Cex.io Exchange Review
Welcome to another exchange review, today we will be going over Cex.io – a prominent, fast and modern exchange. CEX.IO offers cryptocurrency trading through their website, mobile app, WebSocket and REST API. They provide access to high liquidity order books for all of the current top currency pairs on the market. Cex was founded in 2013 and has grown since then into one of the biggest exchanges on the market. Their HQ is based in London, United Kingdom and they are registered with ICO(United Kingdom) and FinCEN(USA).
Now that we’ve covered the basics let’s get started with our CEX exchange review.
To start trading on Cex, you will have to provide proof of identity as they comply with KYC(Know Your Client) and AML(Anti-Money Laundering). From my experience, the verification process is super quick and it took only about half an hour to get my credit card verified. Keep in mind, you’ll have to go through the card verification process for each new card you submit, but after that small initial delay, everything is smooth. It’s necessary that you take a picture of your ID document next to the card and a selfie holding the card where everything is clearly visible. After that, you’re good to go.
Buying Bitcoin with a Credit or Debit Card
Click on the Buy/Sell menu button in the top left corner and you’ll be greeted by this screen. As you can see, Cex allows VISA and Mastercard for credit/debit card purchases.
Cex lets you choose between 4 fiat currencies: GBP, USD, EUR, and RUB.
For those of you outside of the US, CEX just might be perfect. Being based in London and excepting GBP it’s the best place to buy bitcoins from the UK.
You do have a minimum buy limit which is 0.01 BTC, so keep that in mind. Choose your amount, hit Buy and you’ll be taken to the checkout screen. Transactions are lightning fast so you’ll have your BTC in seconds. The same goes for selling Bitcoin.
I use Cex to sell my Bitcoin from other non-fiat exchanges and I must say that I’m very satisfied with the speed of the transactions. Withdrawing to credit/debit cards is a breeze and the funds appear instantly in my account. Of course, depending on your bank it may take longer, but I’ve not heard any complaints. So if you’re looking for a place to sell bitcoins fast, I would recommend CEX.
CEX’s fees are within the average market rate and are reasonable when compared to other cryptocurrency exchanges. Card deposit fees are around 3,5% and withdrawals go up to $3.80. Their trading fees are based on volume, so if you have just started trading on Cex, you would pay a 0.25% taker fee(those placing market orders) and a 0.16% maker fee(those placing limit orders). All in all, the fees are quite usual and in-line with other exchanges. For a more detailed overview of their fees, you can visit their fee schedule.
In our last post, you read our Binance exchange review. Unlike Binance, Cex does offer margin trading, making it the ideal place for both advanced and beginner traders. The leverage they offer goes up to 1:3 for BTC/USD, BTC/EUR and ETH/USD, ETH/EUR. More pairs are going to be added, which is great. The leverage they offer is quite sufficient and relatively safe. I say relatively because trading with leverage has a high-risk factor and is NOT suitable for beginners.
The fees associated with margin trading can be found here.
The thing everyone cares most about, of course, is the security of their funds. Cex keeps their cryptocurrency funds in cold storage, thus securing it from hack attempts. They claim clients funds have never been stolen in the history of the exchange. Besides that, they are said to keep strong relations with banks those providing fiat funds security. They offer 2FA for your account and highly recommend it. All in all, Cex is a safe exchange, as I’ve never heard of fund theft there and also never had any problems.
In the crypto community, the attitude towards Cex’s customer support is generally positive. I’ve had one dealing with them and can confirm that they are swift to answer and very polite during the process. Seeing as customer support is generally what most cryptocurrency exchanges lack, I think that says a lot for Cex and their care for clients.
To sum up, through my personal dealings and the community feedback, I can only say good things about Cex. Their exchange is modern, responsive and easy-to-use. They provide standard fees, have great customer support and value security of their clients funds and their privacy as well. Having said all of that, I suggest you try them for yourself and leave feedback, I’m sure you won’t be disappointed.