CEX.IO Review 2023: Discover All Its Secrets
If you are searching for an easy-to-use crypto exchange, CEX.IO might be a good fit for you. The platform has excellent security, it gives you access to a crypto wallet and allows you to earn interest by staking. Keep reading to find out more.
What is CEX.IO
CEX.IO is a cryptocurrency exchange platform established in 2013 that allows you to buy and sell bitcoins and store them in your account. This enables individuals to make fiat-to-crypto transactions through card payments and bank transfers to clients.
The platform provides different trading tools for both novice and experienced traders in various crypto assets such as Bitcoin, Ethereum, and many more. These crypto-assets can then be traded to different fiat money such as USD, EUR, GBP, and RUB. The company also has a margin trading platform, CEX.IO Broker, where you can trade commission free.
The company enables clients to trade via the website, mobile applications, WebSocket, and rest API.
- Has a good level of security
- Simple and easy to understand interface
- Offers unlimited withdrawals
- Cex.io app available on iOS and Android
- Various payment methods
- Relatively high fees
- Extensive verification process
Cex.io is one of the most popular crypto exchanges today. Still, if you're looking for alternatives, you can check out Coinmotion (full Coinmotion review available here) and Crypto.com - read our Crypto.com review here.
Is CEX.IO Safe?
CEX.IO ensures its users are safe when they trade on their platform by implementing an anti-fraud system. The platform is compliant with the Payment Card Industry Data Security Standard (PCI DDS) and General Data Protection Regulation (GDP).
Your funds are protected with full data encryption and hot and cold storage systems. CEX.IO also offers two-factor authentication, protecting against unauthorized access and ensuring only authorized individuals can log in to accounts.
Its other essential safety features include:
- Official registration in the UK
- Compliance with legal requirements of the different countries where it functions
- Usage of multi-signature Bitcoin addresses
- Money Services Business status is present in FinCEN
See if CEX.IO Is a Good Fit for You
Platform & Features
The platform has a simple and easy-to-understand interface that allows both newbies and experienced traders to use the system without any issues.
It provides options for different trade tools, analytics, real-time notifications of orders being executed or canceled, and customizable price alerts. Users can buy, sell, and exchange crypto in just a few clicks.
The platform offers mobile applications for both iOS and Android users. The CEX.IO app has the same functions as the website and makes it easier for users to trade crypto on the go.
It also allows you to set an alarm for when the price of the cryptocurrency you want to trade reaches your desired value. The application also has a support team available 24/7 in multiple channels to address any concerns or queries.
CEX.IO Fees & Commissions
There are different CEX.IO fees involved when taking action on the platform. These include transaction fees and withdrawal/deposit fees.
The transaction fee is based on an individual's 30-day trade volume. The trade volume is recalculated at 0:00 (GMT) every day.
Transaction fees depend on whether trades are makers or takers. Makers are orders that can't be executed instantly and add liquidity to the market, while takers can be matched right away and take liquidity from the market.
Maker orders have fees ranging from 0.15% to 0%, whereas taker fees can vary from 0.25% to 0.01%, depending on the user's trade volume.
On the other hand, deposit and withdrawal fees vary depending on the payment method used. For example, here are the costs when using USD currency:
- Deposit commission: 2.99%
- Withdrawal commission: up to $3.80
- Service Charge: up to 3% + $1.20
- Deposit commission: 2.99%
- Withdrawal commission: up to 1.2% +$3.80
- Service charge: up to 1.8% + $1.20
- Deposit commission: $0
- Withdrawal commission: 0.3% + $25
- Deposit commission: $0
- Withdrawal commission: $0
- Deposit commission: $0
- Withdrawal commission: 1%
- Deposit commission: 3.99%
- Withdrawal commission: 1%
The platform ensures that CEX.IO fees are kept to the minimum while giving users the best experience and smooth transactions without delays.
How to Open An Account
Traders must provide their email, password, and full name to open an account. After this is done, you can create an account by undergoing the CEX.IO verification through a mobile number. Clients need to give consent to the company to verify their identity before trading.
CEX.IO offers many deposit or withdrawal methods. To deposit money into your account, you can fund it from a credit card or bank account via Visa and Mastercard.
To withdraw money from CEX.IO, clients need to go to "Wallets," where they will be able to see all the cryptocurrencies and fiat currencies available on their accounts.
To increase your deposit and withdrawal limits, you can apply for a higher verification level by visiting the Limits and Commissions Page of the website and clicking Increase Limit on the level that offers your desired limits.
How to Trade Crypto on CEX.IO
CEX.IO allows users to trade cryptocurrencies with ease. To get started, you need to go to the "Trade" section on its website and select if you want to buy or sell cryptocurrency through its advanced trading engine.
The platform offers unique yet straightforward Instant Buy and Instant Sell features in the mobile CEX.IO app. These let you buy and sell crypto in just a few steps:
- Log in to your account and click the "Buy/Sell" menu.
- Select the cryptocurrency you want to buy or sell.
- Choose an available pack or enter the amount you want to buy/sell.
- Click "Buy Now" and select your payment method (for buying) or decide where you want to send your crypto (for selling).
- Double-check all information and click "Proceed" to confirm the transaction.
How to Get a Crypto Loan on CEX.IO
CEX.IO also offers crypto loans on its platform. Loans can be received within a few minutes and be used to invest in cryptocurrencies or be withdrawn.
You must register an account first and then transfer Bitcoin or Ethereum to the CEX.IO wallet to get a loan. Afterward, you can utilize the platform's loan calculator to help you find the best terms and rates of interest. Once the calculation is done, agree to the terms to receive your loan.
The minimum loan limit starts at USD 500 or EUR 500, with a minimum term of 7 days. The loan-to-value (LTV) ratio depends on the selected currencies, but it usually ranges from 30% to 60%. Moreover, interest rates start from 8%.
On the other hand, the maximum loan is up to USD or EUR 100,000 per loan. If you want to request a higher loan limit, you may contact the platform's customer service.
How to Earn Money by Staking Crypto
Staking refers to holding coins to support the blockchain network. This can help you receive rewards through the coins emitted by the blockchain. It is a potential source of passive income that occurs when you store specific coins in your account.
Generally, you can stake crypto either by running a node or by depositing the crypto you want to stake into a staking pool. However, both of these processes need a good understanding of how staking works, and they also take time.
However, with CEX.IO, you only need to buy the supported coins and deposit them into your account, and the platform will handle the rest. Hence, no further work is required.
Not all cryptocurrencies support staking. Below are the coins that CEX.IO allows you to stake:
- Cosmos (ATOM) : 14% interest
- Tezos (XTZ): 5% interest
- Songbird (SGB): 8-9% interest
- Polkadot (DOT): 10% interest
- Tron (TRX): 3.5% interest
- MetaHash (MHC): 14% interest
- Cardano (ADA): 2.6% interest
- MATIC: 10 % interest
- Solana (SOL): 5% interest
- Zilliqa (ZIL): 11% interest
How to Use the CEX.IO Wallet
The CEX.IO wallet is available on the website and mobile app. It stores a wide range of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more.
It allows users to buy or sell crypto with ease so they can easily monitor their portfolio from any device or on the web.
Users can withdraw cryptocurrency from CEX.IO to an external wallet by going to the "Finance" page and clicking "Withdrawal" on the desired currency row.
Likewise, click "Deposit" next to your preferred coin on the same page to deposit crypto to your account. This step also allows you to find the wallet address of your cryptocurrencies.
CEX Customer Support
CEX provides customer support through email, live chat, and an online support center, which is quite versatile. You cannot get customer support through the phone; however, this is quite usual with cryptocurrency exchanges.
CEX.IO offers excellent opportunities for users to expand their portfolio and earn money through different features like crypto trading, loans, and staking.
The platform is also secure as financial authorities regulate it in the UK and other countries where it operates extensively. It has a simple user interface for beginners, and even advanced users will find the platform clean and easy to navigate.
It also offers a mobile app that allows users to monitor their funds and perform transactions anytime, anywhere. Thus, keeping a constant eye on the market with a mobile app is made easy and convenient.
If you're still unsure if this platform is the right one for you, check out our comparison tool to find the best crypto exchange for you!
Unsure if this broker is for you?
On Gemini you can buy and sell Polygon, Decentraland, 0x, Injective Protocol, Universal Market Access, Filecoin, Loopring, Ethereum, PAX Gold, Compound, Synthetix, Enjin, The Graph, Basic Attention Token, The Sandbox, Bancor, Bitcoin Cash, Livepeer, Curve DAO Token, Yearn Finance, Zcash, Aave, Somnium Space, Balancer, 1inch, Storj Labs, Skale, Kyber Network, SushiSwap, BarnBridge, Bitcoin, Uniswap, Dogecoin, Orchid, Maker, Ren, Dai, Litecoin, Amp, Chainlink.
One of the most secure cryptocurrencies exchanges out there is Gemini. One of the main selling points of this company is its security. Gemini hasn’t recorded a successful hacking attempt on its site since it has existed.