CEX.IO is a London-based exchange that allows users to buy/sell and trade a wide range of cryptocurrency against fiat. Back in 2013. CEX.IO ran the world’s largest Bitcoin mining pool, but in 2015, however, it stopped offering cloud mining services and started operating as a cryptocurrency exchange solely. Kindly Read this CEX.IO Exchange Review to understand how this exchange works.
Today, CEX.IO is a large cryptocurrency platform with over 2.5 million customers and a firm place in the top 75 exchanges with the highest volume of trades.
Basic Features About CEX.IO Exchange review
As mentioned above, CEX.IO allows two types of crypto deals: simple buy/sell orders and professional trading.
BUY/SELL. The first option is similar to those offered by all broker services. The registered users can navigate to the BUY/SELL page, choose the desired cryptocurrency, specify the amount, and pay for it with any available method.
TRADE. The second option provides for using advanced tools specifically designed for heavy traders. To make use of this feature, the customers should navigate to the TRADE section. where they can buy and sell coins by placing market and limit orders. High-volume traders can benefit from the decreased fees.
CRYPTOCURRENCIES.So far, the exchange lists 8 crypto coins (BTC, DASH, ZEC, BCH, ETH, BTG, XRP, and even XLM) that can be traded against 4 national currencies – GBP, USD, EUR, RUB.
PAYMENT. It supports payments with Visa and MasterCard, bank transfers, and Crypto Capital transactions. SEPA transfers can be used to fund the account with EUR. The RUB is deposited or withdrawn via Visa/MasterCard only.
The fees here are flexible and vary for deposits/withdrawals, trading, and buy/sell. They are also based on the fiat currency you choose.
- You can make use of entirely free deposits when opting for bank transfers or Crypto Capital transactions. If you decide on using a Visa or MasterCard, the fee will be 2.99%.
- The fee schedule will be a bit different for withdrawals. For bank transfers, you will be charged up to 2%, while for Crypto Capital – 1% only. Withdrawal fees for the credit card option will vary with the type of card you use. For Visa, the fee is up to $3.80, while for MasterCard it is 1.2%+$3.80.
- Buy/sell. For instant purchases through FOK orders, CEX.IO charges a flat fee of 7%.
- If you are an active trader, then this platform can probably become your safe-haven option regarding fees. Here, the transaction fee is based on a 30-day volume of trades and follows the taker-maker model. Takers are charged 0.1-0.25% while makers can benefit from a 0% fee.
Other Special Features
The exchange operates worldwide, but some countries are still restricted for deposits and withdrawals, so check the list for each payment method here.
SECURITY. CEX.IO stores most of the users’ crypto funds in cold storage and uses reliable protection mechanisms to encrypt user data and prevent DDoS attacks. 2FA is available, too.
CUSTOMER SUPPORT. Customer service can be reached through multiple channels, including the live chat, email, online form, and phone.
There are also a lot of detailed instruction manuals and trading guides in the FAQ section. Top it all; the support team is available via social media platforms like Facebook and Twitter.
LEGITIMACY. The company works as a legal entity thanks to the licenses from major financial organizations like FinCEN in the USA and ICO in the UK/EU. As a business offering financial services, CEX.IO is also compliant with PCI DSS.
Professional tools. For experienced users, CEX.IO offers a few interesting features:
- Mobile App. Official versions for iOS and Android support price tracking, trading, history checking, and communicating with customer support.
- API trading. There are three API tools for automatic trading – basic REST API, advanced WebSocket API, and FIX API for institutional investors.
- Affiliate program. Allows for inviting new users and getting bonuses from their deals – up to 30% from all fees on their transactions.
Trading on margin. So far this option is available for BTC, ETH, and BCH – namely, BTC/USD, BTC/EUR, ETH/USD, ETH/BTC, BCH/USD, and BCH/BTC. Although the range of pairs for margin trading is limited, they can be traded with 1:2/1:3 leverages.
CEX.IO is an all-round cryptocurrency platform which meets the needs of both newcomers and experienced traders. The beginner investors make use of an intuitive buy/sell interface and fast purchases with a credit card. For experienced traders, CEX.IO offers some advanced facilities – a liquid market for famous cryptocurrency pairs, low trading fees, API integration, and margin trading solutions.
How to Withdraw Funds Using Your Payment Card
Step 1: In order to withdraw funds from your CEX.io account first Go to Wallet section you can find the link in the Top Menu.
Step 2: Once you’re on the wallet page, Select Balance your wish to withdraw from and the type of withdrawal method i.e. Visa or Mastercard or Bank Transfer.
Step 3: After that Enter the amount that you wish to withdraw on the right and select the card you want it to go to.
Step 4: After you have provided the necessary information just click on the withdrawal button to submit your fund withdrawal request.
Step 5: If you have activated 2FA service you’ll be prompted to Enter the 2FA (two-factor authentication) code generated by the Google Authenticator or Authy application. If you are using SMS code just enter the code which was sent to your phone in the box.
Congratulations the funds should be in your account ASAP after deduction of a small fee.