CEX.io General Overview
For those that are looking for fiat to crypto onramps, CEX.io may prove to be one of the best options out there. CEX has been around since 2013 when this exchange was founded in the UK. To be more specific, CEX.io was a mining pool that turned into an exchange. There were previously known as GHash before completely shutting down the mining pool and their cloud mining services. Due to low supply and a deteriorating price of Bitcoin in 2015 they were forced to shut down operations. However, CEX remained a well-known name in the crypto space.
This exchange has been registered in the US as a financial service provider and has been certified by the Financial Crimes Enforcement Network or FinCEN for short. This means that CEX.io should be one of few reliable exchanges out there since it operates under certain regulatory limitations. The exchange provides protection under a level two DSS certificate. This means that storing, transmitting, and processing card data should be very secure on their website. To access legal information, users can get informed by visiting the Legal and Security page while more info on the company and the team behind it can be found here.
What is CEX.io?
CEX.io is a digital currency exchange platform. Multiple deposit types are accepted while also providing support for many different digital assets. Both beginners and advanced users will find it simple to navigate and use.
The company was founded in 2013 in the UK and has survived many cryptocurrency bubbles while keeping an eye on regulation. As stated on their website, there are a few regulatory bodies overseeing their operation.
Users can purchase and trade 59 coins on this exchange while also having access to 170 trading pairs. In terms of diversification, CEX.io is not one of the best choices you can find but it does provide a sense of security and reliability thanks to its regulatory compliance and a clean history.
Popular price tracking websites rank CEX.io a few places below the top 50 exchanges by trading volume so liquidity isn’t very high but trades are still executed at market prices.
Why Choose CEX.io?
CEX.is has an easily accessible support section. If you’re struggling to understand how to do anything on the exchange, their dedicated resource pages will probably have you covered. If your problem can’t be solved with the FAQ page, email is the only way to contact the support team so you will have to wait a bit before you get a response.
There are enough trading pairs on the exchange to cover the basic needs of crypto investors. With a variety of fiat currencies at your disposal, CEX.io will provide more than a few options to buy, sell, and convert crypto on their platform.
The exchange is easy to use providing a clean trading experience for their users. This makes browsing the CEX.io website very smooth and beginner-friendly. Margin trading is also available for all registered users.
Even though CEX.io does offer a variety of different coins those that are looking for smaller projects won’t find them listed here. Due to regulatory requirements, this platform can not allow listings of risky and smaller projects so this may be a problem for some crypto investors.
Withdraw limits are far below the top exchanges. Those that complete ID verification can deposit up to $3,000.00 and withdraw up to $10,000.00 daily. Similar limits are applied for address verification while corporate accounts have no limits. Trading fees are a bit higher than those on bigger exchanges and they can range from 0.10% to 0.25%. The lower your trading volume during a 30-day period, the higher the trading fees.
This all leads to a conclusion that CEX.io has a targeted audience among institutional investors and may not be a suitable option for individual investors that want a diversified portfolio.
Pros and Cons
- Easy and simple to use
- Fiat deposits and withdrawals
- Over 160 trading pairs
- Multiple fiat options
- Simplified trading
- Margin trading
- Crypto loans
- Some DeFi coins listed
On the flip side, CEX.io is a very reliable service provider for those that are looking to invest in popular cryptocurrencies. Beginners will find the learning resources very informative and even find material on how to read the charts and trade on CEX.io Fiat purchases can be made by depositing funds on the exchange or by credit card directly.
Now, if we take a look at the cons there are quite a few to be mentioned:
- Only the most popular currencies are supported
- Email support only
- Not recommended for small trades
- Limited withdraw amounts even for verified users
- Not available in the US
Identity Verified: Deposits — up to $3,000.00, withdrawals — up to $10,000.00.
Address Verified: Deposits — up to $10,000.00, withdrawals — up to $10,000.00.
Enhanced: Priority support with unlimited deposits and withdrawals
Corporate: Custom conditions for enterprises with unlimited deposits and withdrawals
How CEX.io Compares to Other Exchanges?
A modest list of coins this change offers may seem a disadvantage for many but as mentioned before, CEX.io is targeting a different audience. They offer many advantages to enterprise users while putting daily limits on retail investors, so to speak. This makes CEX.io more attractive for institutional investors but it is not limited to them. In general, those that want to invest in popular currencies like Bitcoin, Ehtereum, and Litecoin can do so on this platform. A complete list of fees that come with such transactions can be found here.
By trading volume and listed coins, this exchange may be a lot behind the big names in the industry but they are very competitive when it comes to reputation and history. There were many individual incidents where users lost funds due to their accounts being compromised. However the exchange itself never suffered a serious attack. Users can also have access to loans by providing their crypto as collateral with yearly annual interest rates of about 10%.
The options for fiat purchases, on the other hand, put this exchange at the very top when it comes to traders that want to convert fiat to crypto or the other way around.
Once you load up CEX.io you will notice a clean and straightforward design. All options are clear and accessible making it easy for anyone to navigate the website.
The training dashboard is also very intuitive and simple, enabling users to execute their trades with ease. The trading pairs are displayed on the left and are categorized into a few different groups.
Trading on this platform will look and feel almost the same as on any other exchanges but some tools you might be used to won’t be available. CEX.io offers a mobile app as well, bringing their services closer to mobile users. The interface keeps the simplified design with even more attention focused on a user-friendly approach. In all fairness, there is nothing much to say about the UX, it is as simple and as clean as it can be.
Thanks to a lot of regulatory oversight CEX.io doesn’t have much drama included in their history as most of their competition. Occasionally there will be a case where users will report losing their funds on this platform but a complete breach never happened and compromised user funds were never a product of an error as far as the exchange is concerned.
It is advised, like with all exchanges, that you don’t store your funds on any specific exchange but for those that feel comfortable doing that, there is interest to be earned. CEX.io offers staking rewards for users that stake stablecoins on this platform. Since many users already benefit from this service it is safe to assume that they find this exchange reputable, but it should always come to an individual decision.
Important things to know about CEX.io?
- No deposit fees
- Credit card purchases
- Operates under regulatory standards
- Founded in 2013
- 170+ trading pairs
Throughout its long history, CEX.io has grown to become a one-stop solution for people that want simple crypto purchases. The digital age will need time to be adopted by everyone so providing a fiat-to-crypto service is a must for all centralized exchanges. In that sense, CEX.io is on-par or even above some of the biggest exchanges in terms of volume and liquidity.
Recently this platform has started adding coins from various decentralized finance projects and that list is likely to grow. Over time more trading pairs will be added so even those that prefer altcoins will be able to find what they need.
Currently, CEX.io operates in 174 countries while being unable to provide its services to a total of 77 countries including the United States, United Kingdom, Netherlands, Poland, Portugal, and Germany. A full list of supported and restricted countries can be found here.
How to register on CEX.io?
Once the homepage loads up you will be able to choose between registering and logging in. Clicking the registration button will trigger a straightforward process that only requires a working email. Two-factor authentication is an option and you can also secure your account with SMS protection. Just follow the instructions and your account will be created in less than 5 minutes.
What features and limits are traders eligible for?
On the outside, it may seem that CEX.io is a straightforward crypto exchange but their users can benefit from all the same services their competitors offer. Although they may not have the best fees, you can still stake stablecoins on this exchange. You can also get loans by providing your crypto as collateral and get lower fees on trading if they meet certain criteria.
Does CEX.io require KYC?
KYC is required on CEX.io and you will not be able to withdraw any funds without it. Those that verify their identity can address can make daily withdrawals and deposits up to $10,000. The process does take a few days but once you are verified CEX.io provides access to almost all of their services.
Is CEX.io good for beginners?
When choosing a crypto exchange, it is very important that you as a potential customer know the history and reputation of that same exchange. Since cryptocurrency is still not regulated many exchanges out there will keep taking advantage of their users until a regulatory body comes along and corrects their behavior.
CEX.io is definitely not one of those exchanges because they have been regulated almost since day one. By complying with certain regulations, this platform managed to survive many crypto bubbles in the past. Therefore it become very appealing to institutional investors all around the world. Even the fact that they never suffered a hack is very encouraging because almost all of their competitors simply can’t say the same for themselves.
At the end of the day, we consider CEX.io to be a very reliable and easy-to-use crypto exchange that almost anyone can navigate and understand. They do a good job at educating their users by providing quality reading material and helpful FAQ pages. This goes to show that they actually care about their targeted audience and they put effort into educating them about their potential investments.