What is CEX.IO?
Originally CEX.IO was released as a cloud mining service and also a Bitcoin exchange in 2013.
In 2016 the company focused shifted away from mining, which they ceased to do, and solely focused on being an exchange, and at the same time adding Ethereum to their platform.
The CEX exchange has built up a solid reputation over the past few years. With all Bitcoin Exchange reviews, we will look at quite a few aspects of what they offer, and see if it is the best Bitcoin exchange to use.
Where is CEX.IO Located?
The CEX location is in London England and supports most countries around the globe. There are certain restrictions which come into play for specific countries for payment options. But, it is in the USA where things are a little confusing.
It is registered in 24 states, but it is not supported in any of these states.
Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, Washington.
For any potential CEX New York users, it is worth checking to make sure you can access CEX.IO before committing yourself.
How CEX.IO works
The transaction fees for CEX.IO will vary depending on how you are using them. This can either be their exchange, or their easy-buy or sell method.
Straight trading on the exchange is 0.2%
The easy-buy or sell options run at 7.0% charged for each transaction
Fees for withdrawals are around $3.8 plus 1.2% for credit cards and $50 for a bank transfer.
Like other exchanges, deposit and withdrawal limits can be restricted depending on the extent of your CEX.IO verification. Here is the rundown of what limits you can transfer:
• A Basic account can only able to use a credit card for deposits and withdrawals.
• A daily deposit limit of – $300 or $1,000 per month.
• Daily withdrawal Limits of – $500 or $2,000 per month.
• A verified account is able to use both credit cards and bank transfers for both deposits and withdrawals.
• Daily deposit limits of $10,000 or $100,000 per month.
• Daily withdrawal limits of $10,000 or $100,000 per month.
Accepted Payment Methods
CEX.IO accepts the following payment methods, and because they accept a broad range CEX.IO legit operations are well known along with the number of years they have been in operation.
Fees for payment methods do vary depending on the country and are as follows.
Credit Cards 1-2 days USD 3.5% + $0.25
Credit Cards 1-2 days EUR 3.5% + € 0.20
Credit Cards 1-2 days RUB 5.25% + 15.57 RUB
Bank Transfers Time Varies USD $10.00
Bank Transfers Time Varies EUR €10.00
Bank Transfers Time Varies RUB N/A
This is where country support comes in to play, and the following are not supported for credit card purchases:
Afghanistan, Algeria, Bahrain, Iceland, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Vietnam, and Yemen
There is also a number where bank transfers are restricted, and by doing so, it does prevent a large number of users from using CEX.IO.
CEX offers four types of verification of user accounts, and with each comes varying buying limits. It is also registered with KYC (know your customer)in the UK and AML (anti-money laundering) in the US.
Both of these require a user to verify their identity when registering and will include email, telephone, and a password on the first set-up. After this, both the email and phone number must be verified.
2-factor authentication is provided using SMS or automated call, or via the Google authentication app.
A small verification charge is made on the credit, or debit card to verify the card is legitimate. All of this goes a long way for users who ask is CEX.IO safe to use.
Although CEX.IO first started with only BTC and Ethereum, it has increased the number of coins it performs trades again, but not by a massive margin. Here is a list of the trading pairs they currently offer.
While operating in the United Kingdom, and serving customers around the world. CEX.IO follows numerous government laws and regulations.
• They are incorporated as a PLC (Private Limited Company) in the U.K.
• CEX.IO is registered with FinCEN.
• They are registered as Payment Card Industry Security Standards Council compliant.
• CEX is registered with the Information Commissioner’s Office of the United Kingdom
As was mentioned, CEX says all offline storage methods are used rather than hot-wallets, but finding information of how they do it is not publicly displayed.
Personal account security is performed by the methods listed in the authentication section, but the Google authentication is the preferred method above other means.
As part of their verification process, you will need to perform the following for security purposes.
• Full Name
• Picture of ID
• Proof of Address Document
• Selfie with Credit Card
CEX.IO takes care of all their customer support via email, and they also have extensive FAQ’s users can read.
When things such as verification are required, this can be pretty fast compared to other companies and can be completed within 48-hours.
Is CEX.IO Safe?
CEX claims they use offline storage for funds users have in their possession, but there is no additional information provided of where or how this takes place.
CEX did suffer from one hacking attempt. However this was when they first started operating, and since then there have been no further reports.
Although there are some quite high fees associated with CEX.IO, it is an easy way for a user to become acquainted with buying cryptocurrencies.
With an easy to use website, and the chance to use a credit card makes it accessible for new users.
For a first delve into buying cryptocurrencies safely and securely, CEX.IO is an excellent choice if you are in one of the 24 states where it is accepted in the USA.