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CEX.IO Review: The Best Advanced Cryptocurrency Exchange?
CEX is a cryptocurrency exchange that offers multiple useful services for crypto users old and new. These services include basic purchasing of cryptocurrencies with your credit card instantly, an exchange with multiple cryptocurrency and FIAT pairings, and a crypto brokerage service where users can do margin trading. It is one of the few crypto exchanges that offers withdrawals to debit and credit cards with regulatory compliance. CEX also offers staking for certain crypto assets directly through the exchange.
CEX exchange is based in the United Kingdom and is one of the oldest UK exchanges, having started as GHash.io, a Bitcoin mining pool with cloud mining services and the option to trade mining power. In 2013 they started CEX.IO as a platform to trade their mining power and the resulting Bitcoin and the exchange has grown in scope since.
- Long-running cryptocurrency exchange
- Withdrawals to credit cards
- Robust mobile app
- Staking available on site
Meet Our Reviewing Team
CEX.io General Overview
Pros
Multiple FIAT trading pairs for each crypto asset they support including USD, GBP, EUR
Easy sign-up, KYC process for verifying account and unlocking all features
Instant crypto purchases with credit card
Withdrawal of FIAT directly to credit/debit cards
Staking of assets directly on exchange
Mobile app
Cons
Limited number of crypto assets are supported
All exchanges hold risk of being hacked, loss of assets held on exchange
Fees for all currency deposits/withdrawals, whether through credit card or bank transfer
CEX.IO at a Glance
Sign-Up Process
Signing up for an unverified CEX.IO account is easy, but like most exchanges full verification is required for access to all features.
For an unverified account:
- Go to CEX.io
- Click Create Account
- Enter email address
- Choose password
- Choose country
- Accept CEX Terms of Use
- Click create account
- Verify account through email
For verified account:
Follow all steps above. Submit required information and/or documentation for varying levels of identity verification:
- Personal information including name, date of birth, contact number
- Address (residential and permanent)
- Scans of ID card, photo of you holding the same card
- Proof of residency document (water, electric, or internet bill for example)
Wait for approval/verification to be completed, this can be same day but may take a few days depending on volume
What You Can Buy on CEX
CEX exchange offers a limited number of crypto assets, but all are paired to USD, GBP, and EUR. The crypto assets they offer are:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Bitcoin Gold
- Dash
- Litecoin
- Ripple
- Stellar
- OmiseGo
- Tron
- Cardano
- NEO
- GAS
- Cosmos
- Tezos
- Meta Hash
- BitTorrent
- Basic Attention Token
- USD Coin
- Ontology
- Ontology Gas
- Gemini Dollar
Is it CEX.IO Safe?
Yes, CEX exchange is safe to use, the exchange has never been hacked at the time of writing. Over the years the organization has matured considerably and acquired licenses in various jurisdictions around the world. CEX.IO LTD has also been registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Department of Treasury
However, like all exchanges the risk of it being hacked always looms as a possibility and we at CryptoVantage recommend you use a software or hardware wallet to store your crypto assets. This is the safest way to store your cryptocurrencies.
Supported Applications
Apart from its website CEX exchange offers a mobile app that it available for Android and iOS. The mobile app offers all the same features of the website in a easy to use and simple interface.
CEX offers a wallet through the site and mobile app where you can store your assets and stake them where possible, however this wallet is custodial meaning you do not hold the private keys yourself. Please see the list linked in the previous section for a comprehensive list of non-custodial wallets that we recommend.
Fees
CEX exchange offers a dynamic fee scale for buying and selling on the exchange whereby the user is rewarded with lower fees the more volume they trade through the exchange. Even with a low volume of trades the fees are quite low.
For depositing fees are flat for both credit cards and bank transfers but vary between the two methods.
For withdrawing the fees are dynamic and vary depending on things such as type of credit card (MasterCard has lower fees than Visa through CEX), and type of bank transfer (direct to your bank has fees whereas through ACH or SEPA there are none). Withdrawals to credit cards incur service charges which include a flat fee and a percentage amount, along with a commission. Withdrawing through a normal bank transfer incurs a percentage fee along with a set dollar amount. Withdrawing through ACH, SEPA or FPS is completely without fees.
It should be noted that CEX also offers a commission-free margin-trading product called CEX.IO Broker. You can check it out at https://broker.cex.io/.
CEX.io Frequently Asked Questions
Yes! CEX exchange is a global exchange that supports users from 99% of countries. Some countries are restricted from credit card purchases while others are restricted from using a bank transfer. In addition, over half of the US states are not supported. All restrictions are due to country/state law and are not choices made by CEX.
Yes! CEX exchange offers a custodial wallet on their exchange where you can store and stake your crypto assets. However, you do not hold the private keys to this wallet, and it is recommended that you use a non-custodial software or hardware wallet of your choosing.
CEX does not explicitly state what “CEX” stands for but it is likely “Cryptocurrency Exchange” or something similar.
It could be argued that CEX.IO is better than Coinbase due to their brokerage feature and the multiple FIAT pairings which they offer, however if based on exchange volume Coinbase is way ahead. In addition, the overall fees are less through Coinbase.
No! Technically you can sign up for CEX exchange for free, however you need to deposit or buy crypto assets in order to use it, and there are transaction fees for all deposits, withdrawals and trades.
Yes! However, it has to be a debit card with a linked credit card aspect, such as a Visa debit card.
The minimum deposit on CEX exchange varies. For Ethereum the minimum deposit is 0.001, and for all other cryptos they support, including Bitcoin, it is 0.0001. For purchasing crypto using your credit or debit card the minimum purchase is $20 USD.
Yes! CEX exchange is a good beginner exchange because it is simple to sign up and purchase crypto for the first time. However, there are more well-known exchanges with the same option and more cryptocurrencies supported on the exchange.
