I tell you the tips, compare CEX.IO to three alternatives, and explain important things, such as fees. So check out this new CEX.IO review right now.
Or if it’s your personalized recommendation from my website homepage and you’re in a hurry, here’s the link to CEX.IO. Keep in mind though that US-based persons can’t withdraw fiat money. But I give a workaround in the tips section.
As a bonus, I share with you two types of important information that can help you.
First, I share important information about affordable cybersecurity device.
Second, I share important information about credit card cryptocurrency purchases. This important information applies to every company.
Plus, there’s a bonus tip after the summary.
Disclosure: this page has affiliate links that may make me money. But the content is objective and trustworthy.
Summary Of This CEX.IO Review That Takes Little Time To Read
Overall, it’s a decent exchange for three reasons. They’re listed below.
- First, it’s legitimate because it has government registrations.
- Second, it’s safe because it has good security features.
- Third, it’s card purchase fee is the lowest among cryptocurrency exchanges. It’s 2.99%.
But like every other cryptocurrency exchange, it has issues. They’re listed below.
- CEX.IO bank transfer minimum is one thousand dollars. You can’t transfer less than that via this payment method.
- Bank transfer can take between 2 to 60 days.
- It’s trading platform is good but not the best. So you can use another exchange for trading.
The best exchange for trading has higher fiat conversion fee though. That’s why it makes sense to open accounts at both of them. By the way, I’ll name this exchange at the end of this CEX.IO review.
So please read the first two tips, register on CEX.IO, and use it as a fiat money conversion tool.
Fees Speed Ease Of Use Customer Support
Bonus Tip If You Decide To Use Bank Transfer
Make sure CEX.IO bank doesn’t charge you currency conversion fee. In your banking interface, Indicate “DO NOT CONVERT” with your order number. Find order number in “Your Reference” line. Then write “DO NOT CONVERT” before the order number.
US States Where CEX.IO Is Unavailable
- North Carolina
- New Mexico
- New Jersey
- New Hampshire
- North Dakota
- U.S. Virgin Islands
- New York
If you live in one of these states, please check out my review of Bitit. That’s the second cheapest way to buy bitcoin instantly with debit card or credit card. You may also want to check out 5 Best GDAX & Coinbase Alternatives if you intend to trade.
2 New Tips About CEX.IO Withdrawals You Better Know Now
1) There are many deposit and withdrawal methods on CEX.IO. One of them is Crypto Capital. Avoid it. Many people have legitimate complaints against it. So refrain from giving in to an urge to use it for free USD or EUR deposit. Or your money would be stuck in Crypto Capital for months.
Keep in mind this tip at all times. This company does business with many exchanges. So regardless of whether you choose to do business with CEX.IO or not, you may have an option to use Crypto Capital.
2) It’s impossible for US-based persons to withdraw fiat money from CEX.IO. The only exception is US person who has a credit or debit card issued in another country. But every US-based person can withdraw cryptocurrency.
You don’t need CEX.IO to convert cryptocurrency into fiat money though. You can sell your BTC at Bitquick for USD with 0% trading fee. The only fee you pay there is Bitcoin network fee, also called mining fee. It’s charged by Bitcoin network though, not Bitquick.
This company is a bitcoin peer-to-peer marketplace. So Coinbase closed accounts of people who sold their BTC there. For this reason, it’s best to transfer BTC to your own wallet before transferring it there. While there are no reports of CEX.IO closing accounts for this reason, that may change.
Legally speaking, if a person sells BTC for USD to another person in the USA, he operates as a money services business. Many US states require a license for that. For this reason, many exchanges monitor transfers to bitcoin peer-to-peer marketplaces, even though they are perfectly legal.
So it’s best to transfer BTC to your own wallet before transferring it to Bitquick. If your wallet generates a new address for each new transaction, then CEX.IO won’t know you’re selling BTC on Bitquick. Most wallets do that. But if you aren’t sure whether you wallet does that, you can download Electrum.
By the way, it’s fairly safe to sell BTC for cash. Many people are selling BTC for USD without a money services business license without any problems.
Now that you know the most important tips, you can continue to the next step.
1 New Tip About Best Time To Register On CEX.IO Website You Better Know Now
If you decide to buy BTC when it’s skyrocketing, you may end up waiting for a long time. In this case, the time to be verified may exceed one month. So the best time to register on CEX.IO website and be verified is when BTC is stagnant.
This way you won’t have to wait for long. But first check whether CEX.IO is available in your state.
Is CEX.IO Safe Or Is It A Scam?
CEX.IO is regulated and registered in both USA and UK. In USA, it’s registered with The Financial Crimes Enforcement Network (FinCEN) as a money services business. In UK, where it has physical location, it’s registered with the Information Commissioner’s Office as a data controller.
These government registrations differentiate it from other cryptocurrency exchanges. Most of the crypto exchanges are completely unregulated. While it allows them to avoid verifying new users, the founders of these exchanges may disappear with user’s funds even tomorrow.
This is much less likely to happen at CEX.IO bitcoin exchange because its founders would be held accountable. After all, if you’re intending to run with user’s funds, why register with government organizations that can find you?
Considering the above, it becomes clear that CEX.IO is a safe, legitimate company, definitely not a scam. However, its government registrations caused issues with withdrawals. As a result, some people called CEX.IO a scam. This complaint is the most common one. I describe it in detail below.
Frequent Complaint #1
You’ll find many complaints from people who had their fiat money withdrawal delayed. Many of them called CEX.IO a scam in response to these delays. Many of them have later posted that they got their money. The rest of them probably got their money too but didn’t post about it.
Fiat money withdrawal is a common issue among cryptocurrency exchanges. In all my hours of research, I haven’t found a single exchange that didn’t have this problem. Every single exchange has been accused of being a scam because of this problem.
Some people even threatened to report them to authorities, only to post later that they got the money. So please refrain from being one of those quick-tempered people if you experience a long delay.
If you experience this delay, they may ask you for additional documents. This may happen if you’re trying to withdraw more than ten thousand USD. If you refuse to provide these documents, they wouldn’t be able to release your funds.
US law prohibits them from doing so when transaction has been flagged as suspicious. They don’t even have any say over this. Transactions are flagged as suspicious by payment processors after being screened against FinCEN’s red flags.
While you may think there’s nothing unusual about your transaction, payment processor may think otherwise. Government and bank officials say that cryptocurrencies are used for money laundering. So when there’s a large transaction from a crypto exchange, it’s a FinCEN’s red flag.
Frequent Complaint #2
When bitcoin and other cryptocurrencies were skyrocketing, a record number of users registered. As a matter of fact, so many people registered on CEX.IO that they had to disable new user registrations.
This popularity caused huge backlogs of customer support requests. As a result, people complained about bad customer service. However, I wouldn’t be so quick to call their customer service “bad”.
They replied to each of my last two emails in less than an hour. That’s probably because it was a time of low volatility in cryptocurrency market. Not that many people were registering on cryptocurrency exchanges. So if you’re contacting CEX.IO when BTC is peaking, expect a longer wait time.
Frequent Complaint #3
Some complained about CEX.IO cryptocurrency prices. They were indeed higher than market average. However, CEX.IO has slashed them. Now they are at the market average.
Frequent Complaint #4
Some people complained that CEX.IO didn’t help them recover Bitcoin Cash sent to Bitcoin address. While it’s possible to get Bitcoin Cash sent to Bitcoin address, all exchanges refuse help for that. That’s also stated on every exchange in plain English that you should send BTC only to BTC address.
Is CEX.IO Secure Or Not? And What Are Its Security Features?
CEX.IO website was never hacked even though it has been in business since 2013. Websites of many major cryptocurrency exchanges were hacked. So it’s also one of the most secure exchanges.
Most cryptocurrency funds are stored in cold storage. That’s the safest type of crypto storage.
However, no exchange wallet is as safe as a hardware wallet. So it’s best to keep your crypto assets in your own hardware wallet. That’s recommended by cryptocurrency experts. So please do yourself a favor and check out the best hardware wallet right now. Please see how affordable it is right now.
But be careful when buying a hardware wallet. Some third party sellers pre-configured scam wallets, sold them to unsuspecting people, and took their crypto assets. So buy it only from the manufacturer. So please visit and bookmark this link right now because it’s the official manufacturer website.
CEX.IO is compliant with The Payment Card Industry Data Security Standard (PCI DSS). This compliance shows that they can safely store, transmit, and process cardholder data. In 2016, they upgraded their PCI DSS Certificate to Level 2, which is one of the best security standards in payment industry.
Furthermore, the organization that oversees these certificates mandates an annual audit. So you can be sure that CEX.IO will have excellent security because it’s required for them to stay compliant.
In order for them to stay compliant, they must do a lot of security work. First, they must maintain a secure network. Second, they must regularly test and monitor their networks. Third, they must implement serious access control measures. Fourth, they must run a vulnerability management program.
In short, their PCI DSS compliance is good news, just like other security features they employ. One of them is two-factor authentication. You can set it up for your CEX.IO account with Google Authenticator.
Plus, each time a new withdrawal is initiated, two things happen. First, a new sending wallet is created. Second, you’re asked to confirm a withdrawal through the link sent to your email.
On top of all the above, you’re notified by email of all account logins. You can also view the history of all account logins and other account activity on CEX.IO website.
Bonus Tip Regarding Security Features
CEX.IO provides excellent security security features. But they won’t save your assets if your email account isn’t secured. If that isn’t done, hackers could take over your email account and pretend to be you. But there are cybersecurity devices that can protect your email and other online accounts.
These devices, called security keys, provide the highest level of 2FA security. Google and other major corporations use them. The best brand of these devices, used by Google and other tech companies, is Yubico.
Luckily for you, Yubico devices are affordable. So you can buy two to have a backup device. Please take this advice seriously because many people couldn’t reset their 2FA and lost access to their assets. Avoid becoming one of them. See how affordable Yubico devices are now.
CEX.IO Fees For USD Deposits And Withdrawals
|Payment Method||Deposit Fee||Withdrawal Fee|
|Visa||2.99%||up to 3% + $5|
|Mastercard||2.99%||up to 3% + $5|
CEX.IO Fees For EUR Deposits And Withdrawals
|Payment Method||Deposit Fee||Withdrawal Fee|
|Visa||2.99%||up to 1.2% + €5.00|
|Mastercard||2.99%||up to 1.2% + €5.00|
CEX.IO Fees For GBP Deposits And Withdrawals
|Payment Method||Deposit Fee||Withdrawal Fee|
|Visa||2.99%||up to 3% + £5.00|
|Mastercard||2.99%||up to 3% + £5.00|
CEX.IO Fees For Cryptocurrency Deposits And Withdrawals
You can deposit cryptocurrencies for free. You can withdraw them by paying the usual network fees.
CEX.IO Verified Account Limits For USD Deposits And Withdrawals
|Bank transfer||1 transaction|
|USD withdrawal via bank transfer is unavailable.|
|Crypto Capital||1 transaction|
CEX.IO Verified Account Limits For EUR Deposits And Withdrawals
|Bank transfer||1 transaction|
|Crypto Capital||1 transaction|
|SEPA||EUR deposit via SEPA is unavailable.||min €100|
CEX.IO Verified Account Limits For GBP Deposits And Withdrawals
|GBP withdrawal via Visa is unavailable.|
|Bank transfer||1 transaction|
|GBP withdrawal via bank transfer is unavailable.|
|Crypto Capital||1 transaction|
CEX.IO Trading Fees
|Taker Fees||Maker Fees|
|≤ 5 BTC: 0.25%|
≤ 30 BTC: 0.23%
≤ 50 BTC: 0.21%
≤ 100 BTC: 0.20%
≤ 200 BTC: 0.18%
|≤ 5 BTC: 0.16% |
≤ 30 BTC: 0.15%
≤ 50 BTC: 0.13%
≤ 100 BTC: 0.12%
≤ 200 BTC: 0.1%
2 Other Important Facts About CEX.IO Withdrawals And Deposits
- Fiat money deposits may take up to fourteen banking bays to show up in your account.
- For two days after a new account is created, withdrawals are prohibited for security reasons.
Ten cryptocurrencies are available on CEX.IO. They’re listed below.
- Bitcoin Cash
- Bitcoin Gold
- Gemini Dollar
2 Issues That Affect All Credit Card Cryptocurrency Purchases At All Exchanges
- Your bank may charge you $10 or 5%, whichever is greater. Banks charge this fee only for credit card purchases. Debit card purchases of cryptocurrency are free from this cash advance fee.
- Some banks block credit card cryptocurrency purchases. To find out if your bank blocks this type of purchases, Google “your bank name + blocks cryptocurrency purchases”.
What Does Reddit Community Think About CEX.IO Bitcoin Exchange?
You probably saw the title “CEX.IO 2018 Review – Why Reddit Users are Complaining About this Bitcoin Exchange?”. But if you read that article, you would know that few Redditors have legitimate complaints. Below I analyze Reddit post mentioned in that article and two other Reddit posts not mentioned there.
Reddit Post #1
One Redditor was scared by CEX.IO bank account in Eastern European country. So other Redditors mocked him for a good reason. An account at Lithuanian bank doesn’t turn CEX.IO into criminal organization.
None of major Western banks would do business with any cryptocurrency-related entity. The only choice for such entity is to do business at a lesser-known Eastern European or Asian bank.
Reddit Post #2
Another Reddit post titled “CEX.IO has STOLEN my money” isn’t any better than the one above. After waiting for two weeks for money to appear on his CEX.IO account, the guy writes about pressing charges. Eventually, he posts that he got his money on the 31st day of waiting.
For crypto exchanges, one month wait for fiat money deposit is acceptable. Other exchanges sometimes take longer than that. You already know why if you read Frequent Complaint #1 above.
If you didn’t, read it now. So I’ll simply say that fiat money deposits are for the most part beyond exchanges’ control. The risk of delay is especially high for amounts larger than ten thousand USD.
Reddit Post #3
Another Reddit post mentions the fact that CEX.IO was removed from one website’s top exchanges list. This is the same website that has article with the title “CEX.IO Review – Scam WARNING!”. The warning states that CEX.IO refuses them withdrawals without verification.
Even if you haven’t deposited any fiat money, you’re required to be verified before using it. The new crypto regulations prohibit CEX.IO from releasing users’ funds before they are verified. CEX.IO bitcoin exchange is simply following government regulations.
Reddit Community Opinion: Conclusion Of This Section
Most of Redditors’ responses to those posts were in favor of CEX.IO. Many Redditors say that it works for them without problems. Posts from those Redditors got upvoted many more times than negative posts.
This is an encouraging sign. Reddit has an excellent moderation system. It’s effective at weeding out shills. And when a shill occasionally escapes moderation, you can easily identify him.
You can identify a Reddit shill in 3 steps: 1) go through the history of his posts; 2) check whether he posted more than one positive comment about the same company; 3) check whether he posted comments about other companies.
Using this method, I checked every Redditor who wrote something positive. None of them posted more than one positive comment about CEX.IO. And every single one of them posted many comments about companies in other industries. So CEX.IO didn’t hire shills to promote itself on Reddit.
Here’s How CEX.IO Verification Works: 6 Easy Steps You Can Do Right Now
1) Register on CEX.IO. You can do this in two ways. First, you can enter your email and create password. Second, you can log in with Google, Facebook, VKontakte, or GitHub.
2) Confirm your email and phone number. You’ll receive email with a link to click to confirm your email address. You’ll also have to confirm your phone number. That’s easy to do too.
3) This step is optional. But I recommend it to secure your account. Enable two-factor authentication. You can do this via a phone call, text message, or free Google Authenticator app. I recommend that you use this app because it is more secure than a text message.
4) Upload your ID and photo of yourself holding your ID.
5) Enter your personal information, including your address.
6) Upload proof of residency document with your address. CEX.IO verification supports many documents for this purpose. Some of them are electricity bills, bank statements, and tax returns. This document must have a date of issue and be addressed to your home address.
Here’s How To Get CEX.IO Verified Plus Account: 4 Easy Steps You Can Do Right Now
Do the steps below to get this verification level.
1) Log in to your CEX.IO account.
2) Click on “Finance” link at the top left of the screen.
3) On the new page, click on “Limits and Commissions” tab and then click on “Request” button. After you clicked on “Request” button, you’ll get an email.
4) Do the steps described in the email.
Here’s The Email You’ll Get From CEX.IO:
Verified Plus Account Request
Thank you for requesting an upgrade to Verified Plus account, which provides increased limits for deposit and withdrawal transactions.
As you well know, CEX.IO is working in accordance with strict AML/CTF compliance rules. Increased transaction limits imply increased scrutiny and enhanced verification measures, including verification of source of customer’s funds and determination of nature of business relationship between you and CEX.IO.
To do so we kindly ask you to download, fill in, sign and send us back the application form for Verified Plus account [this text in the original email has a link]. Make sure you are logged into your CEX.IO account before clicking the link.
Please complete all fields of the form. If any field is not applicable to you, put “N/A” in such field, so we will know that it was not missed. Note that completeness of the form is crucial for timely processing of your request.
In addition, to support information provided in the application form, we ask you to provide us with documents that confirm origin of your funds (also known as proof of source of funds).
A proof of sources of funds is any documents that explain where the funds used for deposit (both in crypto and fiat) are originated, i.e. acquired from third party.
That could be your bank statement showing receiving of funds from third parties, payslips, loan agreement, mining transaction history, screenshots from other exchanges confirming arbitrage activity, etc.
In some cases, we may also request you to provide us with documentary confirmation not only of source of particular funds, but also with confirmation of source of your wealth.
We sincerely hope for your understanding and cooperation.
Wait Time For CEX.IO Verified Plus
According to CEX.IO forum and Reddit, the wait time ranged between two weeks ago and two months. In some cases, it was even longer. However, CEX.IO addressed such long wait time in two ways.
First, they temporarily disabled new user registrations. Second, they hired more people.
After they hired more people and sorted out the backlog, they re-enabled new user registrations. So current wait time for CEX.IO Verified Plus verification is likely to be shorter.
CEX.IO Review Continued: How Does it Compare To Coinbase, Kraken, And Binance?
Overall, CEX.IO is better than both Coinbase and Kraken. But it’s best to see how it’s better and how it’s not better. In this section of CEX.IO review, you’ll find all this and more.
First, keep in mind one important fact. Unlike Coinbase and Kraken bitcoin exchange, it does not allow fiat money withdrawals for US-based customers. They can withdraw only cryptocurrency unless they have a credit or debit card issued in a foreign country.
But I gave you a workaround above. If you missed it, here’s a jump link to that workaround.
While CEX.IO does outshine Coinbase and Kraken, it’s not the best choice for trading. Number one choice is Binance exchange. It has lowest fees, fastest trading platform, and hundreds of trading pairs. Deposits and withdrawals are some of the fastest in the industry too.
CEX.IO Vs Coinbase Detailed Comparison You Need To Know
For bank transfer deposits, CEX.IO is definitely better. These deposits are free. But you have to pay CEX.IO trading fee. This fee is only 0.25% for purchases of less than five BTC. Coinbase, on the other hand, charges 1.49% fee.
Both CEX.IO and Coinbase have Android mobile apps and are beginner-friendly. But CEX.IO has nine cryptocurrencies, while Coinbase has only five cryptocurrencies.
Coinbase will track your cryptocurrency. So if you make a transaction they find questionable, they will close your account. Many somewhat legitimate transactions can likewise lead to account closure. So Coinbase operates like an evil bank. CEX.IO, on the other hand, operates like an actual exchange.
Another Coinbase issue is constant US government intrusion. Since IRS won a case against Coinbase, this exchange has become a bad place for any privacy-conscious person. While CEX.IO does routinely provide information to US government too, it’s mostly for money-laundering prevention.
CEX.IO Vs Kraken Detailed Comparison You Need To Know
CEX.IO is better than Kraken bitcoin exchange for many reasons. So please continue reading this CEX.IO review to find them out.
Kraken service outages is one of the reasons. They call these outages ‘partially degraded service’. But during one of these ‘partially degraded service’ outages in 2017, almost none of the website worked. You could only check your balance. So it wasn’t ‘partially degraded’ like Kraken website claimed.
Kraken website did get better in 2018 though. But I still wouldn’t recommend it because it has a history of technical problems not only in 2017. One of them is slow website speed.
CEX.IO is free from these technical problems. Plus, it has mobile apps for both Android and iOS devices. These mobile apps have every function their website has. Kraken has no mobile apps.
CEX.IO is better than alternatives. While you may encounter issues there, they are less serious than the ones at Kraken or Coinbase. So you can sign up for it right now.
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