UPDATE – Oct 2018
Our initial user experience of CEX Exchange left us a little frustrated as it was an exchange we had singled out at the time to sign up to. We had problems with their verification process, it took far too long. As it transpired it was at a time when the exchange was under huge pressure with the sheer volume of new applications.
CEX is a London based PLC (UK) and is registered with the ICO (UK & EU) and with FinCEN in the US. As with many trusted exchanges it applies KYC (know your client) and AML (anti-money laundering) policies which require users to verify their identity upon registration.
We have updated our CEX-IO exchange review accordingly:
Opening an account
On our first attempt (January 2018) we had so much trouble getting verified we gave up! The process itself was straightforward and in line with the method used by most exchanges to get verified but the time taken for their support to confirm the verification became ridiculous. Since that time we have now seen a much improved CEX-IO and so thought it only fair to revise our review.
The sign up is straightforward and requires users to provide CEX with an email address and telephone number. These both need to be verified and in addition a password is required to log in to your account. CEX provides 3 two-factor authentication methods, using either SMS (not recommended), automated phone call or through the Google Authenticator app.
A big plus for CEX-IO is the ability to use fiat and credit/debit cards to buy cryptocurrencies. In addition to a trading platform CEX-IO offers an instant exchange option for users to quickly and simply buy cryptocurrencies. This operates in a similar way to Chagelly exchange, and as with Changelly the costs are higher than those on a trading platform. CEX-IO also has a markets platform and users are more liley to use this method to buy or trade coins.
A number of mainstream coins are offered on the instant exchange. They are shown below and can be purchased with GBP, EUR or USD.
Unfortunately the trading platform is limited to the range of coins offered. At present this comprises:
- Bitcoin (BTC)
- Ether (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
In the company of an exchange such as Binance this list is very restrictive, but then Binance doesn’t have fiat options – yet! You can use the following methods to fund your CEX-IO account:
- Credit or Debit cards
- Bank transfer (includes SEPA)
- Via CryptoCapital accounts
In addition CEX is one of the few exchanges that allows withdrawals to your credit/debit card.
Types of Account
There are 4 types of account available:
- verified Plus
The basic account requires no KYC and AML to be completed but has restrictions including no fiat withdrawals. The daily deposit limit for USD and EUR is 1000 and for GBP it is 800. The monthly limits are 3000 and £2000 respectively. For all other accounts there is no limit restriction. Also, note a basic account cannot use bank transfers or CryptoCapital accounts.
CEX-IO offers its services to a vast array of countries. The following countries are those NOT supported: Afghanistan, Bosnia and Herzegovina, Burundi, Democratic Republic of the Congo, Central African Republic, Côte d’Ivoire, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, North Korea, Laos, Lebanon, Liberia, Libya, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Sudan, Syria, Tanzania, Tunisia, Uganda, Vietnam, Vanuatu, Yemen and Zimbabwe.
In addition the following US states are NOT supported: 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.
This information does change regularly and in addition CEX-IO imposes payment restrictions from time to time on various countries. Please check their website for updates.
CEX-IO does come in for criticism when their fees are reviewed. If you use their instant exchange service then the fees begin to become excessive – 7% in addition to the deposit fees. Having said that most users would favour the trading platform for this purpose, the fees are then greatly reduced. Below is a listing of their fees for deposits/withdrawals, other fees are dependant on whether you use the instant exchange or the trading platform.
Having had a bad experience with CEX-IO previously they have tried very hard to address the problems they knew they were experiencing and listened to their critics. Their Trustpilot score (5.5), whilst still not impressive, has increased over the past months since January when it was around 3.
CEX-IO exchange also suffers from bad reviews, especially on TrustPilot, but often these reviews need closer inspection and I suspect the overall rating is very much unjustified. Many other perfectly good exchanges with high ratings elsewhere receive very poor ratings on TrustPilot.
When it comes to money peoples’ anger will be at it’s highest and some of the comments are not the fault of CEX-IO. If a customer expects a bitcoin transaction to be immediate then they are not keeping up to date with the news in the crypto world! And the fees are there for all to see – you just have to look.
As our CEX-IO exchange review now illustrates, it is a solid exchange and has never lost Client funds due to being hacked. It is a great choice to move your fiat in and out but maybe Binance is a better fully featured trading platform.
- Choice of FIAT deposit methods including VISA/Mastercard
- Withdrawal to VISA/Mastercard
- Most Countries supported
- Easy interface – great for beginners
- Instant rate quoted to buy/sell
- Exchange rates maybe not as competitive
- Long verification completion (in our case)
- Poor reputation (not necessarily justified)