Cex.io – Review Introduction
Keen to trade cryptocurrency but not sure how to start? With the right broker, you can make the process as stress-free as possible.
But with so many sites (and scams) on the market, which is the best platform for you?
Describing itself as ‘the easiest and most secure platform to buy and trade cryptocurrency,’ Cex.io was launched in 2013. Since then, it’s won four million users and become one of the go-to trading sites for crypto investors around the world.
If you’re wondering ‘what is Cex.io,’ you’re in the right place. We’ve put together a complete Cex.io.com review to help you decide whether it’s the best broker for your needs.
Cex.io Quick Summary
Depending on their requirements, clients can choose between three proprietary software products:
- Cex.io, an online marketplace where you can buy, sell or trade a range of cryptocurrencies.
- Cex.io Broker, a brokerage service that enables you to trade cryptocurrencies via CFDs (contracts for difference, a financial derivative that states a buyer must pay the difference between an asset’s opening and closing price).
- Cex.Direct, a product that enables businesses to give their customers access to crypto assets.
Cex.io is registered with the Financial Crimes Enforcement Network (FinCEN) and follows KYC and AML policies. These stand for Know Your Customer and Anti-Money Laundering and refer to regulations that are put in place to prevent fraudulent activities on financial exchanges.
Who Cex.io is For?
Cex.io caters to customers in most countries worldwide (although there are location restrictions for certain payment methods). Can you use cex.io in the UK? You sure can. Its offices are located in the UK, US, Ukraine, Cyprus, and Gibraltar.
The platform accepts both retail and institutional investors. Retail investors trade for their own personal accounts, while institutional investors usually manage trading accounts on behalf of clients.
Cex.io and the Cex.io Broker platform are both suitable for retail investors. Cex.Direct, on the other hand, has been developed to help businesses find crypto assets for customers.
When writing this Cex.io review, we were impressed by the platform’s low minimum deposits. $100 is usually considered a low deposit, so we were pleased to see that the broker accepts minimum deposits of just £20 / €20 / $20. Although this will depend on your chosen payment method, it makes Cex.io an accessible platform for beginners or those with limited budgets.
Another great feature is the demo account for Cex.io Broker. This enables inexperienced traders to hone their trading strategy and get familiar with the software before endangering their real funds.
Cex.io Company Information
The company behind Cex.io has been running since 2013, making it one of the oldest cryptocurrency exchanges on the market. Technically, Cex.io is now a group of global businesses that operate under the collective title Cex.io Ltd.
Cex.io Ltd is licensed in various jurisdictions, including with the US Department of the Treasury and the Gibraltar Financial Services Commission (GFSC). It’s currently applying for a digital payment token service license from the Monetary Authority of Singapore.
The company is also one of the founders of CryptoUK, an organisation that launched in 2018. CryptoUK aims to foster collaboration between cryptocurrency companies and UK regulators, helping to create an operational framework for crypto businesses.
Cex.io is one of the biggest names in the business, so it’s no surprise this cryptocurrency exchange comes with a host of advantages. Here’s our Cex.io pro review:
- It’s one of the oldest Bitcoin exchanges, which means it has been tried and tested.
- The low minimum deposit of just £20 is accessible to beginners.
- The Cex.io mobile app is available for both iOS and Android.
- There is a demo account available for Cex.io paper trading (the industry term for practice trading).
- There is a range of software products to suit a variety of investors.
- Cex.io Ltd is regulated in several jurisdictions.
- The company offers 24/7 support to customers.
- You can make instant deposits via your credit or debit card.
- Margin trading available for cryptocurrencies.
- Cex.io has been ranked as the third safest cryptocurrency exchange in the world by CryptoCompare.
- You can trade different cryptocurrency pairs as well as crypto/fiat trading pairs.
There are many upsides to using Cex.io, but no platform is perfect. If you’re still wondering how to use Cex.io, check our list of cons before making your decision.
- Depending on your chosen payment method, there can be high withdrawal fees.
- The company only accepts four fiat currencies (GBP, USD, EUR, and RUB).
- Cex.io has a temporary registration with the Financial Conduct Authority (FCA), but this will expire in July 2021. The FCA is the UK’s leading financial regulator.
- You can trade over 80 cryptocurrencies, but this might feel limiting to experienced investors.
- The platform isn’t compatible with the famous MetaTrader software.
After completing our Cex.io exchange review, we found that the website, broker platform, and mobile app were relatively easy to use.
As you would expect from a company that’s available in 99% of the world, the Cex.io website is available in the following languages:
The site is easily navigable, with a comprehensive breakdown of its different products, tools, and services.
The Cex.io trading platform is available for both crypto trading and exchanging. It facilitates a variety of trading capabilities, including margin trading, spot trading, and leveraged CFDs. The trading view is relatively straightforward, with a choice between a light and dark mode depending on your preference.
You can navigate to your chosen cryptocurrency pair (or crypto/fiat pair) using tabs at the top of the screen to start trading. Although Cex.io is predominantly a cryptocurrency trading platform, you can also access Cex.io free stock UK trading, as well as forex and a selection of commodities.
The interface is intuitive. By default, it will display candlestick charts, but you can configure these to suit your needs. The tabs that display different assets will turn red or green to reflect real-time price changes.
As we mentioned earlier in our Cex.io review, the mobile app is available for iOS and Android, making it easy to trade on the move. The trading platform is available as an app for your computer or tablet, but it’s also possible to use Cex.io for desktop without downloading the software.
Cex.io Trade Experience
Your trade experience will ultimately depend on whether you use the Cex.io exchange or its proprietary Broker platform. Although the MetaTrader software isn’t available, Cex.io’s own software is highly customisable, and the company provides a range of API (application programming interface) solutions that enable you to automate your trades.
If you want to use Cex.io Broker, you’ll have the option to buy or sell cryptocurrency via FOK orders. This stands for fill-or-kill, which means the platform will execute your orders according to preset conditions. Cex.io promises reliable order execution thanks to its advanced algorithms and high-liquidity order book.
The Cex.io trading platform is suitable for more experienced investors. This facilitates cross-platform trades so you can link your desktop software with the mobile app and any APIs.
Cex.io Crypto Trading
We’ve looked at the trade experience in general, but how does Cex.io work when it comes to crypto?
Cex.io currently enables you to trade 82 different cryptocurrencies. These are mainly cryptos that are counted amongst the world’s top 100 digital currencies by market cap.
Some crypto assets that are available on Cex.io include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Tether (USDT)
- Polkadot (DOT)
- Ripple (XRP)
But it’s not all about learning how to buy Bitcoin on Cex.io. One of the great things about this platform is that you can trade cryptocurrency pairs. (Not every online broker offers this).
However, it’s worth noting that there are currently just eight pairs available. These are:
Cex.io App for Mobile
The Cex.io mobile app was released in 2015 and is available for both iOS and Android devices. Based on our Cex.io app review, we found the application has an intuitive interface that closely resembles the desktop platform. You can use both apps in conjunction to facilitate cross-platform trading.
The app has various functions, enabling users to make crypto deposits, view their balance, and place market orders. We particularly liked that the app will automatically notify you of significant price changes or market updates.
However, its features are limited when compared to the online desktop service. For example, margin trading isn’t available, which means you probably won’t be able to rely exclusively on the app.
Cex.io Deposit and Withdrawals
Cex.io offers a variety of deposit and withdrawal options, depending on your chosen currency. No matter which payment method you choose, you’ll always be able to make deposits and withdrawals using the same method. This isn’t always the case. Many brokers place different restrictions on deposits and withdrawals, which can become confusing.
For GBP payments, you can use the following:
- Bank transfer
- Faster Payments Service
Customers using EUR, USD, or RUB have slightly different options, but Visa and MasterCard payments are available to everyone. If using a credit or debit card, Cex.io will process your deposits instantly.
Please note that you can’t withdraw any cryptocurrency for the first 48 hours after creating your Cex.io brokerage account.
Cex.io also charges transaction fees for using its Broker software as well as deposit and withdrawal fees. Every time you open a new order, you’ll be charged a flat fee of 0.05%.
You’ll also be charged a rollover fee if you decide to keep your position open. This fee is usually 0.06% every 24 hours, which can quickly add up. This means Cex.io Broker isn’t necessarily a great choice if you plan to hold long-term cryptocurrency trading positions.
The good news is that the Cex.io trading platform doesn’t charge a fee if you make your deposit by bank transfer, providing you pay using GBP, USD, or EUR. A fee of 0.5% is applied for RUB bank transfers. It’s not possible to withdraw RUB funds by bank transfer, so withdrawal fees are not applicable.
It’s generally agreed that Cex.io UK charges higher fees than other online brokers. Despite the detailed breakdown of deposit and withdrawal fees on the website, some customers have come across unexpected fees whilst using Cex.io Broker.
For example, there is a flat 7% fee for using the service, no matter the size of your deposit or the length of your trading position.
It’s easy to sign up for a Cex.io account. Although some people say the verification process is too long, this is to comply with the company’s KYC and AML processes and shows that the brokerage is well-regulated.
To create your Cex.io account, the first step is filling in the online form on the Cex.io website. This asks for some basic information, including your name, email address, and country of residence. You will need to accept the terms and conditions and set a password to continue.
Once you’ve filled out the form, you’ll receive a confirmation link by email. This will lead to a portal where you can confirm your identity and complete the application process. Cex.io requires you to verify your identity and address, which you can do by uploading images of documents, such as:
- Government ID
- Bank statement
- Utility bill
The length of the verification process can vary depending on the documents you choose. But after Cex.io has confirmed receipt of your identification, you can start trading.
Cex.io Educational Resources
The lack of educational resources on the Cex.io website is one of the broker’s stumbling blocks. There is a reasonable range of informational pages, but it’s quite difficult to find these simply by browsing the site.
Most of the information is specific to trading with Cex.io, rather than providing a lot of background information about the cryptocurrency market in general.
On the plus side, Cex.io does offer a demo trading account. This can provide an invaluable introduction to the world of cryptocurrency trading if you’re a complete beginner.
Cex.io Customer Service
Cex.io offers comprehensive customer service. Unlike other platforms on the market, its customer support is available 24/7.
If you have a straightforward question, you may find your answer by checking the online help centre. This library of articles covers everything from enabling two-factor authentication to troubleshooting your mobile app. Unlike the website, the help centre is only available in English or Russian.
If you need to speak to a company representative, you can send an email or give the team a call. On its website, Cex.io lists phone numbers for its English, American, and Gibraltar offices.
Cex.io Reviews and Reputation
Because Cex.io has been in operation since 2013, it’s had almost ten years to build its reputation. On Trustpilot, the company has an ‘excellent’ average rating of 4.7 out of 5. 74% of its 11,540 reviews are rated ‘excellent,’ and 12% are rated ‘great.’
Having great reviews is one thing, but how secure is Cex.io? Is Cex.io safe, or should you be skeptical?
When we started to review Cex.io, we specifically searched for signs of strict security and user protection against hackers. Thankfully, Cex.io places a strong emphasis on its customers’ safety and claims to have lost 0% of its clients’ funds since its launch in 2013.
The broker uses both hot and cold storage wallets to store your cryptocurrency. Hot wallets are digital wallets stored on your computer, while cold storage wallets are physical hardware devices. Cold wallets are generally a lot more secure as they’re impenetrable to hackers who can steal funds through the web.
As part of the Federal Deposit Insurance Corporation program (FDIC), the broker’s US customers will also benefit from up to $250,000 insurance protection for added peace of mind.
So, is Cex.io legit? At Cryptoholics, we think Cex.io is a reputable option for anyone who wants to start trading cryptocurrency. Offering CFDs across 82 crypto assets and eight crypto pairs, it’s an accessible platform that’s available all over the world — and has four million customers to vouch for it.
Did you find our Cex.io review helpful? If so, open your Cex.io brokerage account today.
Is Cex.io trustworthy?
Yes, Cex.io appears to be trustworthy. The broker is regulated under several jurisdictions and has built a strong reputation over the last eight years.
What can I trade on Cex.io?
You can trade 82 crypto assets and eight different cryptocurrency pairs.
Can you make money with Cex.io?
Trading cryptocurrency isn’t a reliable way of making money, but it’s certainly possible to make money with Cex.io if you have a reliable strategy.
How secure is Cex.io?
Cex.io enables two-factor authentication for its customers and uses a combination of hot and cold storage wallets.
How do I withdraw money from Cex.io?
There are several options for withdrawing money from Cex.io. These include Visa, MasterCard, bank transfer, and a variety of online wallets.
Where is Cex.io based?
Cex.io is headquartered in London, England.
How does Cex.io make money?
Cex.io makes money via commissions and trading fees. It charges fees for making transactions, opening positions on the Broker software, making deposits, and withdrawing crypto funds.
How can I deposit into a Cex.io account?
You can deposit funds into a Cex.io account via Visa, MasterCard, bank transfer, or a variety of online wallets. Your available payment methods will depend on your country of residence.
How long does it take to withdraw from Cex.io?
The amount of time it takes to withdraw will depend on your chosen payment method. Bank transfers may take up to five working days.
Is Cex.io a wallet?
Cex.io is an online broker. It uses wallets to store your funds within its trading platform.
What is the minimum lot size at Cex.io?
The minimum lot size is 20 units of your chosen currency.
When does a margin call take place at Cex.io?
At Cex.io, a margin call takes place when your margin level reaches 75%.
What is the maximum leverage offered by Cex.io?
Cex.io offers trading with up to 100% leverage.
How do I open an account with Cex.io?
To open an account, you’ll need to fill in the online registration form. Once you’ve applied for your account, Cex.io will ask you to verify your identity and address by uploading photocopies of identifying documents.
What trading platforms does Cex.io offer?
Cex.io offers its proprietary trading platform and Broker software.
Is Cex.io an ISA?
No, it’s not an individual savings account.
Do I pay tax on Cex.io?
You may need to pay tax on the money you make via Cex.io, depending on your taxation laws.
Is Cex.io legal in the US?
Yes, Cex.io is regulated in the US.
Can you use Cex.io in the UK?
Yes, you can use Cex.io in the UK.
How much is the Cex.io minimum deposit?
The minimum deposit is £20 / €20 / $20.
What are the Cex.io market hours?
The cryptocurrency market is open 24/7, so the Cex.io market hours are 00:01-0:00.