Our CEX.io review will investigate the areas that every aspiring digital currency trader needs to address prior to registering with the best cryptocurrency exchanges to suit their trading needs.
CEX.io was established in 2013 in the United Kingdom. Initially operating as both a Bitcoin exchange and cloud mining business, the company closed all mining services and now functions strictly as a fiat cryptocurrency exchange. Their major function is to provide aspiring cryptocurrency traders with the ability to exchange fiat money for digital currency.
Is CEX.io safe?
Any potential digital currency purchaser needs to ascertain whether a cryptocurrency exchange site provides safety and security to protect them from exposure to scams or theft. Our Cex.io review will now investigate whether this company has put the proper procedures in place to ensure maximum safety and security for their clients. So, is CEX.io legit?
The regulation of CEX.io
As one of the early entry exchanges in cryptocurrency, CEX.io has built up a steady reputation in the world of digital currency trading. Furthermore, they are seen as a highly legitimate company thanks to the strong regulatory oversight that they adhere to.
- io is registered with the Financial Crimes Enforcement Network (FinCEN).
- They comply with the Payment Card Industry Security Standards Council which ensures proper storage, processing and transmission of card payment data.
- They are registered with the Information Commissioner’s Office (ICO) of the United Kingdom.
CEX.io provides rather limited information on how they store client funds. Their website only briefly details that they use cold offline storage and subsequently have not experienced a hack leading to a loss of client funds to date.
Our CEX.io review identified that the company provides clients with 2-factor authentication for extra protection of personal accounts. This process involves first establishing a username and password before adding further security in the form of a SMS code sent to your phone or via Google Authenticator.
So, is CEX.io safe? Overall CEX.io is quite secure. They provide 2-factor authentication, are well-regulated and have not experienced a single hack of client funds in their 5-year existence. However, do keep in mind that it is always a smart idea not to store your funds within any exchange or in an online wallet for a lengthy period.
We identified during our cex.io review that there are nine cryptocurrencies available to buy and sell on the site. The first step is to deposit a fiat currency (such as the Euro or USD) into your account. Then, you are free to make your choice of which digital currency you would like to purchase. The nine available cryptocurrencies are:
- Bitcoin Gold
- Bitcoin Cash
CEX.io is open to users in almost every country in the world. At the time of writing only three countries were identified as being unable to register with CEX. These countries are Iran, Iraq, and Syria. However, keep in mind that there are restrictions placed on certain payment types for some countries. These restrictions are detailed as follows:
Countries unable to deposit via credit card:
Bosnia, Herzegovina, Iceland, North Korea and Vietnam.
Countries unable to deposit via bank transfer:
Afghanistan, Congo, Eritrea, Ethiopia, Guinea, Guinea Bissau, Haiti, Ivory Coast, Kenya, Liberia, Libya, Nigeria, Sao Tome and Principe, Somalia, Sudan, Tanzania, Tunisia, Turkey, Yemen, and Zimbabwe.
Additionally, within the United States, cex usa has restricted availability to certain regions. At the time of writing, the states that can trade with CEX are: Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia and Washington.
The CEX purchase process
Our CEX.io review 2018 will now outline the process that needs to be followed to purchase digital currency with this company.
Obviously, the first step is to register for an account with the CEX exchange. This is an easy process, performed by clicking the register button in the top right-hand corner of the website homepage. Here, you will be required to provide your email and a password. Upon completion of the initial registration process, you’ll receive an email that will require you to verify the account prior to proceeding.
Completion of the first step will provide you with access to the basic account. We strongly suggest that at this stage you perform the identification process to elevate your account to a Verified account. Cex.io verification will enable you to overcome the strict limitations placed on deposits and withdrawals that are a feature of the basic account.
The cex.io verification process will not take longer than 20 minutes and requires the user to provide the following:
- Tax Number Identification
- Passport/Driver’s License/Government ID
- Proof of Address such as a utility bill
- A selfie with your ID or Credit Card
Cex.io verification is normally approved very quickly.
The last step is to fund your account. This is done with fiat currency (USD, Euro, GBP etc.) using bank transfer, credit/debit card or via CEX.io’s CryptoCapital payment instrument. Bank transfers are slower than debit/credit transfers but please note that there are higher fees when using a credit/debit card to fund your account.
Transfer fees for each deposit are set at 3.5% plus $0.25 for credit card deposits. This ensures quick processing of each transaction relating to this payment type. Additionally, CEX implements a 7% service charge which is included in the offered price of each digital currency listed on the exchange.
Our cex.io review 2018 uncovered that users need to purchase at least 0.01 BTC to a maximum of 10 BTC. CEX provides users with three choices of account, each with differing transaction limits. The three types of accounts and the limits imposed on each are listed as follows:
Basic Account: Users can purchase a maximum $500 of Bitcoin and Ethereum daily with a maximum of $2000 a month.
Verified Account: Users can purchase up to $10,000 of Bitcoin and Ethereum daily with a maximum of $100,000 per month.
Verified Plus/Corporate Account: Users have no limitations imposed on the amount of Bitcoin and Ethereum that they can buy and sell when holding this account type.
Our cex.io review found that their level of customer support compares favorably to other cryptocurrency exchanges. They provide customer support via email and possess a descriptive FAQ section on their website. Our independent test found that they were highly responsive when responding to email queries with most questions answered within 24 hours.
- Available to almost all countries
- No transaction fees for bank deposits
- High transfer limits with verified accounts
- Responsive customer support email service
- Choice of both forms of payment not supported in many countries
- Low transfer limit with basic account
- Verification process can be confusing for inexperienced users
- Cex usa clients have reported dissatisfaction with limitations placed on US residents
Our cex.io review 2018 has outlined the strengths and weaknesses of this currency exchange. For those looking for a quick, easy to navigate entry point into cryptocurrency, cex.io is a good choice. While fees are high, the website is easy to use and the cryptocurrency options available are greater than many of their competitors.