CEX.IO: Licensed Bitcoin & Cryptocurrency Exchange

CEX.io, an established cryptocurrency exchange that was founded in 2013, has been primarily focused on facilitating Bitcoin purchases. Over the years, the exchange has expanded its offerings and now allows users to easily purchase other cryptocurrencies such as Bitcoin Cash, Ethereum, Litecoin, and XRP upon signing up.

One of the notable features of CEX.io is its support for a variety of currencies and payment options, with credit and debit card transactions being a popular choice among users due to their relatively low cost.

With a user-friendly interface designed to cater to both beginners and experienced traders, CEX.io offers Bitcoin margin trading as well. The platform can be accessed through its website, mobile app, WebSocket, and Rest API, providing users with multiple options to trade and manage their cryptocurrencies.

If you are considering using CEX.io, our comprehensive review covers everything you need to know about this exchange.

What is CEX.io?

CEX.IO LTD was established in November 2013 as a cloud mining service and Bitcoin exchange. However, in 2015, the decision was made to discontinue the mining services, and the team shifted their focus exclusively to operating a cryptocurrency exchange.

Headquartered in the United Kingdom, CEX.IO LTD maintains a correspondence address at 24th Floor One Canada Square, Canary Wharf, London E14 5AB, United Kingdom, and holds a UK VAT number of GB 307261820.

CEX.IO also operates as a registered entity in the United States, allowing it to provide services in 31 states. CEX.IO Corp has a correspondence address at 111 Town Square Place, Suite 1203, Jersey City, NJ 07310, United States of America, and an Employer Identification Number (EIN) of 83-21-23130.

Being registered with the ICO in the UK and FINCEN in the US adds to the exchange’s credibility, and users who sign up can trade in multiple fiat currencies including USD, EUR, GBP, and RUB, as well as cryptocurrencies like BTC, ETH, LTC, and USDT.

User accounts on CEX.IO can be funded via bank wires, transfers, or Visa/MasterCard credit cards, making it convenient for users to deposit funds.

CEX.IO aims to provide a straightforward experience for purchasing and trading cryptocurrencies, with an easy-to-use interface, robust security protocols, and comprehensive customer service for all users.

Account Opening

To open an account with CEX.IO, users need to register with an email and set up a password. The exchange offers different account tiers, and additional verification and submission of personal information such as address, telephone number, and relevant documentation may be required for various services.

CEX.IO Account Types & Limits

CEX.IO offers four different account levels, each with different purchasing limits based on the level of verification provided.

The four account verification tiers are as follows:

• Identity
• Address
• Enhanced
• Corporate

Identity Tier

The Identity tier allows users to quickly purchase Bitcoin using a credit card and basic verification with supporting ID.

Accounts in this tier have a daily deposit/withdrawal limit of up to 1000 USD/EUR (800 GBP) and a monthly limit of 3000 USD/EUR (2000 GBP).

Users in this tier are unable to use SWIFT or ACH bank wire transfers.

Address Verification Tier

The Address Verification tier allows for unlimited total deposits via bank wire transfers, but with daily and monthly limits of 200,000 USD/EUR/GBP and 500,000 USD/EUR/GBP, respectively.

Credit card deposits are limited to 3000 USD/EUR (2000 GBP) daily and 30,000 USD/EUR (20,000 GBP) monthly, while withdrawals are subject to daily limits of 200,000 USD/EUR/GBP and monthly limits of 500,000 USD/EUR/GBP.

Enhanced Verification Tier

The Enhanced Verification tier requires users to provide a selfie and bank statement. It has no limits for bank wire deposits, but credit card deposits are limited to 10,000 USD/EUR (8,000 GBP) daily and 100,000 USD/EUR (80,000 GBP) monthly.

While SEPA, ACH, and Faster Payments withdrawals are unlimited, withdrawals made by SWIFT are subject to daily limits of 200,000 USD/EUR/GBP and monthly limits of 1,000,000 USD/EUR/GBP.

Corporate Tier

Corporate accounts require additional company-related documents in addition to selfies, and include the same features as the Enhanced Verification tier. This includes unlimited bank wire deposits and unlimited SEPA, ACH, and Faster Payments withdrawals.

Funding an Account

There are several ways to deposit funds into your account on CEX.io, and you can do so in different fiat currencies, including United States Dollar (USD), Euro (EUR), British Pound Sterling (GBP), and Russian Rubles (RUB).

Deposits can be made via bank transfer and/or credit and debit cards, and deposit payments are processed instantly.

However, please note that only three successful transactions per day are allowed for each verified payment card, regardless of the country where card payments are supported.

If you make a deposit via a payment card with a local currency that is different from USD, EUR, GBP, or RUB, the deposit will be automatically converted into the selected deposit currency.

The exchange rate and any associated fees for the transaction will be calculated and deducted by your card issuer.

Users can also deposit supported cryptocurrencies by clicking the “Deposit” button and sending funds to the unique exchange account address for each digital asset.

The process for depositing cryptocurrencies is the same as sending them to any other exchange. Cryptocurrencies such as BTC, ETH, LTC, and XRP can be easily deposited into your exchange account.

Verifying Your Account

Before starting the verification process, the CEX.io team recommends that you prepare the following documents:

To complete the verification process, you will need the following:

Stage 1 Identity Verification

• Personal information, including your name, gender, date of birth, place of birth, and country of residence.
• An official government-issued ID document, such as a passport, driver’s license, or ID card. Please make sure the document is valid and internationally recognized, and issued with Latin characters or Latin transliteration of the main fields.
• A selfie of yourself holding the ID document, along with a written note.
• Your tax identification number (or social security number if you are a US resident).
• Optional: You may also submit your social media profiles to expedite the verification process.

Please ensure you have a piece of paper, a pen, and a camera or mobile phone handy to take and upload pictures or scan documents during the verification process.

Once you have submitted the necessary information, you will be required to take photos of your identity documents and upload them. Additionally, you will need to take a selfie of yourself holding your ID along with a handwritten note that states “I’m a CEX.IO customer, current date, signature”.

Stage 2 Address Verification

For this stage, you will need to provide the following:

• Your country of residence and address.
• Proof of residency, such as a bank statement or utility bill.
• The document must be in Latin characters or have Latin transliteration.
• The document must contain the credentials of the institution (e.g., logo), your first and last name, and your residential address on one page.

Once again, you will need to provide a photo or scan of your proof of address documents and upload them. Alternatively, you can scan the QR code on your screen using your smartphone and take a photo with your mobile phone to expedite the process.

Stage 3 Enhanced and Corporate Verification

This stage is for users who are opening or upgrading to an Enhanced or Corporate account and requires the submission of additional information, such as official company documents and financial statements.

The entire process is usually quick, but the final approval may take a few days to finalize. The team provides an outline of the process and is available to assist with any issues.

What Can You Trade on CEX.io?

The exchange currently supports the buying, selling, and trading of over 15 cryptocurrencies, as well as the use of multiple fiat currencies.

However, the availability of certain cryptocurrencies, purchasing, and trading pairs may vary depending on the CEX services used.

The currencies available on the platform are as follows:

• Supported fiat currencies: US Dollars (USD), Euros (EUR), British Pounds (GBP), and Russian Rubles (RUB).
• Instant buy cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), Tron (TRX), BitTorrent Token (BTT), and MetaHash (MHC).
• Each of the digital currencies listed can be purchased with USD, EUR, GBP, and RUB.
• Trading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), Tron (TRX), BitTorrent Token (BTT), MetaHash (MHC), Cardano (ADA), OmiseGO (OMG), Ontology (ONT), Ontology Gas (ONG), Gemini Dollar (GUSD), and Tether (USDT).
• All the listed cryptocurrencies can be traded using USD and EUR trading pairs, while there are currently close to 13 trading pairs involving BTC.

Fees and Charges at CEX.io

CEX.io strives to maintain a low-fee platform for its users. There are no charges for deposits in USD, EUR, or GBP via bank transfer, including ACH, SEPA, or Faster Payments.

• For bank transfer withdrawals, there is a service fee of 0.3% plus a standard charge of $25/€25/£25, depending on the currency used. However, withdrawals processed via ACH, SEPA, or Faster Payments are fee-free.
• Deposits made with Visa/MasterCard in USD, EUR, GBP, or RUB incur a fee of 2.99%. Withdrawals to a Visa card in USD may face a service charge of up to 3% + $1.20, and a commission of up to $3.80. Visa card withdrawals in Euros may have a service charge of up to 3% + €1.50, and a commission of up to €3.50, while withdrawals in GBP may face a service charge of up to 3% + £2.10, and a commission of up to £2.90.
• Withdrawals to a MasterCard in USD may accrue a service charge of up to 1.8% + $1.20, and a commission of up to 1.2% + $3.80. MasterCard withdrawals in Euros may have a service charge of up to 1.8% + €1.50, and a commission of up to 1.2% + €3.50, while withdrawals in GBP may face a service charge of up to 1.8% + £2.10, and a commission of up to 1.2% + £2.90. Withdrawals made with Visa or MasterCard in Russian Rubles incur a standard fee of 3% + 50 RUB.

Transaction Fees

CEX.io operates the following maker-taker fee schedule with transaction fees based on your 30-day trade volume for all pairs. This is recalculated daily at 00:00 (GMT) and includes the current day`s trades.

Trade Volume 30d, BTC	Taker	Maker
≤ 5	0.25%	0.16%
≤ 30	0.23%	0.15%
≤ 50	0.21%	0.13%
≤ 100	0.20%	0.12%
≤ 200	0.18%	0.10%
≤ 1000	0.15%	0.08%
≤ 3000	0.13%	0.04%
≤ 6000	0.11%	0.00%
> 6000	0.10%	0.00%

Supported Countries

Countries where card payments aren’t available:

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

Countries where SWIFT payments aren’t available:

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, Zimbabwe.

In addition, MasterCard withdrawals for users from India are disabled while ACH payments are only supported for residents of the United States.

The exchange currently serves 31 US states and has been granted money transmitter licenses in 15 states including Alaska, Florida, Georgia, Iowa, Kansas, Maryland, New Hampshire, New Jersey, New Mexico, Oklahoma, Oregon, Rhode Island, South Dakota, Vermont, and West Virginia.

CEX.io also operates in the following 16 states that do not retain any requirements for exchanges to be licensed as money senders:

Arkansas, California, Colorado, Indiana, Kentucky, Massachusetts, Michigan, Missouri, Montana, Mississippi, North Dakota, Pennsylvania, Utah, Virginia, Wisconsin, and Wyoming.

Is CEX.io Beginner-Friendly?

CEX.io, which was established in 2013 as a platform for easy Bitcoin purchases, continues to make buying Bitcoin simple with its instant buy feature.

Users can easily select the cryptocurrency they wish to purchase and the fiat currency they want to use for the transaction. After entering the required amounts, credit card information, and verification details, users will receive their coins.

The website is well-designed and the trading interface is user-friendly, making it easy for beginners to navigate.

CEX.io provides a Support system for users to submit requests and contact the team via email, phone, or social media channels.

Additionally, there is an extensive FAQ section covering common account, finance, and trading questions, as well as an official blog with various topics and news articles.

For more experienced users, CEX.io offers a trading platform with standard features such as market and limit orders, comprehensive charts, technical indicators, advanced reporting, and cross-platform trading via mobile app and/or API.

Margin trading is now available through a dedicated service called CEX.io Broker, separate from the CEX.io trading platform. This service is designed specifically for experienced margin traders and offers advanced trading tools and a wide range of technical analysis instruments.

CEX.io Broker allows margin trading through Contracts for Difference (CFDs), and users can also take advantage of increased trading opportunities and risks through leverage of up to 10x.

While CEX.io is a viable option for those looking for an easy way to purchase cryptocurrencies and experienced cryptocurrency traders, there have been some complaints online regarding customer support response times and the extensive verification process for higher account tiers.

Is CEX.io Secure?

CEX.io has a good reputation for security, despite a hacking incident in 2013 during its early days. The vulnerability was quickly patched, and there have been no known security breaches since then.

The team at CEX.io employs various security protocols, including protection against DDoS attacks, full data encryption, offline cold storage, and two-factor authentication (2FA).

To make a withdrawal, user accounts must have 2FA enabled, and the mobile app allows for a Withdrawal Pin Code (WPC) to be set up for confirmation of mobile withdrawals.

Digital assets stored by the exchange are divided between hot and cold wallets, each with separate private keys for each digital currency. Moreover, only a small percentage of digital assets in active circulation are stored in hot wallets, enhancing the security against malicious actors.

The team also implements physical segregation, encryption, and strict access controls, including 24/7 surveillance, alarm systems, and secure vaults, to further safeguard the funds held by the exchange.

CEX.io, an established cryptocurrency exchange that has been operating since 2013, is known for its transparency and adherence to security protocols. Clients’ fiat funds are stored in custodial accounts with the exchange’s banking partners, separate from the company’s own accounts, ensuring that only customers have claim to these funds. Additionally, only authorized individuals are able to initiate transactions with clients’ fiat held in the bank accounts, and the exchange conducts thorough background checks for its employees.

For clients based in the United States, their USD funds are covered by FDIC insurance, providing protection of up to $250,000 per person. The exchange also follows KYC/AML verification for all users, and employs an “Expert System” to continuously monitor digital asset transactions for irregular activities.

Account verification on CEX.io requires personal ID, proof of address documentation scans, and a picture of the user holding their ID or credit card. The exchange maintains compliance with PCI DSS Level 1 standards, which is the highest level of compliance for credit card data security.

CEX.io is registered with the FCA in the UK and with FINCEN in the US, further enhancing its trustworthiness as an operator. The exchange is transparent about its security protocols and legal setup, providing ample information to users.

One of the major benefits of CEX.io is its instant buying feature, which allows for easy purchase of cryptocurrencies using fiat and credit card. The exchange supports four different fiat currencies for deposit and withdrawal, making it convenient for users in various countries.

Experienced traders are also catered to with the exchange’s full range of standard features, order types, and technical analysis tools. CEX.io generates significant liquidity levels and offers margin trading with leverage of up to 10x, making it attractive to adventurous and experienced traders.

While there have been some complaints about customer support and fees, CEX.io is generally transparent about its pricing, and users are advised to review the fee schedule before conducting transactions on the platform.

Despite the verification process being a potential drawback for some users, CEX.io remains a viable option for those looking for an easy way to purchase cryptocurrencies using traditional banking methods.

The exchange also caters to margin traders and those interested in purchasing cryptocurrency CFDs, providing advantageous fees and services compared to other platforms offering leveraged margin trading.

Conclusion

CEX.io offers a user-friendly service with support across multiple countries, allowing users worldwide to purchase Bitcoin and other cryptocurrencies with ease. Its commitment to security, transparency, and compliance with regulations makes it a reliable option for cryptocurrency trading. While there are some minor drawbacks, CEX.io remains a viable choice for both novice and experienced traders alike.