CEX.IO Review 2021 – Is it Legit or Scam?

Today we will review CEX.io, a multifunctional exchange used by over 3 million people. 

By the end of this CEX.io review, you will most probably be able to decide if CEX.io is a suitable cryptocurrency exchange for you or not. You will also get to know about the security, features, offered coins, fees, and so much more.

Let’s see what this popular exchange has to offer.

What is CEX.io?

Founded in 2013, CEX.io is one of the oldest Bitcoin exchanges. It is one of the best crypto exchanges which offers two main services: –

  1. Brokerage Service
  2. Trading Platform

CEX.io grew over the years into a diversified cryptocurrency exchange. The exchange accepts varied deposit types and allows buying Bitcoin and other digital currencies. It also operates an advanced platform for margin trading, CEX Broker.

The team also launched a staking service for various cryptos recently. CEX.io is apt for both venerable users and beginners to get started with buying and selling cryptocurrencies.

CEX.io Review: Summary (TL;DR)

  • CEX.io offers all the functionality one could want from a Bitcoin exchange and makes buying and selling easy. It provides a wide array of services- buying, selling, margin trading, staking.
  • It is a trustworthy website to buy/sell Bitcoin, Ethereum, USDT, and other supported coins. A good range of digital currencies is available for trading. 
  • Deposits and withdrawals options include Bank cards (MasterCard, VISA), Crypto Capital, Bank wires (SEPA and SWIFT), Cryptocurrencies.
  • CEX.io supports USD, GBP, EUR, and RUB.
  • The exchange charges fees for brokerage, Deposit, withdrawal, or any transaction. Trading fees vary depending on the side of the transaction within 0.16%-0.25% at the most. The brokerage fee is 7%, the withdrawal fee is 3% + $25, and they charge a deposit fee for credit cards- 2.99%.
  • The interface is sleek, new, and user-friendly. The platform constantly adds new features making it future centric Bitcoin exchange.
  • CEX.io is regulation-compliant in all of the operating countries and has a broad customer support center. They have taken care of security and support, not so general in the cryptocurrency industry.
  • Liquidity is a bit low on altcoin pairs, and fees can top 10% if buying Bitcoin with a debit or credit card.
  • The option to buy Bitcoin using your credit & debit card is one of their most-used features, apt for amateurs. 
  • It offers a fully functional mobile app on iOS and Android, which makes it easier to interact with CEX on the move.

CEX.io Services and Trading Platforms

CEX.io supports cryptocurrency purchasing using a credit card, a wire transfer, a SEPA transfer (if you live in the E.U.), or an ACH transfer (for U.S. residents). 

Through its two dedicated services, CEX.io gives a variety of trading options:

  1. Brokerage services: Brokerage services are preferable for new users/ beginners. The service allows buying crypto with a credit card/ wire transfer. The brokerage transactions take place on Fill-or-Kill orders (also known as FOK). FOK means orders that are fulfilled immediately and in full. The only downfall is higher exchange rates, premium charged.
  1. Trading services: Trading services are suitable for advanced traders. CEX.io provides a pretty advanced platform and supplies all the features expected (as in market and limit orders) and decent liquidity. It allows cross-platform trading and supplies advanced reporting.
  1. Margin trading: CEX.io has a dedicated advanced platform for margin trading called CEX Broker. The platform presents trading via CFDs featuring order types, technical analysis instruments, trading tools & leveraged trading. Margin trading is suitable for experienced traders as it solely involves speculation of the coin’s price. CEX.IO offers trading with up to 100x leverage on its margin platform and is highly risky.
  1. Staking: This service allows users and traders to receive rewards for keeping coins and tokens in their wallets. If you have a stackable digital asset in your CEX.IO wallet, you can earn interest daily. Returns vary depending on the digital currency we hold. Your staking bonus is added to your balance automatically. No additional actions are required. 
CEX.io Staking (choose a coin to stake)
CEX.io Staking (choose a coin to stake)

How to use Cex.io?

CEX.io supports many different deposit/withdrawal methods. We can easily buy Bitcoin using a credit or debit card. We can also use a wire transfer like SWIFT to deposit Dollars, Euros, or Pounds. British users can use Faster Payments for GBP deposits and withdrawals. European customers can use SEPA transfers, and Americans can use ACH transfers. 

To deposit via bank transfer, you need to verify your address. In addition to purchasing, CEX.io also offers users the ability to sell bitcoins to credit or debit cards, charging a fee for the same. 

Here is a breakdown of essential processes:

How to create an account on CEX.io?

To create an individual account on CEX.io, follow the below steps:

  1. Register on CEX.io
  2. A confirmation screen emerges to ensure no multiple accounts on the same email exist, after which we proceed.

In a few minutes, you will receive a confirmation email from the CEX.io team. 

Click the link on that email to finish the process of creating the account. You can provide your phone number for additional optional verification (though possible later as well).

An account can be created on CEX.io using Facebook, Google+, GitHub, etc. The platform even introduced the option to use Telegram to log in to the account, and the verification process completes using Telegram Passport. All these options are easy to log in to but insecure.

How to complete identity verification on CEX.io?

Payment options such as bank transfer require mandatory verification by providing relevant I.D. documents like a passport, driving license, or a government-issued I.D. Along with the government documents, users also need to provide proof of residence through a utility bill, bank statement, or tax return.

The deposit and withdrawal limits increase after the verification. The verification process takes 15 minutes and up to 24 hours in some instances. 

How to load funds into account at CEX.io?

CEX.io enables buying crypto with the USD, RUB, GBP, or EUR only. Another restricting factor is that CEX.IO only allows fiat-to-crypto transactions with payment cards. 

Add a card by going to Deposit > Payment Card & buy Bitcoin using a credit or debit card. It takes up to 15 minutes to 1 hour for a card to link to an account. 

The bank transfer option (SEPA) is available only for verified account holders. Make a bank transfer by going to Deposit > Bank Transfer Option & selecting bank country and the currency. Enter the deposit amount and click Proceed. All the details regarding the beneficiary, including name, address, account number, and SWIFT code displayed. Use this information to make the money transfer by providing it to your bank. 

Payment Methods
Payment Methods

Once the loading of funds to the account completes, click on Buy/Sell at the top to start buying Bitcoin or Ethereum. There is no limit to the number of cards added as long as they are in your name. Anything below $100/day does not demand verification.

How to deposit Bitcoin on CEX.io?

Follow the below steps to transfer cryptocurrency to your CEX.io account.

  1. Log in to the respective CEX.io account and click on the ‘Finance’ link.
  2. Select the cryptocurrency and click the ‘Deposit’ button on the same row.
  3. Click on the ‘Continue’ button to which the deposit address reflects. Copy the address or scan the Q.R. code on the screen to send coins from your respective wallet.

How to withdraw crypto at CEX.io? 

Before you transfer crypto from your CEX.io account, ensure to activate 2FA.

  1. Login to your account, go to the Finance page, and click Withdraw. Select the crypto and the desired amount.
  2. Enter the recipient’s external wallet address correctly. Check the confirm transfer box and press Withdraw. 
  3. You receive an email with a link to approve the transfer. The crypto gets transferred to the address provided.

Note: CEX.io does not allow crypto withdrawals for the first 48 hours following registration of a new account.

Deposits and withdrawals take place using the following methods:

  • Bank cards (MasterCard, VISA)
  • Crypto Capital
  • Bank wires (SEPA and SWIFT)
  • Cryptocurrencies

How to Buy and Sell Crypto at CEX.io?

Once the funding completes on CEX.io, traders can start buying/ selling. To buy Bitcoin, open the BUY/SELL button. The platform offers two modes of making the purchase. The window displays a price chart providing a quick overview of prices on the desktop and mobile app versions. The supported crypto trading pairs appear and can be selected to display the chart, recent trades, and order history. When buying crypto worth USD 500, only card details are required. This method of purchasing Bitcoin delivers actual tokens that we need to store in a third-party wallet.

However, CEX.io takes a 7% fee for its service for freezing/ locking crypto price for two minutes to enable the purchase. This premium leads to the price at CEX higher than other exchanges.

CEX.io Review: Custom Pricing
CEX.io Review: Custom Pricing

We can also buy Bitcoin through the CEX.io broker, where we buy one or more crypto or fiat/crypto pairs that include BTC as in BTC/USD pair. This method does not require any means of storage because we do not receive actual tokens. Therefore, this approach is quicker and requires no verification process. 

However, it does not present any technical indicators or drawing tools. Users that want to use technical indicators can click on the Charts button in the upper right corner of the page to bring up a new window. This window provides the opportunity to draw lines, patterns and add indicators to the price charts. 

Users need to switch back to the default trading page to place an order using the Order Box button.

CEX.io Account Verification

CEX.io offers a distinct feature of providing several account types so that traders can pick out and trade cryptocurrencies using the conditions & advantages attached to the account types that match their style. They are:

  1. Basic
  2. Verified
  3. Verified Plus
  4. Corporate.
CEX.io Review: Account types
CEX.io Review: Account types

With each account comes different advantages like additional payment options and higher limits on transactions and withdrawals.

The corporate and verified plus accounts are suitable for more advanced users.

However, new users will more likely want the verified account tier. 

Basic Accounts

Basic accounts at CEX.io are the default account that comes into effect as soon as we sign up for the service. The only payment method accepted for fiat deposits using a basic account is a Visa or MasterCard.

Different payment methods have their individual recommended maximum and minimum deposit amounts.

Verified Accounts

If users wish to withdraw fiat funds or increase their payment limits, they need to verify their identity. Verification is an easy standard process explained here. 

Step 1: Getting a CEX.io Verified Account

Users need to submit some documents and personal information to enter the verified account tier. This information is necessary to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. 

Here is a list of all the required documents and how to submit them to CEX.io. A minor mistake can lead to the rejection of the up-gradation of the account. We need to start fresh after this.

  1. You need to submit the details from a government-issued identity document (passport, ID card, or driving license),
  2. Fill in the form with correct personal information,
  3. Users need to fill in their addresses and a permanent address, 
  4. The next step is to submit a scan or photograph of a few identity documents. These must meet the following terms:
  • The issue date must be in the future (the document must be valid on the day it is submitted),
  • Copies of both sides (front and back) of the document, 
  • Scanned images must be in color and a high resolution,
  • Documents must be in either jpg, png, tiff, gif, or pdf format,
  • The file must be no bigger than 15MB,
  • The photograph or scan should not be older than three months,
  • Use of Latin alphabets (a,b,c,d) to complete the documents.

Step 2: Providing Identity Document

The verification process further demands users to submit their identity documents with a selfie of themselves holding the document and address proof.

The identity document must be government-issued and the same as used to fill in the above form.

The selfie must include the owner of the document (you) holding the respective document. The selfie needs to meet the following criteria:

  • Look straight at the camera.
  • The background must be light or a neutral color.
  • The selfie itself must be a colored one.
  • No red-eye
  • Nothing masking the view of your face (sunglasses, hats, headbands, bandanas, etc.)
  • The information on the document should be visible clearly.

The address proof document also needs to be a photograph or scan. It must include your address (stated in the verification form). The following complies as a proof of residency document:

  • Bank statement.
  • Tax return, or council tax bill.
  • Utility bill (excludes a mobile phone, TV contract, or printed internet bills).
  • Electricity bill.

Note: It also excludes electronic bills and statements, online screenshots, mobile phone bills, and credit card statements.

Advantages of Having a Verified Account on CEX.io

Users with a verified account can use more payment methods and have higher deposit and withdrawal limits. It is also necessary to have a verified account if users want to withdraw in fiat currencies. 

An account on a higher tier than basic (verified, verified plus, or corporate) allows Deposit and withdrawal with bank transfers and any of the cryptocurrencies listed at CEX.io (above).

The total account limits for all these higher-tier accounts are unlimited. However, there are recommendations for deposit and withdrawal limits associated with each payment method.

CEX.io Review: Buying and Transaction Limits

There are the price floor and ceiling limits for each transaction method used for dealing in funds on CEX.io. Account limits are dependent on the account type operated by the trader.

Identity verified accounts have a limit of buying up to $1000 worth of Bitcoin per day. Users in this tier can only use a credit card to fund their purchases.

Address verified accounts could buy up to $10,000 worth of Bitcoin per day and withdraw $50,000 per day via credit card and bank transfer.

Enhanced Corporate verified accounts have no limitations on buying the desired amount of Bitcoins.

CEX.io Review:  Buying and transactions limit
CEX.io Review: Buying and Transactions Limit

Note: After account verification, there is still some limit for the first three months. There is a maximum daily deposit of $1,000 via credit or debit card and a monthly limit of $3,000.

CEX.io: User Interface

CEX.io interface is subtle & user-friendly, provided so many services are offered. It is aesthetically appealing and has a dark-mode theme that is easy on the eyes. It means you could spend endless hours at your trading desk without experiencing eye strain. 

A marked ribbon lists the services that the exchange offers at the very top. CEX.io broker interface {still in beta phase} prioritizes the price chart, where most of the time is spent. It is pretty beneficial and easy to use.

CEX.IO Fees

CEX.io has a varied fee scheme for trading, deposit, and withdrawal transactions. The exchange further categorizes the trading transactions fee scheme into taker and maker fees, using a taker and maker model. This model calculates the fee of the particular participant based on the 30-day trade volume for all pairs. The person who created the order (the maker) pays a lower charge than the person who fulfilled the order (the taker).

  1. Trading Fees: The fee usually starts at 0.25% for takers and 0.16% for makers for a transaction under 5BTC. The fee can then be reduced to 0.10% for takers and 0.00% for makers for a transaction above 6,000 BTC.
  1. Deposit fees: These vary on the fiat currency used & the payment method. VISA and MasterCard deposits using the USD have a fee of 2.99%, while Skrill charges 3.99%. A transaction using ACH and bank transfer is free however it needs two business days.
  1. Withdrawal fees: A VISA card withdrawal attracts a service charge of up to 3% plus $1.20. For Mastercard transactions, the service charge is up to 1.8% plus $1.20. Withdrawing via Skrill incurs 1% in fees, while fees for using bank transfers are 0.3% plus $25. ACH, SEPA, or Faster Payments are free withdrawal. 
  1. Commissions for these payment methods go up to a maximum of $3.80.
  1. Margin Trading Fees: Open fees are 0.2%, while rollover fees are 0.01% of the invested amount, charged daily. There are no fees for close trades.

CEX.io has a high amount of fees and hidden charges, which is the biggest complaint of users. The high exchange rate on CEX.io includes the service fee within it, but no other fees apply. 

For example, CEX.io can take up to a 7% fee from the amount of fiat currency you pay for a service. For example, if you buy $1000 worth of Bitcoin, you will get only $920. However, the fee stated above is only relevant to the brokerage service.

CEX.io Review: Trading Fees
CEX.io Review: Trading Fees
 CEX.io Review: Deposit and withdrawal fees
CEX.io Review: Deposit and withdrawal fees

CEX.io Review: Security

Security and the safety of funds are the most prominent concerns for any crypto user. CEX.io has extended several security measures to safeguard its platform. Over 3 million customers trust CEX.io because the company operates with the support of some of the world’s most reliable regulatory authorities. The measures chosen for security are as follows:

  • Two-Factor Authentication
  • Compliance to FinCEN and FCA guidelines
  • SSL certificate
  • Encrypted data
  • Cold storage for cryptocurrency funds
  • PCI DSS certificate
  • Registered with the ICO in the U.K. (E.U.)
  • Internal Anti-Money Laundering (AML)/ Know Your Customer (KYC) policy and procedures

CEX.io has operational grants from various regulators across Africa, Asia, and South America. 

CEX.io Review: Supported Fiat Money and Cryptocurrency 

CEX.io supports various fiat money, cryptocurrencies, countries, and payment methods. It does not cater to all but serves a wide variety of users.

It supports the following list of fiat currencies:

  • United States dollar (USD)
  • Euro (EUR)
  • Pound Sterling (GBP)
  • Ruble (RUB)
Supported cryptocurrencies for buying via the brokerage serviceSupported cryptocurrencies for tradingSupported cryptocurrencies for deposits
Bitcoin (BTC),Ethereum (ETH),Ripple (XRP),Bitcoin Cash (BCH),Bitcoin Gold (BTG),Dash (DASH),Stellar (XLM),Litecoin (LTC),Tron (TRX),BitTorrent (BTT),MetaHash (MHC),Ontology (ONT),Ontology Gas (ONG),Cardano (ADA),Neo (NEO),Gas (GAS),Cosmos (ATOM),Basic Attention Token (BAT),Tezos (XTZ),Matic Network (MATIC).Bitcoin (BTC),
Ethereum (ETH),
Ripple (XRP),
Bitcoin Cash (BCH)

Note: The mentioned cryptocurrencies trade in pairs between themselves like: 

BTC/USD
BTC/RUB
BTC/EUR
ETH/USD
ETH/RUB, etc 


There are several cryptocurrency pairings as well such as ETH/BTC,
ZEC/BTC,
BCH/BTC, etc. 
Bitcoin (BTC),Ethereum (ETH),Ripple (XRP),Bitcoin Cash (BCH),Litecoin (LTC),Tether (USDT),Tezos (XTZ),Matic Network (MATIC).

CEX.io Review: Payment Methods

CEX.io accepts various payment methods to fund the account with either these fiat currencies or cryptocurrency. There are several options for deposits and withdrawals on CEX.io.

To deposit or withdraw funds on CEX.IO, use the following channels:

Wallets

  • Skrill
  • QIWI
  • Epay
  • Cryptocurrency

Payment methods available

  • Credit/debit card
  • VISA
  • MasterCard
  • Bank transfer
  • SWIFT
  • ACH
  • SEPA (EU)
  • Faster Payments (UK)

Note: highlighted once allow buying of Bitcoins for a low fee.

CEX.io: Supported Countries

CEX.io has great global support for most countries in more than 220 countries and states. However, CEX.IO excludes some countries from the offering for reasons like global financial blacklists along with regulatory prohibitions. 

Countries not supported for credit card purchases

Afghanistan, Algeria, Bosnia, and Herzegovina, Bahrain, Bangladesh, Bolivia, Burundi, Cambodia, the Democratic Republic of the Congo, Central African Republic, Cuba, Algeria, Ecuador, Ethiopia, Iraq, Iran, Iceland, Kuwait, Laos, Lebanon, Libya, Morocco, Nepal, Nigeria, North Korea, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Somalia, South Sudan, Sudan, Syria, Uganda, Vietnam, Vanuatu, Yemen, Zimbabwe

Also, MasterCard withdrawals for Indian users are disabled. 

Countries not supported for wire transfers

Afghanistan, Bosnia and Herzegovina, Burundi, the 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, Zimbabwe 

CEX.io Review: Customer Support

Customer support on Cex.io can be accessed using the following channels:

  • Local address: Office in London (10A, Dalton House, 60 Windsor Avenue, London SW19 2RR),
  • Reach out to support@cex.io for account-related issues and cardholder correspondence,
  • CEX.io also has a support phone number (+44 20 3966 1272) if you want to talk to a person,
  • You can send any complaints and Business inquiries to complaint@cex.io and web@cex.io,
  • Regular market news and analysis updates are available on the CEX.io Twitter page,
  • Their Telegram channel is also pretty active.

CEX.io always provides a relevant answer promptly to any consumer grievances.

CEX.io Review: Pros and Cons

CEX.io may have its perks, but we cannot ignore its downsides. Hence, here is a summarized table stating its advantages and disadvantages. 

ProsCons
Easy to work aroundFewer coin/ cryptocurrency options as compared to other exchanges
Variety of servicesHigh brokerage services
A simplified crypto buying processSome other exchange platforms charge lower fees, especially when transacting with card payments
Different trading pairsStrict Deposit limits for Basic account holders
Enables buying bitcoins with a credit card for low feesIncreased transaction processing time due to an increase in traders
Professional trading platform with advanced options
Fiat-to-crypto and crypto-to-crypto purchases
Instant card deposits
Regulated by reputable government agencies in all major jurisdictions
CEX.io provides several well-built layers of security for clients
An extensive verification process for security purposes
User-friendly interface
Available worldwide
Staking – earn for holding cryptocurrency on the exchange
Margin trading possible
Cold wallet guards off-exchange crypto funds of clients
24/7 Quick and reliable customer support

CEX.io Review: Conclusion

CEX.io is a reputable and trusted cryptocurrency exchange. It has developed many crypto products, features, and tools to allow individuals quick and easy access to obtain cryptocurrency assets. It stands out as a one-stop shop for all crypto-related activities. CEX.io covers all, from buying actual tokens to trading crypto CFDs.

Despite the convenience that CEX.io offers, it does not erase the risk inherent in putting your money in crypto.

Overall, the CEX.io trading platform is a good choice for beginners and pro traders. The only downside is the 7% fee they charge for purchasing Bitcoins. A user can cut dramatically on fees by using their trading platform.

Carefully understand the fee structure and verification process. The exchange has published a guide to spot and avoid scams. There are many handy tips. It is worth a read.

Frequently Asked Questions

Is CEX.io a Wallet? 

CEX.io is a cryptocurrency exchange.

Does CEX.IO provide a free wallet?

There is an option to hold funds on the exchange’s web wallet but it is not advisable to for long term holding. 

Does CEX.IO require any verification?

Yes. Email verification is the most basic verification step needed to register for an account. ID verification to trade is mandatory.

Does CEX.IO offer iOS and Android apps?

Yes. It offers a fully functional mobile app for both iOS and Android to allow users to buy, trade, and sell on the go. One added feature is receiving price alerts for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

How can I knw the exchange rate for different cryptocurrencies against the US Dollar, British Pound, Euro, or Ruble on CEX.io?

CEX.IO provides a cryptocurrency calculator on its platform. Users can use the calculator to get automatic data on exchange rates.

Is CEX.IO legit or a scam?

CEX.IO enjoys regulatory approval in many jurisdictions. Traders are presented with a secure environment to do business. CEX.io should not be considered fully secure. It is a cryptocurrency exchange. The fact that they store vast amounts of different currencies makes it a big target for hackers.

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