One of the oldest Bitcoin exchange existed around is CEX.io. The company is a bi-service platform that supports both Cryptocurrency trading and brokerage services for various cryptocurrencies like Bitcoin, Ethereum and more.

CEX.io Summary

CEX.io is the most popular platform for purchasing and selling various cryptocurrencies including Bitcoin. The website provides the users with the brokerage service that supports multi-currency and a trading platform as well for trading BTC, BCH, ETH and XRP. It is suggested for the beginners that you should go for the brokerage service rather than the trading platform.

Here is a brief outline of what we are going to cover in this article:

  • CEX.io Wrap-up
  • Services Offered by CEX.io
  • Currencies and Payment Methods
  • CEX.io Pricing
  • Purchase Limits
  • CEX.io Supported Countries
  • Customer Support and Feedback
  • CEX.io vs Other Exchanges
  • Conclusion – Should You Go For CEX.io?

 

  • CEX.io Wrap-up

CEX.io is a brokerage company that had its first pace in London in the year 2013 as Bitcoin exchange and provider of cloud mining. The cloud mining pool of CEX.io, known as Ghash.io, was a robust one and held 42% of the complete network mining power.

On January in the year 2015, the cloud mining operations were withdrawn permanently and now it operates solely as a Cryptocurrency exchange by the name CEX.io. The company is a registered with FINCEN and exerts Anti Money Laundering (AML) and Know Your Customer (KYC) policies. This implies that you have to verify your identity in order to purchase Cryptocurrency through the exchange.

  • Services Offered by CEX.io

CEX.io permits you to purchase Cryptocurrency using your credit cards, wire transfer or if you live in the EU, you can use an additional payment method that is SEPA. The company provides you with two ways through which you can purchase the cryptocurrencies viz., the trading platform or the brokerage service of CEX.io.

  • Brokerage Service: The brokerage service is a somewhat more expensive process to purchase cryptocurrencies. This implies that in this case CEX.io will help you by trading the cryptocurrencies for you against a premium. CEX.io’s transactions for broking are all based on Fill-or-Kill orders (FOK) which means that the orders are executed on an immediate basis and in full. This is quite a bit different from placing self order on the trading platform as different types of orders will yield you different results (e.g., limit, market, stop loss).

You might just want to know how their services work. Here is a clear view of it:

As soon as you enter a trade, the first thing CEX.io does is it calculates the price and freezes the deal for 120 seconds. You need to input the amount of money you wish to expense and check the amount of coins you receive. After you select the buy or sell button, the system checks to see if you have enough funds available for the transaction. The order can be filled on various favourable conditions. You will be notified if there is a sudden spike in the exchange rate and your order is prevented from being executed. After your trade is confirmed, your order is matched with the other orders on the exchange for your balance to be adjusted. At times, the amount is a bit more than the agreed amount but never lesser.

  • CEX.io Platform for Trading: The trading platform of CEX.io is an advanced platform for the advanced users having the pro that the fees are extremely lower. The fee of the brokerage platform reaches up to 8% which on trading platform will reach up to 0.2% at the maximum. The trading platform comes with the major features like market, limit order and margin trading. It has a decent liquidity that allows cross platform trading through a mobile app and various APIs. It also supplies you with advanced reporting.
  • Currencies and Payment Methods

Cryptocurrencies supported by CEX.io for purchase through the brokerage service:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcon Gold (BTG)
  • Dash (DASH)
  • Ethereum (ETH)
  • Stellar (XLM)
  • Zcash (ZEC)

All the currencies can be bought with USD or EUR and there are some currencies that can be bought with GBP.

Cryptocurrencies supported by CEX.io for the trading platform:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ripple (XRP)

You are allowed to deposit funds to the trading platform in EUR, USD, RUB and GBP. The currencies can also be traded in between themselves.

Below are the CEX.io supported payment methods:

  • Credit / Debit card
  • CryptoCapital Accounts
  • Wire Transfers (includes SEPA)

 

  • CEX.io Pricing

One of the biggest con and complaints the users have disclosed about CEX.io is that the company possesses hidden charges and high fees. For example, if you are transacting through CEX.io, there is a possibility that you have to pay up to a fee of 8% from the amount of fiat currency against a service. Therefore, if you purchase Bitcoins worth $1000, you will only be able to have your hands on Bitcoins worth $920. This however means that the high exchange rate you see on the chart of CEX.io is inclusive of the service fee and no additional fees apply.

The fee that is stated for CEX.io is only applicable for the brokerage service while it is to be noted that the fees vary from one trading platform to the other. Your CEX.io account needs to be funded with either of the following in order to trade:

  • A bank wire (have no commission on CEX.io part)
  • SEPA transfer (have no commission on CEX.io part)
  • Credit Card (with a fee of 2.99%).

It is to be taken into account that once you enter into a trade you need to pay transaction fee of up to 0.2% depending on your role in the trade like a taker or a maker. The margin trading fee which is levied additionally is 0.2%.

  • Purchase Limits

CEX.io offers you four completely different account limits such as the Basic, Verified, Verified plus and Corporate. The Basic account holders can purchase Bitcoins worth up to $1000 per day and up to $3000 worth of Bitcoins per month. But the basic account holders are eligible for funding their purchases through a credit card only.

The “Verified” account holders on the other hand is allowed to purchase Bitcoins up to $200,000 a day and $ 500,000 worth of Bitcoins per month only through the bank wire transfer.

The “Verified Plus” and Corporate account holders have no higher limits for the purchase of Bitcoins. If you wish to become a Verified account holder, you have to furnish the company with a government issued id and some required personal information.

  • CEX.io Supported Countries

The CEX.io is known to support multiple countries across the globe except for a list of countries which are stated below:

  • Countries Not Permitted For Credit Card Purchases:
  • Afghanistan
  • Algeria
  • Bahrain
  • Iceland
  • Iraq
  • Kuwait
  • Lebanon
  • Libya
  • Nigeria
  • Oman
  • Pakistan
  • Palestine
  • Qatar
  • Saudi Arabia
  • Vietnam
  • Yemen
  • Countries Not Permitted For Bank Wire Transfers:
  • Afghanistan
  • Côte d’Ivoire
  • Democratic Republic of the Congo
  • Eritrea
  • Ethiopia
  • Guinea
  • Guinea-Bissau
  • Haiti
  • Iran
  • Iraq
  • Kenya
  • Liberia
  • Libya
  • São Tomé and Príncipe
  • Somalia
  • Sudan
  • Syria
  • Tanzania
  • Tunisia
  • Turkey
  • Vietnam
  • Yemen
  • Zimbabwe
  • US States Having No Permission At All:
  • Alabama
  • Alaska
  • Arizona
  • Colorado
  • Florida
  • Georgia
  • Guam
  • Idaho
  • Iowa Kansas
  • Louisiana
  • Maryland
  • Michigan
  • Mississippi
  • Nebraska
  • New Hampshire
  • New Jersey
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Tennessee
  • Texas
  • S. Virgin Islands
  • Vermont
  • Virginia
  • Washington

 

  • Customer Support and Feedback

The online user reviews that CEX.io received is one of the most controversial issues. TrustPilot has rated CEX.io a 5.4 out of 10 stars while Reddit portrayed a brief but worried review on the CEX.io exchange. The reviews shared on Reddit did not have anything new about the exchange as people said they have not yet incurred any issues but the original poster did not understand the user’s identity verification process.

Considering the TrustPilot review, it has been found out that the majority of the users are the dissatisfied ones. They have complained about either the customer support that disgusted them or the user verification process or most importantly the hidden charges that refers to the high exchange rate.

The issues related to the hidden fees and identity verification processes are issues created by the people for not understanding the fine print. But for their information, it needs to be mentioned that CEX.io has made clear about all the charges and you will be able to spot the exchange rate and fees explanation under their pricing table.

CEX.io has been improving their support and trying to help out a large number of users which can be said by observing the following two things:

  • The CEX.io representatives try to reply to all the issues on the forums and various other websites that includes TrustPilot as well.
  • The former TrustPilot rating for CEX.io was 3.9 which now have hiked to 5.4 which clearly is a 38% increase.

Well, although it cannot be said that the customer support is the uber one. But definitely there is a change in the existing customer support. They are trying to provide all sort of assistance to the customers in need.

  • CEX.io vs Other Exchanges

There are other popular services around that can be compared to the CEX.io. Here is a brief comparison of CEX.io and the similar platforms.

Note: The fees stated in this section are for the credit card purchases only. If you look closely, you will be able to find out that some of the exchanges charges additional fees on top of the mentioned fees. Therefore it is recommended that you should compare the final prices which are discussed below:

  • CEX.io versus Binance: When the article is being written, Binance is an exchange strictly based on crypto to crypto transfers. Therefore, you are not permitted to purchase coins with the help of bank transfer or a credit card. Taking into account this fact, it is quite impossible to compare CEX.io and Binance.
  • CEX.io versus Bitstamp: Bitstamp is a Bitcoin exchange platform that offers you both the trading platform and brokerage platform for purchasing Bitcoins. CEX.io’s brokerage service will cost you a bit more than the Bitstamp platform as CEX.io brokerage service is expensive by 2.5%. You are allowed to purchase up to $1500 per day or $ 15000 per month using credit cards.
  • CEX.io versus Coinbase: CEX.io charges 2.99% which is quite lower than the Coinbase charges which is 3.99% for any purchases using the credit card. Coinbase is pretty cheaper than CEX.io if we calculate the actual cost of purchasing 1 Bitcoin through both the platforms, as the oinbase is 4% cheaper than CEX.io in this particular matter.
  • CEX.io versus Coinmama: Coinmama’s fee on credit card purchases is 5.9% while the CEX.io charges 2.99%. On comparing their brokerage services, it is found out that Coinmama’s brokerage services is cheaper than CEX.io by 2%.The reason behind this is that CEX.io does not include the brokerage service fee and are hidden inside the exchange rate. Coinmama allows credit card purchases against a wide variety of cryptocurrencies.

 

  • Conclusion – Should You Go For CEX.io?

 

CEX.io is a pretty good option for both the beginners and the experienced. The one and only downside of this exchange is that they charge a heavy fee for their brokerage services.

 

The exchange has seen a major growth having been one of the leading exchanges around. The user interface is pretty simple and that the newbie can also equally use the platform with ease. You must be aware of the fees and the verification process. If you are all set, you are good to go.

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