Cex.io Crypto Exchange
- Good security and FOK Transactions
- Great user-interface
- Acceptable country-support
- Wide range of payment modes available
- Margin trading features are impressive
- Needs identity verification
- Fee is slightly higher than other exchanges
Being one of the oldest exchanges around the globe has both its advantages as well as disadvantages. That’s exactly why we’ve put together this cex.io review to illuminate the facts about the platform.
Cex.io was found in 2013, so that clearly makes it one of the earliest Bitcoin exchanges existing today, although it didn’t start off simply as a Bitcoin exchange, instead it also boasted a mining pool which was dissolved later on.
As of now, Cex.io is strictly a Bitcoin exchange, which let’s you buy and sell Bitcoins directly on the platform, as well as trade them.
Update : 25th Feb, 2019: It also recently added ETH and DASH to its list of “accepted currencies” and you can buy and/or sell either of those on the platform.
Cex.io Primary Features to be Discussed
Here we enlist the primary features which we will be dissecting to the core throughout this Cex.io review:
- KYC Compliant.
- Payment/ Withdrawal Modes and Fee.
- Supported and unsupported countries.
- FOK transactions.
1). KYC/AML Compliant
Cex.io is a KYC (Know your customer) and AML (Anti money-laundering) platform. So there goes your anonymity and privacy down the drain.
The primary reason why people use Bitcoin is, it’s anonymous, so KYC and/or AML compliance is in a direct contrast with the very essence of Bitcoin.
Cex.io supports two kinds of verification:
- Card verification: You simply need to verify your cards with Cex.io in order to withdraw or deposit funds to your Cex.io account (although it does help expand your limitations as we will discuss in the limitations section).
Here’s a video of how to verify Credit cards with Cex.io:
- Identity Verification: Cex.io requires you to submit any kind of govt. issued Identity and proof of residency certificate. You also need to manually type your personal information such as Address / D.O.B etc along with uploading the ID card to cex.io
Along with that, at times, they also ask for “Selfie with the document” for a stricter verification. This method involves the customer holding the card next to their faces, along with a paper-note and writing the sentence “For Cex.io Crypto Currency Exchange” in English, with the user’s signatures and current date on it.
There also is a third method, that of the card and an identity document next to it in case you aren’t comfortable with a face-revealing selfie. It involves clicking a photo of the card, as well as an identity proof, such as Driver’s license, Passport etc right next to each other.
Note that this method will only be accepted if the identity-proof is in English, and transliterated in Latin.
While the above measures might seem a bit harsh and privacy-invading, the one added feature which somewhat eases out the privacy exposure is that, Cex.io also supports a special kind of identity verification.
It lets you submit a normal written confirmation from the place you work/study with their official stamp and signature, mentioning your name and address and that’s considered valid as well.
So bottomline, I’d rate it a 2/5 for now for killing Bitcoin anonymity. But it’s just about one section, let’s see how it performs on the other aspects of its existence.
Just like any other Bitcoin exchange , Cex.io too has its own limitations and restrictions. The limitations are based on your account level, and mode of payment used. You can always upgrade and verify your account to another level in order to reduce your limitations. There are four account levels with Cex.io:
- Basic (Identity verification required, especially for U.S residents).
- Verified Plus
For the scope of this cex.io review, we will take into account every single account-type, and its limitations.
Cex.io also has recommended limits on the platform. These are limits which aren’t “mandatory”, but should be followed (according to Cex.io) to keep unnecessary transaction issues at bay.
There’s a minimum deposit limit of $20.00/transaction, for all account types for VISA/Master card deposits, for bank and Crypto capital transfers, the minimum deposit limit is $100.00 USD.
a). Basic Account
The basic account is the lowest-level account with Cex.io, it lets you deposit an amount of $300/day and $1000/month.
As far as withdrawal limits go, it limits these accounts at $500/day and $2000/month.
Another limitation on these accounts is that, Bank and Crypto capital transfers aren’t supported on these.
Recommended Limits: Cex.io says it’s best not to deposit more than $300.00 USD/transaction using the VISA/Master cards for the basic accounts. The recommended withdrawal limit too is set at $500/1 transaction (this is the maximum withdrawal limit /day on the Basic accounts anyway).
Verified accounts are allowed to deposit as much as $10,000/day and $100,000/month. This is the account we personally recommend (if you’re okay with a bit of identity verification), because most of us reading this cex.io review won’t ever need a monthly deposit exceeding $100,000.
The withdrawal limits are exactly the same as that of deposits, i.e. $10,000/day and $100,000/month.
Although you can deposit only $3,000/day and $30,000/month using your VISA/Master card, in order to avail the full deposit capabilities, you’ll need to use either the bank-transfer option, or Crypto Capital transfers.
For withdrawals on verified accounts, cards can be used to withdraw only $3,000/day and $30,000/month. Again, Bank and Crypto Capital transfers are what get you the full withdrawal feature.
Recommended Limits: For these accounts, it’s best not to deposit more than $3,000/transaction using the VISA/Master cards (even though the total deposit limit is $10,000/day, you can use 4 separate transactions to do so).
The recommended withdrawal limits is said to be $2000/ transaction using the cards, and no such suggestions are offered for the other two modes of withdrawal.
There is no recommended limit except the default deposit and withdrawal limits for Bank and Crypto capital transfers.
c). Verified Plus & Corporate
These two are the highest account levels available on Cex.io, and both of them feature unlimited deposits as well as withdrawals.
Again, even though these accounts offer unlimited deposits and withdrawals, you can deposit only $10,000/day and $100,000/month using your VISA/Master cards, the unlimited feature can be used only with Bank and Crypto Capital transfers.
For withdrawals, cards let you withdraw as much as $10,000/day and $50,000/month. These can be revoked, and unlimited withdrawals are possible on Bank and Crypto capital transfers.
Recommended limits: A recommended deposit limit of $10,000/transaction and withdrawal limit of $2000/transaction is recommended for these two types of accounts, for the cards.
No maximum limits are recommended for Bank and Crypto Capital transfers, although a “minimum” withdrawal limit for these two types of withdrawals is set at $250/transaction, and a recommended deposit limit of $100.00 USD/transaction is suggested as well.
3). Payment/Withdrawal Modes and Fee
Cex.io primarily supports the following payment as well as Withdrawal modes:
- VISA / Master cards.
- Bank transfers.
- Crypto Capital transfers.
Although on the “Basic” accounts, Bank transfers aren’t allowed, and are available only for the verified or superior account levels.
So all the three payment/withdrawal options are available for all accounts, except the Basic.
The fee and commissions structure depends on the mode of payment used.
- VISA/ Master Cards: 3.5%+ $0.25 all accounts.
- Bank transfers – No Fee from Cex.io (Not allowed on Basic accounts).
- Crypto Capital Transfers – No fee from Cex.io (Not allowed on Basic accounts).
- VISA Card: $3.80/withdrawal.
- Master card: 1.2%+ $3.80/ Withdrawal.
- Bank transfers: $50.00/ Withdrawal.
- Crypto Capital Transfers: 1%
For Buying and Selling Bitcoins:
- 7% for buying via Cex.io
- 7% for selling via Cex.io
And if you do not buy the Bitcoins via Cex.io, and instead wish to trade them with other sellers on the platform, the fee differs.
There’ll be the “deposit fee” which will incur based on your mode of deposit used to fund your accounts (Cards / Bank transfer / Crypto Capital transfer), and in addition to that you’ll also have to pay a transaction fee based on your amount of trade.
As you can see, the trade is totally free for the Makers, and for the Takers the highest fee charged is 0.20% so that’s the maximum transaction fee you’ll have to pay considering you’re a Taker.
So for this Cex.io review, we will rate its fee-structure a 3/5 considering it’s slightly higher than most of its rivals. (However, there’s a good reason to it, scroll down to the FOK section for more).
4). Cex.io Margin Trading
It’s an aspect no other Cex.io review on the whole vastness of the Internet covers, so we decided to do so!
If you’re familiar with Margin trading, great. If not, let us just outline the definition for you. It’s basically a process of “borrowing money” on the platform and trade it for profit even when you don’t have the actual funds in your account.
Much like our real-life credit cards systems, you use the money first, pay later when you get your salaries (make profits in this case).
As far as its Margin trading features go, we must admit they’ve left no stone upturned, and we’re not stating that simply because this is a Cex.io review, but because that’s a fact, the features will should back our talk:
- Multiple leverage positions: Cex.io allows 1:2 as well as 1:3 opening positions!
- Single Account: Unlike other Bitcoin exchanges which require you to setup an additional, separate account for margin trading, Cex.io let’s you trade with your general account itself!
- Feasible roll-over fee structure: You pay the roll-over fee only on opened positions, and to add to all of that, there’s no roll-over fee for the first 4 hours!
- No negative balance: There’s a fail -safe in place which makes sure your balance never goes down into the negatives.
- Automated funds borrowing: When a position is placed, funds are automatically borrowed without you having to manually go through a tedious process of doing the same.
So I believe now you know why we sang praise-songs for its Margin trading aspect just couple seconds ago on this Cex.io review, don’t you?
And here’s a close look at its fee-structure for the Margin traders.
Let’s rate it a 5/5 for the scope of this Cex.io review, cause hey honestly I didn’t find a reason not to!
5). Supported and Unsupported Countries
Cex.io does support most countries across the globe, but then again it has a pretty long list of countries which it doesn’t support as well, and I believe this Cex.io review can’t be complete without being honest and transparent about such facts.
It’s a longer list, but here’s a piece of it to paint you a basic picture:
It’s just around 10% of the list, we can’t scribble down every single restricted country on this Cex.io review, although the complete list can be found here.
Also note that these countries are limited based on “payment modes”, meaning a country might be restricted for card payment, but it might be allowed for Bank transfers or vice-versa.
In the United States too, it supports only 25 of the States and isn’t available for the other half.
So as far as country support goes, let’s rate it 3/5 on this Cex.io review simply because it doesn’t have 100% coverage in the U.S, or 100% Global coverage either for that matter.
But even then, compared to most other Bitcoin exchanges, we can clearly say it has done a competitive job.
6). FOK – Fill or Kill Transactions
This is the primary feather in the cap of this Cex.io review, something that separates, differentiates, and grants Cex.io the unique identity that it wears with such pride.
This also is the reason why the fee-structure for the buying/selling of Bitcoins is slightly higher than its competitors, so pay close attention and light shalt be upon ye (a bit dramatic, eh?)
FOK transactions are transactions, which guarantee you pay and receive what you agree upon when entering a trade.
In other words, if you agree to pay $100 for 0.2382BTC, that’s the exact amount you’ll receive, or higher, but never lower.
If market conditions aren’t adequate and the BTC price skyrockets during your process, the transaction is killed, ensuring you do not receive a lower amount than what was agreed upon.
FOK orders are fulfilled instantly, once you hit the “Buy” button, the price you agreed upon is frozen for 120 seconds and the order is either filled or killed, but it’s instant. This is why the fee is found to be slightly higher compared to other exchanges.
So we most-definitely will rate the transaction procedure a 5/5 for this Cex.io review considering how it’s almost exclusive to the platform.
Literally being one of the oldest players in the game is no easy deed, especially when you have a platform as feature-rich as Cex.io as you might have gathered throughout this Cex.io review.
So obviously, they pay extra special attention to their users’ security. Emails are literally one of the easiest things to be hacked, hence they’ve added special protection measures such as:
- 2-Factor authentication – Verify ownership by confirming OTP sent to your mobile phones.
- 2-Factor Auth. Via Google Authenticator: You can also use the Google authenticator to validate your account in a more modern, simpler way without having to receive and type OTPs.
- Action Confirmations – Even when 2 FA is disabled, all actions on Cex.io still need to be confirmed via E-mail, so that’s like a mandatory firewall all Cex.io accounts have.
Selected Bitcoin Related Posts for You:
- How to buy Bitcoins with Credit Card
- How to buy Bitcoins with Debit Card
- How to buy Bitcoins with PayPal
- How to buy Bitcoins with Cash
- Best Trading platform for Trade
Final Words about Cex.io Review
So, that’s a wrap up for this Cex.io review folks. Now for the million dollar question, Is Cex.io worth it?
Yeah the fee is high, and yeah they do need identity verification, but hey let’s read between the lines for once, it’s still offering instant, guaranteed FOK transactions, a wide range of account options, lets you use Credit/Debit cards along with Bank and SEPA transfers, is big on security not to mention the already established, half a decade of trust that Cex.io has curated for itself.
So, it’s personally a big yes for me (in cases when I’m ready to compromise upon the privacy), so my final verdict is, it’s literally one of the best exchanges as long as you aren’t an extremely privacy conscious person.
You just need to weigh in between your “Privacy : Features” ratio, depending on which you prefer more is how you make your choice.
Do let me know your verdict on this Cex.io review, as well as the platform’s performance in general.