CEX.IO exchange is among the most used cryptocurrency services available today. Its popularity can be explained by the fact that it’s easy to use, has a neat design, and offers a number of useful tools traders will appreciate. If you prefer trading on the go, you’ll be glad to learn that CEX.IO app for mobile devices is also available. The platform can be additionally accessed via WebSocket API, REST API, and even FIX API if you are an institutional trader.
If you are looking for a licensed cryptocurrency exchange with strong security, read on and find out more about the advantages CEX.IO has to offer.
CEX.IO has been an active cryptocurrency service since 2013. At first, this London-based Bitcoin exchange also operated as a cloud mining service. There was a point when its mining pool was holding 42% of the Bitcoin network mining power, making it the largest one. At the beginning of 2015, CEX.IO stopped providing that service and focused solely on cryptocurrency exchange. It also added other digital coins beside Bitcoin, which could be bought using credit/debit cards and without any delays.
Creating an Account
Before you can make any purchases, you need to create a CEX.IO account. It may not be as quick as at some other sites because the exchange follows Know Your Customer (KYC) policy. This is why you will be required to enter not only a password but also your email address and telephone number, which will both then have to be verified. Once this is done, you can use your CEX.IO login information to enter your account. However, before you can start purchasing cryptocurrency, a credit or debit card needs to be verified if that is the payment method of your choice. When adding a card to your account, you should also attach a clear photo of you holding the card. The card will then be verified within 48 hours. You should follow the photo requirements available on the site to make sure you won’t be asked to send another selfie of better quality.
How It Works
The buying process at CEX.IO is very easy and convenient. When you get to the Buy/Sell page after clicking on the corresponding button on the main page, the exchange will show you the current price. It is recalculated every 2 minutes unless you accept it sooner. Here, you can choose the cryptocurrency you want to purchase and the one you will be paying with. There are a few buttons for speeding up the process. You can either select one of the provided options or enter the amount you want to sell or buy and see the result.
If there have not been any sudden spikes in the exchange rate until its recalculation, you will be able to proceed with the order. Otherwise, you will receive a notification about the impossibility to fulfill the displayed conditions. You will be offered a new deal which you can either accept or decline.
Should you finalize the order, it will be matched to the available ones on the exchange. One thing you don’t have to be worried about is that you will eventually get less than it was shown to you. If anything, you can only get more for your money if there is no exact match.
Available Currencies and Fees
As mentioned before, you can use credit or debit cards (VISA or MasterCard), as well as bank transfer. Available currencies include US dollars, British pounds, Euros, and Russian rubles. You can use any of those to buy yourself any of the following crypto coins: Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Ripple, Dash, ZCash, and Stellar Lumens.
Credit card deposits will be charged with 3.5% plus 25 cents, while there are no commissions for bank transfer. Once your card is verified, there will be no delays in processing your orders. This, however, may result in some premium charges, which some users consider “hidden.” CEX.IO states that this is the price for guaranteeing that the client will receive what was agreed on during the order and without any delays, caused, for example, by having to wait for a seller to respond to the offer. In other words, it may cost you more, but you will get what you need right away.
There is also a 7% service fee charged in case you are buying cryptocurrency directly from the exchange and not from a trader. It is already included in the offered price, so you will see how much you have to pay and decide whether it suits you. When dealing with traders, a service fee may be as little as 0.2%, but there are various factors that can result in a higher percentage.
Two-factor authentication is used to protect the user’s account. The website itself is well-protected against DDoS attacks, utilizing full data encryption and keeping clients’ funds offline in cold storage.
There is a known hacking incident which happened back in 2013 when CEX.IO exchange was still new. However, it seems that it motivated the owners to really level up their security and there have been no more reports about hacks.
At times, it may be difficult to understand what exactly you are charged for and how the purchase works. However, CEX.IO support page features an abundant list of the most common questions users may have. If you fail to find the answer there or experience any issues that are not mentioned, you can contact customer support. They reply via email, usually pretty fast but after spending a short time to come up with a solution.
The Bottom Line
This is a good cryptocurrency exchange for those who want to buy Bitcoin. CEX.IO does have higher prices, but they will seem quite justified once you take some time to learn more about the offered services and fees. Most complaints about the platform usually come from those clients who didn’t do so and felt cheated. CEX.IO is very responsive to criticism online, and they made sure to explain the details of their operation in a much clearer fashion. If you are willing to pay more for saving time, head to CEX.IO website and explore more of what they have to offer.