CEX.IO manages to balance the provision of an exchange platform with advanced services and an interface that is visually appealing, easy-to-use, and accessible to newer crypto investors.
CEX.IO has been in the cryptocurrency business since 2013, starting as a cloud mining provider, and claims to currently have over a million users, ranging from “Bitcoin beginners to institutional traders.”
That said, CEX.IO does not offer all the features that some crypto traders expect from an advanced digital asset trading platform and it only supports a limited number of cryptocurrencies and trading pairs, so it definitely cannot satisfy the needs of all investors.
If CEX.IO sounds like it could be the right fit for you, then please read on.
In this CEX.IO review we will cover all the key facts about the exchange, its main distinguishing features, the registration, and verification process, its fee schedule and then summarize everything we have learned with a quick pros and cons list at the end – where you can decide if it’s the best cryptocurrency exchange for your needs.
|CEX.IO Facts Sheet|
|Number of Fiat Currencies Traded:||4|
|Number of Cryptocurrencies Traded:||10|
|Number of Countries Supported:||150+|
|Number of Fiat Currencies Supported:||All|
|Account Size Limits:||No|
|Spending Limit Periods:||Yes|
|Trading Fees:||0.25% or less taker and 0.16% or less maker|
|Deposit/Withdrawal Fees:||2.99% deposit and 3% + $5 withdrawal for credit cards, 1% withdrawal for bank/wire transfers|
CEX.IO lists several key benefits and features it has to attract clients including a range of payment options, strong security, worldwide coverage, legal compliance, margin trading, reasonable commissions, cross-platform trading, advanced reporting, and high liquidity as can be seen in the screenshot below:
Let’s take a look at some of these features and others in a bit more detail.
CEX.IO allows users to place advanced order types, specifically limit and stop orders.
While this may not sound like much to the uninitiated, these advanced order types are essential for anything beyond the most basic investment strategies.
However, some variations of these order types such as a trailing stop that are not yet available on CEX.IO.
CEX.IO has very low and simple transaction costs. At 0.25% or less for takers and 0.16% or less for makers, CEX.IO is easily competing for the top spots in the industry for lowest transaction fees.
Low transaction fees mean more trading strategies become viable, and your trades need to work less hard to make a profit.
A market maker is placing an order that may or may not be filled. This standing order adds ‘liquidity’ to the market by adding more potential volume that can be traded.
A market taker, by contrast, is choosing from existing orders set by market makers and closing these orders down, thereby removing liquidity from the market by removing some of the potentially tradeable volumes.
Since exchanges like more liquidity, as it attracts more traders to their venue, they are willing to reward market makers with lower, and sometimes even positive, transaction fees.
If you are new to crypto exchanges, then you probably can’t do much better than CEX.IO’s market interface.
Many newer crypto traders and investors may be intimidated by all the flashing lights and scrolling numbers of an advanced trading platform, however, CEX.IO’s interface is the right balance of simplicity and function.
Low Credit Card Deposit and Withdrawal Fees
The value of low deposit and withdrawal fees for credit card users is hard to overstate.
Many crypto investors highly prize the convenience and privacy of using their credit cards to make cryptocurrency transactions.
However, not all digital asset exchanges offer this option and those that do often charge extremely high fees for the privilege.
While not the most competitive in the industry, CEX.IO’s credit card fees (2.99% for deposits) are still well below the market average, and this is a major advantage to a huge range of crypto investors.
CEX.IO has its own margin trading platform called CEX.IO Broker, which is currently in beta.
The platform offers cryptocurrency trading via contracts for difference (CFDs) and has advanced trading tools, technical analysis instruments, and different order types available.
CEX.IO Affiliate Program
CEX.IO allows its users to earn 30% of the commissions from exchange transactions for anyone they refer to the platform.
CEX.IO Listed and Tradable Cryptocurrencies
CEX.IO currently has 10 cryptocurrencies listed and available to trade on the exchange. This includes:
Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Dash, Litecoin, Ripple’s XRP, Stellar, Zcash, and Gemini Dollar.
In April 2020, CEX.IO also announced support for Chainlink (LINK), which is one of the most exciting projects and most-traded assets in the crypto market.
Trading of LINK/USD, LINK/EUR, and LINK/GBP are supported on CEX.IO, and users can withdraw LINK from the platform.
Registration, Verification, and Crediting Your Account
CEX.IO’s verification process is among the most onerous in the industry.
Not only does CEX.IO manage to drag the industry-standard verification process of identification documents and proof of address out over more details and pages than its competitors, but it also requires additional selfies be uploaded for each stage and the provision of a tax identification number.
This excessive verification process continues with your payment card, with several additional photos being required, whereas most other crypto exchanges simply require your payment card details.
There is also a third level of verification for increased limits and services based on personal income and assets, but in this regard, CEX.IO manages to come closer to the industry standard.
CEX.IO have recently introduced Skrill payments, an online payment provider who process fast fiat transfers, which enables customers to credit their CEX.io accounts with British pounds (GBP) and euros (EUR).
Users with enhanced and corporate accounts can use Skrill to easily transfer funds to their trading account without the need to wait for lengthy bank transfers.
CEX.IO has some of the best fees in the industry, both in terms of transactions and deposit/withdrawal fees.
CEX.IO’s transaction fees are 0.25% or less for takers and 0.16% or less for makers.
These fees decline toward zero based on your 30d trade volume.
For a breakdown of what taker/maker fees are, please see the note in the Features section above.
Credit Card Fees
CEX.IO’s deposit and withdrawal fees for credit cards are variables based on the supported currency used (USD, EUR, GBP, RUB) and the volume transacted.
You are encouraged to follow the link above to see for yourself in detail, but the most important numbers are the 2.99% deposit and up to 3% + $5 withdrawal fees for USD and 2.99% deposit and up to 1.2% + €5 withdrawal fees for EUR.
These are very competitive numbers, though not the best in the industry.
Bank Transfer Fees
The bank transfer fees are 0 for deposits in all currencies and 1% for USD and €1 for EUR withdrawals.
The €1 withdrawal fee is nominal and competitive with the best in the industry, while the 1% fee for USD withdrawals can actually be quite high for large sums, as many competitors will charge zero or flat rate for bank/wire transfers.
Pros and Cons
Let’s briefly examine how all these factors stack up for CEX.IO with a pros and cons list.
- Slick interface
- Good exchange for newer crypto traders and investors
- Good credit card fee rates
- Very good transaction fee rates
- Well established exchange with 0% users funds theft
- Good knowledge resources for people looking to learn advanced crypto investment and trading
- Margin trading
- Affiliate program
- Low deposit and withdrawal limits for credit cards
- Lacking features that professional crypto traders would expect from an advanced trading platform
- Onerous verification process
- Only 10 coins supported
CEX.IO is an interesting exchange with some nice feature that will appeal to many cryptocurrency investors and traders.
This includes its safe crypto cold storage, the fact that it’s well-established and never lost any users funds to theft, it has a mobile application, a 24/7 support team, and offers margin trading.
In addition, the low transaction and credit card fees make CEX.IO an excellent choice for anyone looking to buy Bitcoin or any other major cryptocurrency using their credit cards. The same can be said if someone wants to sell them, as long as they don’t mind the onerous verification process.