CEX.io Review – What do Customers Say?

CEX.io Review - What do Customers Say?

CEX.io review gives us a perspective on one of the earlier Bitcoin exchanges to emerge in the market. Apart from offering a trading platform, the firm also provides brokerage services for a host of digital currencies, ranging from Bitcoin to Ether. In this article, we’re going to be taking an in-depth look at CEX.io, and evaluate the pros and cons the exchange brings to the market. 

CEX.io review summary 

CEX.io is probably one of the most well known and esteemed trading platforms in the business. The corporation has attracted controversies through its hidden fees and its negative reviews online. It carries the same format and template as most other platforms in the market today. However, one of the major advantages it brings to the table is its brokerage service, which beginners are encouraged to use instead of going straight for the trading function. 

Services 

The platform allows for buying digital currency through a range of options, including wire transfer and a SEPA transfer for customers in the EU. 

Brokerage service 

Verdict: Ideal for newcomers despite high fees

Meanwhile, its brokerage facility gives newcomers an easier and more efficient channel for taking part in the crypto trade. 

The brokerage facility enables customers that are new to the market to acquaint themselves with the trading process, without the need for a comprehensive course or some kind. However, the drawback is that there is a premium fee attached to the service, along with a higher rate of exchange. 

Trading platform 

Verdict: More advanced features for traders, higher fees than other platforms

Meanwhile, for the more experienced customers, the trading platform is the more suitable option. As mentioned prior to this, fees are significantly higher with the brokerage facility, meaning that more experienced users that dive straight into trading face much lower expenses. Fees for trading on the brokerage function mount to nearly 7%, while on the normal trading platform they top out at just 0.25%. 

The trading platform comes with some reasonably advanced functions, with features such as limit orders. It is also graced with high decent liquidity, with a mobile application that is also aided with these advanced features. 

Margin Trading 

CEX.io had, earlier on in its history, enabled access to margin trading directly from its trading desk. However, in 2019 the firm initiated a separate branch dedicated to margin trading service, termed ‘CEX.io Broker’. 

CEX.io Broker is equipped with a wide range of features and order types, along with analysis tools and advanced trading features as well. 

Margin trading is a strain of crypto trading that is suitable primarily for experienced traders. It involves speculation on a coin’s price, rather than investing in it. 

At present, the margin trading facility that the platform offers is available solely for Ethereum and Bitcoin. 

Fee structures 

Verdict: Reasonable fee structure, although ts hidden fees might disappoint some

CEX.io faces one of its most enduring criticisms in its fee systems and in the hidden fees that the firm utilizes against unsuspecting customers. For instance, when paying with a fiat currency, CEX.io is entitled to a 7% fee on the transaction. 

There are a variety of different fees applied to different facilities that the platform offers. To begin trading, one would need to first invest a volume of money into your account through a wire transfer or SEPA transfer. When withdrawing, fees on the transaction can climb to nearly 3%, varying on the currency involved and the payment method as well. 

The platform’s transaction fees are generally based on what is known as a ‘maker-taker’ model. In other words, the individual registering the order, known as the maker, is entitled to a lower fee than the one who fulfilled the order, the taker. 

Margin trading comes with around 0.2% fee. 

Buying Limits 

Verdict: Its buying limits might disappoint more experienced traders 

With an account verified through identity, you are entitled to purchase up to 1000 USD in Bitcoins in a single day, and 3000 USD worth of Bitcoins in a complete month. These transactions can be carried out through credit cards. 

Meanwhile, accounts verified through address can purchase Bitcoins valued at 200,000 USD in a day, and 500,000 USD in a month. 

Customer support and user reviews 

Verdict: Moderate to negative reviews online

This platform has gotten lukewarm to negative reviews on a broad scale across the web. On the platform ‘TrustPilot’, CEX.io gets 6.1 out of 10 stars. Most of the negative reviews here appear to be directed towards the firm’s hidden fees, and the verification process for identities. 

The corporation’s representatives seem to be actively combating online reviews, posting polite replies to most of the scathing reviews on this platform and many others. A positive note on this subject is that the firm’s rating on TrustPilot had, at one point, been an abysmal 3.9. Given that it’s now 6.1, this reflects a solid fifty percent increase which is noteworthy. 

Comparison to other exchanges 

CEX.io and Coinmama 

Coinmama, an equally well known trading platform, levels a 5.9% fee on exchanges made through credit cards, which is lower than 7% charged by CEX.io. However, there is a ‘card clearing fee’, that extracts an additional 5% from the customers. 

CEX.io and Coinbase 

Meanwhile, Coinbase extracts a significantly lower 3.99% fee for purchases made through credit cards, higher than the 2.99% that CEX charges. However, Coinbase does have a much lower exchange fee than this platform. When actually buying one Bitcoin, it turns out that the fee charged by Coinbase is close to 4% cheaper than that levelled by CEX.io, and is quite possibly the cheapest one among all major exchanges. 

CEX.io and Bitstamp 

Like CEX, Bitstamp is another major exchange that comes with a trading platform, as well as a brokerage service. It is notable that when utilizing Bitstamp’s service, one faces charges that are 2.5% cheaper than that offered by CEX.io’s brokerage facility. 

CEX.io and Binance 

Binance has undertaken a business association with Simplex to facilitate credit card transactions on their website. When placed next to CEX.io, their exchange rate is 3% lowered. However, apart from this, there are fees attached to Simplex, such as credit card clearing, that elevate the broader fee to just about the same level. 

Conclusion 

Most reviewers and analysts agree that CEX.io is one of the more trustworthy exchanges. One of the major disadvantages to face would be the higher fees associated with their brokerage services. However, if you’re a more experienced customer, then you’d probably face lesser fees given that you’d be trading on their conventional trading platform. 

Over the past year or so, it is worthy to note that the platform has embellished itself to a great extent and has advanced to become one of the leading trading firms in the market. Its website and interface are quite easy-to-use and are more geared for newcomers to easily adopt. 

In conclusion, CEX.io is a reasonable trading platform, as long as you’re made fully aware of their fee structures and verification process, and that you’re in requirement of larger amounts of Bitcoin for purchase.

 

FAQs

  1. Is CEX.io safe?

The answer is yes and no. The site is certainly legit, as it has been registered in the United States as a Money Services Business. The agency that it’s licensed with is the Financial Crimes Enforcement Network (FinCEN).

2. How long does CEX.io verification take?

CEX.io Review - What do Customers Say?Join eToro and get $50 cash to start trading!

Join millions who’ve already discovered smarter investing by automatically copying the leading traders in eToro community for fast profits.

Usually, our compliance department needs 15 to 20 minutes to check a card. You can check the status of your card here: https://cex.io/pss/card?direction=in&c=USD. If your card is marked “not verified,” it means that there was likely a mistake in your application.