With a rich history in the cryptocurrency ecosystem, CEX.IO presents an easy and intuitive solution for individuals seeking to enter the market with either crypto or fiat funds.
An Introduction To CEX.IO
CEX.IO is an exchange with a long history in the cryptocurrency market, and was founded in 2013 in London, UK as a cloud mining service. The founders decided to capitalize on the success of their cloud mining venture, and opened a trading platform and website to complement it. They now focus exclusively on the exchange. The website has extremely easy options for buying, selling, and trading a solid variety of cryptocurrencies with an equally good selection of fiat currencies, and a handy mobile application as well. CEX.IO is a relatively low volume exchange, with most customers choosing to use it to buy over the counter with debit, rather than on the market. Customers from the US, UK, Europe, and even Russia are welcome on CEX.IO, and those interested can take advantage of a more advanced set of trading tools on the exchange platform, which is both easy-to-use and easy on the eyes.
Getting Started With CEX.IO
Getting started with CEX.IO is easy, thanks to its plethora of signup options, including registration via Facebook, Google, VK, and even GitHub.
Creating a CEX.IO Account
After attaching a profile or leaving your email and name, you’ll need to confirm your email with a code that the exchange sends promptly. You can either click the button in the email or copy and paste the code into the CEX.IO page in your browser, and then you’ll be presented with a page where you can buy bitcoin with your credit card. This is the ‘Buy/Sell’ tab on the exchange’s website, which helps you buy cryptocurrencies instantly with your credit card (purchases are debit only).
Traders who want to deposit and withdraw ‘CryptoCapital’ as well as make bank wire transfers will need to verify their identity, otherwise they’re limited to debit purchases with a card. Verification follows the same standards as other fiat-enabled exchanges, with a wait time that is often days or weeks to verify government-issued documents in all supported languages.
Depositing Funds To CEX.IO
CEX.IO has two ways to participate in the cryptocurrency market. Those who simply want to buy cryptocurrency with their credit card can do so via the ‘Buy/Sell’ tab on the website. Here, you’ll see four simple options to buy bitcoin (the default cryptocurrency) with your Visa or Mastercard—for $200, $500, $1,000, or a custom field where you can buy up to $10,000. The page updates every minute to reflect how much coin you’ll receive. A dropdown at the top of the page makes it easy to switch to any of CEX.IO’s cryptocurrencies and to different fiat monies as well.
After verification, it’s easy to link a bank account and buy cryptocurrency directly. However, the exchange does not offer a fiat wallet, so the only currencies stored on the exchange’s wallet are crypto. Strangely, sending and receiving cryptocurrency to one’s exchange wallet also requires identity verification, which reduces its usability Crypto Toolset score somewhat.
Execution and Fees on CEX.IO
Traders can skip the ‘Buy/Sell’ tab and go directly to ‘Trade’, which opens up CEX.IO’s very well-designed trading platform. The layout is easy to comprehend, and all interface tools and features feel smooth and refined. Here, advanced traders will find indicators, technical analysis tools, and all the information most relevant to making timely, informed trades.
CEX.IO makes it very easy to buy any of their listed cryptocurrencies with your preferred fiat money, and it applies miniscule fees to those who use a credit card, bank, or blockchain wallet. Using the platform to exchange cryptocurrencies is the most inexpensive alternative, however, as there are no processing fees involved. The exact fees vary with the geographic location of the customer, their bank, and other details.
Deposit Fiat (CC and Wire): Depends + processing fee
Withdraw Fiat (CC and Wire): Depends + processing fee
Deposit Cryptocurrency: N/A
Withdraw Cryptocurrency: 1.00%
CEX.IO Exchange Security, Support and Compliance
Security: CEX.IO strongly urges its customers to enable 2-factor authentication, and displays a warning that’s very difficult to ignore before they enter the trading platform. Traders who want to continue without 2FA will need to acknowledge twice that they understand the risks involved. The exchange offers 2FA via Google Authenticator and by standard SMS code as well—and it’s nice to have the option. As far as holding customer funds, the exchange describes its cold storage methods, but doesn’t go into much detail about other security efforts as other exchanges.
Support: CEX.IO representatives only operate via email, but they’ll usually respond within a matter of days, at maximum. Though it is somewhat difficult to find the correct email address to send questions or issues to, and other contact methods would be appreciated, the fast response time makes up for it.
Compliance: Being based in London—the world’s central fintech hub—CEX.IO takes a proactive and thorough approach to compliance. Though the exchange isn’t as forthcoming about their security precautions, they go the extra mile to ensure that customers understand their various legal statuses. The website clearly displays their exact KYC and AML policies, anti-fraud policy, registration with FinCEN, and even their certificate of incorporation. CEX.IO is also PCI DSS compliant and shares no information with third parties, except for the purposes of sustaining a transparent relationship with legal and governmental entities around the world.
Crypto enthusiasts looking for a richer experience as well as an easy option for buying, selling, and trading will find exactly what they’re looking for at CEX.IO. The exchange suits traders of all experience levels, while the website features a plethora of options to quickly and inexpensively buy a solid range of the most popular cryptocurrencies. Overall, CEX.IO is incredibly polished and intuitive, though buying exclusively with credit card might get expensive, and customer support is relegated to email only.