CEX.IO is one of the cryptocurrency world’s more established exchanges. It is London based and it was founded back in 2013. This exchange enables users to make Bitcoin purchases and now allows everyone who has an account to easily buy cryptocurrencies like Ethereum, Litecoin, XRP and Bitcoin Cash.
According to its website, CEX.IO is aiming to service both beginner and expert traders. To increase ease of use, they have enabled their platform available via the website, mobile app, WebSocket, and Rest API.
Continue reading this CEX.IO review to find out if everything is as good as it seems on the surface. We have compiled everything you need to know if you are considering using them in the future.
Opening an account with CEX.IO is simple enough. You register by providing an email and setting up your password and then select from a range of account tiers. Some of the higher-end tiers require additional account verification and the submitting of personal information.
There are four main account types, starting with basic and ending with corporate. The most basic account can be funded with a credit card with a daily deposit/withdrawal limit of $1,000, and a monthly limit of $3,000.
More advanced tier requires additional identification an has no limits for bank wire deposits, but credit card deposits are limited to $10,000 daily or $100,000 per month. If you are considering this tier, prepare for the long process of verification. You will need to prepare your international passport, national ID card, and/or driver’s license and your tax identification number. What disappointed us the most is the fact that final approval took days to
Even though the platform itself is very user-friendly, beginners will still find it hard to navigate CEX.IO because there is very little education material on their website. If you had little to no experience with cryptocurrency exchanges, you will have a hard time on CEX.io
If you were to dig deep you could find a tiny portion dedicated to educating traders. Sadly, they are only in the form of FAQ pages and hold very little relevant information. You can find out how to fund your account or how to navigate the mobile app, but there is nothing more substantial here
If you plan to completely depend on CEX.IO cryptocurrency exchange to learn something about this complex world you will have a bad time. There is plenty of free educational resources on the web, but the best exchanges make it so that the traders do not have to leave their website if they want to learn something. CEX.IO does not fall into this category.
The website is generally well designed, and the trading interface is easy to understand and use. More experienced traders will be happy to know that CEX.IO’s trading platform incorporates all of the usual features. These include extensive chart, technical indicators, market and limit orders, and cross-platform trading.
Mobile app is actually one of the highlights of this review. It is very responsive and easy to navigate. This is definitely one of the better solutions for traders on the go. The app does not scale down at all but offers the complete desktop experience.
More advanced users can use margin trading. This service has been moved from the trading platform to the dedicated service called CEX.IO Broker. As expected, this service enables margin trading via CFDs.
Customer support at CEX.IO was a huge let-down. You can forget to get a quick response as there is no live chat feature on the website. This omission is puzzling regarding how common it is in the rest of the industry. You can either make a telephone call or write an email.
None of these solutions are likely to satisfy you. The waiting times on the given telephone numbers are huge, and the response time for the emails is drastically bigger than the industry standard.
In this day and age, this cannot be likely forgiven. When everyone else is struggling to uphold the client cult, it seems that CEX.IO goes above and beyond to disregard this when ti comes to customer care.
You can make deposits and withdrawals using credit cards, bank wire transfers, or via Bitcoin. Not all options will be available for clients using the lowest account tier, but as you move up the ladder, all become viable.
CEX.IO operates the maker-taker fee schedule with transaction fees which depend on your monthly volume for all pairs. Bank transfers hold a service fee of 0.3% plus a charge of $25. Credit cards accrue a fee of 2.99% with additional service charges for Visa cards.
Can We Recommend CEX.IO?
This CEX.IO review shows all the issues we had with this cryptocurrency exchange. While there are many things they do right, there are two more which are inexcusable. Hefty fees, practically non-existent customer support and an education centre lacking any proper resources make it very hard to recommend this exchange.