CEX.IO Review 2018: Don’t use CEX.IO before reading this!

CEX.IO is a London-based cryptocurrency exchange platform that was started in 2013 by Ukranian founders Oleksandr Lutskevych and Oleksandr Ushchapovskiy.

At one point, it also used to be one of the world’s leading cloud mining providers. However, it stopped being a cloud mining provider in 2015 and became a complete cryptocurrency exchange platform.

CEX.IO allows you to buy bitcoins directly through credit cards, bank transfers, or SEPA transfer (for those residing in the EU.)

While CEX.IO is a generally reliable service, it comes with its set of unique advantages and disadvantages, like most services. In this CEX.IO Review, I’ll give you a complete overview of this exchange platform so that you can decide whether it’s the best option for you.

cex io

PART 1: Is CEX.IO Safe?

CEX.IO is a perfectly legitimate site from which two buy and sell cryptocurrencies. They’re extremely secure and there have been no reported hacks on their funds. Even some of the most popular and well-trusted sites such as Coinbase and Bitstamp have been subject to hacks in the past, but CEX.IO has avoided that so far.

As far as the user accounts are concerned, they’re protected with a 2-factor authentication method.

PART 2: What Makes CEX.IO Stand Out?

CEX.IO is unique amongst all the other exchanges because of its Fill-or-Kill (FOK) system of executing orders.

Most trading platforms require you to place an order for cryptocurrencies at a desired price, and wait until someone is willing to sell them to you at that price. However, with CEX.IO, all your orders are executed immediately and you get what you ask for.

This renders the whole transaction far simpler, more efficient, and hassle free.

PART 3: How Does CEX.IO Work?

Once you enter a trade, CEX.IO will calculate the prices and freeze the transaction for 120 seconds. Within that time, you can enter the amount that you want to spend and the amount of Bitcoins you want to receive. Once you hit the command to buy or sell, the system will make sure you have the required funds in your account.

If the conditions in the market are the same as your desired order, or more favorable, then your order is filled. If there’s a sudden spike in the market, you’re notified about that as well, and your transaction is canceled.

Once you confirm the trade, your order is tallied with other orders and you get what you asked for.

PART 4: Trading Information

Cryptocurrencies Supported

CEX.IO supports major cryptocurrencies such as Bitcoins, Ethereum, and Dash. However, if you want to trade in a more diverse range of cryptocurrencies, you can use platforms like Bittrex, with which you can also trade in NEO, Siacoin, Nexium, and other lesser known cryptocurrencies.

Currencies Supported

CEX.IO supports three major currencies – USD, EUR, and RUB.

Countries Supported

CEX.IO supports all countries. However, some countries have certain restrictions.

Countries not allowed credit card transfers: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

Countries not allowed bank transfers: Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, and Zimbabwe.

Furthermore, there are also several US states that aren’t supported, based on their state laws. These are Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, and Washington.

Fees

CEX.IO takes no commissions on bank transfers. However, if you’re depositing the funds through credit cards, the fees can be pretty high, between 3.5% to 5.25%, in addition to an additional charge of $0.25, €0.20, or 15.57 RUB.

Furthermore, CEX.IO also takes a very high 7% fee for buying or selling of cryptocurrencies.

CEX-deposit-fees

Buying Limits

Transaction limits on CEX.IO are established based on the verification levels — Basic, Verified, Verified Plus and Corporate.

Basic Accounts have a limit of $500 a day or $2000 a month.

Verified Accounts have a limit of $10,000 a day or $100,000 a month.

There are no limitations on the Verified plus and Corporate accounts.

buying-limits

How fast are your funds available?

For credit card payments, the funds are available within 1-2 days. And for bank transfers, the time period may vary considerably.

As for the purchase of cryptocurrencies, you’ll receive them immediately after making the payment.

PART 5: Buying Bitcoin & Ethereum on CEX.IO

After you transfer funds into your account, you can go to the “Buy/Sell” option at the top of the screen to start trading in Bitcoin or Ethereum. As such, the displayed price of Bitcoin will be higher than the current market price.

You can also use the given panel to flip between different currencies or between BTC or ETH.

A series of fixed price purchases will be displayed on the panel. However, you can also enter your custom price.

Once you click on Buy, the Bitcoins will be transferred to your wallet immediately.

Buy-Bitcoins-from-CEX

If you’re slightly confused about this, you can check out the following YouTube video for a step-by-step walkthrough:

PART 6: CEX.IO Customer Support & User Reviews

You can reach CEX.IO support via email at support@CEX.IO. Furthermore, they also have a “Help” option on each page and a customer support representative answers your questions over live chat.

PART 7: CEX.IO Compared (and other Alternatives)

CEX.IO is a reliable cryptocurrency exchange platform that offers a variety of features and functionality. However, they charge a considerably high transaction and purchase fee.

If you’re looking for a simpler means of purchasing Bitcoins, you should check out Coinmama. And if you’re looking for a cheaper alternative, then you should try out GDAX or Bittrex.

Below, I’ve set up a comparative table so that the differences are made clearer to you.

ExchangeReviewsFeesSecuritySupportPurchase
Coinbase
Coinbase
Coinbase Review3.75%GreatEmail+ Coinbase “Community”Buy
Binance
Binance
Binance Review0.1%GreatEmailBuy
LocalBitcoins
LocalBitcoins
LocalBitcoins Review1.0%GoodQuick responses to online support ticketsBuy
Paxful
Paxful
Paxful Review0% from buyer, 1% from sellerGoodForum,live chat and email.Buy
bitpanda
BitPanda
BitPanda Review1.0% to 4.0%GoodEmailBuy
CEX.IO
CEX.IO
CEX.IO Review0.5% to 2.0%GreatEmailBuy
Coinmama
Coinmama
Coinmama Review6.0%GoodEmailBuy
bitbond
Bitbond
Bitbond Review1.0% to 2.5%GoodEmailBuy

PART 8: Conclusion – Is CEX.IO a Good Choice?

CEX.IO has, in recent years, established itself as one of the leading exchange platforms. However, many people are dissuaded from using it because of the high transaction fee. While it’s a great source to purchase Bitcoins occasionally, it’s not ideal for the purposes of active trading.

6.5 Total Score
Okay

A legitimate exchange platform popular for the Fill-or-Kill system. However, it charges an astronomically high transaction fee.

Security
9
Ease of Use
7
Support
7
Compatibility
6
Price
5
PROS
  • Global presence.
  • Highly secure.
  • Fill-or-Kill system.
CONS
  • Only the major cryptocurrencies are available.
  • High transaction fee.
User Rating: 5 (1 votes)