CEX.IO Exchange Review | Learn The Pros & Cons Before Signing Up
Jack Moreau
Feb 2024
8 min read
Fact checked
Introduction: Are you curious how CEX.IO compares to the rest of the market and what it's strengths and weaknesses are? Our breakdown of CEX.io covers all the facts that you need to know in order to make an informed decision. Learn about the its products and services, spot trading fees, user experience, liquidity and volumes and much more!
CEX.io is a trusted and established cryptocurrency exchange that has been providing its services since 2013. With offices in the US and UK, the exchange is registered in Gibraltar and accessible in 100s of countries around the world.
Restricted regions include countries such as United Kingdom, Germany, France, Australia, Canada, Singapore, Japan, Russia, OFAC countries, and the state of New York.
CEX.io Exchange
The platform is designed to cater to a wide range of users, from beginners to seasoned traders, with its user-friendly interface.
With over 6 million registered users globally, CEX.IO has become a popular choice for those looking to buy, sell, and trade a range of over 130 digital assets, including popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and other altcoins.
CEX.io App
CEX.IO also offer their services through their Android and IOS apps for those who need a mobile trading platform that is reliable and user-friendly. The Android app has received over 1 million downloads and an average rating of 4.1 stars based on 23,000 reviews.
CEX.io KYC Requirements
CEX.IO is a popular cryptocurrency exchange that mandates KYC verification for all of its users. The signup process is simple and straightforward, requiring only basic information such as your name, email, and country of residence.
However, in order to gain access to all of the platform's features, users must pass KYC verification. The verification process entails uploading a government-issued ID and a selfie with that document.
CEX.io signup process
The platform uses Jumio to process the documents and if everything is correctly uploaded, the verification process can take as little as one hour to get verified. Overall, the signup process is user-friendly and the verification process is relatively efficient.
CEX.io Products & Services
CEX.io is a cryptocurrency exchange that offers a range of products including spot and margin trading with BTC, ETH or USDT, trading API, instant buy with credit card, staking and earning, as well as a crypto-backed debit card.
CEX.io spot trading
The user experience has improved significantly in the last few years, with the exchange now providing a modern interface with a wide range of products and services to satisfy the needs of beginners and more advanced users alike.
CEX.io products and services
Additionally, CEX.io offers a variety of staking and earning options, allowing users to earn passive income on their crypto holdings.
CEX.io earning & staking
When it comes to margin trading, CEX.io offers up to 10X leverage. This is not as high as some other exchanges, but it is still a good option for those who want to trade with leverage.
The trading API is also a great feature for more advanced users who want to automate their trading strategies. One downside of CEX.io is that the average daily spot volume is quite low, coming in at under $10 million which results in higher spreads.
CEX.io Card
And for users that want to spend and earn crypto in a seamless manner, they can signup to receive the CEX.io card which allows them to do just that.
CEX.io is a reputable platform that offers users a variety of options for purchasing cryptocurrencies.
Spot trading is available on CEX.IO with a low 0.15% spot maker fee and 0.025% taker fee. Additionally, users can buy crypto instantly with their credit or debit card in USD, EUR, and GBP, although the commission for this service is notably higher at 7%.
Buy crypto with card on CEX.io
For those who prefer bank deposits, CEX.IO supports USD, EUR, and GBP deposits via Wire Transfer, ACH, SWIFT, SEPA, and FSP.
Overall, CEX.IO provides users with a range of options for purchasing cryptocurrencies. The spot trading feature is especially attractive to traders while the ability to buy crypto instantly with a card is a convenient option for beginners who value speed and simplicity over cost.
CEX.IO is an exchange that charges a spot trading fee of 0.15% for makers and 0.25% for takers. There are also possible fee reductions for high volume traders that trade for a minimum of $10,000 during a 30-day window.
While this fee is not the lowest in the market, it is competitive to the alternatives in the market. For example, on the lower end, you have exchanges like OKX that charges a competitive 0.1% spot fee for makers and takers.
CEX.io trading fees
On the higher end, exchanges like Coinbase charge a maker fees of 0.4% and a taker fee of 0.60%. While CEX.IO's spot trading fees are not be the lowest in the market, they are competitive and the exchange offers a decent range of cryptocurrencies to trade.
CEX.io Deposit Methods
CEX.IO supports fiat deposits for three major currencies in USD, EUR, and GBP with various deposit methods such as SWIFT, Wire, SEPA, Faster Payments, Credit/Debit Card, and payment providers like Neteller and PayPal.
Fiat deposits on CEX.io
However, it is important to note that deposit fees vary significantly depending on the method used. Swift and Wire deposits come with a $2.99 fee, FSP with a 2.99 GBP fee, SEPA with a 2.99 EUR fee, and credit/debit card with a 3-4% service fee.
How to withdraw from CEX.io?
When it comes to withdrawal methods, CEX.IO provides access to fiat withdrawals for 3 currencies: USD, EUR, and GBP.
Withdrawals can be made via SWIFT/Wire for USD, SEPA for EUR, and Faster Payments for GBP. While fiat withdrawals are available, users should note that there are fees associated with them.
Withdrawal fees range from 2.99 EUR for SEPA, 2.99 GBP with Faster Payments and 2.99 USD via SWIFT/Wire. Credit/debit card withdrawals incur a commission fee of 1.8%-3% depending on the card provider you have.
When it comes to withdrawing cryptocurrency from CEX.IO, Bitcoin comes with a 0.0005 BTC fee and ETH comes with a high 0.006 ETH withdrawal fee. SOL withdrawals come with a 0.05 SOL fee while ERC-20 USDT withdrawals come with a high 10 USDT fee.
Overall, CEX.IO offers a decent withdrawal experience for both fiat and cryptocurrencies while charging higher fees than many other exchanges.
Is CEX.io Safe?
CEX.IO has been operating since 2013 and there is no public information about the exchange ever being hacked. To ensure the security of users' funds, CEX.IO uses a combination of cold and hot wallets, and industry strength cryptography key management.
Funds held in cold storage are insured by CEX.IO's custodian partners insurance policies, providing an added layer of protection for users. Additionally, the exchange offers two-factor authentication (2FA) for every account for logging in and other important usecases.
CEX.IO is registered as a Money Services Business (MSB) with FinCEN and MTL across multiple US states, as well as holding a Gibraltar license as well as a Lithuanian VASP.
One big downside is that CEX.io currently does not offer proof of reserves like many other exchanges have committed in doing.
While CEX.IO may not have all the bells and whistles of some other exchanges when it comes to licensing and proof of reserves, they have taken significant steps to ensure the security of their users' funds.
After carefully analyzing the various aspects of CEX.IO, it is clear that the exchange has a lot to offer to cryptocurrency traders.
With over 4 million registered users and support for over 130 cryptocurrencies, CEX.IO has established itself as a reliable and user-friendly platform.
One of the standout features of CEX.IO is its ability to cater to both beginners and advanced traders.
The exchange's user-friendly interface makes it easy for beginners to navigate the platform while still providing advanced trading features such as margin trading and trading APIs.
In terms of fees, CEX.IO's spot trading fee of 0.15% is competitive, although not the lowest in the market. However, the exchange's ability to offer instant crypto purchases with a credit card and a variety of deposit and withdrawal options make it a convenient option for beginners.
The exchange's KYC requirements may be a slight inconvenience for some users, but they ultimately enhance the platform's security and legitimacy.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
