CEX.io Review 2023
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Out of the many platforms for trading crypto, the choice for the perfect platform seems like a difficult decision. You can browse the internet among countless reviews and articles, or you can stay on our site and read a bunch of in-depth reviews of some of the most sought-after platforms in the cryptoverse.
In today’s review, we’ll focus on an interesting cryptocurrency exchange called CEX.IO. If you’re looking for a stable cryptocurrency platform that offers fiat deposits and provides access to the market for the most popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Stellar (XRP), Dash and more, then CEX is one of the best choices for you. The platform’s suitable for both experienced users and beginners who are just getting started with trading crypto.
You can read about the platform in more detail below.
About the CEX Trading Platform
The CEX.IO platform was launched in 2013 in London, United Kingdom. In the beginning, the platform offered crypto cloud mining services and was under the ownership of GHash.IO, which was one of the largest crypto pool mining companies at the time. In 2015, the CEX platform stopped providing cloud mining services due to Bitcoin’s drop in price at the time. Another reason might be that the company didn’t own any mining equipment and decided to stay out of the crypto mining game. The GHash mining pool was decommissioned, but the CEX exchange platform remained active as a cryptocurrency exchange.
The CEX exchange is registered in the United States as a legitimate Money Services Business and is fully licensed by the Financial Crimes Enforcement Network (FinCEN). These types of regulations ensure users that the platform is legit and that there’s no way users can be scammed by utilising their services.
An additional security feature that users can enjoy is the level 2 DSS certificate that the platform has. This certificate proves that the platform has an adequate level of security when it comes to storing, processing, and transmitting payment card data. When all is said and done, the platform is still a cryptocurrency exchange, and for the maximum security of assets, users should store their crypto in their own personal wallet, a hardware one at that.
The platform offers several crypto trading pairs and multiple fiat currencies to make deposits along with various payment methods. Users don’t have to buy Bitcoin only and then trade it for different crypto while the fees keep racking up. They can select their desired crypto and purchase it with one of the supported fiat currencies, a feature that we will come back to later in the article.
Ease of Use
The CEX platform is simple and easy to use as it’s targeted at beginners and users who want to have a clear overview of the price charts and be able to trade or sell crypto from the main dashboard. Features like market or limit orders are neatly displayed, which makes conducting any trades a breeze. There are multiple ways to deposit funds to your CEX wallet, as the platform accepts deposits from debit cards and credit cards (Visa and Mastercard), as well as bank transfers through Swift, SEPA, ACH, and Faster Payments. Additionally, users can also make crypto deposits.
Once you fund your account, you can easily locate and open the “Trade” panel to display the available trading charts on the desktop platform and the CEX mobile app. Supported crypto pairs are conveniently located on the left side of the screen and can be selected to display the charts and trade history.
The default settings on the platform display the price chart for a quick view of the current market prices using candlesticks. The default settings don’t support drawing tools and technical indicators, but users who rely on them can click on the “Charts” prompt that will open a new window with additional information. Users who are already familiar with charting sites like TradingView will be able to utilise the draw lines function, draw patterns, and add custom indicators to the price charts. Before they make an order, users can switch back to the default setting and view the “Order Box” without the additional windows.
Features like market and limit orders are available but are limited compared to other platforms, as they lack risk management tools, and there’s a lack of variety between order types.
Margin Trading and Derivatives
The CEX platform allows users to undertake margin trading using between 2x and 100x leverage. Margin trades are a risky endeavour where users borrow money from the platform and stake their current holdings and assets as collateral. The margin trading feature is currently only available for Bitcoin, Ethereum, and the stablecoin Tether (USDT).
CEX also offers contracts for difference or CFDs for Bitcoin. These contracts allow users to trade on the current price movements of Bitcoin without holding any BTC assets. Contracts like these are more liquid and flexible than owning real crypto assets, and experienced traders can devise lucrative strategies based on their analysis of future market movements.
The initial account created on CEX is a basic account, as it only requires an email address and is limited to a single payment method such as a credit/debit card with no option for fiat withdrawals. The daily deposits and trades are also limited to a basic account.
Verified accounts are unlimited in terms of trading, withdrawals, and payment methods. The account verification comes in two stages. The first stage requires the user to provide:
- Details from government-issued ID documents like ID card, passport or driver’s licence.
- A filled-out form containing their full name and surname, date of birth, contact phone number, and optional social media accounts.
- Full residential address of the user.
The second step is when the user is tasked to provide scanned pictures from one of the identity documents mentioned above. Both sides of the document must be clearly scanned and uploaded in the verification center of the platform. Another document that’s required from the user is the proof of residency document. This document can come in the form of a simple bank account statement where the user’s credentials and address are written. After receiving an email from the exchange about the pending account verification, users will have to post a selfie holding one of the ID documents along with the proof of residency document.
The CEX exchange requires a bit more extensive KYC verification compared to some other exchanges but this should be taken as proof that the platform takes security and its customers very seriously, which is why we recommend completing the full verification process.
Bitcoin and Other Supported Cryptocurrencies
The supported cryptocurrencies on the CEX exchange include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), Bitcoin Cash (BCH), and 17 other cryptos.
The supported fiat currencies are the US dollar (USD), European Euro (EUR), and the Global Pound Sterling (GBP).
In terms of payment methods, users can purchase crypto with multiple payment methods that have different fees, including bank transfers, credit/debit card, SWIFT, SEPA, FasterPayments (FPS), and cryptocurrency deposits.
Trading Fees and Limits
The trading fees on CEX depend on the user’s 30 day trading volume. The counting is recalculated every day at midnight GMT and includes the trades of that day. The trading fees also differ depending on whether the user is a market taker or a market maker.
The deposit and withdrawal fees depend on the currency deposited and the different payment methods. For USD Visa, Mastercard, and Skrill deposits, the fee is 2.99%. ACH transfers, bank transfers, and Advcash are free of charge. When it comes to withdrawal fees, CEX is one of the rare exchanges that enables withdrawals directly to payment cards. These fees differ based on the payment method and the currency in question.
Transaction fees for the CEX brokerage service vary based on the network and market conditions and can reach up to 7%. As the fees are extensive and depend on different payment methods, as well as different currencies for the payment methods, you view the full fee lists here.
Is CEX Safe to Use?
The CEX crypto exchange is not regulated by FCA standards in the UK, but it’s licensed as a Money Services Business by FinSEC, which is a part of the US Department of Treasury. CEX also has a license from the Gibraltar Financial Services Commission and has Money Transmitter licenses in 31 US states. The platform also has a level 2 DSS security certificate for data security, which is one of the highest ranks according to the latest industry standards. You can rest assured that CEX isn’t any type of scam.
Customer support for crypto platforms is known to be one of the weakest links in the industry, but luckily for us, CEX differs from the crowd.
The customer support of the CEX exchange is available 24/7 for any issues or questions and can be reached at [email protected]. Additionally, users can contact them via phone number at +44 20 3966 1272. The platform also offers an online knowledge center and a chatbot that redirects users to a live chat for any support or resolving issues.
A Few Words Before You Go...
To put the final touches to our review, we’ll say that CEX is a great crypto trading platform with high-security measures, extensive KYC verification, and a high-liquidity order book. Users can choose up to three different fiat currencies and numerous payment methods to conduct any trades on the platform.
Where things could improve is with the choice of cryptocurrencies and more extensive margin trading features that include more cryptocurrencies. The platform is far from lacking, but there’s always space for improvement and innovation. Maybe in the future, as crypto demands increase and features like futures, margin trading, options trading are utilised by more and more traders.
For now, the platform remains a solid exchange where both beginners and experienced users can conduct safe, regulated, and diverse crypto trading without worrying at all about scams and security breaches.
frequently asked questions
Yes, CEX provides users with a mobile app that they can download on both Android and iPhone devices. The mobile has all functionality of the desktop platform, including remote trading, withdrawals, account verification, and more. The app shares the same simple user interface as the main platform, and it’s very intuitive and easy to learn. The mobile app comes with the two-factor authentication (2FA) feature as an extra security system.
The good news is that CEX fully supports debit/credit card payments for cryptocurrencies. CEX supports only personal cards from Visa and MasterCard. Their website states that from time to time, their card payment system is known to decline, but the issues are resolved in a matter of minutes.