CEX IO launched in 2013 as a digital currency exchange. It is the world’s first cloud mining cryptocurrency provider, with cross-platform functionality for mobile, PC and other devices. Traders can buy/sell Bitcoin (BTC) on a multi-level account system with personalised customer support and worldwide coverage. A wide range of tradable assets is available to traders with safe and secure operations in place at all times. The company is headquartered in the United Kingdom and its payment partner – Hentonunit Ltd – is located in Cyprus
How does CEX.IO work?
The range of services provided by CEX IO includes Bitcoin purchases, Etherium purchases, selling Bitcoin, and general Bitcoin trading. Margin trading features are available to clients as well. Getting started is as easy as registering an account. Clients will need to deposit funds in one of the following currencies – Russian roubles, US dollars, British pounds, or euros. Once the funds have been credited to the trader’s account, it is easy to start trading BTC. Other options to get started include purchasing Bitcoin via bank transfer, or credit card.
Clients will be able to buy or sell Bitcoin in their preferred currency by navigating to the buy/sell page. Custom amounts are also possible on the CEX IO platform. The Trade page allows you to place market orders/limit orders on cryptocurrency trading. A wide range of technical analysis tools including charts and graphs is available with real-time economic data. As soon as clients have linked their payment card, the verification process will be completed. Account security can be bolstered with 2FA (2 factor authentication) via phone call or SMS.
Who should use CEX.IO and why?
Anyone who is interested in trading digital currency like Bitcoin, or simply buying Bitcoin as an investment option is welcome to register on site. Bitcoin provides clients with anonymity since it is not controlled by central banks or governments. Further, clients are typically not required to divulge personal details when purchasing Bitcoin. With more e-commerce sites, people and vendors accepting digital currency options like BTC, there is a growing demand for this non-fiat currency.
Exchange Rate & Fees
The fee schedule for CEX IO is available under the information tab. Clients will note that the maker-taker fee schedule is predicated on a 30-day trade volume for currency pairs. When a trade volume is considered over 30 days, less than or equal to 5 BTC results in a taker of 0.20%. Any amount greater than 6,000 BTC is subject to a taker of 0.10%. The aforementioned figures are the transaction fees. With respect to deposit and withdrawal fees, these will vary according to the currency (USD, EUR, RUB, GBP), payment method, deposit or withdrawal option. For Visa and MasterCard, typical deposit fees in USD range from 3.5% + $0.25.
Withdrawals are $3.80 and 1.2% + $3.80 respectively. Bank transfers and Crypto Capital are not subject to any deposit fees, however the withdrawal fees are $50 and 1% respectively. Varying fees are applicable based on the payment method in each jurisdiction, with the lowest of these being applicable to EUR-denominated transactions and payment methods. Margin trading fees also apply on different currencies, pairs, leverage options, and associated fees. These are all found under the margin trading fee section of the fee schedule.
Supported Currency and Countries
There are 4 primary currencies accepted by CEX IO. These include USD (US dollar) EUR (EUR), RUB (Russian rouble) and GBP (British pound). Naturally, the countries that use these currencies are subject to scrutiny based on licensing and regulation.
How easy is it to use CEX.IO?
It is relatively easy to register an account, provided you have the necessary documentation available. The registration process requires users to enter an email and password, agree to the T&C, and then complete the registration. All aspects of this Bitcoin exchange company are clearly detailed on the homepage. Anyone who wishes to buy/sell BTC can easily do so by depositing funds via bank transfer, Visa or MasterCard. In total, there are 700,000+ users who recommend CEX IOs services. It is easy to execute high-volume orders with the platform, and this makes it ideal for scalping and frequency trading strategies. Since there is global coverage, and access to 24 US states, CEX IO is regarded as a reputable trading broker for Bitcoin. Cross-platform trading, advanced reporting, and high liquidity are features of CEX IO.
Is CEX.IO safe and reliable?
Yes. The company is registered in the United Kingdom and holds MSB status in FinCEN. The various licenses and certificates held by the company include its certificate of incorporation, PCI DSS compliance, and its ICO certificate of registration. The company boasts 0% trade fees for makers, protection against DDoS attacks, and full data encryption. This ensures that the integrity of client accounts is protected at all times.
How Much Does It Cost to Use CEX.IO?
The fee schedule is listed under the information tab. Transactions fees typically vary according to trade volume, with 0.20% taker fees on the high-end and 0.10% taker fees on the low end. With deposits and withdrawals, the fees will vary according to the currency and payment method used. Different fees apply to deposits and withdrawals.
How long does it take to purchase a bitcoin with CEX.IO?
The process of buying or selling BTC is easily done with the click of a few buttons. Simply choose the amount you’d like to purchase, deposit the funds, and make the trade. Since this is a fill or kill order-based system, you will typically pay a slightly higher rate, known as a premium and receive your Bitcoin immediately. Other BTC exchanges may encounter liquidity issues since they charge less and sellers need to be available to make the trade.
CEX IO Customer Support
Customer support is available via live contact form, and the response time is generally quick. The support representatives are knowledgeable about BTC trading. Additionally, all negative feedback that the company receives is met with a prompt response from CEX IO. This means that they are eager to resolve queries and complaints as quickly and professionally as possible. To access HELP, simply click on the relevant Help Centre icon on each page. This directs you to your login where you can reach support representatives. The company can also be reached via email for business require ease, cardholder correspondence or account-related information. Those email addresses are email@example.com and firstname.lastname@example.org.
Automated trading is fully possible for institutions and individuals. The platform can handle 600 requests every 10 minutes. Professional traders can use WebSocket API, institutional traders can use Fix API, and quick access to the CEX IO platform is available with the Rest API. Trading is typically conducted through the website, or mobile apps.
Various special features are available, including competitive commissions at 0% for marketmakers and there also unique conditions for traders preferring high-volume options. When it comes to margin trading, there is automatic funds borrowing and negative balance protection. It is free to open an account and start trading BTC at CEX IO.
Of the 430 reviews currently on TrustPilot, CEX.IO has a rating of 3.4 out of 10. 65.8% of reviews are 5 stars, and 24% of reviews are 1 star. However, on site, the company claims 91 of the last 100 users are satisfied with its services.
As far as cloud-based BTC trading goes, CEX.IO has been in the business for several years. It is a reputable provider of Bitcoin sales and purchases, and offers complete safety and security throughout. Customers have not given this platform rave reviews, however it behoves individual clients to test out the services for themselves to evaluate it objectively.