CEX.IO Review 2020
CEX.IO start the d business in 2013 as a provider of cloud mining services. However, the company has gradually evolved over the years into a multi-functional cryptocurrency exchange. In addition to its cryptocurrency exchange business, CEX.IO also provides trading of cryptocurrencies on its web trading portal, via mobile apps and also using API applications.
CEX.IO offers a distinct feature of providing several account types so that traders can pick out and trade cryptocurrencies using the conditions attached to the account types that match their style.
- Supported Countries
- Cryptocurrencies Traded
- Deposit and Withdrawal Options
- CEX.IO Fees and Charges
- CEX.IO Security
- Customer Support
- Pros and Cons
CEX.IO has a global coverage and can be accessed by traders in more than 220 countries. However, some countries are excluded from the CEX.IO offering for reasons that can be attributed to global financial blacklists as well as regulatory prohibitions. Countries excluded from using CEX.IO include Afghanistan, Bosnia and Herzegovina, Burundi, Democratic Republic of the Congo, Central African Republic, Côte d’Ivoire, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, North Korea, Laos, Lebanon, Liberia, Libya, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Sudan, Syria, Tanzania, Tunisia, Uganda, Vietnam, Vanuatu, Yemen and Zimbabwe.
US Traders Accepted: Yes or No?
Due to regulatory restrictions, US traders are not accepted on the CEX.IO exchange.
Trading on CEX.IO is usually between ETH, DASH, Ripple (XRP), Bitcoin Gold (BTG), ZEC, Bitcoin Cash (BCH) and BTC on one side, and several fiat currencies on the other side. The fiat currencies are US Dollar, Euro, Ruble, British Pounds, etc. So the cryptocurrencies that can be bought or sold are Bitcoin and Ethereum. For those who engage in online trading of these 2 cryptos on Cex.io, they have to trade the various pairings between Bitcoin and fiat currencies, or Ethereum and fiat currencies.
- ETH/RUB, etc
There are several cryptocurrency pairings as well such as ETH/BTC, ZEC/BTC, BCH/BTC, etc.
Deposit and Withdrawal Options
There are several options for deposits and withdrawals on CEX.IO. Each option comes with deposit and withdrawal limits. What determines the limits for depositing or withdrawing funds is simply the account type used by the trader. Traders with the Basic account have the most limitations on deposit and withdrawal amounts, while traders who work with the Corporate and Verified Plus accounts have the lowest limitations.
To deposit or withdraw funds on CEX.IO, use the following channels:
- Credit/Debit cards issued by MasterCard and VISA.
- Wire transfer(SWIFT and SEPA)
CEX.IO Fees and Charges
Three types of fees are charged on CEX.IO. These are:
- Transaction fees (maker-taker fees)
- Deposit/withdrawal fees (specific to each payment method)
- Margin trading fees.
Transaction fees are a percentage of the trader’s 30-day trade volume for all pairs.
Trade Volume 30d, BTC
Open fees for margin trades are capped at 0.2% of the invested amount, while rollover fees are capped at 0.01%. No fees are charged to close trades.
CEX.IO has deployed several security features to safeguard its platform and make it a secure place for traders to buy and sell cryptocurrencies without fear of hacks or outright theft of cash, coins or IDs. The measures adopted for security are as follows:
- Two-Factor Authentication
- SSL certificate
- Encrypted data
- Cold storage for cryptocurrency funds
- PCI DSS certificate
- Registered with the ICO in the UK (EU)
- Internal AML/KYC policy and procedures
Those who wish to access customer support services of CEX.IO can do so using the following channels:
- Physical address: 2nd Floor, 1-5 Clerkenwell Road, London, EC1M 5PA, United Kingdom
- Business inquiries via email: firstname.lastname@example.org
- Accounts and cardholder issues: email@example.com
Pros and Cons
- Relatively low fees.
- io provides several layers of security for clients to trade safely.
- Cold wallet protects off-exchange crypto funds of clients.
- Registered cryptocurrency exchange, unlike many exchanges that are mere bucket shops.
- io provides more cryptocurrencies for exchange and trading than most exchanges today.
- US Clients are not accepted on the exchange.
- Deposit limits are too strict for Basic account holders.
- Transaction processing times have increased in the last one year due to a massive increase in a number of traders and volume of requests.
Where is CEX.IO located?
CEX.IO’s headquarters is located in London, UK.
What is the maximum or minimum amount I can add to my CEX.IO account?
The account type determines the maximum and minimum deposit limits. Basic account holders can deposit a maximum of $300 daily or $1,000 monthly. Verified account holders can deposit $20,000 daily and a maximum of $100,000 a month. Those traders with Verified Plus and Corporate accounts have no limits on what they can deposit.
How can I know the exchange rate for various cryptocurrencies against the US Dollar, British Pound, Euro or Ruble on CEX.IO?
CEX.IO provides a cryptocurrency calculator on its website. Users can use the calculator to get automatic data on exchange rates between Bitcoin or Ethereum against various fiat currencies, including the ones mentioned in the question.
Is CEX.IO Safe to Use?
CEX.IO provides several layers of security for the protection of all users. Apart from the 2-factor authentication system, users also get access to a cold wallet where they can store all heir cryptocurrency holdings which are not for sale or to be used for trading.
Additional safety features include:
- Official registration in the UK along with a Money Services Business status in FinCEN (USA).
- Strong anti-DDoS protection, which prevents hacking attacks.
- Level 2 PCI DSS certificates.
Is CEX.IO legit, or is it a scam?
CEX.IO happens to be a company whose business model and operations can be described as legit. Traders are presented with a secure environment to do business. In addition, the company regularly updates its payment system protocols to ensure that only the owners of accounts on its site can continue to deposit and withdraw from such accounts. Therefore, CEX.IO can be said to be a legit company and not a scam.
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- Bitcoin Gold
- Bitcoin Cash
- United Kingdom
- Cape Verde
- Sri Lanka
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man