Originally started as a cloud mining provider Cex.io has evolved to become one of the biggest players in the cryptocurrency exchange space.
Based in London, Cex.io is the biggest crypto exchange in Europe. They cater to millions of users and have become very popular due to being able to purchase cryptocurrency via a credit card, bank transfer, or a SEPA transfer.
Cex.io is registered with FINCEN and enacts Anti-Money Laundering (AML) policies. You MUST verify your identity to use this exchange.
Transactions are based on Fill-or-Kill (FOK) orders that are executed the second they are sent in. Whatever you “agreed” to pay will be the price paid. While this is certainly nice and lessens liquidity issues, Cex.io typically has higher transaction fees.
Cex.io supports all countries for credit card purchases except Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
And the following countries are restricted from buying with bank transfer: 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 that are NOT Supported
Cex.io does NOT support the following US states:
Alabama, Alaska, Arizona, Arkansas, 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.
Cex.io currently supports the following cryptocurrencies:
- Bitcoin Cash
- Bitcoin Gold
- And even trade bitcoin for Gigahashes (bitcoin mining)
Where Cex.io Shines
- Easy to use interface.
- They allow for multiple fiat currencies to purchase Bitcoin (USD, EUR, GBP, RUB)
- Users can fund their accounts using a wide variety of payment methods.
- They allow for margin trading
- Great for beginners and intermediate users
- Customer service is quite speedy
Where Cex.io Can Improve
- The identity verification process can take a very long time
- Fees are generally higher than other exchanges
Payment Methods Accepted
Here are the various methods Cex.io accepts:
- Credit Card
- Debit Card
- Bank Transfer
- SEPA Transfer
There are separate feeds and limits for each payment methods. Read below for more details.
For a complete list of Cex.io payment methods available in your country, please visit their official website to learn more.
Is Cex.io Safe?
Safety and security are extremely important when buying/trading crypto. Cex.io is a perfectly legit site that supports multiple payment methods. They have put measures in place to protect your account, secure the platform, and encrypt all trades. It is one of the easiest platforms for buying Bitcoin with a credit card.
- Protection against DDoS Attacks
- Full Data Encryption
- PCI DSS Compliant
When setting up your account, Cex.io requires all users to set up Two-Factor Authentication.
This ensures your account is protected. It gets kind of annoying having to enter the code in every single time, but that’s the price you pay for safety!
Anti-Money Laundering and Know Your Customer Policy
Cex.io has implemented a policy to prevent and mitigate any illegal activity to be conducted on their platform.
This policy covers:
- Verification Procedures
- A Dedicated Compliance Officer
- Monitoring Transactions
- Risk Assessment
This policy is the reason the verification process is in place and is such a detailed process. They want to make sure they know who is trading and how much. This is for the safety of the platform and its users.
How Does Cex.io Work?
Cex.io works very similarly to other exchanges. Once your identity is verified and your accounts are set up (credit card/bank) you can start buying and trading! If you wish to purchase just Bitcoin they make it ridiculously easy by giving you four options on their Buy/Sell page:
Taken directly from their website:
CEX.IO calculates the price and freezes it for 120 seconds. The service exchange rate is adjusted to mitigate the risks connected with price fluctuations.
At any given moment, you input the amount of money you wish to spend and you see the amount of cryptocurrency you can receive, according to the service exchange rate, or vice versa.
After you press the Buy/Sell Button, the system checks your available funds; if you have enough, you are asked to confirm the trade.
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 upon the submission of the order.
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.
What is the fee for this service?
CEX.IO takes a 7% fee for the service which is charged from the amount of fiat currency.
Buying and Selling
To buy and sell cryptocurrency on Cex.io, users first need to fund their account by linking a bank account and or credit/debit card. Credit and debit cards are a great way to make small purchases, but for larger purchases, a bank account is the way to go.
- Credit/Debit Cards: instant transactions, high fees, low limits
- Bank accounts: longer transaction times, lower fees, higher limits
Typically, Cex.io limits users to a daily/weekly maximum that they can buy and sell. As time progresses, these limits increase, allowing for larger purchases and sales.
Once the funds have cleared, actually buying and selling coins is remarkably simple.
Here’s a quick video showing you how:
|Payment Method||Funds Available||Currencies||Fees|
|Credit Card||1-2 days||USD||3.5% + $0.25|
|Credit Card||1-2 days||EUR||3.5% + € 0.20|
|Credit Card||1-2 days||RUB||5.25% + 15.57 RUB|
Cex.io Buying/Selling Limits and Liquidity
Before buying or trading on Cex.io you MUST verify your identity. This is for security reasons and validating credit cards. Here is a screenshot of the different buying and selling levels:
The limits are affected by which payment method you use and which level your account is.
- Basic accounts $1,000 worth of Bitcoins per day and $3,000 a month.
- Verified accounts can buy up to $3,000 worth of Bitcoins per day and $30,000 a month.
- Verified Plus and Corporate can buy up to $10,000 worth of Bitcoins per day and $100,000 per month.
Credit Card Purchases
Waiting for your credit card to get approved can take awhile so make sure you do that first thing before you see the price drop and you want to start buying quick!
Here is a video on how to link a credit card:
Cex.io has a pretty decent support page. This page provides help with your account, finance, and trading areas. If you still can’t find what you are looking for you can submit a request to get more information.
You can also start up an instant chat and they are usually pretty quick to respond.
Does Cex.io support Paypal transactions?
No, currently there are no Paypal options.
Is Cex.io safe to link to a bank account?
Yes, it is safe to link to your bank account. However, there have been reports of delayed funds.
How do I get a Bitcoin address on Cex.io?
Yes, but finding this is kind of tricky. Cex.io holds your fund, but unlike Coinbase, they don’t have “wallets”. They just give you an address to deposit and withdraw from.
My Thoughts On Cex.io
Cex.io is a solid exchange.
However, after hearing countless bad reviews and customer problems I am a little hesitant to continue using them when there are far better options. Their fees are high, their website is clunky, and everything just feels slow.
Even transferring coins from one address to another is quite the process. Finding my address for the first time was a challenge, then you have to enter your 2FA code in again, and then finally you have to confirm it via email.
I know safety is a concern, but damn that is quite the process. And after hitting the confirm link on my email I thought I had gotten a frozen “Your transaction is being processed.” screen.
But I was transferring Ether, and it was just waiting on the confirmations to go through. They should really have a counter like Binance does. It would make it easier to see something it actually happening.
Overall, I would give them a B-
If you aren’t sold on Cex.io, then check out some popular alternatives: