Table of Contents
- CEX.IO- Introduction
- CEX.IO Review
- How to trade at CEX.IO? Complete Trading Guide
- How to Open Account at CEX.IO?
Today we will talk about CEX.IO exchange. In this article, we will review about how a user can open an account on the CEX.IO, its merits demerits, public opinion, fee structure, and security and in the end answer to frequently asked questions from the user’s point of view. CEX.IO is one of the world’s famous platform, mostly used by the professional traders. It is a London/ UK oriented exchange initiated in 2013 that allows the user to sell, buy and trade with the cryptocurrencies. In the sea of cryptocurrency exchanges, the reason of fame for the CEX.IO is that it allows the withdrawal of fiat currency using credit cards. Many exchanges do not provide this facility. CEX.IO offers the number of different pairs of cryptocurrency for the trading purpose. Few of them are BTC/USD, BTC/GBP, BTC/RUB, ETH/BTC, ETH/ETH, LTC/USD, LTC/BTC, BTC/EUR, etc. Moreover, the exchange rates on CEX.IO are based on the market activity. Traders on CEX.IO exchange buy and sell the bitcoins at the time of rate fluctuation. The rate of the exchange is changing with the rates of the market, but it remains in between 0.5% to 2% of the market rate. The overall rates at CEX.IO exchange are higher as compared to other exchanges, so, it is important to note before an individual choose CEX.IO for trading purpose.
Related reading, see: 10 Best Bitcoin and Cryptocurrency Exchanges
CEX.IO is one of the exchanges operating globally. It offers to pay for funds via credit card which is one of the features of the exchange that attracts many people towards it. CEX.IO is a UK based platform. It supports different currencies including fiat currency and cryptocurrency. CEX.IO is a registered company, and its physical address is on the official website of the CEX.IO. It has very high fees and hidden charges many people complain about it. It provides good security. The exchange was suffered from the hack in 2013 when it was new a user account was hacked, and he lost the amount of 7000 dollars. So, they have increased the security. It enables 2FA on every account, and it also offers cold storage to keep the funds of the user in storage to save them from any hack. CEX.IO offers different order types; it also offers marginal trading. CEX.IO has a good customer support service, and they respond within no time. A user can get help from the help center of the CEX.IO exchange, and he can submit a request if he did not found any help related to his issue.
Related reading, see: 3 Methods to Buy Bitcoin With PayPal Instantly
How can you pay at CEX.IO? Currency Support
CEX.IO offers several currency pairs as per the trend of the market. These currencies include Bitcoin and Etheruem from the cryptocurrency options, USD and EUR from the fiat currency options. The pairs are BTC/USD, BTC/EUR, ETH/EUR, and ETH/USD. A user has to pay a fee if he is depositing funds into his account via credit card. The margin trading is also available on CEX.IO exchange, and a user also has to pay a fee for it.
In which Countries CEX.IO has offices? Geographical locations
CEX.IO supports all the countries for trading. There are few countries restricted to buy and sell a currency with credit cards including Vietnam, Iceland, Algeria, Afghanistan, Iraq, Kuwait, Bahrain, Nigeria, Libya, Oman, Palestine, Pakistan, Yemen, and Saudi Arabia. Whereas few countries cannot participate in trading via bank transfer including Afghanistan, Iceland, Democratic, Eritrea, Libya, Iraq, Kenia, Ethiopia, Haiti, Iran, Liberia, Congo, and Tome. Its physical address is available on their website. Registered exchange of UK. For any business inquiry a user can contact them at different email, and for user’s account issues there is a separate email for it.
Related reading, see: 6 Ways to Buy Bitcoin Without Verification or ID Anonymously
CEX.IO have high fees and hidden charges on the transfer of funds. CEX.IO charge 7 percent fee for the deposit and withdrawal of funds. CEX.IO fee module comprises of the maker and taker module for the monthly trading volume in BTC. The maker fee is 0% while the taker fee variate as the monthly volume of trade increases. The list of volume and fees related to them is:
For the volume below 5BTC, a user will pay 0.20% of the amount
For the volume below 30BTC, a user will pay 0.19% of the amount as a fee
For the volume below 50BTC, a user will pay 0.18% of the amount as a fee
For the volume below 100BTC, a user will pay 0.17% of the amount as a fee
For volume below 200BTC, a user will pay 0.16% as a fee.
As the volume of the trade increases the amount of fees decreases. The deposit and the withdrawal fee variate in between 1.2 to 5 percent of the amount as a fee. The fee for the margin trade at CEX.IO fixed at 0.2% open fee and 0.01% rollover fee and 0% close fee for all type of currencies.
Related reading, see: 30 Fastest Growing Cryptocurrencies to Invest (Promising Altcoins)
User Security at CEX.IO?
The security of the CEX.IO is very good that’s why many people wanted to visit the CEX.IO exchange repeatedly for trading purpose. Clients feel secure using CEX.IO. As the company is operating globally outside of the United Kingdom but still it follows multiple governmental regulations and rules. CEX.IO is known as the private limited company of United Kingdom. Registered with FinCEN. CEX.IO also registered with the Information Commissioner’s office of the United Kingdom. These all registration shows that it is not a scam it is an original exchange and a user can use it with peace of mind. CEX.IO claims to have cold storage to keep the funds of the users secure, and a user can secure his account with 2-Factor Authentication, in two ways either by SMS request or by Google authentication. CEX.IO and many people recommend using Google authentication methods.
How responsive is the Customer Support of the CEX.IO?
The CEX.IO Company has extensive customer support for the user. A user can get a detailed issue of the support. The support comprises of FAQ, submit a request, Account, Finance, trading and suggest a feature. If the user did not found any detail related to his issue he can submit a request about his issue in detail and submit it on the given website. The CEX.IO is also famous for its quick response to the quires of their customers. CEX.IO also answer to the issues and the complaints of the users on the Trust Pilot website a review website for the cryptocurrencies. These rapid responses and their answer on public forum depict that they care about its clients. It has a team dedicated to the support of its customer.
Related reading, see: 6 Simple Ways to Buy Ethereum Instantly
Public Opinions/ Online Reviews about CEX.IO
The user’s review about the CEX.IO is controversial. The Trustpilot shows an average rating of CEX.IO is 3.9 out of 10 stars. Similarly, Reddit has very short and negative reviews about the exchange. Sometimes people did not focus on the reviews they only look at the ratings and decide that CEX.IO is not a good exchange. The people complaints mostly about the high and the hidden charges exchange charges over transactions, the verification process and the customer support. But in some cases, it is because of some people is new in this field and doesn’t know how to use the exchange. But few people also have positive reviews about the exchange. They are satisfied with the security and the services of the platform.
Our Concluding Remarks – Is CEX.IO a good Exchange?
From the list of services and the features, it is visible that CEX.IO is a solid exchange. Many people are using CEX.IO for a long time. The only bad thing about CEX.IO is it charges 7% for buying Bitcoin that is a huge amount. It offers to purchase via credit card which makes the exchange famous among the people because many different exchanges did not offer this feature. It also provides security. Funds are kept in the cold storage wallets to save them from hacking, and it also recommends user to enable 2FA to further secure account. In short, CEX.IO is a good exchange; it is also feasible for the new people to use CEX.IO.
Related reading, see: How to buy Ripple (XRP) – A Beginner’s guide
How to trade at CEX.IO? Complete Trading Guide
A user can trade with the CEX.IO exchange after the verification of the account. A user can fund his account via credit card or bank transfer. A credit card is a faster method of funding user’s account although the user has to pay an additional fee. While the bank transfer varies, but it takes 1 to 3 days. Once user verifies his account on CEX.IO, he can now simply participate in buying and selling if cryptocurrencies via CEX.IO. CEX.IO has limits on buying and selling of currencies based on the level of account verification. For a basic account, a user can use a credit card for the deposit and the withdrawal of account. The limit for deposit and the withdrawal is 300 dollars and 500 dollars on a daily basis. For verified account a user can fund his account via credit card and bank transfer, the buying and selling limits are 10,000 dollars and 10,000 dollars for daily trading. CEX.IO offers market order, limit order and stop order. A user can choose the type of the order depends upon the requirement of the trading. There are 400,000 traders on the exchange per month. CEX.O also offers margin trading like many other exchanges. The margin trading is possible with 1:2 and 1:3 ratio.
Related reading, see: The 5 Most Important Altcoins Other Than Bitcoin
How to Open Account at CEX.IO?
To open an account on the CEX.IO the user needs to follow five basic steps.
- First of all, he will go to the official website of the CEX.IO. The web address of the CEX.IO is www.cex.io.com. By typing, this address in the browser window a user will see a screen the welcome page of the CEX.IO official page. The screen contains numerous options including buy/sell, affiliate, market rate, and margin trade. To open an account on the IO, the user will click on the registration button given in the top right corner of the User Interface of the CEX.IO.
- By clicking on the registration button, a user will go to the next window where he has to provide an email address, password and in the end check the box, to agree with the terms and policies of the CEX.IO before hitting the “Register” button in the bottom of the displayed window.
- After clicking on “Register” button a user will go to the next tab where security window will show up containing two option, one is to enable two-factor authentication via mobile phone or a smart app and the other is to keep 2FA disabled. It is recommended to enable 2FA if the user disables 2FA his account security will be very low, and he has to acknowledge that CEX.IO is not responsible for the funds of the user. After acknowledging a user will go to the main page where he can trade via CEX.IO exchange.
- But as it is recommended to enable the 2FA at user’s account so by clicking on send the code via phone number user will go to the next window. The previous window is like:
- On next window there are two fields asking for user’s country and phone number for sending the code to enable 2AF. By providing country and phone number, a user will click on the “Next” button Now on the provided number CEX.IO will ask you to select the way of getting a code either through call or SMS in the next window and the end of the window there is a field of enter 2FA code. After putting the code, a message will appear saying “Congratulation the account is secured 2FA code activated on your account,” and in the end, it has a button “Start using CEX.IO.”
- The next step is to verify the email address. A user has to confirm his email address within 24 hours. For confirmation of email address, a user needs to go to his mailbox and check the email sent to him by CEX.IO click on the “Confirm” button given in the email. After clicking on the button, a new window will open up that will ask the user to enter the confirmation code that they sent to the user on register number or via smart app depends on what user has chosen for enabling 2FA. After confirming his email, he will go to the main page where he can participate in trading as shown above. The CEX.IO arrange its customers by giving an ID and clients are differentiated from each other by these ID numbers.
Frequently asked questions about CEX.IO
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
A user can pay via credit card and bank transfer. But both the methods are linked to different fees. CEX.IO is an expensive exchange concerning its fee structure.
How much time does it take to withdraw the funds?
A user can withdraw and deposit funds on a daily basis depends upon the type of account, and it takes 2 to 3 business days for the withdrawal of funds. A user can request for withdrawal on the daily and monthly basis.
How to contact the customer support in case of an issue?
CEX.IO has an extensive support a user can get help from the help center of the CEX.IO. But if he did not find anything from the support section then he can submit a request on the provided email from the CEX.IO exchange.
How many countries does the CEX.IO support worldwide?
CEX.IO exchange is operating worldwide. It is a UK-based setup. Only a few states of UK and other countries did not have access to CEX.IO. The details of CEX.IO exchange are given above in this article.
User privacy at CEX.IO