CEX.IO was launched in 2013, as both a Bitcoin exchange and cloud mining service.
In 2016, the company shifted their focus. Their cloud mining services were stopped and they added Ethereum to their platform.
Currently based out of London, CEX.IO has built a stellar reputation over the years. They currently offer an exchange, as well as simple buy/sell methods for Bitcoin and Ethereum. Users can deposit to the exchange using both bank transfers and credit cards.
In this CEX.IO Review, we’ll be covering:
- CEX.IO Key Information
- Is CEX.IO Safe?
- How to Use CEX.IO to Buy Cryptocurrencies
- Customer Support
- Supported Countries
|Site Type||Cryptocurrency Exchange With Easy Buy/Sell Methods|
|Company Location||London, United Kingdom|
|Deposit Methods||Credit Card, Bank Transfer, Cryptocurrency|
|Withdrawal Methods||Credit Card, Bank Transfer, Cryptocurrency|
|Available Cryptocurrencies||Bitcoin, Ethereum|
In addition to having years of repeat customers, there’s a variety of other factors making CEX.IO appear to be a safe option for buying and selling cryptocurrency.
As a company operating out of the United Kingdom and serving customers in most of the world, CEX.IO follows a variety of governmental laws and regulations.
- Incorporated as a Private Limited Company in the U.K.
- Registered with FinCEN.
- Payment Card Industry Security Standards Council compliant.
- Registered with the Information Commissioner’s Office of the United Kingdom
Safety of Funds
While I could not find too much detail as to how CEX.IO stores users’ funds, they do claim to use offline cold storage. This is a good sign, although I wish they’d provide more specific details that were easy to find.
Personal Account Security
You can secure your personal CEX.IO accounts with 2-Factor Authentication, either by Google Authenticator or SMS/Call requests. I recommend using Google Authenticator. It’s also recommended not to keep any large amounts of cryptocurrency on ANY exchanges or online wallets. You can learn more about safely storing your cryptocurrency here.
1) The first step is to register and create an account. You can do this via the register button, in the upper right-hand corner. The steps to register are easy to follow and self-explanatory.
2) During the registration process, you will be prompted to set up 2-factor authentication. I highly recommend you set this up to help secure your account.
3) Verify your account. Almost all cryptocurrency exchanges, that accept fiat currency (USD, EUR, Etc.), require verification. This is required to ensure these exchanges comply with various laws and regulations. The verification process varies by country, but here are some examples of the information that may be required, to verify your account:
- Full Name
- Picture of ID
- Proof of Address Document
- Selfie with Credit Card
In my personal experience, CEX.IO verified my account very quickly.
4) Fund Your Account. When your account is verified, you can fund your account via Credit Card or Bank Transfer. Credit Cards may be a faster method for funding your account, although they come with additional fees. Bank transfer times vary, but typically take 1-3 days.
5) Buy Bitcoin and/or Ethereum. Once your account is verified and funded, you can then buy cryptocurrency on CEX.IO.
CEX.IO’s easy buy method uses “Fill-or-Kill” orders to guarantee prices. You can learn more about this process from this screenshot from their site.
You can also trade on their exchange to save on fees.
CEX.IO handles customer support through email. They also have an extensive FAQ.
In my personal experience dealing with CEX.IO’s customer support, I’ve been very pleased. My account was verified very fast and my emails got responses within 24-48 hours.
CEX.IO offers their services to most of the world. As of writing this review, CEX.IO support all countries, unless otherwise outlined below.
The following countries are restricted from depositing with Credit Cards:
Bosnia, Herzegovina, Iceland, Iran, Iraq, North Korea, Syria, Vietnam
The following countries are restricted from depositing with Bank Transfer:
Afghanistan, Côte d’Ivoire, Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Nigeria, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe
Some parts of the United States may be restricted.
Account deposit and withdrawal limits on CEX.IO will vary by your level of account verification.
Basic accounts are only able to use credit cards for deposits and withdrawals.
Deposit Limits: $300 daily / $1,000 monthly
Withdrawal Limits: $500 daily / $2,000 monthly
Verified accounts can use both credit cards and bank transfers for deposits and withdrawals.
Deposit Limits: $10,000 daily / $100,000 monthly
Withdrawal Limits: $10,000 daily / $100,000 monthly
In my experience, becoming “verified” was a rather simple process. I had to fill out a form with some personal information and upload pictures of my ID and me holding my ID.
If you wish to increase your limit past what’s available to “verified” accounts, you can request “verified plus” in your account admin. If accepted, your limits will be unlimited.
CEX.IO’s fees vary depending on whether you use their exchange or easy buy/sell methods.
If trading on the exchange, fees are at most just .2%. If you wish to use their easy buy and sell methods, they charge a 7% fee.
Additionally, there are also fees for deposits and withdrawals.
Deposit fees are roughly 3.5% when using credit cards, but free if using bank transfers.
Withdrawal fees are at most $3.8 + 1.2% when using credit cards and $50 for bank transfers.
CEX.IO is a beginner friendly way to buy cryptocurrencies. Their website is very easy to use and being able to use a credit card is great.
The downside to CEX.IO is their fees. If using the “easy buy and sell method”, their fees are a decent bit higher than their competitor Coinbase. That being said, you can use their exchange to save on fees. CEX.IO also allows you much larger deposits limits, than Coinbase, when using a credit card.
With all factor considered, I’d recommend CEX.IO for cryptocurrency newbies, especially those living in countries not supported by Coinbase.
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