CEX.io Review and Comparison

Last updated: 25.9.18

CEX.io is one of the oldest Bitcoin exchanges around. The company supplies both a trading platform and brokerage services for Bitcoin, Ethereum and a range of other cryptocurrencies.

Review summary

CEX.io is one of the more popular options for buying and selling Bitcoin or any other cryptocurrency. The site offers a brokerage service that supports multiple coins and a trading platform for trading BTC, BCH, ETH and XRP. If you’re a beginner you should use the brokerage option rather than the site’s trading platform.

For a detailed review keep on reading, here’s what we’ll go over in this guide:

  1. CEX.io overview
  2. CEX.io services
  3. Currencies and payment methods
  4. Fees
  5. Buying limits
  6. Supported countries
  7. Customer support and reviews
  8. CEX.io compared to other exchanges
  9. Conclusion

1. CEX.io overview

CEX.io started out in 2013 in London as a Bitcoin exchange and cloud mining provider. At some point its mining pool, known as Ghash.io, was so big it held 42% of the total network mining power.

On January 2015 the cloud mining operations were closed and today CEX.io operates solely as a cryptocurrency exchange. CEX.io is registered with FINCEN and it applies standard KYC (know your customer) and AML (anti money laundering) policies. This means you’ll need to verify your identity before you will be able to buy cryptocurrency via the exchange.


2. CEX.io services

CEX.io allows you to buy cryptocurrency using your credit card, a wire transfer or a SEPA transfer (if you live in the EU). The site supplies two ways for purchasing crypto – through a trading platform or via CEX.io’s brokerage service.

CEX.IO brokerage service

The brokerage service is a way for new users to buy cryptocurrencies through an easy (though somewhat more expensive) process. This means CEX.io will trade cryptocurrencies for you at a premium.

CEX.io brokerage transactions are based on Fill-or-Kill orders (also known as FOK). FOK orders are orders that are executed immediately and in full. This is different than placing your own order on the trading platform since different type of orders (i.e. market, limit, stop loss) will give you different type of results.

Bottom line – The brokerage service is a simplified way for beginners to get started with buying Bitcoin or any other crypto without needing to go through a complete course about trading. The downside is that for this to work CEX.io has to charge customers a premium so that they will always be able to fulfill their orders, hence the higher exchange rate (can reach up to an 8% difference).

CEX.IO has a very clear explanation on their site about how this service works, here’s a summary of it:

When you enter a trade, CEX.io calculates the price and freezes it for 120 seconds.  You input the amount of money you wish to spend and you see the amount of coins you can receive. After you press the Buy/Sell Button, the system checks to see that you have enough funds available.

If the situation on the market allows the execution of your order on conditions not worse than you agreed on, the order will be filled (The order can also be filled on more favourable conditions).

If there is a sudden spike in the exchange rate, preventing the execution of the order on the agreed conditions, you will be notified. After you confirm the trade, your order is matched to other orders on the exchange, and your balance is adjusted. Sometimes the amount can be even greater than agreed on, but is never smaller.

CEX.IO trading platform

More advanced users can use CEX.io’s trading platform. The upside for using the platform is that fees are extremely lower. Just for comparison, while fees on a brokerage trade can reach up to 8%, fees on the trading platform reach 0.2% at max.

The trading platform is pretty advanced and supplies all of the features you’d expect such as market and limit order and even margin trading.

The trading platform has decent liquidity, allows cross platform trading (via a mobile app and several APIs) and also supplies you with advanced reporting.

Bottom line – if you’re an experienced trader CEX.io’s trading platform is where you should conduct your transactions (as opposed to the brokerage service).


3. Currencies and payment methods

Supported cryptocurrencies for buying via the brokerage service:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Bitcon Gold (BTG)
  • Dash (DASH)
  • Stellar (XLM)
  • Zcash (ZEC)

All currencies can be purchased with USD or EUR and some currencies can also be purchased with GBP.

Supported cryptocurrencies for the trading platform:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)

You can deposit funds to the trading platform in USD, EUR, GBP and RUB. The mentioned currencies can also be traded between themselves (e.g. BTC/XRP, ETH,BCH, etc.)

Supported payment methods:

  • Credit / debit card
  • Wire transfers (including SEPA)
  • CryptoCapital accounts

4. Fees

One of the biggest complaints users have about CEX.io is the amount of fees and hidden charges the company has. For example, CEX.io can take up to an 8% fee from the amount of fiat currency you pay for a service. .

So if you buy $1000 worth of Bitcoins you’ll get only $920 worth. This means that the high exchange rate you see on CEX.io already includes the service fee within it, but no other fees will apply.

However, the fee stated above is only relevant to the brokerage service. Different fees apply to the trading platform. In order to trade you’ll need to fund your CEX.io account with either a bank wire, SEPA transfer  (both have no commission on CEX.io’s part) or a credit card (2.99% fee).

Also, once entering a trade you will need to pay up to a %0.2 transaction fee depending on your part in the trade (are you a taker or a maker). For margin trading there’s a 0.2% fee as well. A complete table of CEX.io fees can be found here.


5. Buying Limits

There are four different account limits on CEX.io – Basic, Verified, Verified Plus and Corporate.

Basic accounts can buy up to $1000 worth of Bitcoins per day and $3000 worth of Bitcoins a month. Basic users can only use a credit card to fund their purchases.

Verified accounts can buy up to $200,000 worth of Bitcoins per day and $500,000 worth of Bitcoins a month through a bank wire transfer.

Verified plus and Corporate accounts have no limitations on the amount of Bitcoins that can be bought.

In order to become verified you’ll need to supply a government issued id and personal information about yourself. For a complete list of accounts and limits visit this page.

cex.io account limits


6. Supported countries

CEX.io has a strong worldwide support of most countries and states except for the following exceptions:

Countries not supported for credit card purchases:

Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

Countries not support for wire transfers:

Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.

US states not supported at all:

Alabama, Alaska, Arizona, 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, Washington


7. Customer support and user reviews

Perhaps one of the most controversial issues about CEX.io is the user reviews it gets online. TrustPilot  gives CEX.io an average rating of 5.4 out of 10 stars. Reddit also had a very short and worried review about the exchange.

The short reddit review I read didn’t shed any new light on the exchange. Most people on Reddit said they didn’t have any issues with it, and the original poster just didn’t understand the identity verification process.

For the TrustPilot reviews, it seems that the majority of dissatisfied user reviews are either complaining about the hidden fees (i.e. high exchange rate), the identity verification process or the site’s customer support.

The first two issues are usually related to people not understanding the fine print, and CEX.io has made relatively clear how much will you pay for your coins. As can be seen below:

cex.io fees

Regarding support the main thing I can say is that CEX.io is definitely making an effort to improve on this aspect. I say this mainly because of two things:

  1. I see their representatives continuously replying to angry commenters on 99Bitcoins and also on TrustPilot (you can take a look at the comment section below).
  2. While not too encouraging, the company’s TrustPilot rating used to be 3.9 and now it’s 5.4 – that’s a 38% increase which is not something to take lightly.

While I can’t say the exchange is free from support issues, I can testify as an exchange user that whenever I had an issue in the past I always received a relevant answer in a timely manner.


8. CEX.io compared to other exchanges

Here’s a short comparison of CEX.io’s brokerage service compared to other popular services around.

 
Coinmama
Fees:
5.90%
Availability:
Worldwide
CEX.io
Fees:
2.99%
Availability:
Worldwide
Coinbase
Fees:
3.99%
Availability:
33 Countries
Bitstamp
Fees:
5%
Availability:
Worldwide
IMPORTANT – The fees stated in this table are for credit card purchase only. Also, some exchange have additional fees on top of the ones stated so it’s better to compare the final price of purchase instead (as seen below).

CEX.io VS Coinmama

While Coinmama charges a 5.9% fee on credit card purchases (almost twice CEX.io’s fees) their brokerage service is 2% cheaper when compared to CEX.io. This is due to the fact that CEX.io fees don’t include the brokerage service fees which are sort of hidden inside the exchange rate. Coinmama supports credit card purchases and a wide variety of cryptocurrencies. Read our Coinmama review here.

CEX.io VS Coinbase

Coinbase charges a 3.99% fee for credit card purchase which is higher than the 2.99% CEX.io charges. When comparing the actual cost of buying 1 Bitcoin through both companies it turns out that Coinbase is 4% cheaper than CEX.io and is probably the cheapest option than all of the compared exchanges in this post.

CEX.io VS Bitstamp

Bitstamp is a respected Bitcoin exchange that supplies both a trading platform and a brokerage service for buying Bitcoins. Buying through Bitstamp’s service will actually be cheaper by 2.5% than thorugh CEX.io’s brokerage service. Using your credit card you can purchase up to $1500 a day or $15,000 monthly.

CEX.io VS Binanace

At the time of writing, Binance is still strictly a crypto to crypto exchange so there is no way to buy coins on it with a credit card or a bank transfer. Because of this it’s basically impossible to compare the two exchanges.


9. Conclusion – Is CEX.io a Good choice?

Until today I have used CEX.io several times and haven’t had any issues. I think it’s a solid exchange, with the only downside being the high fees they charge for their brokerage service.

In the past year or so the exchange has leapfrogged forward and has become on of the leading exchanges around. The user interface is very intuitive and even complete newbies will manage to buy cryptocurrencies with it. You’re good to go, as long as you are aware of the fees and the verification process needed to buy more substantial amounts of Bitcoin.

CEX.io

CEX.io
7.7

Fees

6.5 /10

Ease of use

8.7 /10

Support

8.1 /10

Reputation

7.5 /10

Pros

  • Established company reputation
  • Easy buying process
  • Fast support

Cons

  • Relatively high fees
  • Several cases of missing funds

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PAMPLONABRIT
Guest
PAMPLONABRIT

Based on this review and others, I decided to use CEX.IO to start investing in cryptocurrencies. I did an initial £25 investment using a credit card and this worked well. I then did a further test, on 22nd April 2018, making a bank transfer of £1,000 from my bank in the UK to CEX.IO’s bank in Portugal. This money never arrived in my CEX.IO account. Since then I have sent numerous emails to CEX.IO’s support department. I received immediate and polite replies to all of my emails. However they did not actually do anything to find my money and I… Read more »

MyName
Guest
MyName

They systematically point issues to your side. I will report this to authorities of my country

MyName
Guest
MyName

Don’t use it, this is a fake blog or probably some promotion for CEX.io. I am not able get my funds back to my wallet whereas I managed to do this very simply on other plateform. To avoid absolutely.

luca fallarino
Guest
luca fallarino

I am the user up104925633. the site is scam. I have sent 6980 GBP for over 5 months and still do not credit the funds, alluding new excuses saying that they do not receive the funds. shortly we will report to MSB CRIMINI FINANZIARI E FCA. absolutely try not to pay money or crypto with them.

Raynex
Guest
Raynex

Each time I tried to withdraw my XLM to other wallet after purchasing in Cex.io it only says invalid address. It really gives me stress.

Cameron Nicoll
Guest
Cameron Nicoll

Definitely STAY AWAY from these crooks.
I have been trying to withdraw $100usd since Dec 2017. They keep saying that there is a problem with my bank, which there is not. Anyone can deposit funds into my account.
They keep lying to me and offer zero alternative options.
AGAIN, STAY AWAY !!!!!!

dave
Guest
dave

Currently, and this is a fact because I just almost bought Ethereum, but need more time to think about this whole crypto bubble: CEX.io charges a 3.5% commission after they already charge you roughly a 3.5% commission within the exchange rate they are offering. So, the example comes from the fact that I was attempting to buy $1,000 worth of ETH at $577/ETH (the price on their page), but they charge at a rate of 620/ETH, so the commission is already included, which would be fine, except they also charge ANOTHER 3.5% at the checkout. I mean, just be up… Read more »

Davit
Guest
Davit

Very poor service. First – they have very poorly knowledgable tier one customer service.
They keep telling me my bank does not take withdrawals, while My friends have the account in the same bank and they take withdrawals from CEX.io without a problem. they don’t want to hear the evidence, they just go by the checklist they have and don’t think outside the box. Will be going to Binance

r1k
Guest
r1k

*** Another example why they are bad mouthed at the moment. Double charge response ****

Dear up118865766 ,

Thank you for the updates.

We apologize for inconveniences caused.
According to your account history, you have placed 2 orders to buy XLM, that were executed immediately, therefore your transaction couldn’t be cancelled.

We kindly request you to check your junk/spam box. The emails might have landed there instead of your inbox. Please, also add “[email protected]” & “[email protected]” to your email safelist in order to receive emails.

In case of any other questions, please let us know.
Best regards,

Nanna
CEX.IO

Support Team

shake
Guest
shake

CEX looks for ID for any amount in Euros just to buy. Wasted my time reading this article.