- What CEX.io is
- A brief history of the exchange
- The advantages and disadvantages of the platform
- Which digital currencies you can buy and with which fiat currencies
- …and how much it will cost you in commission (CEX.io fees) to buy them
Table of Contents
- 1 CEX.io Review: What is CEX.io?
- 2 CEX.io Review: History
- 3 CEX.io Review: Advantages and Disadvantages of CEX.io
- 4 CEX.io Review: Which Coins Can You Buy on CEX.io?
- 5 CEX.io Review: Payment Methods and Fiat Currencies
- 6 CEX.io Review: Account Verification?
- 7 CEX.io Review: Advantages of Having a Verified Account
- 8 CEX.io Review: Who Should Use CEX.io?
- 9 CEX.io Review: Conclusion
CEX.io Review: What is CEX.io?Let’s start this CEX.io review from the basics. CEX.io is a cryptocurrency exchange platform. It accepts multiple deposit types and supports several different digital assets. It is great for both advanced users and beginners getting started with buying and selling cryptocurrencies.Trezor vs Ledger guide. Next, let’s look at how the exchange evolved into the trusted platform it is today.
CEX.io Review: HistoryCEX.io was founded in London, UK, in 2013. Originally, it was a cloud mining provider that owned the GHash.io mining pool. Back in 2014, GHash was one of the largest mining pools around. In early 2015, the decision was made by CEX.io to stop providing cloud mining services. This was based on the low Bitcoin price at the time, as well as the fact that the company didn’t own any mining hardware. The GHash.io mining pool was terminated. However, CEX.io would live on, solely as a cryptocurrency exchange platform.
CEX.io Review: Advantages and Disadvantages of CEX.io
✓ Great support section of the website. If you’re struggling to understand how to do anything on CEX.io, there is probably a page in the support section that explains it in a lot of detail. If not, the platform offers an easy-to-use email support form.✓ The exchange offers several different trading pairs with multiple fiat currencies. This means you can buy and sell different cryptos with your chosen currency. There is no need to go back to Bitcoin first. Fewer trades means less fees! ✓ Easy to use and navigate around the website. Even the advanced trading windows are clean and clutter-free. This makes browsing the CEX.io website a pleasure and great for beginners. ✓ There are options to margin trade (trade using borrowed money). This is a very risky form of trading and is absolutely not recommended for beginners! ✓ Registered and secure. The company is registered as a Money Services Business with FinCEN in the USA. It also has a level two DSS certificate meaning it is secure. As you can see this CEX.io review has many positive aspects.
✗ CEX.io doesn’t have a very long list of cryptocurrencies available. If it has never been in the cryptocurrency top ten by market cap, you can be sure you won’t be able to buy it at CEX.io. That’s a downside for this CEX.io review. ✗ No support for eWallet type services. You won’t be able to use PayPal, Neteller, or Skrill at CEX.io. ✗ As with any exchange, it is important to not put too much trust in its security. Every exchange could get hacked. It’s therefore important to not leave any money on the website, as I said earlier. This applies to both fiat currency and cryptocurrency.
CEX.io Review: Which Coins Can You Buy on CEX.io?There are a few different digital assets that you can buy using either Bitcoin or fiat currency on CEX.io. The list includes several coins that are not available at the likes of Coinbase. I’ve listed all the assets that are currently available below:
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
CEX.io Review: Payment Methods and Fiat CurrenciesOne of the best things about CEX.io is that the platform accepts a lot of different fiat currencies. This makes it useful for people from many different countries. I’ve listed each currency that the exchange accepts below:
- United States dollar (USD)
- Euro (EUR)
- Pound Sterling (GBP)
- Ruble (RUB)
- USD – 3.5% + $0.25.
- EUR – 3.5% + 0.24 EUR.
- RUB – 5% + 15.57 RUB.
- GBP – 3.5% + £0.20.
CEX.io Review: Account Verification?There are various levels of accounts on CEX.io. They are:
Various levels of accounts on CEX.io: Basic, Verified, Verified Plus, Corporate
- USD – daily: $1,000, monthly: $3,000
- EUR – daily: 1,000 EUR, monthly: 3,000 EUR
- RUB – daily: 60,000 RUB, monthly: 180,000 RUB
- GBP – daily: £800, monthly: £2,000
How to Get a CEX.io Verified Account: Stage 1Users need to submit some personal information and documents to reach the verified account tier. It’s all standard stuff though. The information is needed to make sure the company complies with anti-money laundering (AML) and know your customer (KYC) regulations. Let’ start our CEX.io review of account verification.
- First, you must submit the details from a government-issued identity document. This could be your passport, ID card, or driving license.
- Fill in the form with your personal information. This includes: gender, first name, middle name (optional) last name, date of birth, place of birth, contact number, and a link to social media (optional).
- Next, users must fill in their addresses. This includes a residential address (where you’re living at the time you sign up to CEX.io) and your permanent address. If the two are the same, there is an option to tell the exchange this. Click the box labeled “same as residential”. It’s next to the “permanent address” fields.
- The next step in verifying your identity is to submit a scan or photograph of a few identity documents. These must meet the following requirements:
- The issue date must be in the future (document must be valid on the day it is submitted).
- Copies of both sides of the document must be submitted.
- Scanned images must be in full color and in a high resolution.
- Documents must be in either jpg, gif, png, tiff, or pdf format.
- The file must be no larger than 15MB.
- The photograph or scan must be no older than three months.
- Documents must be completed using the Latin alphabet (a, b, c, d…)
How to Get a CEX.io Verified Account: Stage 2Let’s continue or CEX.io review of verification process. Users must then submit their identity document, a selfie of themselves holding the document, and a proof of address. The identity document must be issued by the government and must be the same as you used to fill in the above form. Accepted identity documents are national IDs, passports, driving licenses. The selfie holding the identity document must include the owner of the document (you) holding the document. There are quite a few guidelines and it can be difficult to get a clear enough shot. For this reason, it might be better to get a friend or relative to take your “selfie”. The photograph must meet the following criteria.
- You must be looking straight at the camera.
- The background must be light or a neutral color.
- The selfie itself must be in full color.
- There must be no “red eye” on it.
- There must be nothing obscuring the view of your face (sunglasses, hats, headbands, bandanas etc.)
- The information on the document must be clearly visible.
- Utility bill (not mobile phone, TV contract, or printed internet bills).
- Electricity bill.
- Bank statement.
- Tax return, or council tax bill.
CEX.io Review: Advantages of Having a Verified AccountAs I’ve mentioned, users with a verified account can use more payment methods and have higher deposit and withdrawal limits. It’s also vital that users have a verified account if they want to withdraw in fiat currencies. So, it’s very important to menton this in the CEX.io review. With any account on a higher tier than basic (verified, verified plus, or corporate) you can deposit and withdraw with bank transfers and any of the cryptocurrencies listed at CEX.io (above).
CEX.io Review: Who Should Use CEX.io?Mentioning target users is very important for a CEX.io review. CEX.io is great for both beginners and advanced users. Below, we’ve listed some features that make the account a good one for both user types. Why CEX.io is Good for Beginners
- Very user-friendly first buy window with popular buying options set up for you — $200, $500, and $1,000. This simple buy screen is the first screen users will see after registering an account. Each has an easy to use scroll down box. Use these to select which digital asset you want to buy and which currency you want to pay with.
- Great support section. For new traders or investors, it can be a bit scary buying digital currency for the first time. The support section of the website has many FAQs and if that isn’t enough, contacting CEX.io is easy thanks to the email request form.
- Users must search out the more advanced buying and selling options. This makes the process less scary because some exchanges greet users with a page like the one below. This is understandably very confusing for them:
- Offers all the buying options you’d expect from an advanced platform. They’re presented on a clean and easy-to-navigate platform (pictured above).
- Can trade on a margin (using borrowed money). Again, this is absolutely not recommended for any new users!
- No limits for verified users. If you’re a master trader, you’ll be able to spin up huge profits and withdraw them with no trouble using a variety of different deposit and withdrawal methods. Pretty cool, eh?