CEX.IO: Crypto website review, pros, cons, and FAQS
CEX.IO is a global cryptocurrency exchange platform. Although CEX.io started in 2016, it has been a big player in the crypto industry since 2013, when it operated as a bitcoin mining ecosystem- under the name GHash.IO.
At that time, CEX's goal was to help crypto enthusiasts make a living mining Bitcoins from their homes and offices without investing in expensive hardware setups. Unfortunately, CEX.IO discontinued its Bitcoin mining platform in 2015 due to a lack of profitability and Bitcoin price decline.
Since its rebranding in 2016, CEX.io has become one of the biggest cryptocurrency exchange platforms in the world. CEX's products and services serve more than 4 million users across three market segments-Individuals, Traders, and Businesses.
Who owns CEX.IO?
CEX.io was founded by Oleksandr Lutskevych- a Ukrainian tech entrepreneur with over 15 years of experience in Software development and IT. Like Oleksandr, CEX.io is based in London and has subsidiaries in Ukraine, USA, Gibraltar, and Cyprus.
What does CEX.IO do?
CEX.io provides trading tools that novice and experienced individuals, traders, and businesses can exchange crypto assets like Bitcoin, Ethereum, and Litecoin. It also supports trading cryptocurrencies with fiat currencies, including USD, EUR, GBP, and RUB. Experienced crypto traders can also use CEX.IO Broker, a margin trading tool, without paying commission fees.
Pros of CEX.IO
Regulated and licensed
There isn't much difference between crypto trading and a Ponzi scheme without trust. CEX is a licensed exchange platform in all countries, separating itself from most Crypto platforms where users face the risk of losing their assets to unprecedented fold ups and scams.
Unlike most crypto platforms, CEX.IO does not put a cap on withdrawals. Users can withdraw from their wallets as many times as they require.
CEX.IO app and website are compatible with all operating system types, including Windows, iOS, Android, and macOS.
CEX.IO app is available on iOS and Android
Various payment methods
You can deposit your CEX.IO account using the following payment methods:
- Domestic wire transfer
Low transaction fees
CEX.IO's spot trading fee is low compared to other exchange platforms like Kraken, Phemex, and Bittrex. And because the fee is reduced when you complete more trade volume, CEX.IO is an excellent choice for investors looking for a long-term business with a safe and secure exchange platform.
Multiple trading opportunities
Aside from the traditional trading options for cryptocurrencies like Bitcoin and Ethereum, CEX.IO also offers trading interfaces like spot trading, staking, and margin trading. Each trading type has different charts, guides, and order types.
Cons of CEX.IO
Extensive verification process
The KYC verification process is long and compared to most crypto exchange platforms.
Limited deposit amount
Users who do not complete CEX.IO's KYC verification cannot deposit up to $0 in their account. This is a significant hindrance for users who only want to carry out one-off transactions on an exchange platform.
Restricted in some parts of USA
Due to local regulations, CEX.IO is not available in certain states in the US, including New York. Similarly, U.S. customers cannot engage in margin trading, crypto-backed loans, and crypto savings accounts on CEX.IO.
Complicated fees system
New crypto investors would find that CEX.IO's fees are complicated due to fixed costs and percentages.
How to open an account on CEX.IO
The CEX.IO registration is pretty complex compared to its peers. Follow this process to get it right the first time.
- Click "Register" on the homepage.
- Complete the short bio-data form with your name (in order), email address, password, and country of residence
- Certify that you are age 18 or above and accept the service terms if you like them
- Confirm your registration with the activation link to your email address
** You will receive a prompt on the screen to increase your deposit and withdrawal limit to $3000 because your account is set to $0 by default. This is basically a KYC registration process that you can skip. To complete the process, fill the biodata form with the following:
- Your Zipcode
- Street address
- State/city of residence
- Apartment suite number/address
If you do not want to complete the KYC, click "Exit" at the top right corner of the page.
How to deposit on CEX.IO
You need to deposit money to buy/sell crypto on CEX.IO. Follow this process to fund your wallet.
- Login to your account.
- Click "deposit" at the top of the page
- Choose a preferred deposit payment method
- If you select VISA or Mastercard, scroll to the next section below to add your card
- After that, select the currency you wish to deposit. It is set to USD by default, but you can use the search bar to find your preferred fiat or cryptocurrency
- Input the amount you wish to purchase. If you haven't increased your limit, you will be prompted to do so.
- If you have the right limit set, you can now proceed to confirm the payment, a 2FA security (if you set it), and complete the deposit transactions.
How to withdraw on CEX.IO
- Login to your account
- Click "withdraw" at the top of the page
- Select the preferred withdrawal payment method such as Skrill, SWIFT, VISA, or Mastercard
- Enable 2-Factor Authentication- this is compulsory and cannot be skipped
- Select the currency and amount you wish to withdraw
- Confirm the transaction fee
- Click to complete the withdrawal and have the funds transferred to your selected payment method instantly
How to trade on CEX.IO
The CEX.IO homepage will be set to the trading interface by default if you are logged on. Otherwise, sign in and follow the process below:
- Click "trade" on the navigation bar
- The trading tool is set at "Spot Trading" by default, so you may want to change that to "Margin trading", in the drop-down menu at the top of the page
- Select a trading pair like BTC/USD, ETH/USD, BTC/EUR/ XRP/USD in the options below the navigation bar
- You can also search for a preferred trading pair with the search bar beside the market char
- Scroll to the next section of the page, input your trade in the BUY BTC/SELL BTC, and then click place order to confirm your trade
How to stake and earn money on CEX.IO
Staking is a legit source of earning passive income on crypto platforms. But it requires a solid knowledge of how Crypto works and patience. You can stake a crypto coin by running a node or depositing the crypto into the staking pool.
On CEX.IO, staking is straightforward. Even a newbie can successfully stake crypto the first time. All you need to do is deposit your account with the supported coin. CEX will be responsible for all the heavy lifting. Just log in regularly to track the market changes and see how you are making a profit over time.
These are the coins supported for staking on CEX.IO and their percentage of interest:
- Polkadot (DOT) (10% interest)
- Solana (SOL) (5% interest)
- Cosmos (ATOM) (14% interest)
- MetaHash (MHC) (14% interest)
- Cardano (ADA) (2.6% interest)
- Zilliqa (ZIL) (11% interest)
- Tron (TRX) (3.5% interest)
- MATIC (10 % interest)
- Songbird (SGB) (8-9% interest)
- Tezos (XTZ) (5% interest)
CEX.io has a dedicated mobile and web-based wallet where you can set up a multi-currency account and access a range of CEX.IO products and services. While the web interface is most preferred, CEX mobile wallet allows you to track and manage your portfolio anytime. You can download the app from the Android and iOS stores for free. However, you must be registered and verified to use the wallet.
Cryptocurrencies available on CEX.IO
CEX.IO is not the largest crypto platform in terms of the number of digital currencies available. CEX.IO supports just over 100 cryptocurrencies, including the most popular ones. While the website is often updated with new coins, here is the list of some of the supported cryptocurrencies and tokens at the moment:
Bitcoin Cash (BCH)
Shiba Inu Token
CEX.IO fees explained
Trading fees on CEX.IO vary depending on the transaction time, the individual's 30-days trading volume, and whether a trade is markers or takers. See the breakdown below to learn more:
● Marker orders
Marker orders have a transaction fee ranging between 0.15% to 0%
● Taker orders
The taker order has transaction fees between 0.25% to 0.01%.
● Visa deposits
CEX charges a deposit commission of 2.99% on all deposits and $3.80 for withdrawal payment through Visa. However, the service charge can go up to 3% + $1.20.
CEX charges a deposit commission of 2.99% on all deposits and 1.2% + $3.80 for withdrawal payment through Visa. However, the service charge can go up to 1.8% + $1.20.
● Bank transfer
Deposit and withdrawal commissions via Bank on CEX.IO cost $0 and $0.3 + $25.
CEX.IO deposit and withdrawal commissions via ACH cost $0 and $0.
CEX.IO deposit and withdrawal commissions through Epay costs $0 and $1, respectively.
Deposit and withdrawal commissions via Skrill on CEX.IO costs 3.99% and $1, respectively.
CEX.IO variants explained
CEX.IO has two variants, CE.X.IO Broker and CEX.IO Direct. Let's look at what they are and how you can use them.
CEX.IO Broker is an advanced version of CEX.IO's traditional trading tool discussed above. On Broker, CEX.IO users can take advantage of long and short crypto trading with 2x leverage. It is best suited for advanced and experienced traders who can easily read and maneuver technical market charts.
CEX.IO Direct is a widget designed for business owners who want to accept cryptocurrency payments for purchases on their digital stores. Once installed on their website or mobile application, the business owner will earn a 1% commission on all transactions completed through the widget up to 1000/USD/GBP/EUR.
CEX.IO security features
Security is an essential feature for any crypto platform. And based on our analysis CEX.IO is reinforced with some of the most advanced and effective website and mobile security features.
Firstly, the company holds its assets and investors' assets in cold and hot wallets. Based on the amount required to complete daily transactions, a more significant portion of these (primarily investors' assets) is stored in the cold wallet- which is the most secure because it is not connected to the internet. That way, investors' money is secured in the event of a hack.
Additionally, CEX.IO withdrawal and deposit are protected by a 2-factor authentication technology. And with the use of KYC and SSL encryption technology, CEX protects user data from third-party platforms.
Who regulates CEX.IO?
CEX.IO is regulated by Gibraltar Financial Services Commission (GFSC). The commission recognizes CEX.IO as a DLT platform serving the European market. In the UK, CEX.IO's operations are governed by the UK Financial Conduct Authority (FCA). While in the US, FinCEN regulates CEX.IO's operations under the Money Services Business (MSB) license.
Crypto exchange platforms like Gemini, Phemex, and Kraken are great CEX.IO alternatives. While CEX.IO boasts cheaper transaction fees, Kraken and Gemini boast a more robust list of supported cryptocurrencies. Additionally, Phemex is known as the fastest crypto exchange platform, and it also offers futures trading.
With a staunch background in Crypto mining, CEX.IO has become one of the most respected exchange platforms today. The platform successfully serves crypto investors across the world, offering low spot trading fees, desktop and mobile access, secured wallet and web-based trading, opportunities to earn via staking, and so on.
However, investors residing in the US will not enjoy CEX.IO, unlike most people, because local regulations restrict the exchange platform's products and services. And, given the highly complex fee system and sign-up procedure, CEX.IO might not be the right choice for novice and short-term investors.