One of the oldest Bitcoin exchanges, Cex.io started out as a cloud mining provider, back in 2013. While statistically, some 45% of Bitcoin exchanges close within a couple of years of their launch, Cex.io bucked that trend. What’s more, it cleaned up its act. While the cloud mining services were dropped in 2015, it began focusing on legal compliance. No theft was ever registered at Cex.io. This carries added significance for those who aim to use the service as a cold cryptocurrency storage.
Over the years, several markets were added to the Cex.io portfolio. These days, cryptocurrency speculators and traders can buy and sell Bitcoin and Ethereum, for USD, RUB, GBP and EUR.
Cex.io supports several trading platforms and it offers seamless cross-platform trading. The web-based platform which can be accessed through the Cex.io website is only one component of the Cex.io network of trading platforms. There’s a mobile app, as well as WebSocket, REST API and FIX API, all of which grant access to high-liquidity orderbooks for all the supported currency pairs. There’s a simplified bundle interface which allows for the instant buying and selling of Bitcoin.
The multi-level account system currently supported by the exchange covers a wide range of users, from the retail investors/cryptocurrency beginners, all the way to institutional entities looking to throw their weight around in any of the featured markets.
The Basic account allows clients to buy up to $500 worth of bitcoins per day, and up to $2,000 worth per month.
The Verified accounts expand these limits to $10,000 and $100,000 respectively, while the Verified Plus and Corporate accounts do not feature any limits in this regard.
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Commissions and Spreads
On direct Bitcoin purchases, Cex.io charges a rather steep commission of 7%. Such fees are drawn from the fiat currency one pays and they are only charged on direct purchases. The exchange offers various trading services too. When entering a trade, one will pay a transaction fee of up to 0.2%. Accounts have to be funded via bank transfer (no fees) or credit card (3.5%+$0.25).
One has to be aware though that in the case of withdrawals, there are commissions charged too, which can be as high as $50 in the case of bank transfers.
Cex.io is registered with FinCEN in the US, under the number 31000071759001. In the UK, the exchange is registered with the ICO, under registration reference ZA059396. The exchange has implemented a KYC and AML policy to facilitate legal compliance.
The CEX.IO LTD customer support can be reached through email at: [email protected]
Correspondence address: 2nd Floor, 1-5 Clerkenwell Road, London, EC1M 5PA, United Kingdom.
Local office address: Office 10A, Dalton House, 60 Windsor Avenue, London SW19 2RR.
Cex.io accounts can be funded via bank transfer (SEPA bank transfer in the EU), and credit cards, such as VISA and MasterCard.
While Cex.io works fine as an exchange for the majority of its clients, there are some online complaints about it, mostly regarding their “hidden” fees. The identity verification process is also problematic. Bittrust and TrustPilot rate Cex.io 3 out of 5 stars.
Here are some of the more concerning user testimonials:
“They suspended my account that has assets worth about $1700 and now they simply don’t answer my emails and I can’t log in!”
“Putting funds into the account is convenient and easy, but when you prepare to withdraw your funds you are faced with numerous problems!”
“I have had trouble withdrawing my money for the better part of 2017. Support is very slow and they are not interested in letting you withdraw your funds.”
“Not genuine trading going on there, only manipulation!”
If you’re looking for a trustworthy Bitcoin exchange, we recommend to avoid trading with Cex.io! If you believe you have been scammed by this company, please help us warn others by sharing this review and leaving a comment below telling us about your experience with Cex.io.
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