CEX.IO Review 2023
- DayTrading Review Team
CEX.IO will serve a range of crypto investors looking to buy, sell, trade, hold and earn. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education.
CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.
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CEX.IO offers hundreds of popular cryptocurrencies including big names like Bitcoin, Ethereum and Litecoin. The trading platform is well-designed with sophisticated charting and analysis tools. Traders can also reduce their monthly volumes through the tiered pricing structure.
- Most Secure Bitcoin and Cryptocurrency Exchange Platform 2023, World Business Outlook
- Leading Cryptocurrency Exchange Platform 2023, World Business Outlook
- Best Cryptocurrency Exchange Platform 2023, Global Brands Magazine
- Low pricing with 0.01% taker and 0% maker fees for high-volume traders
- High quality educational materials through the University
- 24/7 support with fast response times during tests
- Wide range of payment methods including PayPal
- Trusted crypto exchange with 5+ million users
- 200+ cryptocurrencies including Bitcoin
- Charting package from TradingView
- Low minimum deposit of $20
- Crypto leverage up to 1:3
- A maintenance fee applies after 12 months of no activity
- Cluttered interface on Exchange Plus
- High deposit and withdrawal fees
- Limited regulatory oversight
- No demo account
CEX.IO is a cryptocurrency exchange that offers the full scope of crypto solutions with a transparent fee schedule. In this review, our experts share their key findings after testing CEX.IO. We compare the firm’s accounts, pricing, tools and safety track record to help you decide whether to sign up.
CEX.IO offers a competitive list of over 200 crypto assets on its proprietary platform. This includes some of the most popular tokens such as Bitcoin, Ethereum, and Dash.
While the number of tokens is lower than alternatives like Coinbase, there are enough opportunities for most aspiring crypto traders.
The top 10 tokens by market cap available at CEX are: Ripple, USD Coin, Solana, Tron, Bitcoin, Cardano, Polkadot, Ethereum, Tether, and Binance Coin.
Our team rated the fee structure at CEX.IO, which will appeal to active users who can secure lower fees. The brand uses a dynamic pricing model based on customers’ 30-day trading volumes, similar to Crypto.com.
Admittedly, the $5,000,000 trading volume necessary to receive the lowest pricing – a market-beating 0.01% taker and 0% maker fee – is out of reach for most traders, but the pricing at lower tiers is still competitive.
Beginners or those trading less than $10,000 will incur 0.15% maker fees and 0.25% taker fees, with this amount reducing to 0.13% and 0.23% respectively for volumes of $10,000 – $100,000.
These fees further reduce over five tiers until traders with volumes from $10,000,000 to $20,000,000 pay 0.11% taker and 0.1% maker fees.
All nine tiers thereafter charge 0% maker fees and progressively lower taker fees.
While using CEX.IO, we were disappointed to find deposit and withdrawal commissions for fiat payment methods. There are some high costs associated with credit/debit cards, Skrill, and Neteller with deposit transaction fees in the region of 2.99 to 3.99% plus service charges.
An inactivity maintenance charge will also be applied to accounts with a balance of less than $5 and no activity in 12 months.
Registering with CEX.IO will unlock all crypto opportunities from a single account. This includes access to a digital wallet, spot trading, and earning possibilities.
We like this straightforward account model. While having accounts with different trading terms can be beneficial, here we think the simplicity of the single account model is attractive, especially for beginners.
How To Open An Account
I found the signup process at CEX.IO fairly easy – it only took a few minutes to get started:
- Add your email address and country of residence in the application form
- Create a password and select ‘Create Account’
- Follow the verification link sent to your registered email address and click ‘Verify Now’ to upload identification documents
CEX.IO stands out from competitors thanks to its wide range of fiat and crypto funding methods. The broker accepts credit/debit cards, wire transfers, and e-wallets such as Skrill and Epay to name a few.
Minimum deposits also start from $20 for fiat funding which is low enough for new investors. Popular crypto tokens such as Bitcoin have an initial funding requirement of 0.0001 BTC, which again is competitive and will serve investors on a budget.
The broker also performed well in terms of deposit speeds, with card payments offering instant funding and up to one day for domestic wire transfers.
On the negative side, our team was not impressed with CEX.IO’s transaction fees, with charges applicable to all funding methods for both deposits and withdrawals. This includes a 0.3% fee + $25 charge for SWIFT withdrawals.
How To Make A Deposit
I found it straightforward to fund my trading account via wire transfer:
- Login to your CEX.IO account
- Select ‘Deposit’ from the top right of the page and then choose ‘International’ or ‘Domestic’ bank transfer
- In the screen to the right, choose a currency to make the payment and input the amount to deposit into the box
- Select the location of your banking institution from the dropdown menu and click ‘Proceed’
- Payment details will be displayed on the following screen and sent to your registered email address
|Payment Methods||Apple Pay, Bitcoin Payments, Credit Card, Debit Card, Google Wallet, Mastercard, Neteller, PayPal, Skrill, Swift, Visa, Wire Transfer||Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer||AstroPay, Bitcoin Payments, Cashu, Credit Card, Debit Card, Ethereum Payments, Giropay, iDeal, Klarna, Mastercard, Neteller, PayPal, Paysafecard, POLi, Przelewy24, Skrill, Trustly, UnionPay, Visa, Wire Transfer|
CEX.IO offers a cryptocurrency trading platform as well as ‘Instant Buy’ services that act as a fiat on-ramp to buy digital assets with fiat currencies.
Perhaps the simplest way to get involved with crypto is using the ‘Instant Buy’ service. With just a few clicks we were able to purchase popular coins using a range of fiat payment methods, such as credit/debit cards, PayPal, and Apple/Google Pay.
While the ‘Instant Buy’ service essentially places a market order for digital currencies using your chosen payment method, the trading platforms offer more advanced ways to access markets and trade digital currencies including placing limit orders.
We find the spot trading terminal easy to navigate, and suitable from beginner level. The integration of TradingView charting, in particular, makes the interface easy to customize and get the most out of.
For more experienced investors, the brand has introduced the Exchange Plus web trader, which offers more advanced trading tools than the spot trading interface.
One challenge we did find with this platform is the cluttered interface, as we often need to collapse several windows to make space for the ones we require. For us, the interface feels overly crowded which detracts from the user experience.
Nonetheless, TradingView charting is flexible, with a choice of nine chart types, 20+ drawing tools, and 50+ in-built technical indicators. Real-time notifications of orders being executed or canceled are also presented on the screen and you can set customized price alerts.
How To Make A Trade
I find it easy to trade crypto from the order screen at the bottom left of the platform following a few steps:
- Select an asset to trade from the dropdown menu on the top left
- Scroll to the bottom and highlight either ‘Buy’ or ‘Sell’ to confirm the direction of the order
- Choose an order type; ‘Market’, ‘Limit’ or ‘Stop Limit’
- Input the trade size by amount or volume
- Choose a maximum slippage percentage from the dropdown menu
- Select ‘Confirm Order’
CEXI.IO offers an iOS and Android-compatible mobile app that offers all the functionality of the desktop terminal. When I put it to the test, I found it powerful yet intuitive and simple enough to use and make instant crypto purchases on the go.
I was able to easily access analytical tools and advanced order-matching algorithms suitable for experienced traders, alongside the simple instant buy/sell interface for novice investors.
Some of my favorite features include the custom price alerts and the order notification system, which provide useful updates when my criteria are met meaning I don’t have to spend hours monitoring the market.
Regulation & Safety
Like most cryptocurrency exchanges, CEX.IO falls short when it comes to regulatory oversight. It doesn’t operate with the same level of scrutiny as traditional trading brokers.
With that said, we are somewhat reassured by the exchange’s efforts to gain accreditation from several financial organizations. In the United States, for instance, CEX.IO is registered with FinCEN as a Money Services Business (MSB) and has attained money transmitter licenses (MTLs) in 30+ US states. It is worth noting here that cryptocurrency activities are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).
In the EU and EEA, the company is registered with the Gibraltar Financial Services Commission as a DLT Provider.
The brand also complies with AML and KYC protocol, holds PCI DSS certification, and offers 2FA, DDoS protection, and multi-signature Bitcoin addresses.
Importantly, our review found no reports of major scams or loss of customer funds through hacking, events that are unfortunately quite common in the crypto market.
Margin trading opportunities are available on the CEX.IO exchange, and even though the leverage available is far below that offered by many offshore entities, in a volatile market like crypto we don’t see that as a major drawback.
The leverage available is restricted to either 1:2 or 1:3, with customers able to choose between the two.
The availability of negative balance protection and automatic position closure is also reassuring.
CEX.IO does not offer a standard demo account, which we see as a big drawback for traders who may wish to try out the exchange and its platform before committing real funds.
That being said, you can access the exchange interface and explore the features available without having to invest any money.
Bonuses & Promotions
While testing CEX.IO, there were no welcome bonuses available. Instead, the exchange offers several incentives related to the use of its debit card or decentralized finance (DeFi) functions of the platform:
- CEX.IO Debit Card – Receive cashback or 5% crypto for transactions made with the branded card
- CEX.IO Earn – Earn rewards through staking and lending cryptos via the ‘savings’ or ‘staking’ route. Hold crypto and earn up to 5% rewards or transfer your coins to a staking profile and be rewarded with up to 30% compensation
Overall, we find these to be decent value, though we feel staking can be a risky undertaking given that it can tie up highly volatile assets for lengthy periods.
CEX.IO offers a crypto wallet with 98% of digital funds held in offline cold storage. We rated that the CEX.IO wallet offers both web and mobile app solutions, as these allow you to access and manage cryptocurrency while on the go.
You can also receive, hold, or send digital tokens to external addresses via the CEX.IO wallet, whilst having access to real-time portfolio oversight and performance.
We were offered a crypto-backed loan in fiat currency, which enabled us to retain our crypto assets. It was straightforward to apply, with no credit check. A minimum loan amount of $500 applies, with a minimum term of seven days which we think is reasonable.
We also like the useful loan calculator available on the CEX.IO site, which can be used to find the best interest rates. However, as with all forms of borrowing, we recommend reviewing the terms and conditions before signing up.
The brand’s ‘University’ education section on their website is top-tier, covering major topics from blockchain fundamentals and basic keywords to advanced order types.
I particularly rate the filtering function, since it allows you to easily create shortlists by topic or by experience level to find relevant information. I also enjoy the illustrations used in most articles, though I feel integrated videos would be a good addition.
Our team is pleased that CEX.IO’s customer support is available 24/7, with a dedicated online help center for all customers.
Though there is no telephone help, and email is limited, as part of our review we tested the live chat with several messages sent at different times of the day, including during the weekend. We found the exchange to be very responsive during each test, with a representative available quickly after initial contact with the chatbot.
CEX is an established crypto exchange, founded in 2013 by Oleksandr Lutskevych.
The firm has experienced some notable success already, with the brand’s mining pool, GHash.IO, controlling 51% of total Bitcoin mining power in 2014.
Today, the brand offers services to customers in 30+ US states and the EU, with an impressive 5 million+ registered traders.
The company has also processed $7.5 billion in customer deposits since 2019 and has processed almost 590,000 BTC mined through its mining pool.
Trading on the spot market is available 24/7 due to the nature of the crypto market.
Our team is pleased to see the integration of CEX.IO API, which allows experienced traders to set up automated solutions, integrate bots, and trade 24/7 even when away from a computer.
Should You Trade Crypto With CEX.IO?
CEX.IO is a decent crypto exchange for both new and experienced investors. The variety of products means there is something for everyone, from the Instant Buy function to the Exchange Plus trading platform.
Importantly, we consider CEX.IO a relatively trustworthy actor in the crypto world, which is a considerable advantage given the number of scams and failed businesses in this area. We also like the broker’s pricing model, which provides excellent value, especially to active traders.
Our only major criticism is the deposit and withdrawal charges when adding/removing funds from your wallet. The inactivity charge also means it isn’t the best crypto exchange for casual investors.
Is The CEX.IO Exchange Safe?
While no crypto exchange is 100% safe, CEX.IO is relatively secure and has a good reputation. Our experts did not uncover any reports of hacking, and the brand adopts security features including PCI DSS compliance, and cold wallet crypto storage solutions. Additionally, CEX.IO is registered with a number of financial bodies.
Is CEX.IO Good For Beginners?
The services offered by CEX.IO are suitable for beginners. The ‘Instant Buy’ function makes it straightforward to buy popular cryptocurrencies like Bitcoin while the $20 minimum deposit is low. New traders can also explore the exchange’s interface and features without making a deposit and access the University section for educational materials.
Does CEX.IO Offer Low Fees?
CEX.IO pricing varies by monthly trade volumes, with the most competitive fees available to those trading the highest volumes. The lowest tier price model (trading volumes less than $10,000 per month) will incur 0.15% maker fees and 0.25% taker fees, which is about average for the industry.
Does CEX.IO Offer A Mobile App?
Yes, CEX.IO offers an iOS and Android-compatible mobile app that allows users to buy, sell, earn, and exchange crypto anywhere and anytime.
CEX.IO accepts traders from Australia, Thailand, United States, United Kingdom, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use CEX.IO from Afghanistan, Canada, Cuba, Korea, Guam, Guinea-Bissau, Haiti, Honduras, Iran, Iraq, Japan, Lebanon, Libya, Mali, Myanmar, Nicaragua, Puerto Rico, Singapore, Sudan, Syria, Virgin Islands, U.S., Venezuela, Yemen, Russian Federation, Belarus.
- Debit Card
- Credit Card
- Wire Transfer
- Apple Pay
- Google Wallet
- Bitcoin Payments
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Yes – through APIs|
|Guaranteed Stop Loss||No|
Cryptocurrency Trading Details
|Crypto Spread||0.15% maker & 0.25% taker (Standard)|
|Crypto Auto Market Maker||No|
Compare CEX.IO with similar brokers that accept traders from your location. Among available brokers these are the most similar to CEX.IO:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Gemini – Gemini is a crypto exchange offering 90+ cryptocurrencies, a native stablecoin and derivative trading via perpetual swaps. The two proprietary platforms will suit beginners and experienced traders, execution is fast with low slippage and fees are competitive.
Go to Gemini
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
CEX.IO Comparison Table
|Markets||Crypto||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Cryptos||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds|
|Minimum Trade||$1||0.01 Lots||0.00001 BTC||0.01 Lots|
|Regulators||GFSC||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||NYDFS, MAS, FCA||CySEC, NFA, FINRA, Bank of Russia|
|Bonus||–||–||–||Up to $2,000 for professional accounts|
|Platforms||TradingView||MT4, AutoChartist, TradingCentral||AlgoTrader, TradingView||MT4, MT5, TradingCentral|
|Leverage||–||1:30 (Retail), 1:250 (Pro)||–||1:20|
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|CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.|