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.
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Trading Platforms
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.
Account Types
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.
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.
Regulation
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.
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Customer Support
The CEX.IO LTD customer support can be reached through email at: support@cex.io.
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.
Payment Methods
Cex.io accounts can be funded via bank transfer (SEPA bank transfer in the EU), and credit cards, such as VISA and MasterCard.
Testimonials
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!”
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Conclusion
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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Guys beware this exchange is fraud and will be under investigation by UK authorities after hundreds of complains piling up against them. Don’t trade here in future or else when they close down and you are left with nothing. Their bank accounts are also not in UK while they have a license to operate from UK. Therefore, your money is in countries like Poland, Portugal etc where law and order is just a joke. So when they are shutdown your money never gets back to you.
Hello,
@Bran,
I’m sorry, but you are compare Poland to Portugal? Realy?! Do you know where is Portugal? How justice works in Portugal? Sorry men, but you are so wrong. I’m some problems with CEX.IO with the SEPA Transfer. They say all time that they have some problem with this but they don’t fix the problem.
They have your money in UK, they work with strict rules about money laundry.
I just have the problem with SEPA Transfer with them. It’s a big problem for me.
It’s the only problem i have with CEX.IO.
Thanks!
Bran, for you – Para a proxima antes de falares sobre um pais, por favor, informa-te. Se tivesse aqui o dinheiro deles num banco portugues, não terias problema algum em tirar o dinheiro daqui!
They stole 4K USD from me. Hard to let it go but time to move on I guess. Still can log on and see it but it’s been 5 weeks and they won’t verify my account so it’s gone. I’ve tried everything.
If anyone wants to report a cyber crime in the UK, I’ve been in structed to go here: actionfraud.police.uk/report-fraud-about-you
Eric,
I did already. And you?
Yes. I did.
Unfortunately CEX.IO LTD is a scam. I got at the same situation with verification and withdrawal of money like many other their customers. Today i have reported about fraud to the British police and proveded them all evidence of crime. I hope that other victims of cex.io scam will complain asap to the police too, so it may help to escalate the process of police investigation.
They’ve wired $50,000 for me. $50 fee from them. A surprise $50 fee from an intermediary. So I got $49,850. I sent another for $10,000 to another account number at the same bank. I think this was a bank problem in Korea since a person can only have one FX account. The bank sent it back since I couldn’t get there soon enough.
Since the money was sent back it has been held up by CEX.io. Pending for 2 weeks. I have a BTC deposit pending for 4 weeks.
This is the message I keep getting…
“Dear Eric Gabriel,
I have escalated the query to the compliance department. The compliance officer in charge will look into this matter and get back to you soon.
Your patience will be highly appreciated.”
Don’t send any money. You will never get it back!
CEX.IO is a SCAM. Stole my money. Beware.
Beware this company is a scam and take all your money, withdrawal EUR185 and charge EUR50 for withdrawal fee~!! it take 3 weeks to be in my bank account left EUR135!! and avoid and dont use this!
i ask for withdrawal and its been over 1 week and there is no reply on my fund of EUR200, please be extra careful and not advisable to use this platform