CEX.io Review

This CEX.io review will help you decide if you want to start buying and selling cryptocurrencies like Bitcoin, Ethereum, Ripple, Dogecoin, Dash, or Stellar but are unsure which crypto exchange to choose. This CEX.io review will explain CEX.io, examine the brief company history, cover the platform’s pros and cons, and discuss what digital assets you should buy, sell, and trade.  

You should be able to tell whether CEX.io is a suitable cryptocurrency exchange for you by the end of this CEX.io review. You’ll also learn about the company’s history, security, platform features, available coins, trading fees, and much more. We should better get started because there’s so much to cover! Let’s take a look at what this popular crypto exchange has to offer. 

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CEX.io Review – What is CEX.io?

Let’s start this CEX.io review with the basics. CEX.io is a crypto exchange and platform for trading cryptocurrencies. It supports a variety of deposit methods as well as multiple digital assets that you can trade. Thus, it’s ideal for seasoned users and newcomers who want to learn how to buy and sell cryptocurrencies.

If you’re wondering if CEX.io is safe? Is CEX.io legit? Or is CEX.io secure? The answers to this question are both yes and no. We can confirm that CEX.io is a legitimate company and business. CEX.io is licenced as a Money Services Business in the United States by the Financial Crimes Enforcement Network (FinCEN), unlike many other crypto exchanges. It means the company is unlikely to pull a scam on you!

Users are also covered by a level two DSS certificate on CEX.io. That means it has demonstrated that it can store, process, and transmit payment card data with a high level of protection. CEX.io, on the other hand, should not be regarded as a safe heaven. After all, it is a cryptocurrency exchange. And since they store a large number of different altcoins, they are a prime target for hackers.

Many reports of crypto exchanges are getting hacked in the history of digital currencies, and there is no reason to believe the future will be any different. That is why you should never keep your cryptocurrency on the exchange, especially for buy and hold strategy. Instead, it would be best if you considered using a safe wallet like MyEtherWallet or Exodus.

Now let’s look at how the  CEX.io exchange grew into the dependable platform it is today.

History of CEX.io

CEX.io was established in 2013 in London, United Kingdom, by GHash, a mining pool initially operated by a cloud mining provider. In 2014, GHash was one of the most popular mining pools in the world.

Due to the low Bitcoin price in early 2015, and the lack of mining hardware owned by the company, CEX.io decided to stop offering cloud mare Manyining services. As a result, the GHash.io mining pool has got decommissioned. CEX.io, on the other hand, continues to exist exclusively as a cryptocurrency exchange platform.

CEX.io’s Review – Advantages and Disadvantages

Let me outline the advantages and disadvantages that we discovered during this CEX.io review about its exchange platform.

CEX.io Review – Platform Features

CEX.io crypto exchange has several valuable features and continues to expand the range of services. Below we will review some of the most notable platform features we want to mention in this CEX.io review. 

CEX.io Instant Buy

Even with the Basic account, you can instantly buy Bitcoin with Visa or Mastercard in USD, EUR, GBP or RUB. All you have to do is select the amount you want to spend, input your card details and click buy. You don’t have to monitor the prices and wait for the right moment constantly. The platform will execute the order at the Market price and store it safely in the exchange wallet. That is an excellent option for beginners who want to own and invest in cryptocurrency long term. 

Cryptocurrency Trading

For experienced traders, CEX.io offers SPOT trading and Margin trading. SPOT trading means that you will execute orders at the market price and use advanced risk management tools such as Stop Loss, Take Profit, Market or Limit Prices and many others. Margin trading means you can borrow money to trade, but this feature is recommended only to experienced traders who know what they are doing. 

CEX.io Mobile App

One of the best things we discovered during the CEX.io review is that it has one of the most user-friendly mobile apps that we have seen and have won several industry awards for its mobile application. It is available for Android and iOS devices. It has price alerts, order notifications, money management and other valuable tools. You can buy, sell and trade cryptos instantly and also have access to the Staking feature. 

CEX.io Staking

Staking is a new feature in cryptocurrency investing, and it allows you to earn passive income on your crypto holdings. It works as a bank deposit with complete flexibility of digital assets. For example, you can get a 16% return per year with the ZIL token without the need to make any trades! That is an ideal option for crypto investors who want to get long terms stable returns.  

Crypto-Backed Loan

Another helpful feature is a crypto-backed loan, which you can get against your crypto holdings. For example, imagine that you managed to build a solid crypto portfolio but need a bit of free cash in the short term. Instead of selling your valuable assets, you can borrow against them and repay when you can. The crypto-backed loans can vary from 7 days to a year, and interest can be up to 14% per annum (which is lower than most credit cards!). 

CEX.io crypto-backed loans don’t require any credit scoring, and you can get a loan within minutes with instant withdrawals. 

Which altcoins can you buy on CEX.io?

On CEX.io, you can buy a variety of digital assets using either Bitcoin or fiat currency. In addition, CEX.io offers trading access to more than 80 different altcoins, including but not limited to Bitcoin, Ethereum, Tether, Ripple, Polkadot, Bitcoin CashLitecoin, Link and many others. 

Other less well-known coins are also available on CEX.io.

CEX.io Exchange Trading Platform

CEX.io has a friendly and easy to use trading interface and offers the following types of orders:

• Market order
• Limit order
• Stop order

CEX.io, on average, sees 400,000 active traders per month, with the trading volume being one of the largest in the industry.   

CEX.io offers an opportunity for algorithmic trading via an API that works very well and is reliable. Unfortunately, the exchange doesn’t support cryptocurrency derivates and futures, but it does offer margin trading in some trading pairs such as BTC/USD, BTC/EUR, ETH/BTC, ETH/USD. In addition to that, up to 1:100 leverage is available for Margin Trading.

Fiat Currencies and Payment Methods

The following is a list of fiat currencies sponsored by CEX.io, making it accessible to people worldwide.

• United States Dollars (USD)
• Pound Sterling (GBP) 
• Pound Sterling (GBP) 
• Russian Ruble (RUB)
• Bitcoin (BTC)

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CEX.io also supports the following fiat currencies and cryptocurrency as payment methods to finance your account: VISA, MASTERCARD, S.W.I.F.T, ACH, Faster Payments, Sepa, QIWI, Skrill. 

As a result, the variety of payment options simplifies it for new users.

CEX.io Exchange Fees

CEXo.io fees are some of the lowest on the market. If you invest in Bitcoin with a credit card, fees would be 3.9% + $0.25 per transaction. If you are depositing funds and buying Bitcoin via the bank transfer, the transaction fees are zero (i.e. free). 

Account Verification

On CEX.io, there are different levels of accounts. They are as follows:

Basic, Verified, Verified Plus, and Corporate accounts are available on CEX.io.

Each account tier has its own set of benefits. Additional payment options, as well as higher transaction and withdrawal limits, are among them. The checked plus and corporate accounts are for more advanced users. But we won’t go into great detail on it in this CIX.io review. However, regardless of your experience level, even new users would most definitely want to progress to the “verified” account tier. After the segment on basic accounts, we will through the benefits of doing so.

Basic accounts at CEX.io are the accounts that get automatically generated when you sign up for CEX.io. A Visa or MasterCard is the only payment form approved for fiat deposits made with a basic account. The maximum and minimum deposit amounts for each payment method are “recommended.”

Verified Accounts

Users must check their identity to withdraw fiat funds or raise their payment limits. But don’t be concerned as this is a simple task. The following section of this CEX.io review will show you how to do it. Then I’ll go over the specific benefits of getting a confirmed user account.

How to get CEX.io Verified Account: Step 1

To get to the verified account tier, users must upload some personal information and documents. But it’s all standard process for any exchange or the broker. The data is needed to ensure that the company follows anti-money laundering (AML) regulations and knows your customer (KYC). So let’s get started with our CEX.io review of the account verification process.

We have described all of the relevant documents below, along with instructions on how to send them to CEX.io. Carefully follow the steps below. If you don’t have a copy in the format that the organisation requires, the platform will deny your request to verify the account, and you’ll have to start over. When it comes to buying and selling cryptocurrencies, this could mean missing out on a massive price swing!

You must first submit information such as a government-issued identification card. It can be your passport, ID card, or driver’s licence. Then, fill in your details on the form. Gender, first name, middle name (optional), last name, date of birth, place of birth, contact information, and a social media connection are all included (optional).

After that, users must enter their emails. Then you need to include both your residential and permanent addresses (where you live at the time you sign up for CEX.io). If the two are identical, you have the choice of informing the exchange. Select “same as residential” from the drop-down menu. It’s right next to the fields for “permanent address.”

The next step in confirming your identity is to check or photograph a few of your identification documents. The following conditions must be met:

• The document must be valid on the day it is submitted).
• You must submit both sides of the document in duplicate.
• Full-color, high-resolution scanned images are needed.
• Documents must be in one of the following formats: jpg, gif, png, tiff, or pdf.
• The file must be under 15MB in size.
• Less than 3-months old.
• You must use the Latin alphabet (a, b, c, d) to complete documents.

How to Get a CEX.io Verified Account: Step 2

Let’s continue our analysis of the verification process with CEX.io. After that, users must submit their identity card, a selfie of themselves keeping it, and proof of address. The government-issued identification card must be the same as you used to fill out the above form. Country identification cards, passports, and driver’s licences are all acceptable forms of identification.

The owner of the identity document (you) also needs to take a selfie together with the ID document. There are a lot of rules to follow, and getting a clear shot can be challenging. As a result, it may be preferable to enlist the assistance of a friend or relative when taking a “selfie.” The photo must meet the following requirements:

• You have to be staring directly at the camera.
• It must have a light or neutral context.
• It required that the selfie is in full colour.
• There is no “red-eye.”
• There’s nothing in the way of your face seen (sunglasses, hats, headbands, bandanas, etc.)
• The document’s details must be easily accessible.

A photograph or scan of the proof of residency document is also needed. You must also include your address (the one stated in the verification form). The following documents are recognised as proof of address:

• Utilities Bill (but not a mobile phone, TV contract, or printed internet bills).
• Electricity bill 
• Statement from the bank.
• Whether it’s a tax return or a council tax bill, it’s essential to keep track.

Other proofs of citizenship documents will be accepted, according to the CEX.io support document. However, electronic bills and statements, web screenshots, cell phone bills, and credit card statements are excluded.

Advantages of CEX.io Verified Account 

Users with validated accounts can use more payment methods and have higher deposit and withdrawal limits. However, if users choose to withdraw in fiat currencies, they must also have a checking account. As a result, it’s essential to include this in the CEX.io review.

You can deposit and withdraw using bank transfers and any cryptocurrencies listed on CEX.io with an account on a higher tier than basic (checked, verified plus, or corporate) (above).

While the total account limits for these higher-tier accounts are limitless, each payment method has its own set of prescribed deposit and withdrawal limits. We haven’t included them this time because they’re so big!

CEX.io Review – Who Should Use CEX.io?

In a CEX.io analysis, it’s crucial to mention target users. CEX.io is suitable for both novice and experienced users. We’ve mentioned some of the features that make the account ideal for beginners and professional traders.

Why is CEX.io a Good for Beginners? There are many reasons for this:

First, the platform is highly user-friendly. Second, even if you’ve never used a cryptocurrency trading site before, CEX.io is quite simple to use.

The help section is fantastic. Buying digital currency for the first time can be intimidating for new traders or investors. Many FAQs can be found in the website’s support section, and if that isn’t enough, contacting CEX.io is simple, thanks to the email request form.

Users must seek out the more advanced buying and selling options. Since some exchanges welcome users with a page like the one below, this makes the process less intimidating. However, for them, this is understandably perplexing:

Why is CEX.io Attractive to Professional Traders? 

Here’s the solution:

It has all the altcoin choices you’d expect from a sophisticated platform, shown on a simple, easy-to-use platform.

It can trade on a margin (using borrowed money). That is, once again, not recommended for beginners!

There are no restrictions for verified users. So if you’re an experienced trader, you’ll be able to generate massive profits and withdraw them using various deposit and withdrawal methods with ease. Isn’t it cool?

Final Verdict –  

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CEX.io Review –  

So there’s our take on one of the most successful fiat-to-crypto exchanges in the world. It’s easy to see why CEX.io has been so popular in recent years, given its various deposit options, diverse digital assets, and user-friendly design.

You should have a clearer understanding of what the CEX.io platform is and if it’s right for you now that you’ve finished reading this guide. If you believe there is a better platform for you, consider Coinbase, Binance, or Kraken.

So, what are your thoughts? Is CEX.io a scam? Isn’t that just what it seems to be? Is it, in fact, a trustworthy and worthwhile exchange? Will you use it to store your cryptocurrency? Leave your thoughts in the comments section below!

FREQUENTLY ASKED QUESTIONS ABOUT CEX.io

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