Cex.io main advantages and disadvantages
- It is a UK company.
- Available in all countries (subject to government regulations).
- The maximum amount for money transfer with the verified account is high
- It now also offers cryptocurrency CFDs.
- There is no commission for bank deposits and withdrawal fees are reasonable
- Exchange rates are based on market activity. Generally, they vary between 0.5% and 2% of the interbank .exchange rate (mid-market).
- Use an online platform.
- It has a mobile application.
- Commissions when buying or selling Bitcoin are high.
- The company do not handle many fiat currencies.
- The minimum transfer amount with the basic account is low.
- The user has to carry out the transfer on his own.
- Bank and credit card transfers are prohibited in some countries
CEX.io is a solid, secure, and reliable cryptocurrency exchange where those who are starting with cryptocurrencies, as well as those who already have some experience in the market, can trade with simplicity. While it is true that its trading commissions are a bit high and the offer of cryptocurrencies is not the most varied, it is a suitable exchange for investors and traders who require a simple and direct service.
Of course, as with all companies in the sector, their services are not perfect. There are also complaints. That is why we urge the reader to test Cex.io services before committing large sums of money.
You can obtain more information about Cex.io and its cryptocurrency exchange and wallet services on its website through the following link: