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CEX.IO Review: Is CEX.IO Legit or a Scam?

January 8, 2024

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CEX.io Overview

CEX.IO was founded in 2013 by a team of experienced professionals in the finance and IT industries. The company is registered in London, UK, and operates under strict compliance with regulations. The leadership team includes CEO Oleksandr Lutskevych, an expert in IT project management, and CTO Dmytro Volkov, who has over 15 years of experience developing high-load systems. They lead a team of over 100 professionals working to provide a secure and compliant cryptocurrency exchange.

CEX.IO aims to make cryptocurrency accessible for both novice and advanced users. They offer a range of services including a multi-functional trading platform, brokerage services, margin trading, crypto loans, staking rewards, and more. The company puts a strong emphasis on security and compliance. User funds are secured through cold storage technology and two-factor authentication is used to protect accounts. CEX.IO also routinely conducts independent audits and has obtained ISO 27001 certification.

Pros

Regulated USA Exchange
Competitive Fees
Coin Staking available
Accepts Credit / Debit Cards
No hacking or security breaches
Know Your Customer (KYC) Mandatory
Up to 100x Leverage

Cons

Limited Coin listed
Support is slower at times
Proof of Reserves (PoR) not available publicly
No Demo Accounts
No Social & Copy Trading Feature

CEX Fees

Trading Fees

CEX.IO charges a 0.15% Maker and 0.25% Taker trading fee for a monthly trade volume of <10,000 USD. This means you will pay 0.25%-0.15% of the total value of your trade whenever you buy or sell cryptocurrency on the platform. The trading fee is very competitive compared to other popular exchanges.

For example, Coinbase Pro charges 0.50% for takers and 0.40% for makers. So CEX.IO’s flat Maker/Taker 0.15%-0.25% fee is quite reasonable. One thing that helps keep trading fees low on CEX.IO is their high liquidity across all major trading pairs like BTC/USD, ETH/USD, etc.

The large trade volume means traders can easily enter and exit positions without significantly impacting the market price. Here’s a detailed table of trading fees:

Maker-Taker Fee Schedule

Trade Volume 30d, USD	Taker	Maker
≤ 10,000	0.25%	0.15%
≤ 100,000	0.23%	0.13%
≤ 500,000	0.19%	0.09%
≤ 1,000,000	0.17%	0.07%
≤ 2,500,000	0.15%	0.05%
≤ 5,000,000	0.13%	0.03%
≤ 10,000,000	0.11%	0.01%
≤ 20,000,000	0.10%	0.00%
≤ 50,000,000	0.08%	0.00%
≤ 100,000,000	0.07%	0.00%
≤ 200,000,000	0.06%	0.00%
≤ 500,000,000	0.05%	0.00%

CEX.IO Account Limits

CEX.IO imposes certain limits on user accounts in order to comply with regulations and prevent fraud. These limits include:

Daily and Monthly Purchase Limits

CEX.IO enforces daily and monthly purchase limits on crypto buys depending on the user’s verification level. For example, at the basic verification level, users (under 3 months from the identity verification) have a maximum daily limit of $1,000 and a maximum monthly limit of $3,000. After 3 months applied standard payment method limits.

Daily Withdrawal Limits

There are also caps on the amount of cryptocurrency users can withdraw each day:

Basic verification level: Fiat and Crypto deposit limits up to $3,000 daily and up to $10,000 daily Fiat/Crypto withdrawal limit.
Verified level: up to $10,000 worth per day both deposit and withdrawal for FIAT & Crypto.
Enhanced level: Fiat & Crypto deposit/withdrawal limits Unlimited

Fiat and Crypto Deposit / Withdrawal Methods and Fees

Depositing cryptocurrency on CEX.IO is free. So you won’t pay any deposit fees to fund your account with crypto. Fiat currency deposits like USD EUR, and GBP do carry deposit fees, which I have listed below in detail.

CEX.IO offers several different methods for FIAT deposits (12 options), unlike crypto deposits FIAT currency deposits are not free, they charge a processing (commission) fee, As follows:

Payment methods	Daily deposit (Min-Max)	Daily withdrawal (Min-Max)	Deposit commissions	Withdrawal commissions
Visa¹	$20.00 — Unlimited	$20.00 — $50,000.00	2.99% — 3.99% + service charge⁵;	Service charge: up to 3% + $1.20 Commission: up to $3.80
Mastercard¹	$20.00 — Unlimited	$20.00 — $2,500.00	2.99% — 3.99% + service charge⁵;	Service charge: up to 3% + $1.20 Commission: up to $3.80
Google/Apple Pay¹	$20.00 — $1,000.00	Not available	2.99% — 3.99% + service charge⁵;	Not available
S.W.I.F.T.	$300.00⁴ — Unlimited €300.00 — Unlimited	$300.00⁴ — Unlimited €300.00 — Unlimited	$2.99 €2.99	0.3% + $25 (min $50) 0.3% + €25 (min €50)
Domestic Wire	$20.00⁴ — $100,000.00	$20.00⁴ — $100,000.00	$2.99	$2.99
Faster Payments²	£20.00 — £250,000.00	£20.00 — £250,000.00	£2.99	£2.99
SEPA²	€20.00 — Unlimited	€20.00 — Unlimited	€2.99	€2.99
Open Banking	£20.00 — Unlimited €20.00 — Unlimited	£20.00 — Unlimited €20.00 — Unlimited	£3 €3	£3 €3
Skrill³	$35.00 — $10,000.00 €35.00 — €10,000.00 £35.00 — £10,000.00	$35.00 — $10,000.00 €35.00 — €10,000.00 £35.00 — £10,000.00	3.99% + 3$/€/£	1% + 3$/€/£
NETELLER	$35.00 — $10,000.00 €35.00 — €10,000.00 £35.00 — £10,000.00	$35.00 — $10,000.00 €35.00 — €10,000.00 £35.00 — £10,000.00	3.99% + 3$/€/£	1% + 3$/€/£
Epay³	$20.00 — $10,000.00	$20.00 — $10,000.00	0.99% + $3	1.99% + $3
Paypal³	$20.00 — $1,000.00	$20.00 — $10,000.00	Service charge: 2.99%—3.99% + service charge⁵; Commission: No fee	Service charge: 1% + 5$ Commission: 2% cap $16

^{_{1 – New customers (under 3 months from the identity verification) have a maximum daily limit of $1,000 and a maximum monthly limit of $3,000. After 3 months applied standard payment method limits.
2 – Requires Address verification at least.
3 – Requires Identity verification at least.
4 – For United States residents the minimum daily deposit/withdrawal limit is $ 5,000.00.
5 – Varies by provider and country, please check before a transaction.}}

CARD DEPOSITS

Countries where card payments aren’t available: Afghanistan, Algeria, Bangladesh, Bolivia, Bosnia and Herzegovina, British Virgin Islands, Burundi, Cambodia, Central African Republic, China, Cuba, Democratic People’s Republic of Korea (DPRK), Democratic Republic of the Congo, Ethiopia, Guam, Guinea Bissau, Guyana, Iran, Iraq, Japan, Lao People’s Democratic Republic, Lebanon, Libya, Mali, Morocco, Nepal, Pakistan, Puerto Rico, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, United States Virgin Islands, Vanuatu, Venezuela, Yemen, Zimbabwe.

Deposit payment processing time – instant. Only 3 daily successful transactions per account are allowed for all countries except those where card payments are not available. Deposits via payment cards are acceptable in any fiat currency. In case your local currency is different from USD, EUR, or GBP, it will be automatically converted into the selected deposit currency. The exchange rate and any fees associated with the transaction are calculated and deducted by your card issuer.

Like most of the exchanges, CEX.io employs a floating fee structure for cryptocurrency withdrawals, which can vary based on the type of cryptocurrency and the market conditions. But just to give you an overview I’m listing the cryptocurrency withdrawal fees for some of the popular coins and tokens.

Cryptocurrency	Network	Minimum deposit	Minimum withdrawal	Withdrawal fee (floating)
Bitcoin (BTC)	Bitcoin	0.0001	0.002	0.0005
Ethereum (ETH)	Ethereum	0.001	0.02	0.006
Tether (USDT)	Ethereum (ERC20) Tron (TRC20) Binance Smart Chain (BEP20)	5 5 5	20 10 10	10 5 2
Solana (SOL)	Solana	0.5	0.1	0.05
XRP	XRP	Unlimited	0.3	0.25
Binance Coin (BNB)	Binance Smart Chain	0.01	0.02	0.002
Avalanche (AVAX)	Avalanche	0.4	0.5	0.02
Polygon (MATIC)	Ethereum (ERC20) Polygon	30 30	30 30	5 1

Is CEX Safe?

When evaluating the safety and security of any cryptocurrency exchange, there are several key factors to consider:

Security Measures

CEX.IO utilizes industry-standard security measures to protect user funds and data, including:

Encrypted communication (SSL)
Cold storage of majority of funds
2-factor authentication
DDoS protection

These measures help mitigate risks like hacking attempts, data leaks, and service outages. CEX.IO has not reported any major security breaches to date.

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Regulatory Compliance

CEX.IO complies with critical regulations including:

AML (anti-money laundering) procedures
KYC (know your customer) identity verification
PCI DSS certification for secure payment processing

Adhering to regulations promotes transparency and accountability around user funds and activities.

1/8/2024 Update

Licenses and registrations: You can find all the registrations and certifications that CEX.io currently has on this page here. That includes Incorporation certificates as well as US licenses and registrations

Insurance Coverage

While CEX.IO stores most crypto funds in cold storage, they also maintain an insurance policy to cover losses from potential hot wallet breaches. This provides an extra layer of protection for user assets.

Based on these safety measures, CEX.IO appears to make security and compliance a top priority. However, as with any exchange, users should enable all available account protections and practice good security habits with their login credentials and 2FA codes.

Supported Countries & States

CEX.IO operates in over 99% of countries around the world. As of 2024, users from all U.S. states except New York can utilize CEX.IO’s services. The exchange had previously restricted access to residents of New York due to the state’s strict BitLicense requirements but now allows New York residents to use its services as well.

Countries Supported

Some of the main countries supported by CEX.IO include:

United States (all 50 states)
Canada
United Kingdom
European Union member states
Australia
Singapore
South Korea
Japan

The full list spans over 200 countries. Essentially, if you have access to the internet, you likely can utilize CEX.IO in your jurisdiction.

Restricted Areas

There are a handful of regions where CEX.IO’s services are partially or fully restricted due to local regulations. These include:

Crimea
Cuba
Iran
North Korea
Sudan
Syria
Venezuela

So if you reside in one of those countries, unfortunately, you may not be able to use CEX.IO. For all other jurisdictions though, you should have no issue accessing and trading on the platform.

CEX Customer Support

CEX.IO offers customer support through several channels, including email, web forms, and live chat. Users report relatively fast response times, with most inquiries answered within 24 hours. The support team is knowledgeable about CEX.IO’s services and responsive to user issues.

CEX.io offers 24/7 customer support via email complaints@cex.io and phone +44 20 3966 1272.

Email and Web Support

Users can submit support tickets through email or web forms on the CEX.IO website. The support team aims to respond to most inquiries within one business day. Common issues like account access and verification are typically resolved quickly through these channels.

Live Chat

For immediate assistance, CEX.IO offers 24/7 live chat support. Users can access live chat through the website to get answers to general questions or issues in real-time from a support representative.

Scope of Support

The CEX.IO support team can provide assistance with:

Account setup and verification
Deposits and withdrawals
Trading and fees
Technical issues and errors

However, they do not provide investment advice or recommendations. Users are responsible for making their own trading and investment decisions.

Community Forum

For less time-sensitive inquiries, CEX.IO has a community forum where users can post questions and engage in discussions. While not an official support channel, other users or moderators often provide helpful information about CEX.IO services and crypto trading in general.

Listed Cryptocurrency on CEX.io Exchange

CEX.io offers trading for a wide variety of popular cryptocurrencies. Some of the major coins listed include:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Bitcoin Cash (BCH)
Litecoin (LTC)
Stellar (XLM)
Solana (SOL)

In total, CEX.io supports trading for over 200+ cryptocurrencies and tokens. This offers investors ample options to diversify their portfolios and gain exposure to various crypto assets.

Crypto saving and staking feature

In addition to trading, CEX.io also offers crypto saving and staking services. Users can earn interest on their crypto holdings by lending assets to margin traders or staking coins like Tezos and Cosmos.

The interest rates vary depending on factors like asset demand and market conditions, but are generally quite competitive. For stablecoins like USDT and USDC, saving accounts can earn over 10% APY.

The ability to generate passive income while holding cryptocurrency is an attractive option for many investors. CEX.io makes this easy to do directly through their platform.

Investment Tools and Resources

CEX.IO offers a variety of tools and resources to help investors make informed decisions. The exchange provides real-time market data, price charts and technical indicators that traders can use to analyze market trends and identify trading opportunities. Some of the key investment tools available on CEX.IO include:

Price Charts

CEX.IO offers interactive price charts with multiple timeframes and indicators. Traders can customize the charts to suit their trading strategy and get a visual representation of market trends. Some of the key features of CEX.IO’s price charts include:

Candlestick charts showing open, high, low and close prices
Line, bar and candle charts with multiple intervals (1 min, 5 mins, 15 mins etc.)
50+ technical indicators like Moving Averages, Bollinger Bands etc.
Drawing tools for trendlines, support/resistance etc.

Market Data

CEX.IO provides real-time and historical market data on all supported cryptocurrencies. This includes price, trading volume, market capitalization and price percentage changes. Traders can use this data to identify market trends.

Trading Bots

For advanced traders, CEX.IO offers trading bots that can execute trades automatically based on preset trading strategies and algorithms. This allows traders to automate their trading strategies.

Mobile Apps

CEX.IO offers mobile apps for both iOS and Android devices, allowing traders to monitor markets and execute trades on the go from their smartphones.

By providing these tools and resources, CEX.IO empowers traders with the information and capabilities they need to make informed trading decisions and effectively manage their crypto investment strategies.

Conclusion

In summary, We analyzed key aspects like fees, account limits, country availability, and customer support to evaluate if CEX.IO is a trustworthy platform or potentially a scam.

Based on the research conducted, CEX.IO appears to be a legitimate and secure exchange option for most cryptocurrency investors. The fees are competitive, the trading platform is easy to use, and security measures are in place to protect user funds. The availability in nearly all countries also makes CEX.IO accessible to a global user base.

If you’re a beginner and looking to start trading or investing in cryptocurrencies then this platform is suitable for you. However, if you’re an experienced trader then there are better alternatives such as Bybit, Binance, Phemex, and KuCoin.

Is truly CEX Safe?

While no cryptocurrency exchange is without risks, CEX.IO has established a largely positive reputation over the past years. As long as users take precautions like enabling two-factor authentication and not storing coins on the exchange itself, CEX.IO offers a worthwhile platform to buy, sell, and trade digital currencies.

In the future, we plan to continue monitoring CEX.IO’s performance, security, and new feature releases. As the cryptocurrency market itself continues evolving, we aim to provide updated analysis and investment strategies to our readers. Be sure to check back on the blog for more insights into the world of crypto investing!

How To Register?

Signing up for an account is really simple. It just takes a few minutes to get started.

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Just enter your email or use Google or Apple ID to create your account. Once you’ve successfully created your account just provide the basic information to get started.

Since CEX.IO is a centralized exchange (CEX) and in compliance with all the regulatory authorities, KYC is required and mandatory. The basic verification involves providing CEX with an email address, telephone number for verification before proceeding to upload supporting ID documents for enhanced verification and account limit.

Tutorials

How to link a credit card on CEX.IO

How to buy Ethereum with a Credit Card on CEX.io

How to Buy Crypto with Lower Fees on the Crypto Exchange

Frequently Asked Questions (FAQs)

Is CEX.io Regulated?

Over the years, CEX.io has received several regulatory approvals across a number of jurisdictions. The company holds licenses in the following areas:

– FinCEN has licensed the platform in the USA as a Money services business.
– Distributed Ledger Technology (DLT) license in Gibraltar.
– MLT license in 40 US states
– Temporary license by the Financial Conduct Authority (FCA) in the UK.

How To Deposit on CEX.io

By adding a new card in Deposit > Payment Card, you will be able to buy Bitcoin using a credit or debit card.

Where is cex.io based?

The company has its headquarters located at One Canada Square, London. CEX.io also has a registered address in the United States at 900 E Diehl Rd STE 110, Naperville, IL 60563.

Is cex.io available in USA?

CEX.IO is indeed available in the USA. The platform is a regulated crypto exchange that has obtained the necessary licenses to operate in various states across the country. It is registered with FinCEN as a Money Services Business (MSB) and maintains more than 30 Money Transmitter Licenses (MTLs) in the U.S. This allows CEX.IO to offer a range of services to U.S. customers, including Instant Buy, Sell, Convert, and storage for a selection of cryptocurrencies. However, some of the features such as Staking and Savings are not available in all states.

Is cex.io a centralized exchange?

Yes, CEX.IO is a centralized exchange. It was initially established as a centralized exchange and has since evolved into a comprehensive crypto experience.

How long does cex.io verification take?

The verification process on CEX.IO is designed to be swift and efficient. If all necessary documents are submitted correctly, the exchange’s Compliance Officer will typically confirm successful identity verification within an hour, as communicated via email. Users can track the status of their verification application on the Verification page of the CEX.IO website or mobile app.

Does cex.io support TRC20?

Yes, CEX.IO does support TRC-20. The platform allows users to deposit and withdraw TRON (TRX) tokens using TRC-20/TRC-10 compatible wallets.

Does cex.io accept prepaid cards?

Technically, it is possible to use prepaid cards but it is not recommended because some users have reported having issues with both deposits and withdrawals. CEX.IO recommends using debit or credit cards for faster and easier payments and also provides other payment options like bank transfers, wallet services, and cryptocurrency deposits .It is also explicitly stated that prepaid cards are not supported for withdrawals

Does cex.io work in New York?

No, Despite having obtained the necessary licenses to operate in various states across the U.S., New York is excluded from the list of supported states due to its stringent regulatory environment.