November 3, 2020

Cex.io Review

By 1bitcoincost

Table of Contents

About Cex.io

Cex.IO is one of the oldest Bitcoin exchanges in the world. The company offers both an exchange platform and brokerage services for Bitcoin, Ethereum and 10 other cryptocurrencies and already has 2 million registered users. They found the exchange platform  in 2013 and in London. Because CEX.IO is in the UK,  strict laws of the UK govern the company. The platform is registered with FINCEN and therefore applies the standard kyC (know your customer) and AML (Anti Money Laundering)guidelines.).

In addition, CEX has an MSB (Money Service Business) license to conduct Fiat’s financial transactions (for the brokerage service) and a license from the Office of the Information Commissioner (ICO). In this regard, we can consider CEX.IO as a safe and reliable exchange.


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An interesting fact about CEX is that the company originally started as a stock exchange for Bitcoin and as a cloud mining provider. The mining basin under the name Ghash.io was so successful that in the summer of 2016 it sometimes accounted for more than 50% of the total Hashrate of the Bitcoin network.

However, this has been the subject of strong criticism within the Bitcoin community. This may be one of the reasons why the mining basin had to close surprisingly in 2016 in response to a massive denial-of-service attack. Subsequently, CEX wanted to focus exclusively on the exchange platform.

CEX.IO Services

Brokerage service

With CEX’s brokerage service you can buy cryptocurrencies immediately with fiat currencies. This is a very good opportunity, especially for newcomers who do not yet have cryptocurrencies, to invest for the first time in the cryptocurrency market.

As with many brokerage services, the only drawback is that the difference between the brokerage exchange rate and the market price is significantly higher than in a cryptocurrency market. Cex.IO requires a 7 percent gap.

The buying process essentially works as follows: CEX.IO freezes the current price for up to 120 seconds (there is a countdown on the site) while the user enters his order. As soon as the user clicks Buy or Sell, the system checks whether the current market price allows the purchase order to be executed. This is the case when the price of Bitcoin has fallen or remains the same.

If the price of Bitcoin has gone up, the order will not be executed. The user then receives a message and must confirm the purchase under the new conditions. After confirmation of the purchase by the user, the order is compared to other orders on the stock exchange and the balance is adjusted again if necessary. Thus, the quantity (in Bitcoin for example) may become even larger, but never smaller.

CEX exchange platform. Io

Cex.IO offers an exchange platform for users who already have cryptocurrencies and want to exchange them. The advantage of using the platform over the brokerage service is that the fees are significantly lower. In fact, they only incure the “maker and taker” fees (max. 0.25%) .

If you look at the functional scope of the trading platform, you will notice that there are basically the functions to be expected: market and limited-price orders can be concluded. Compared to other exchanges such as Binance or Bitfinex. However, the range of functions is rather limited.

Margin exchange

A feature that distinguishes CEX.IO of other platforms is margin trading! marge! In 2019, CEX.IO has opened its own margin trading platform called CEX.IO Broker, where a demo account can be opened. The platform offers the exchange of cryptocurrencies via CFDs with a variety of order types, technical analysis tools and advanced exchange tools, allowing users to multiply leverage by 10. Margin exchange is currently available for Bitcoin and Ethereum.. Bitcoin.

What cryptocurrencies can you buy on CEX.IO?

With CEX.IO you can currently buy and sell 12 different cryptocurrencies (August 2019). These are:

  • Bitcoin (btc)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • DASH (DASH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • ZCash (ZEC)
  • TRON (TRX)
  • BitTorrent Token (BTT)
  • MetaHash (MCH)


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Cex.IO’s fees

Beyond CEX spreads. IO, as explained above in this article, the following fees apply for deposits and withdrawals in U.S. dollars, euros and pounds sterling:

MonnaeiHow to payDepositsPayment – Service chargesPayment – commission:
USDVISA2.99%up to 3% – $1.20up to $3.80
MasterCard2.99%up to 1.8% – $1.20up to 1.2% – $3.80
Bank transfer$ 00.3% + $ 25.00$ 0
Oh$ 0$ 0$ 0
EURVISA2.99%up to 3% – 1.50 eurosup to 3.50 euros
MasterCard2.99%up to 1.8% – 1.50 eurosup to 1.2% – 3.50 euros
Bank transfer€ 00.3% + € 25.00€ 0
Know€ 0€ 0€ 0
GBPVISA2.99%up to 3% – 2.10 eurosup to 2.90 euros
MasterCard2.99%up to 1.8% – 2.10up to 1.2% – 2.90 euros
Bank transfer£ 00.3% + £ 25.00£ 0
Faster payments£ 0£ 0£ 0
RUBVISA2.99%3% + ₽ 50.00₽ 0
MasterCard2.99%3% + ₽ 50.00₽ 0

When using THE CEX exchange platform. IO, onlymaker-taker fees are charged. These are based on the volume of transactions over 30 days for all pairs and are recalculated daily at 00:00GMT, including the current day’s transactions.

Volume des transactions 30d, BTCTakerMaker
<= 50.25%0.16%
<= 300.23%0.15%
<= 500.21%0.13%
<= 1000.20%0.12%
<= 2000.18%0.10%
<= 10000.15%0.08%
<= 30000.13%0.04%
<= 60000.11%0.00%
> 60000.10%0.00%

How to create a CEX account. IO?

Cex.IO essentially offers two sorts of accounts : corporate and private accounts. In the following, we will limit ourselves to the description of the private account, which is very simple to create and should take no more than 5 minutes.

The CEX account is opened in three stages. The first step is to enter an email and password. You can also sign up by telegram, Facebook, Google, VKontakte or GitHub account.


Create a Cex.io account

After you sign up, you should receive an email within seconds containing a confirmation link to check your email. You will also be asked to enter a phone number, which you can confirm either by SMS code or by phone call.

If you’ve checked the email and phone number, you’ve already opened your CEX account. However, in the next step, you need to do an additional check to unlock all the account functions.


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Checking at Cex.IO

If you want to withdraw Fiat money from CEX.IO or increase the initial limits for deposits and withdrawals, you have to go through a two-step verification process at CEX.IO: identity and address verification. Your limits depend on it.

Cex.io Idnetity verification

Level 1: Identity Verification

In the first step of identity check, you must first select your country of origin and your state from a drop-down list. Depending on the country you choose, the next process will be slightly different.

Then you will be asked to choose the room with which you want to identify. You can choose between an international passport, an ID card or a driver’s license. You will then have to download the piece on Cex.IO. You have two options: either you can download the part via your computer (PDF, PNG, JPG or GIF), or you can use your smartphone.

CEX provides you with a QR code that you need to scan with your smartphone. You can then take a picture of the room with your phone and send it to CEX. It should be noted that for driver’s licenses and ID cards, photographs on both sides of the document (front and back) are required.

3In the third step, you must take a picture of yourself and the Stage 2 ID. You must also have a handwritten note with the text “I am a CEX client. IO, Date, Signature” in your hand. As in the previous step, you can choose to take a selfie with your smartphone or download a file from your computer.

Cex.io identity verification

In the fourth stage, you will be asked to provide additional personal information: your gender, first name and name, nationality, date and place of birth. Finally, you must also enter the following information on your ID card: ID card number, date of issue, country of issue and expiry date (if available).

Step 2:

Address check
For Level 2, an address check is required. To do this, you must provide a photo of a document (which is no more than 3 months old) confirming your current address. Cex.IO accepts energy and electricity bills, bank statements and tax returns, as well as any other documents with your address and first and last name.
You can download the document from your smartphone or PC. You will then be asked to enter your personal address: street, apartment/suite, city, postcode, state and country. “To increase the chances of approval, you can also post links to your profiles on social networks. It is recommended by CEX.IO to leave at least one link to one of your social networking profiles.
These may include Facebook, LinkedIn, Twitter and any other profile of a social network or website. If you are not willing to share this information, you can simply skip this step. In our experience, the absence of social media accounts is not a barrier to a successful audit.

Verification by VISA or Mastercard

In order to make deposits and withdrawals with a credit card, you must first check it. You must add your credit card to your account and provide the following information: suivantes: first name, name, card number and expiry date. In addition, you need to download a selfie with the credit card. Finally, CEX.IO verifies information and photos and processes the request. If corrections are required, a compliance officer will contact you by email.


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The limits of Cex.IO

You can see the restrictions of CEX.IO in the following table. Each payment method has its own constraints. Moreover, you should observe that the cumulative limits of payment methods cannot exceed the limits per account. These are US$1,000 or EUR (800 GBP) per day for Level 1 and EUR 3,000 or EUR (2,000 GBP) per month. In Level 2 there is no limit to the account!

VISA / MastercardSWIFTACH / SEPA / Faster Payments
Level 1 – daily$ / 1,000 or 800 euros
Level 1 – monthly$ / 3,000 euros or 2,000 euros
Level 2 – daily$ 3.000$ / 200,000 or 100,000 euros$ / € / £ 200.000
Level 2 – monthly$ 30.000$ / € / £ 500.000$ / € / £ 500.000

The CEX portfolio. Io

You’ll find the CEX portfolio in the main menu under “Finance” and in the “Balance” tab. Below the Fiat e-wallet is Crypto Balance. Here, you can use “Deposit” to display your receiving address, such as “Bitcoin” or “Withdrawal” to send your Bitcoin to another wallet.

Cex.io wallet

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How do I buy cryptocurrencies on CEX.IO
?

Once you’ve created and verified your account, there are only a few steps left. To buy cryptocurrencies you need to select “Buy/Sell” from the top menu. In the following summary, you can select the proposed cryptocurrencies (step 1) and the Fiat currency (USD, EUR, GBP, RUB) in which you want to pay (step 2).

It is important to know that you can also pay in a currency other than the four currencies mentioned above to buy cryptocurrencies on Cex.IO. The payment will be converted into the deposit currency of your choice based on your bank’s current exchange rate. You can then choose one of the preset amounts ($200, $500 or $1,000) or enter your own amount under “Your Amount” (Step 3). Then you can click “Buy”.

Buy bitcoin with VISA or Mastercard

If you have not yet registered a credit card, you must first add a new Visa or Mastercard card to complete the purchase. To do this, you need to enter your card information (step 4).

Payment card verification

Thereafter, you also need to download a selfie with your card and ID on CEX.IO to prove possession of the card. Once the card has been verified, you can make the purchase. The purchased cryptocurrency will then appear on your CEX wallet in seconds.

Swap cryptocurrencies on Cex.IO

As an alternative to direct purchase of cryptocurrencies, you can also use the exchange platform to buy or sell cryptocurrencies by placing an order at the market or at a limited price. To do this, you must first top up your account either with a cryptocurrency or with Fiat money by credit card or bank transfer (SEPA or SWIFT). The availability of each method depends on the geographic location and status of the account verification.

To make a deposit, click “Deposit” in the top right corner of the screen or go to the “Finance” page and then to the “Balance” tab. You can also select “Deposit” for one of the Fiat portfolios or a portfolio of cryptocurrencies (e.g. Bitcoin). You will then be directed to the deposit page where you can select the payment method, enter the amount and transfer funds.

To execute a trade on CEX.IO, go to “Trade” (step1). On the left side, you will see the list of available currencies. Here you can select a currency pair that matches the Fiat currency you deposited. For example, if you select the BTC/USD pair (step 2) and then click “Buy”you can exchange your U.S. dollars for: BTC.

Buyng crypto on Cex.io

You can then choose whether you want to place a market order or a limited-price order. An order at the market price is always executed immediately as it is served at the current market price. On the other hand, you can enter the desired price at which the cryptocurrency must be purchased or sold in a limited price order. Therefore, the order may not be executed at all if the price you specify is never reached.

When you place an order at the market, simply enter the purchase amount into your local currency and click “Buy Now.” If you want to place a limited-price order, select the “Limit” tab and the desired purchase price (step 3). Then you can click “Order.” When the price reaches the specified level, the limited-price order is executed and the coins are added to your account balance.

Buy BTC

How do I sell cryptocurrencies on CEX.IO ?

To sell cryptocurrencies and pay in USD, EUR, GBP or RUB, click first on “Finance” (step 1) and then on “Balance” (step 2). You can then use “Withdrawal” (Step 3) to specify the amount of payment and the method of payment (varies by country). In principle, both credit cards (VISA/Mastercard) and an international or national bank transfer are available.

How can I sell my cryptocurrencies on Cex.io

Margin exchange on CEX.IO Broker

Warning:

Margin trading is only recommended for experienced investors as the risk of loss is increased!

Cex.IO Broker is the exchange platform for the exchange of cryptocurrency CFDs with a lever up to 10 times greater. CEX currently offers margin transactions for Bitcoin and Ethereum (from August 2019). There is a real account where you can exchange for real money and a demo account to test the platform.

Good to know:

CFDs are derivatives whose value depends on the return of the underlying. This means that you are not buying the cryptocurrency itself, but a certificate. The resulting profits cannot therefore be withdrawn from the cryptocurrency itself, but only in Fiat or Bitcoin.

In order to use margin trading on CEX.IO, you need to create another account at CEX.IO Broker. You can then deposit money into the account. You can send Bitcoin (BTC) directly to the CEX broker account. IO or transfer Fiat money from your CEX account. IO.

To send money to the wallet, click “Deposit and Withdrawal” in the main menu in the top right corner of the account and select the account you want to fund. You’ll also find the BTC address that you can copy and enter as the receiving address for your external portfolio. Deposits from CEX accounts. IO are instantly visible and free!

The trading costs of leveraged CFDs at CEX Broker are shown in the tablebelow:

Currency pairLeverageOpening feesExtension fees
BTC/USD1:2, 1:3, 1:5, 1:100.2 %0.04% per 4 hours
BTC/EUR1:2, 1:3, 1:5, 1:100.2 %0.04% per 4 hours
ETH/USD1:2, 1:3, 1:5, 1:100.2 %0.04% per 4 hours
ETH/EUR1:2, 1:3, 1:5, 1:100.2 %0.04% per 4 hours
ETH/BTC1:2, 1:3, 1:5, 1:100.2 %0.04% per 4 hours

What does leverage mean?

Leverage is the capacity to borrow money from the broker to open a position. You are now able to trade with more money than you have. If successful, you can make a higher profit. For instance, a leverage of 1:10 signifies you can trade with ten times the amount of capital you actually have in your CEX broker account. Cex.IO Broker offers leveraged up to1:10!

As a platform user, you should be aware that Leverage Trading is very risky, as users can also enter the negative zone and haveto make additional supplémentairespayments! In order to avoid this and limit the loss to total loss, it is therefore highly recommended to set a stop-loss priceloss before opening.

The demo account of broker Cex.IO

The platform allows you to have a free demo account. This account is limited to 3 months after its creation. Once this time is up, the account will be automatically shut down. But, you can open a new demo account.

The CEX. Io dashboard

The following screenshot gives you a first glimpse of the CEX dashboard. IO Broker.

Cex.io dashboard

  1. Your account balance
  2. Set the exchange pair for the graphic view.
  3. Set a purchase order: 1 lot – one unit of the base currency, i.e. for BTC / USD 1 lot – 1 BTC.
  4. Creating a limited-price or stop order from the graph.
  5. Set various tools and indicators for the graph.
  6. Create a buy or sell order

Orders type

Market, limited-price, stop and OCO orders are available on CEX.IO Brokers. Themarket order allows you to buy or sell at the current market price. The order will be executed immediately. On the other hand, thelimited-price order allows you to enter a desired price at which the cryptocurrency must be purchased or sold. As a result, the execution of the order is not guaranteed if the specified price is not reached.

A stop order buys or sells as soon as a pre-defined price is reached in order to minimize losses. Therefore, the stop order is very important to minimize the risk if the market moves in an unexpected direction. An OCO (One-Cancels-the-Other)Other order consists of two orders, a stop order and a limited-price order. As soon as one of the two orders is executed, the other is automatically cancelled.

What is the price of Stop Loss??

The stop-loss price allows you to avoid total loss by setting a price at which a sales order is automatically executed. For example, if you set a Bitcoin stop loss price at 8,000 USD and the price is currently 10,000 USD, the stop loss order will only be executed if Bitcoin falls below 8,000 USD.

What is a Take Profit Award?

The take profit is the contrary of the stop loss. A sales order is created by CEX.IO when the asset price exceeds the price of take profit.

CEX.Io’s test

Safety and seriousness

Cex.IO takes extensive security measures when it comes to protecting your money. The platform offers the ability to enable 2-factor authentication via SMS or Google Authenticator. In addition, all information entered by users is encrypted before being sent to the network.

Customer funds are stored in bulk in refrigerated (offline) warehouses. In addition, CEX has an MSB (Money Service Business) license to ensure that Fiat’s monetary transactions are carried out safely and in accordance with current security standards. In addition, the payment system on CEX.IO complies with thePayment Card Industry Security Standards Council (PCI SSC).

Support

As usual, CEX.IO offers a ticketing system as their preferred support method, where users can submit applications that are processed one after the other. Internet experience reports are essentially positive, with professionalism and speed of assistance being praised by ticket requests.

Another way to get in touch is through social networks. In our experience, Twitter requests in particular receive a very quick response. In addition, there is a FAQ domain that matches the current standard in terms of scope. This means that customer support can be considered very good in all areas.

Hacker attacks

Cex.IO is proud to announce on its website that no funds from its clients have ever been stolen, which is of course a good thing.

Summary

Within the cryptocurrency community, CEX.IO has a mixed reputation. On the various rating portals, there are some very bad ratings, which are justified by the fees allegedly hidden in the service. From our point of view, this is not justified, as the active user can easily find the fee.

Nevertheless, the high service charges for the brokerage service are CEX’s biggest disadvantage. Io. Regardless of this, the platform can be classified as reliable and serious for thepurchase and sale ofBitcoin and Altcoins. The user-friendly interface is ideal for beginners and offers a quick and easy introduction to the world of cryptocurrencies.


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You can also purchase cryptocurrencies from another exchange. we present a list of our best places to buy crypto