Since its establishment in 2013 by the Ukrainian tech duo Oleksandr Lutskevych and Oleksandr Ushchapovskiy, CEX.IO has kept maintaining its position as one of the biggest cryptocurrency exchanges in the world. Based in Great Britain, the CEX exchange allows users to buy and sell several major cryptocurrencies, including the most popular ones like Bitcoin, Ethereum and Ripple by using their credit and debit cards. CEX-.IO accepts several currencies including US Dollars (USD), Euro (EUR), Russian Ruble (RUB), British Pound (GBP) and Bitcoin (XBT). In this CEX.IO review, the Blockledge team has compiled the detailed information that you would want to know regarding this rapidly growing exchange.
The Service platforms
CEX.IO offers its cryptocurrency exchange services through multiple platforms including its website(cex.io) and iOS+Android Apps. The web-platform is very user-friendly and even beginners can easily adjust to the platform. However, its highly customizable multi-level account system can also be equally useful to institutional traders. The company’s mobile apps are also designed to be used conveniently.
So can you trust CEX.IO for your cryptocurrency exchange and transactions? Many expert cryptocurrency traders say that you can indeed! The exchange is recognized by several government entities across the world, including the FinCEN (Financial Crimes Enforcement Network) under the US Department of Treasury and the Payment Card Industry Security Standards Council. Thus, for all legally compliant cryptocurrency transactions, CEX.IO can certainly be considered a trustable entity.
Only genuine government-approved individuals and organizations can register with CEX.IO. Registration is mandatory and the company doesn’t offer any demo account. All members are required to submit their KYC details and agree to comply with anti-money laundering (AML) provisions in order to verify identity before buying any cryptocurrency via CEX.IO.
For successfully completing account verification users will need to submit details including Full name, Address, Picture of ID, Document with proof of address and a selfie with the credit card you plan to link with the exchange. Be careful about the quality of the selfie and ensure that the numbers appear clearly with the selfie. Also, ensure that the name on the card and the username is the same. Usually, verification is completed within 48 hours of you making transactions. Once your verification is complete, you get the option to additional cards with your account name as well.
- Signing up
Users can sign up to the service via several options including
– Email Account/Phone Number
– Facebook/Google Account/Vkontakte/Github
After the sign-up process is complete, users also have the additional option to enable two-factor authentication via Google Authenticator or SMS/call verification.
Adding funds to your account
Users need to complete account registration in order to perform transactions in the CEO.IX exchange. Once the process is complete you have the option to deposit funds in your account using credit card. Meanwhile, CEO.IX verification can also let you take advantage of the bank transfer option as well. However, bank transfer will take around 1-3 days (which can sometimes be a long duration in the world of cryptocurrency). On the other hand, credit card transactions may cost you extra, depending upon the card issuers’ policy.
With the CEX.IO calculator, you can obtain real-time exchange rates of your currencies. Users doing small transactions can opt for the basic tier, which allows deposits of up to $300 (and withdrawals up to $500). For bigger transaction limits, accounts must be verified, after which there are no transaction limits at all. However, users taking Verified Plus and Corporate plans provide additional services like extended customer services and priority services.
Performing cryptocurrency transactions through the exchange
Once you have funds in your balance, you can start buying and selling Bitcoins (XBT), Ethereum (ETH) and Dash (DSH). You have two options to buy the three currencies:
- Buy them on a fixed price of $100, $200, $500 or $1000
- Add a custom price.
You can easily toggle between Bitcoins or Ethereum until the last moment. But do know that the buying prices of the currency may be listed higher than the market price. This is because the exchange charges 7% for its services.
The exchange applies the ‘Fill-or-kill’ method to guarantee prices on its orders. Basically, with this method CEO.IX calculates a current price and then freezes it for 120 seconds. Within this duration, if you confirm whether you want to buy or sell, your rate will be the one frozen before you clicked the Buy/Sell button. CEO.IX finally checks whether you have enough funds in your balance for the transaction and then asks you for a final confirmation. If there are sudden spikes in the exchange prices, the transaction may be canceled, but expert users of the exchange do mention that such cancellations are very rare.
Once you buy the cryptocurrency, your new XBT or ETH balance is automatically transferred to your CEO.IX wallet. You can transfer this wallet balance to other wallets like Ledger Nano S or Mycelium for future as well, depending upon the transaction size and your security preferences. You can also directly exchange your Bitcoin balance with other cryptocurrencies like Dash and Ripple.
Support and Customer Care
Some experts claim that CEX.IO has one of the best customer services in the industry. If their comprehensive FAQ won’t solve your problem, you can directly get in touch with them through email. Usually, they take 24 hours to reply to your query.
Overall, CEO.IX is one of most trustable cryptocurrency exchange platforms in the world. It’s high-grade security features and it’s unmatchable customer service definitely puts in among the elites of the cryptocurrency exchange companies. However, the biggest drawback of the CEX cryptocurrency exchange is the very high transaction fees levied to the company. While transactions are done reliably and securely, if you are thinking of buying a large amount, you would want to look at transaction options from other exchanges as well before putting your money. That being said, thousands of users have stuck with the exchange for years.