Cex.io is the leading Bitcoin, Ethereum, Bitcoin Cash, DASH and Zcash digital currency exchange in the UK. In 2013, the Cex.io exchange was established in London. At its inception Cex.io was known as the first provider of cloud mining equipment. The latter switched to cryptocurrency trading services, especially Bitcoin. Cex.io is one of the most reputable Bitcoin cryptocurrency exchanges today. Cex.io exchange offers many useful services to its users, among which they allow users to trade Bitcoins with Visa, Mastercard debit cards and bank transfers around the world. Currently, Cex allows trading of 5 main virtual currencies as I have listed above: BTC, BCH, ETH, DASH and ZEC. CEX was listed before Litecoin (LTC) but then they stopped offering Coin trading.
Overview of what is Cex.io exchange?
Cex.io exchange is a virtual currency exchange founded in 2013. Up to now, it has almost turned 8 years old in the cryptocurrency market.
Legal: Cex.io is a licensed exchange in London. Have a legal license in the UK, type MSB in FinCEN.
Features of the virtual currency exchange Cex.io
- Support Coin trading with USD, EUR, RUB and BTC
- Provide mobile apps: iOS and Android
- The feature that all virtual currency exchanges must have is 2-factor authentication (2FA) security.
- Buy/sell/trade BTC, ETH, BCH, ZEC and DASH
- Buy and sell Bitcoin and Ethereum with Visa/Mastercard and bank transfer
- Great customer support
- The interface of this transaction page is very user-friendly
- Have a legally registered license in the UK, import MSB into FinCEN
- Support margin trading (Margin trading)
- High liquidity
Verify and secure your account
Since 2013, CEX.io has not been involved in any scam. The only time they encountered a hacker attack occurred in 2013 when the transaction was not long and the amount of damage was $7,000 in the customer’s account was stolen. However, this vulnerability was soon fixed by CEX.io and have not encountered the same problem since.
The security level on CEX.io is very good, providing 2-factor authentication (2FA) and questions used to secure the account. The majority of cryptocurrencies are stored by CEX.io in a cold wallet. Transactions are also notified by them via SMS and email. In addition, to increase the ability to withdraw money, CEX.io requires you to verify your account by submitting identification documents such as ID card, passport, driver’s license. In addition, you also have to take a photo and hold your ID card so they can verify your face has ID card or not.
Transaction fees and liquidity
The CEX.io exchange offers dynamic fee scaling for buying and selling on the exchange, whereby users are rewarded with lower fees the more they trade through the exchange. Even with low transaction volumes, fees are quite low. As for the deposit fee is fixed for both credit card and bank transfer but varies between the two methods.
As for withdrawals, fees are flexible and vary depending on things like the type of credit card (MasterCard has lower fees than Visa via CEX) and the type of bank transfer (direct to your bank charges a fee). while via ACH or SEPA it does not). Withdrawals to a credit card are subject to a service fee consisting of a flat fee and a percentage amount, along with a commission. Withdrawals through wire transfers are normally subject to a percentage fee along with a set amount. Withdrawals through ACH, SEPA or FPS are completely free.
CEX.io is the exchange with the highest fees today with 7% fees. This fee will vary according to the monthly trading volume as follows:
- For trading volume less than 5 BTC: 0.20% fee
- For trading volume below 30BTC: 0.19% fee
- For trading volume below 50BTC: 0.18% fee
- For trading volume below 100BTC: 0.17% fee
- For trading volume below 200BTC: 0.16% fee
- For trading volume below 1000BTC: 0.15% fee
- For trading volume less than 3000BTC: 0.13% fee
- For trading volume below 6000BTC: 0.11% fee
- For trading volume below 6000BTC: 0.10% fee
Meanwhile, deposit/withdrawal fees will range from 1.2 to 5% of the total amount transferred. In terms of liquidity, I mentioned above. This is said to be a very liquid exchange.
The CEX.io trading platform offers 4 account levels with different deposit/withdrawal limits and benefits:
- Basic: At this level you are allowed to trade Coins with your Visa/Mastercard account, but not by bank transfer. Bitcoin purchase limit is 400 USD per day and 2,000 USD per month
- Verified: At this level you need to verify some of your personal documents. And you get paid for all the methods that CEX.io offers. $10,000 is the maximum bitcoin purchase amount or $100,000 per month with this account type.
- Verified Plus: Granted this permission, you can buy bitcoin in unlimited quantity and get priority support
- Enterprise: This account type is exclusively for enterprise level traders, you need to verify your identity first and also can buy unlimited amount of bitcoins. Alternatively, you can add a “custom request” (a commonly used feature for sharks).
Deposit and withdraw money on Cex.io
There are several options for depositing and withdrawing funds on CEX.IO. Each option has deposit and withdrawal limits. What determines deposit or withdrawal limits is simply the type of account the trader uses. Traders with Basic accounts have the most restrictions on deposit and withdrawal amounts, while traders working with Business and Verified accounts have the lowest restrictions.
To withdraw or deposit Cex.io, use the following channels:
- Credit/debit cards issued by MasterCard and VISA.
- Bank Transfer (SWIFT and SEPA)
Hopefully, through this Cex.io floor review, you will consider and be able to make your own decision. As mentioned above, Cex exchange is growing day by day, has many advantages in terms of liquidity and application system. Besides, I have also pointed out some limitations of Cex.io exchange such as its high cost. This will make investors a little hesitant. However, everything has its price, the high cost in return you will experience the incentives and quality of security as well as faster processing.