Although crypto has recently taken a hit in the market, many people see it as a chance to “buy the dip”. Because of this, crypto is still heavily traded and there are still tons of people who are looking into buying.
If you are looking to buy, you are going to have to find the right exchange for you. Today we are going to be talking about CEX.IO and reviewing it as an exchange. Hopefully you can get some insight to see if CEX.IO is going to the right exchange site for you.
We are going to be covering what exactly CEX.IO is, their history, along with the features of the website. We feel that it is important that you walk away from this CEX.IO review with a good understanding of the platform and what to expect should you decide to use them as an exchange site.
Let’s jump right into things and learn about CEX.IO.
What Is CEX.IO?
CEX.IO is one of many exchanges that you can find on the internet. Once you have created an account on CEX.IO you can buy, sell, trade and option out the cryptocurrencies that are listed on the platform.
They have many different currency and crypto pairings available and allow you to deposit not only multiple types of currencies, but also multiple types of digital assets as well.
What we thoroughly enjoyed about CEX.IO was that it worked amazingly for those who are new to crypto and those who have been trading for a few years.
A Brief History Of CEX.IO
CEX.IO has been around for a few years now, as it was founded in 2013 in London, England. It was first intended to be used as a cloud mining provider, however in 2015 they stopped providing these services and instead switched to solely work as a cryptocurrency exchange platform.
After several upgrades and UI changes, CEX.IO evolved into what it is today and is one of the main crypto currency exchange websites on the internet.
Is CEX.IO Legit?
After using the website, we can say that CEX.IO is a safe website that isn’t going to scam you or disappear.
CEX.IO is registered in the United States as a Money Services Business so it’s not like you are registering an account to an illegal website.
With many online account based websites, there is always fear of the website just vanishing overnight, resulting in you losing all of your assets.
As CEX.IO is licensed by the Financial Crimes Enforcement Network or FinCEN, you can be confident knowing that they aren’t just going to run off with your money.
That being said, there are a few concerns with CEX.IO although this can be said about any exchange website. Like any website that is moving around large quantities of money daily, it is going to be a target for hackers.
Hackers could potentially breach the system and end up stealing currency from someone’s wallet. That being said, CEX.IO does have level two DSS certificates and we don’t think that your money is at risk when using the website.
That being said, if for some reason you don’t trust CEX.IO, you can always purchase your crypto on the exchange and then move it to a secure wallet elsewhere. This allows you to still use the platform for trading crypto, while getting the safety that you are searching for.
How To Add Money Onto CEX.IO
Once you have created an account and gone through the whole verification process, it’s time for you to start funding your account so that you can buy and trade cryptos.
There are multiple ways in which you can do this. CEX.IO accepts the following payment methods when you are looking to add fiat currency to your account:
Please do note that some of the payments do have transaction fees on either the end of CEX.IO, or on the bank end. Also, the amount of time it takes to get your money also varies.
Generally, payments like VISA are often faster than something like SWIFT, however SWIFT normally takes less of a percentage.
Now that we have talked about what money you can add to CEX.IO, it’s time to mention the currencies that they accept. Currently on CEX.IO, you can add the following currencies.
If the currency you use is different from those, you don’t have to worry. You can easily have the money converted over to the currency of your choice at the start of the transaction. Mind you, you will have to pay another bank fee for them converting the money over.
The final option that you can use for getting money or assets onto CEX.IO is simply by depositing cryptos into your crypto wallet. If you go to the funding section of CEX.IO, you will see an option to ‘Deposit’ into your bitcoin wallet or any other crypto wallet on the website.
You will be given a wallet code that you will have to enter onto the site you are withdrawing from. Please make sure that you enter everything properly, as if you make a typo, your assets will be lost forever.
Congratulations as you have now funded your crypto wallet and are ready to make trades. We are now going to talk about the types of accounts on CEX.IO and how you can go about increasing the level of your account, which in turn will give you access to more features.
CEX.IO Accounts
Basic Accounts
When you first sign up for an account at CEX.IO you are given a basic account.
The only way that you can add fiat to your account is through MasterCard or VISA.
Generally you are looking at a $3000 deposit limit daily and a $10000 withdrawal limit.
While you can make trades with this account, we recommend that you take the time to increase your account to a verified status.
Verified Accounts
Getting verified on CEX.IO is not difficult at all and just requires that you fill in personal information about yourself along with submitting government documents so you can prove your identity. All of this is to help prevent money laundering from occurring on the website.
Once you have done this, you will find you have access to all the other deposit methods on CEX.IO for fiat currencies and that you can deposit more money daily.
As getting verified takes little to no work on your end, we recommend that you take the time to do so as soon as possible so you can upgrade your account.
What Does CEX.IO Offer
The interesting thing about crypto exchanges is that they all offer different coins. You’ll find websites like CoinBase or Binance offer some of the largest selection in cryptocurrencies, but also have high fees that go along with using the service.
CEX.IO does have a great deal of supported coins and you’ll find the major ones listed on the market. An example of some of the currencies are:
This is just scratching the surface as they still have plenty of other coins for you to choose from. If you are looking to trade DOGE, you might be a little disappointed as they currently do not support it.
That being said, they do have plenty of cheaper coins that you can buy in the hopes they explode like DOGE and several other coins did in the recent months. They do offer a good amount of coins, however websites like Binance and Coinbase have them beat here.
Buying And Selling Options
We don’t have to spend too much time talking about buying and selling options on CEX.IO because they are standard like any other crypto exchange. You have the choice to buy, sell, and trade with limit orders, or market orders.
If that isn’t your thing, you can look into options as well such as longing or shorting crypto. They do offer a variety of different ways to invest your money, so CEX.IO can definitely satisfy your investing needs.
The Interface
This is where we start diving into the details about CEX.IO.
Taking a look at the website itself, we noticed that it was fairly clean and easy to navigate around on.
When you are looking at crypto pairings, you are presented with a great deal of information on the charts and can customize what you see.
This way you can go about making informed decisions on your purchases.
We also found that it was fairly easy to buy and sell coins and were able to do it in a few clicks.
Overall, we found that the layout of the website itself was very clean and we were able to easily view the charts and access all the information that we needed to on CEX.IO.
Why CEX.IO Over Other Platforms?
All of the above information is great, but you can always turn and say “so what?”. What we found with CEX.IO is that it was incredibly user friendly and it was very easy to navigate around the platform as we mentioned above.
Although we are experienced with crypto exchanges, we can say for certain that if we were new to the game, we would still be able to use CEX.IO without a problem.
The charts can be as simple or as advanced as you want too, so don’t think that CEX.IO is going to hold you back if you have been an expert in crypto trading for years now.
The platform can easily teach beginners how to buy crypto, but it also has a high ceiling which allows more advanced users to really play around and experiment.
The next thing we looked at with CEX.IO is the support that it offers to its traders. Now we aren’t only talking about live support here, we also took a look at all the online resources CEX.IO had.
We were quite impressed, as there were many FAQs available for people to look at and read to get all the information that they wanted. If there was something you wanted to know about, you could easily search it up on the website and read a guide about it. CEX.IO definitely impressed us on that end and that’s another reason why we love it for beginners.
We decided to also check out live support as well to see how quickly they would get in touch with you and their response was. Contacting them was quite easy through their email form and they got back to us in a day so we can’t complain on that end.
We asked them a basic question and they answered it in detail along with directing us towards more of the FAQs. We’ve had our encounter with crypto exchanges that don’t really care about customer support, so getting this from CEX.IO was a breath of fresh air.
We touched on it earlier as well, but CEX.IO does also provide a great experience for advanced users, mainly in terms of their interface and their charting. You have the ability to add filters to the charts to see more and more data.
Some of it is disabled by default so as to not intimidate new users, however it can easily be added with the click of a few buttons. We felt right at home trading with CEX.IO and definitely think it offers a great experience for advanced traders.
The last thing that we want to talk about is fees. With any crypto website, you are going to run into fees, it’s how they make their money and pay to keep their website up.
Compared to Coinbase which has fees up to 3.99%, CEX.IO has a fee percentage of 2.99% which is great for those who trade in both large and small quantities. For a large exchange, we were happy to see that they had lower fees and it is one of its main selling points.
Closing Thoughts
Overall, we enjoyed our experience with CEX.IO and would definitely recommend it if you are looking for a good trustworthy crypto exchange to buy and sell coins on. As we mentioned, they do have a large selection of coins available, however compared to other major exchanges they are lacking a little bit.
That shouldn’t be a major concern at all though, as most of the extra coins that are listed on those websites don’t receive much trading traction and aren’t the most appealing options to buy.
CEX.IO has all the major coins listed and some of the smaller ones out there, allowing you to take calculated risks.
Whether you are a beginner or an advanced user, CEX.IO will have something for you and you can definitely grow your portfolio on this website. We do have to warn you however about the volatility of the cryptomarket and how things can greatly change overnight.
This isn’t a bad note about CEX.IO but more of a warning about cryptocurrency in general, but we are sure that you already knew that.
Simply go to their website, sign up and you are good to start trading. You can either be a successful day trader, or someone who holds their investments for several years in the hopes that they grow and explode. No matter what you plan on doing with your cryptocurrency, you can get it done on CEX.IO.
| Pros | Cons |
|---|---|
| • Easy to use for beginners | • We would have liked to see a few more coins on there like DOGE |
| • Great amount of features for advanced users | |
| • Clean website design | |
| • Low fees | |
| • Easy to move funds around and upgrade your account |
Now that we’ve laid everything out for you, it’s time for you to decide on CEX.IO. What do you think of it? Are you going to use it as your major crypto exchange or are you going to look elsewhere?
Hopefully you’ve found this informative and have a lot more information that you can use to make a decision about CEX.IO.
