CEX.IO was initially created back in 2013 to be a cloud mining provider. Over the years it has become one of the most popular crypto exchanges. They now offer cross-platform trading options on multiple devices for the most popular cryptocurrencies and fiat pairs. You can use its modern trading platform to trade from anywhere in the world.
That said, CEX.IO does not offer all the features some crypto traders expect from an advanced digital asset platform, so it cannot satisfy the needs of all investors.
In this CEX.IO review we will go over all the key facts about the exchange, the registration and verification process, fee schedule and then sum up everything we found out so that you can decide on your own if CEX.IO cryptocurrency exchange is worth your time and money.
There are several account tiers available on CEX.IO. They require very little information for the basic account verification. However, if you wish to increase your limits you will need to verify your account as CEX.IO takes security very seriously.
Basic account can buy up to $1,000 worth of Bitcoin every day. These users can use a credit card to fund their purchases. On the other hand, verified accounts can buy up to $10,000 worth of Bitcoin daily and withdraw as much as $50,000 per day. The highest tier does not have any limitations.
In order to get verified, you are required to upload a government-issued ID and additional personal information. Although the upload is fairly quick, you will still need to wait for the approval, and this can take several days at best.
If you are a beginner, you will have a bad time on CEX.IO. The exchange takes no effort in providing its clients with the proper educational tools. It is incredibly useful to have an education centre on the website to retain clients and help them be successful. However, this is not the case with CEX.IO.
Basics are covered in the “information” tab, but it is not that easily accessible, and you are required to dig deep to find this. Even when you do, you will find little of value here. Apart from learning how to navigate the platform, or fund your account, you will not learn much.
Education resources are one of the easiest ways to determine just how much does the company care for its clients and their success. Sadly, we see that CEX.IO fails this exam.
Desktop trading platform will be familiar to most traders. It is pretty advanced and supplies all of the features you can expect. It has decent liquidity and allows cross-platform trading with advanced reporting. If you had any previous trading experience, you will feel at home here.
The platform is not only available from the desktop, but also via mobile phones and tablets. Although most traders prefer to use their computers, it is comforting to know you can access this cryptocurrency exchange from anywhere in the world. The app is slick and easy to navigate, and it does not hold back on any of the features.
If you have any questions regarding the platform, or just need any type of support, you will be disappointed. Customer support at CEX.IO is practically non-existent. The only two options on hand are to call them directly or to write an email. None of which are very effective in the end.
Phone lines are busy at all times, and you will spend hours just trying to get through to some representative. If you opt for the email, you can expect days before you get any response and most times, it will be of little help.
The most puzzling omission is the live chat option. It is by far the most commonly used across the industry and for a good reason. Sadly, there is no such option on CEX.IO and you are pretty much left on your own.
When it comes to making deposits and withdrawals, you can expect to find the usual methods here including credit cards, bank wired transfers and via Bitcoin. Not all of them are available for all traders, as some of them are locked behind higher account tiers.
One of the biggest complaints we have is the amount of fees and hidden charges. CEX.IO can take up to a 7% fee from the amount of fiat currency you pay for a service. Withdrawal fees can reach up to 3% plus service charges of $25, depending on the currency.
Transaction fees work on a maker-taker model. This means that the person who creates the orders normally pays a lower fee than the person who fulfils the order.
Can We Recommend CEX.IO?
In the end, we cannot recommend this cryptocurrency exchange. This CEX.IO review pointed out some glaring flaws you should take seriously. There is a shocking disregard of its clients and it is most apparent in the customer support and education resources departments. Paired with one of the highest fees in the industry, this exchange is better avoided for both novice and experienced traders.