CEX is a regulated and multi-functional cryptocurrency exchange that has offices all over the world. The London-based crypto exchange has over 100 digital currencies and tokens, including Bitcoin (BTC), and Ethereum (ETH) listed on its website.
Established in 2013, CEX.IO started as a bitcoin mining company that shifted its focus to crypto exchange in the coming years.
Lets take a deep dive and see how CEX.io stands up against its competitors for customers from the UK.
What does CEX.IO do?
CEX.IO initially a Bitcoin cloud mining provider and hashing power marketplace, launched in 2013 based on their indigenous mining GHASH.IO. The company wanted to enable everyone to earn BTC rewards without breaking the bank on a mining rig.
CEX.IO has 3 tiers: Everyone, Traders, and Businesses. Their products and important factors such as fees depend on the qualification of the tier.
For starters, the “Everyone” tier has pretty much all the options for a person that is just ventured into trading and is new to the space. These features are fiat-to-crypto buying, a wallet to store your crypto, crypto lending, and having a stake in the exchange.
The next trier, ‘Traders’ adds spot trading and margin trading to the roster and the facility of trading from anywhere, on the go. This is evenly placed between low-volume beginners and very high-volume expert traders.
The ‘Businesses’ tier gives users access to CEX.IO PRIME, which provides services only to institutional investors.
Crypto Available in CEX.IO
CEX.IO has over 100 cryptocurrencies listed on its site. Even the smaller currencies are available to cryptocurrencies in the UK, making it easier for people to get exposure to upcoming tokens.
Earn rewards with crypto staking
One of the plus points of CEX.IO is its rewards program that pays the user in various currencies like Cardano, Solana, and Polkadot. The platform also offers Crypto Saving accounts with attractive interest rates.
Multiple trading options
CEX.IO has multiple trading interfaces to help users make the right trade. The user has a lot of information in the form of charts and types of orders that might overwhelm beginners, but the learning curve is small, and it is easy to get used to.
The instant buy option is also something to be looked at that makes buying crypto as easy as a 2 step process. The user has to select the type of crypto and the amount of crypto, depending on the speed of operation of the person, and the response time, the trade can be made in less than a minute. What instant buy saves in time is compensates in fee, with an astronomical 7% it is very expensive.
Margin Trading is also available for high volume traders that qualify for the “business” tier are provided institutional-level services with prime.
Low fees for spot trading
The fees on CEX.IO spot is one of its USPs. Charging a measly 0.25% for trades puts it at the lower end of trading fees for various exchanges. It is advisable to avoid the instant buy option to save yourself from the 7% fee, which is exorbitant. The withdrawal and deposit fees can be a lot for some, which can be worked around by using bank account transfers only.
CEX.IO has assorted the cryptocurrencies into different ‘tabs’ for better navigation and usage. Most sought-after cryptos can be found under “Majors”. You can explore Defi tokens by going to the “DeFi” tab. Not only that, but the platform also allows you to make a list of your own to help you trade better.
Cryptocurrencies being digital assets, are prone to cyberattacks that may wipe out some or all of the funds stored. Fortunately, CEX.IO passes the safety test with flying colors, as this exchange has never lost any of its customers’ cryptocurrency funds. The platform leverages the most advanced security to keep its assets safe, and the data is highly encrypted with most of the currencies are stored in cold storage.
CEX.IO calculates the trading fee on 30-day trading volume. It uses a Maker-Taker model that is common amongst crypto exchanges. For the unaware, if your order is filled immediately, a taker fee is charged, and if it’s not then a maker fee is charged.
The calculation happens at 12 AM every day. New and low-volume users will pay a 0.25% taker fee and a 0.15% maker fee.
Deposit and withdrawal fee
CEX.IO has minimum deposit requirements, and the crypto withdrawal fee varies from asset to asset. The platform offers a range of payment options, listed below. You can also pay through ACH, domestic wire transfer, Faster Payments, Skrill, Epay, and Advcash.
|Payment methods||Daily deposit(Min-Max)||Daily withdrawal(Min-Max)||Depositcommissions||Withdrawalcommissions|
|VISA||$20.00 — Unlimited||$20.00 — $50,000.00||2.99%||Service charge:up to 3% + $1.20
Commission:up to $3.80
|MASTERCARD||$20.00 — Unlimited||$20.00 — $2,500.00||2.99%||Service charge:up to 1.8% + $1.20
Commission:up to 1.2% + $3.80
|Google/Apple pay||$20.00 — $1,000.00||Not available||2.99%||Not available|
|S.W.I.F.T.||$300 — Unlimited
€300.00 — Unlimited
£300.00 — Unlimited
|$300 — Unlimited
€300.00 — Unlimited
£300.00 — Unlimited
|No fee||0.3% + $250.
3% + €250.
3% + £25
|ACH||Not available||$20.005 — $100,000.00||Not available||0%|
|Domestic Wire Transfer||$20.005 — $100,000.00||Not available||0%||Not available|
|Faster Payments||£20.00 — £250,000.00||£20.00 — £250,000.00||No fee||No fee|
|Sepa||€20.00 — Unlimited||€20.00 — Unlimited||No fee||No fee|
|Skrill||$35.00 — $10,000.00
€35.00 — €10,000.00
£35.00 — £10,000.0
|$35.00 — $10,000.00
€35.00 — €10,000.00
£35.00 — £10,000.00
|Epay||$20.00 — $10,000.00||$20.00 — $10,000.00||0%||1%|
|PayPal||$20.00 — $1,000.00||$20.00 — $10,000.00||Service charge:1.49%
|Service charge:1% + 5$/€/£
Commission:2% cap £10/€12/$16
|Trustly||$20.00 — $1,000.00||Unlimited||2.49%||0%|
Pros of CEX.IO
- Regulated and licensed: CEX.IO is a regulated and licensed platform that gives peace of mind to all users regarding the platform’s credibility.
- Provides an opportunity to earn crypto: The platform gives users rewards if they buy a stake in a cryptocurrency and hold it for a long period of time.
- Offers crypto-collateralized loans: Users can put their crypto as collateral if they need fiat currency.
Cons of CEX.IO
- The offerings and the interface: CEX.IO offers a wide range of features for different segments, some might find the interface tough to use and the information difficult to digest.
- Lower liquidity than other leading global exchanges: The platform gives lower liquidity than its counterparts.
- Complicated fee structure: Deposit and Withdrawal fees, Instant buy fees can drive away people.
- Many features are unavailable to U.S. customers
- Verification takes a lot of time and effort.
- Lack of informative and educational content.
- Supports cryptocurrencies: CEX.IO supports more than 100 digital currencies and tokens, but that falls very short of the 250 tokens offered by its rivals.
CEX.IO is a good crypto exchange platform aimed at an intermediate level that can digest loads of information and use it to make the right trade. The interface can be a tough nut to crack for some, but it is easy to get used to. If you are someone that wants to trade the biggest cryptocurrencies, then the platform will suit you.