CEX.io Review 2022

CEX.io Review 2022

Robert McDougall 

September 18, 2022

Cryptocurrency

CEX.io is one of the oldest cryptocurrency exchanges around. They support 4 fiat currencies with multiple deposit methods. CEX.io offer their users the ability to buy and sell Bitcoin and 100+ other popular cryptocurrencies. They offer a brokerage service and trading platform that supports BTC, BCH, ETH and XRP. If you're a beginner I recommend you start off by using their brokerage service rather then diving straight into the trading dashboard.

  • Web Address:  www.CEX.io
  • Main location: London, United Kingdom
  • Mobile app available: Yes
  • Deposit Methods: Bank transfer, Credit card, Cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)
  • Trading Fees: Maker: 0-0.16% Taker: 0.10-0.25%
  • Fiat Currencies: USD, EUR, GBP, RUB
  • Cryptocurrencies: BTC, USDT, BCH, LTC, DASH, ETH, XRP, ATOM, ADA, TRX & 100+ more
  • Deposit Fees: Visa & Mastercard: 2.99%; Bank transfer: Free; Skrill: 3.99%; ACH: Free; Faster Payments: Free

CEX.io online reputation:

As you can see 80% of the reviewers had a 'Great' or 'Excellent' experience with CEX.io, this is a really good sign, especially since its out of nearly 7000 separate reviewers.

What services do CEX.io offer?

CEX.io is a platform that allows users to purchase and exchange cryptocurrencies using credit cards, SEPA transfers for EU residents, ACH for US residents, and wire transfers. The platform offers two mediums through which you can buy cryptocurrency - a brokerage service and a trading platform.

CEX.io Brokerage

CEX.io’s broker allows new users to buy cryptocurrencies through a simpler (though a bit more costly) process. This means that you’ll have to pay a premium to trade cryptocurrencies through this service.

Transactions on the CEX.io broker service are based on FOK orders, or Fill-or-Kill. With Fill-or-Kill transactions, orders are executed in full and immediately. This is very different than placing orders yourself on a platform as different types of orders (e.g., stop-loss, limit, market) will have different outcomes.

In short, CEX.io’s broker service is a way for traders to get their hands on Bitcoin or other cryptocurrencies without having to go through a whole course on trading.

There are downsides to using the service, however. They have to charge users more so are able to consistently fulfill orders, which explains the higher exchange rate.

The difference between the rate on a regular trading platform exchange and this brokerage service can be as high as 7%. CEX.io explains clearly on their website how their service works. Here’s a quick summary:

When someone enters a trade, CEX.io will look up and freeze the price for a total of 120 seconds. You can then enter how much you want to spend and see how much you will receive in return. After you click on the buy or sell trade button they will check if you have enough cash in your account to complete the transaction.

If the situation in the market allows for your transaction to be completed on terms not worse than those you agreed upon, the order will then be confirmed. (Also note that orders can be filled on better conditions).

However, if there’s a sudden exchange rate hike that prevents your order from being completed on agreed conditions, you will be notified immediately. After the trade has been confirmed, the order will then be matched with others on the exchange, and your account’s balance will be adjusted. While this amount can be higher than what was agreed on, it will never be lower.

CEX.io Trading Service

More experienced traders can try CEX.io trading instead. One of the biggest benefits of the platform is that the fees are much lower. While brokerage trade fees can reach up to 7%, charges on the platform go up to 0.25% max.

The platform is quite exceptional and has all the features you'd expect, like limit and market orders for example. The platform has good liquidity, allows for cross-platform trades (through a mobile application and a few APIs), and offers cutting-edge reporting.

In short – if you are an advanced investor, CEX.io's trading service is the place we suggest you perform transactions, rather than their brokerage service.

CEX.io Margin Trades

There was a time when CEX.io gave clients the opportunity to perform trades on margin from their trading platform directly. However, CEX.io launched a dedicated service that allows for margin trading by the name of CEX.io Broker back in 2019.

CEX.io Broker is a platform that allows for cryptocurrency trading through contracts for difference (CFDs). It allows for all sorts of order types, has advanced trading tools, and great technical instruments. It allows traders to use leverage and increase their chances of turning a profit (while additionally increasing the danger they are exposed to).

It is suggested that only experienced traders try trading on margin. When exchanging CFDs, you're not accepting real coins; you're only making speculations on a coin’s price. This means that you won’t be able to withdraw any of the profits you made in your chosen cryptocurrency, only Bitcoin or fiat.

At the time of writing, margin trading on CEX.io is only available for Ethereum, Bitcoin, and Litecoin.

CEX.io Fees and limits

Trading fees

30 day trade volume (BTC)

Taker

Maker

≤ 5

0.25%

0.16%

≤ 30

0.23%

0.15%

≤ 50

0.21%

0.13%

≤ 100

0.20%

0.12%

≤ 200

0.18%

0.10%

≤ 1000

0.15%

0.08%

≤ 3000

0.13%

0.04%

≤ 6000

0.11%

0.00%

> 6000

0.10%

0.00%

Deposit and withdrawal fees

Deposit fees

Available deposit options and fees vary depending on the currency.

USD

Payment method

Deposit fee

Visa

2.99%

Mastercard

2.99%

Skrill

3.99%

Bank transfer

None

ACH

None

EUR

Payment method

Deposit fee

Visa

2.99%

Mastercard

2.99%

Skrill

3.99%

Bank transfer

None

SEPA

None

GBP

Payment method

Deposit fee

Visa

2.99%

Mastercard

2.99%

Skrill

3.99%

Bank transfer

None

Faster Payments

None

RUB

Payment method

Deposit fee

Visa

2.99%

QIWI

1%

Mastercard

2.99%

Withdrawal fees

CEX.io is one of the only cryptocurrency exchanges that lets users make withdrawals straight to payment cards.

USD

Skrill 1%

Payment method

Withdrawal fee

Visa

Up to 3% + $1.20 service fee
Up to $3.80 commission fee

Mastercard

Up to 1.8% + $1.20 service fee
Up to 1.2% + $3.80 commission fee

Bank transfer

0.3% + $25

ACH

None

EUR

Skrill 1%

Payment method

Withdrawal fee

Visa

Up to 3% + €1.50 service fee
Up to €3.50 commission fee

Mastercard

Up to 1.8% + €1.50 service fee
Up to 1.2% + €3.50 commission fee

Bank transfer

0.3% + €25

SEPA

None

GBP

Skrill 1%

Payment method

Withdrawal fee

Visa

Up to 3% + £2.10 service fee
Up to £2.90 commission fee

Mastercard

Up to 1.8% + £2.10 service fee
Up to 1.2% + £2.90 commission fee

Bank transfer

0.3% + £25

Faster payments

None

RUB

Payment method

Withdrawal fee

Visa

0.5% + ₽20
Up to 2.5% + ₽30 commission fee

Mastercard

3.5%

QIWI

0.3% + £25

Mastercard

0.5% + ₽20
Up to 2.5% + ₽30 commission fee

How Safe Is CEX.io?

How It is Regulated

CEX.io is registered in the United States of America with the Financial Crimes Enforcement Network. It is also registered in the United Kingdom with the Information Commissioner’s Office.

Verification Process

All users have to be verified to use the platform. Also, all card payments have to be verified and users that opt not to use their cards need to provide verifiable identification. CEX.IO also keeps an eye on all transactions to identify unusual activity.

Security Features

The Platform uses 2-factor authentication, cold storage and complies with the standards set by the payment card industry to protect user data.

Even though it started operating as a crypto exchange in 2014, it has had very few incidents, with the platform reporting that no funds have ever been stolen from the platform.

About CEX.io

CEX.io started as a crypto mining company in 2013. In 2014 it pivoted to a cryptocurrency exchange. Although it stopped mining in 2015, it kept operating as a crypto exchange.

CEX.io Pros & Cons

Pros
  • The platforms fees structure is very competitive
  • Card transactions are available and convenient
  • Users can buy from and sell to each other or trade with CEX.IO
Cons
  • Depositing or withdrawing using a credit card attracts very high fees
  • Customer support is not the best

CEX.io FAQs

Where is CEX.io Available?

Although CEX.io welcomes users from all over the world, it serves its US customers via a separate business entity.

Since the use of CEX.io might be illegal where you live, the platform advises you to check this before signing up.

Does CEX.io have an App?

There is an app available for iOS and Android.

What Does the Verification Process Entail?

Everyone who signs up is required to provide identification for verification and they will need to complete credit card verification to use their cards on the platform.

What Type of Customer Support Is Available?

CEX.io has a help section on their website where you can also submit help tickets.


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