CEX.IO – Is It Good?
Launched in 2013, CEX.IO is one of the oldest, safest and most popular crypto exchanges out there. Up until 2015 they also had a mining pool which at one stage was one of the largest in the world. Nowadays they only buy and sell cryptocurrencies, such as Bitcoin, Ethereum, ZCash and Dash.
But how good is CEX as a bitcoin exchange? Is CEX trustworthy? What do they offer compared to the rest of any other crypto exchange?
What Does CEX.IO give you?
CEX is one of the easiest exchange platforms to use. It has KYC (Know Your Customer) and AML (anti-money laundering) policies which are somewhat lengthy to comply with in order to increase buying limits. However they require very little personal information to open an account.
CEX was famously hacked in 2013. Some experts claim that’s the reason why the platform has security processes that can almost be bothersome to some. CEX claims to keep funds in a cold storage for better safe-keeping. It also offers two-factor authentication process, which is one of the safest ways to make transactions online.
CEX supports 99% of countries around the globe but only 24 U.S. states so it’s easy to list the countries CEX doesn’t give support to.
Countries restricted from buying with credit card purchases:
Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
Countries restricted from buying with bank transfers:
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 not supported:
Alabama, Alaska, Arizona, 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 Rates and Buying Limits
CEX apply KYC (Know Your Customer) and AML (anti-money laundering) policies which are somewhat lengthy to comply with in order to increase buying limits. However they require very little personal information to open a basic account, which offers enough for most users. The tiers go like this:
Basic: You can purchase up to $1000 worth of bitcoins per day with a limit of $3000 per month. You may only purchase bitcoin with a credit card.
Address: Unlimited amount of transactions.
–Documents needed to verify: Passport and national ID scans, pictures of you holding your ID and of you holding your credit card with handwritten notes.
Enhanced: Unlimited amount of transactions.
–Documents needed to verify: Proof of address, social media profiles.
Individual Business and Corporate: Business and corporate accounts can purchase unlimited amount of bitcoins.
With the basic level there’s a catch. You see CEX has the option to completely waive any bitcoin purchase if you complete it using a bank transfer instead of a credit card. However as you can see above, only verified accounts can use bank transfers, and to get your account verified you’d have to surrender any kind of anonymity you may want.
- Visa – Service charge of up to 3% plus $1.20, up to $3.80 commission for withdrawal, 2.99% deposit.
- Mastercard – Service charge of up to 1.8% plus $1.20, up to $3.80 commission for withdrawal, 2.99% deposit.
- Bank Transfer 1% commission but not less than $50 for withdrawal, none for deposit.
- History: Being one of the oldest platforms, it has a large reputation history.
- Easy: Their interface is one of the friendliest we’ve seen.
- Fast: Their transaction periods are significantly shorter than average.
- Customer support: Although it’s not without their bad reviews, their customer support seems to be quick and eager to respond, something not commonly seen in these platforms.
- Bad reviews: Reports of bad customer service in TrustPilot and reddit, although most of them come from the lack of understanding of their rates.
- Fees: They’re higher compared to the average.
- Verification process: If you’re looking to get verified, the whole process can get bothersome to some people.
Go to CEX.IO
Is CEX.IO Good For Bitcoin?
CEX has a long record of service. Although the customer ratings aren’t the best, a lot of the bad reviews are caused because of the fees, which are more complex than your average platform. These fees aren’t the most expensive we’ve seen out there, however you can definitely find exchanges with smaller fees.
However the interface is very friendly so we can recommend it to beginners. If you can comply with the security requirements and can make bank transfers you can easily avoid a lot of fees when buying bitcoin.