Bitcoin has been around for over a decade. During the initial few years, it was tough to find an exchange where you could buy and trade Bitcoin and other cryptocurrencies. Cex.io was one of the very few cryptocurrency exchanges that solved this problem for the people.
Launched in 2013, this cryptocurrency exchange has won the hearts of thousands of traders from around the world. Cex.io flaunted a simple interface that anyone could get used to in a short period. This easy to access online exchange helped increase the overall exposure of cryptocurrencies in the initial days.
Many of the old cryptocurrency exchanges have since failed to adapt to the changing conditions of the cryptocurrency world. Looking at Cex.io today, it is clear that this is one of the old cryptocurrency exchanges that has embraced the changing market conditions.
In this article, we will have a closer look at the polished Cex.io exchange.
- Tested through the years. Cex.io is a well-established crypto exchange that is known for the high security that they offer.
- Good User Interface. The design of the platform is extremely simple. Thus, making it extremely easy for anyone to get started with this exchange quickly.
- Fiat support. This is one of the few cryptocurrency exchanges out there that support fiat currency deposits. Hence, enabling you to buy crypto with your fiat currency.
- High fees. Even though Cex.io has cut down on the exchange fees that it charges its users, it is still relatively higher than some other exchanges.
- No live support. With only email support available, getting instant resolutions to your problems might not be possible on Cex.io.
Live support may not be available on Cex.io, but their system is stable, and it will be rare for users to encounter significant problems that can not be solved by answers in their FAQ section.
Also, the high fees are compensated by the service that the platform brings to the consumers. As far as many users are concerned, the advantages of Cex.io outweigh the disadvantages, and it is a very broad crypto exchange platform that everyone will enjoy.
What Is Cex.io?
Cex.io started its operations in 2013. Initially, this was not just an exchange; they even had one of the largest Bitcoin mining pools called Gash.io. Both these platforms operated parallelly, generating revenue for the platform.
At one point, Gash.io made up 51% of the total hash power on the Bitcoin network. This concentration of mining power led to the fear of a 51% attack on the Bitcoin network. Ultimately, the platform was shut down in 2016.
Ever since, Cex.io has operated only as an exchange, and the only source of revenue for the platform has been the fee that it collects for every trade executed on the platform. Let us now have a look at the different services offered by Cex.io.
Services Offered by Cex.io
Buying cryptocurrency on an exchange was always a time-consuming task. A few years ago, you would have to transfer money from your bank into your exchange account and wait for a week, and only then would you be able to buy cryptocurrency.
However, this is a time that a trader cannot lose. With Instant buy, you would no longer have to wait for such a long duration. By using your debit/credit card, you will be able to pay and get hold of your cryptocurrency instantly.
The instant buy feature has been designed keeping the novice in mind. The exchange rate of Bitcoin is pre-determined by the exchange. This rate holds good for 120 seconds. So, if you buy any amount of crypto during this time duration, your entire order would be filled at that exchange rate.
Since this service has been designed to make it easier to get your hands on crypto, you would need to pay a higher fee to use this service. This fee can go up to 2.99% of your buy amount. So, use this service only if you need crypto immediately.
The instant buy feature is a great way to get access to Bitcoin quickly. However, if you want to buy any other cryptocurrencies using your fiat currency, then this is not possible. Luckily, Cex.io has a solution to this problem as well.
Cex.io provides a complete trading platform for its users. Using this service, you will be able to exchange your Bitcoin with other cryptocurrencies of your choice. This trading platform provides you with all the features that an advanced trader would expect.
To begin with, the exchange supports over 100 different cryptocurrencies. So, you will be able to capitalize on the trading opportunities that they bring. As this is one of the older exchanges out there, it has a large user base. Thus, helping to increase the liquidity of the numerous trading pairs on the platform.
This exchange provides you with features such as market orders as well as limit orders. The market order rate would be determined by the exchange based on the average price of the last few orders. With limit orders, you get to set your price for the cryptocurrency that you hold. This would then enter the order books, and if someone accepts the rate that your set, then your order would be executed.
To top things off, the trading fee that you would have to pay while executing trades on Cex.io is as low as 0.25%. When compared to the instant buy feature, this small exchange rate is something that would not burn a hole in your pocket.
I hardly use the instant buy feature these days. By buying Bitcoin and then trading it on Cex.io, I have saved up a lot on the trading fee.
This is one of the forms of trading that has gained a lot of popularity in recent years. When you trade any asset, the more assets you have, the higher are your chances of earning more profit.
However, you might not have the extra money to make a higher investment. This is where margin trading comes in. The margin trading platform on Cex.io is called the Cex.io broker. Using this service, you can trade crypto for a higher value than what you own.
The Cex.io broker covers a part of the trade. As an assurance to the amount that is lent, you would need to pay certain collateral. If your cryptocurrency price prediction is correct, then you would end up earning more money than what you would need to pay the exchange.
However, margin trading is extremely risky, and you should try this only if you are an experienced trader. A lot of technical analysis is required to make the right call in margin trading. Even though Cex.io provides all the necessary tools to facilitate technical analysis, it would still require certain experience for you to be able to place orders with lower risk.
When I had initially started margin trading, I began by using the demo mode on Cex.io.
Staking is the process where you earn a certain amount of cryptocurrency for the tokens that you hold in your wallet. In the crypto world, transactions on the blockchain are verified in either of the two ways, the proof of work and the proof of stake.
Proof of work involves using computational power to solve complex problems and verify the transactions. In proof of stake, token holders who hold large amounts of tokens in their wallets get to verify and sign the transactions on the network. In return, the token holders receive a certain amount of tokens as a reward.
By simply holding your tokens on the exchange wallet entitles you to earn a certain number of tokens as a reward. This is somewhat similar to earning interest on the money that you hold in your bank accounts.
The staking regards on Cex.io are provided for six different cryptocurrencies. More cryptocurrencies will be added to this list.
Cex.io Account Limits
Cex.io follows KYC (Know Your Customer Policy) and AML (Anti-Money Laundering) policies to prevent any fraudulent activities on its platform. When you sign up on the platform using your email address, you are given an account with a limit of $100.
Buying cryptocurrency for a higher amount would require you to complete your identity verification. This would increase the withdrawal limit on cryptocurrency to $10,000.To increase this limit further to $50,000, you would need to verify your address by submitting the specific documents.
You can get rid of all these limits if you complete the enhanced or corporate verification.
With these limits in place, Cex.io has been able to eliminate any fraudulent activities on its platform.
Over the years, Cex.io has lowered its fee considerably. When I initially started using Cex.io, the fee that I had to pay for buying crypto on the instabuy platform was a whopping 7%. This might seem like a small percentage, but when purchasing large quantities of cryptocurrency, this results in a large fee.
For example, if you purchase Bitcoin worth $10,000, you would have to pay $700 just in fees. This led to criticism, and eventually, Cex.io decided to reduce the fee to 2.99% for all instabuy orders.
This is still a higher amount required to pay just for fees. However, this comes with the added convenience of being able to buy cryptocurrency using your debit/ credit card.
The fee charged on all margin trades is just 0.05%. This is almost the same as some of the other margin trading platforms out there. Apart from this, all other trades are charged as high as 0.25% on the Cex.io platform.
Supported Payment Methods
Cex.io knows how to make it easy for you to buy your very first Bitcoin. This exchange has an instant buy feature that allows you to pay for your Bitcoin using your credit/debit card. This is a feature that not many exchanges out there offer.
Apart from being able to buy cryptocurrencies using credit/debit cards, the platform also allows you to fund your fiat wallet on the exchange using payment methods such as wire transfer (using SEPA), domestic bank transfer as well as Skrill and QIWI wallet transfer.
Withdrawing money from the account is also extremely simple and fast. All withdrawals to your bank, wallet, or credit cards are settled within 24-48 hours after you raise a withdrawal request. The amount may take some time to reflect in your account based on the various factors such as bank holidays, the country you’re withdrawing to, etc.
Apart from using fiat currency to fund your account, you can deposit cryptocurrency directly into your Cex.io wallet by buying on other exchanges.
The customer care service offered by Cex.io is not quite up to the mark. Being one of the oldest cryptocurrency exchanges out there, a live chat or a helpline would have been expected. The only way to contact them is through email support.
In the past, I have faced a few issues with my fiat deposits on the site. After raising a ticket on the platform, I had to wait for nearly half a day before getting a reply from the customer care staff.
For an exchange that experiences such high trading volume, it would have been great to see a live chat feature where we could get our queries answered immediately. Having to wait for a reply on your ticket does affect the user experience on the platform.
Frequently Asked Questions About Cex.io
The following regions are not supported by the site: Afghanistan, Cuba, Burundi, Ethiopia, Guam, Guyana, Iran, Iraq, Japan, Lebanon, Libya, Venezuela, and Syria.
2FA is an extra layer of security for any account. This prevents logins from unauthorized people since it requires another input of a one-time password. To activate this, you can make use of Google authenticator or navigate on your account settings and security to access it.
To buy crypto with your card, you need to open the Buy/Sell page. After, you must click the crypto pack and click buy. There will be a need to enter the card number and expiry date. After some verifications, you will see the funds in your account.
Cex.io is one of the most loved cryptocurrency exchanges out there. Ever since the very beginning, they have put users’ interests above their own. To conserve the Bitcoin network, they even shut down their mining pool. Another example of this is the lowering of fees to 2.99%. The platform has also embraced changes in the cryptocurrency market gracefully.
I have not faced any deal-breaking problem on the platform to date. Even though the customer support offered is not something one can brag about, you would hardly need it due to the well-designed platform that they offer. So, it is a great exchange for you to start your crypto journey.
We are also seeing constant development in the platform. With more exciting features such as crypto loans expected to be released in the coming months, Cex.io has cemented its place in the crypto world.
Cex.io Review – January 12, 2021
Cex.io has top-notch user interface designs in both application and website. It makes it easy to navigate, and because of this, transactions are much more efficient on the site. The support team is also great in their job, and they catered to all my questions. One problem that exists for me is the lack of other trading options. If this is addressed, then Cex.io will be perfect.
Review from Vincent
Cex.io Review – October 13, 2018
The mobile application is one of the best crypto trading apps that I have tried. I am convenient with using this app, and I have all the privileges that the website has at the comfort of my hands. Although rates are quite expensive, it is still worth the price as you can resell it at a higher price. Overall, it is a very simple platform that can help everyone who needs it.
Review from Mike
Cex.io Review – October 5, 2018
All actions and transactions are simple and understandable; thus, everybody can learn them in a very short period. It also features innovative services that can help newbie and veteran traders. The banking options are also very comfortable, as one can directly deposit or withdraw from a debit or credit card.
Review from Adi
Cex.io Review – September 28, 2018
The platform converts Bitcoin to USD and vice versa on their app. I am also happy that they can transfer to an Israeli card directly. Others do not have this feature, but Cex.io does an excellent job in employing this. Two-factor authentication, as well as lower fees compared to other sites, are also great, and this convinced me to stay in the platform.
Review from Deb
Cex.io Review – December 25, 2018
The multi-step verification is an excellent feature since it secures my account and transactions. Also, buying and selling are very efficient and hassle-free. A problem that I encountered when using the site is that it does not allow transactions below $20.
Review from Yosef
Cex.io Review – January 2, 2020
The high BTC rates make it better to sell Bitcoin on the site. The platform also has a refreshing design, meaning that the eyes do not strain too much from using it. Security is also good due to good defense against hacker attacks, which are nowadays compliant with modern standards. However, I do not know why the transfers take time on my side. Others reported that theirs is fast.
Review from Sifon
Cex.io Review – October 5, 2018
Some of my credit card withdrawals got rejected, and support is unresponsive sometimes. I hope that they fix this.
Review from Ollie