CEX.IO 2017 Review – Why Reddit Users are Complaining About this Bitcoin Exchange?

Last updated on November 3rd, 2017 at 11:55 am

July 2017 Update: Recently I’ve been noticing an increase of users complaining about CEX.io. I suggest reading the reviews I’ve mentioned in this post and the comments in the comment section and judging for yourself. I’ve had several people asking me to remove this review, however from my personal experience I’ve never had an issues with the exchange. In any case, trade with caution.

CEX.io is one of the oldest Bitcoin exchanges around. It 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.

However, on January 2015 the cloud mining operations were closed and today CEX.io operates solely as a Bitcoin exchange. CEX.io is registered with FINCEN and It applies 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 Bitcoins via the exchange.

CEX.io allows you to buy Bitcoins using your credit card, a wire transfer or a SEPA transfer (if you live in the EU).  However CEX.io transactions work a bit different than other Bitcoin exchanges, they are based on Fill-or-Kill orders (also known as FOK).

FOK orders are orders that are executed immediately and in full. So whatever you “agreed” to pay or get, that’s exactly what will happen. This is different than how other exchanges work where you may encounter liquidity issues. So for example, if you but 2 Bitcoins at an agreed rate on CEX.io you will definitely receive that amount, however if you but 2 Bitcoins on Bitstamp you will need to wait until someone who’s willing to sell you those Bitcoins at your requested price comes along.

However, for this to work 100% CEX.io has to charge customers a premium so that they will always be able to fulfill their orders, hence the higher exchange rate.

How does CEX.io work?

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 Bitcoins 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 fees and charges

One of the biggest complaints users have about CEX.io is the amount of fees and “hidden charges” they take. CEX.io takes a 7% fee for the service which is charged from the amount of fiat currency you pay. So if you buy $1000 worth of Bitcoins you’ll get only $930 worth. This means that the high exchange rate you see on CEX.io already includes the service fee within it, and no other fees will apply.

However the fee stated above is only relevant if you want to do a direct purchase with CEX.io. The exchange also supplies trading services in which different fees will apply. In order to trade you’ll need to fund your CEX.io account with either a bank account (no commission on CEX.io’s part) or a credit card (3.5% + $0.25 commission). Also, once entering a trade you will need to pay up to a %0.2 transaction fee depending on your part in the trade.

CEX.io Buying Limits

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

Basic accounts can buy up to $500 worth of Bitcoins per day and $2000 worth of Bitcoins a month.

Verified accounts can buy up to $10,000 worth of Bitcoins per day and $100,000 worth of Bitcoins a month.

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.

cex.io account limits

Supported countries

CEX.io suppoers all countries worldwide for credit card purchases except for the following: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

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 3.9 out of 10 stars. Reddit also had a very short and worried review about the exchange. However most people don’t actually read the detailed reviews they just look at the ratings, so I decided to do just that.

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 it much clearer in the past few months how much will you pay for your coins. As can be seen below:

cex.io fees

Regarding support I ran a test. I clicked on the “help” icon that’s available on each page of the site and wanted to see how fast I can get a response. The support rep answered within 20 seconds and gave me a pretty detailed response (even though it was a canned response). So personally I was pretty happy with that.

support response

Most of the bad reviews that were on TrustPilot also received a response from CEX.io so it’s good to see that the company cares about its reputation. And finally, 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.

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 7% fee they charge for buying Bitcoins. In the past year or so the exchange has leap frogged froward and has become on of the leading Bitcoin brokers around. The user interface is very intuitive and even complete newbies will manage to buy Bitcoins with it. As long as you are aware of the fees and the verification process needed to buy more substantial amounts of Bitcoin you’re good to go.

Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.

CEX.io

CEX.io
8.2

Fees

6.5/10

Ease of use

9.0/10

Support

8.5/10

Reputation

8.6/10

Pros

  • Established company reputation
  • Easy buying process
  • Fast support

Cons

  • Extensive verification process
  • Relatively high fees

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212 Comments on "CEX.IO 2017 Review – Why Reddit Users are Complaining About this Bitcoin Exchange?"

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CEX Real Scam
Guest
Member
CEX Real Scam

CEX scam I confirm
I’ve paid over 10 days and the deposit never arrive. Is my transfer 4,000.00 USD deposit are gone.
Very bad…

CEX scam
Guest
Member
CEX scam

Waiting now for 12 days to get my deposit.
I am afraid they have stolen my money as they don’t bother to answer emails any more.
Very bad broker. Don’t use it.

Chris
Guest
Member
Chris

they are the biggest scammers POS on earth. I have orders pending now for days.

Jackie
Guest
Member
Jackie

I wonder if anybody ever get their money back?
My 2nd deposit to CEX is kept with them. They have not released my money even though I provided them document they asked for, plus I am a verified user. They confirmed receiving my money on Nov 22, my money is no where in sight.

Jackie
Guest
Member
Jackie
I have very good experience with CEX to begin, they are very prompt in replying my questions. But last month, I make my 2nd deposit, they first asked for additional documentation on source of fund, which I provided (and I am a verified user), but they so far still has my money, not released to my account yet. I emailed them several times, they came back with their generic email, saying will follow up my enquiry. There is no sign of my money. From what I read, seem like a lot of people’s money are being kept by this company,… Read more »
Steven Hay
Member
Member
Steven Hay

Hi Jackie,

Unfortunately I don’t know of any special methods to access the company. I suggest you keep trying their support and social media channels. You might also consider contacting these other users who’ve experienced problems, they may have some further suggestions for you.

Jackie
Guest
Member
Jackie

I am leaving my experience with CEX in any social media channels I can find. How can CEX do that to their users? This is our hard earn money!

Chris
Guest
Member
Chris

I have orders pending and they have done nothing! This is a scam site

Decay001
Guest
Member
Decay001

Having read the comments, I definitely wont be using them. Crypto has it own challenges but having to worry about withdrawing your USD is not a good sign.

Chris
Guest
Member
Chris

horrible site, I wish to God I read this before. I will NEVER do crypto business outside of the good old USA.

Tom
Guest
Member
Tom
CEX.IO This a summary review of CeX.io – Bitcoin Exchange – Trading BTC USD‎ This is the worse service ever or a fraud that will soon blast and many traders will loose mach money and coins 1. They accept any amount or coins or fiat without any verification but it’s impossible to withdraw any amount whatsoever they do not sent withdrawal confirmation 2. The fees are impossible so if you enter and can’t get out and you trade this will diminish your account 3. Credit card and bank fraud. There was an effort to withdraw money from my credit card… Read more »
Ehsun
Guest
Member
Ehsun

SCAM SCAM CEX.IO SCAM SCAM
Avoid them at all cost you can only deposit money and you are never able to withdraw your money.

Mik
Guest
Member
Mik

My SEPA is almost 3 weeks and cust. support said don´t worry about your money (600 EUR!!!). Why my SEPA at Coinbase or Degiro is in 3 working days at my personal trade account? Any Idea how to get my money back? e-mail to CEO, management, ….?
Unprofessional cusomer support unproffesional exchange!!!

Steven Hay
Member
Member
Steven Hay
Hi Mik, One possible reason for this is that your deposit form was not correctly filled out. Please review the details required for CEX.io’s deposit form and compare it with the info you entered. If there are any discrepancies, this could explain the delay. Their automated system won’t recognise a deposit as yours if the details in the deposit form and the SWIFT transfer don’t match up. If that’s not the case, then it’s likely some other problem with the banks. I suggest contacting your bank, their bank and any intermediary banks, as well as CEX.io’s support. As I say,… Read more »
Mik
Guest
Member
Mik
Hi Steven, thanks for help. But it´s strange for me. 1. too long transfer in EU by SEPA. As you can see here or other forums is not just my problem with this exchange. SEPA can´t take more than 2-3 business day acc to EU law. I asked them why it take too long but thet didn´t reply reason. 2. I sent to cex 2 PDF document of my 2 separataly payments (100+500 euros) and result was our finance dpt. is working on. Thanks for patience and understanding. WTF after 3 weeks my issue is not solved, no relevant answer.… Read more »
Steven Hay
Member
Member
Steven Hay

Hi Mik,

I wouldn’t say it’s normal but it does happen. In fact, it happened to someone I know. The problem was the deposit field, like I described.

I suggest making public complaints on CEX.io’s social media channels. This sometimes get some attention from the right staff member directed on a problem.

Mik
Guest
Member
Mik

Steven thanks. But if some issue is why they aren´t response to my questions, why they aren´t ask me for additional information?
11.12.2017: Update – After 24hrs no any response from customer service to my ticket.

Mik
Guest
Member
Mik

11.12.2017 several minutes ago I got response:
************
Dear up110631159 ,

We are sorry for delayed reply. Due to extremely high load of requests it will take us extra time to resolve your issue. Our support team is working around the clock to reduce the queue, and we will reply to you as soon as possible.

Thank you for your patience.
*************************

Mik
Guest
Member
Mik

To all, good news. Today after more than 3 weeks i got my 600 euros at cex account.
… but what to do now? Maybe same problem with withdraw in future???

Totti
Guest
Member
Totti

I agree this is a scam. Luckily I “only” lost 100$ and I can see that the money are going to a city in Cyprus… No way I will get anything left.

Giovanetti Cappelletti
Guest
Member
Giovanetti Cappelletti

Avoid them at all cost!
Worst customer support ever, sending users generic meaningless replies.
Borderline dishonest as even when problem with ETH withdrawal had been known for days they kept accepting transactions, resulting in many users’ funds stuck in a total limbo. Very unprofessional

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