Table of Contents
Introduction
CEX.IO is a renowned crypto exchange platform that was initially known for its cloud-mining brand, GHash.IO. However, when the profitability of mining began to decline, the platform made a swift transition to become a global crypto exchange. With its background in mining, CEX.IO offers a well-designed and user-friendly platform that caters to both beginners and experienced crypto enthusiasts.
In terms of security, CEX.IO leaves no room for compromise. The entire site is SSL encrypted, ensuring that all web pages are secure. Multi-factor authentication is required for any interaction with the trading platforms, and all connections enjoy 256-bit AES encryption. Additionally, over 99% of users’ crypto assets are held in offline cold storage, providing an extra layer of protection. However, it is advisable for users with large holdings to invest in top crypto hardware wallets for full control over their assets.
How to Trade on CEX.IO
Opening an Account
Signing up for an account on CEX.IO is a simple process. Users are required to provide their name, email address, country of residence, and choose a password. After submitting this information, users need to verify their email address by entering a confirmation code received via email. Once the account is open, users can explore the CEX.IO platform. However, a full registration is necessary to engage in trading activities, as CEX.IO does not support DeFi principles.
Three-Level Account Verification
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Name Verification: Users can start trading by verifying their full name. This requires uploading a government-issued photo ID document appropriate for their country of residence. CEX.IO provides a list of suitable documents for each country on its website.
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Address Verification: Once the personal ID is verified, users are assigned fixed deposit and withdrawal limits. At this stage, users can choose to continue trading or proceed to the next level of verification, which involves verifying their permanent address. Successful completion of this enhanced verification process automatically increases deposit and withdrawal limits.
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Enhanced Verification: After using the CEX.IO exchange for a significant period and establishing a regular trading volume, users may apply or be invited to undergo an enhanced verification process. The exact requirements for this level of verification are not disclosed, as each case is reviewed individually. However, successful completion of enhanced verification removes limitations on account deposits and withdrawals.
Payments on CEX.IO
CEX.IO offers a wide selection of payment options for users. While the availability of specific methods may vary depending on the user’s country of residence, the following are the main payment options:
- Visa and Mastercard (credit or debit)
- ACH (or equivalents like SEPA and Faster Payment)
- Bank wire transfer
- Skrill
- Neteller
- PayPal
It is important to note that most payment methods attract fees for making deposits and withdrawals, which vary based on the selected method, jurisdiction, and fiat currency used. Bank wire transfers are the costliest option, with a 3.80% service charge and a $25 standard fee per withdrawal transaction. On the other hand, ACH transactions are completely free of charge for all transactions.
While CEX.IO offers PayPal as a payment option, it comes with relatively high costs compared to other methods:
- Deposits: 2.99% service charge and 4.39% commission
- Withdrawals: 1% plus $5.00 fixed fee and 2% commission
Customer Service
CEX.IO stands out for its excellent customer support. The customer support team is available 24/7 and can be contacted through various channels. The primary method is live chat, accessible by clicking on the chat icon at the bottom right of the page. Users are connected directly to a human representative, eliminating the need to navigate through automated bots. Alternatively, users can access the online support center, use the dedicated phone number, or email CEX.IO for more complex inquiries.
During our review, we found the customer support team to be responsive and professional, providing prompt assistance whenever needed. CEX.IO’s commitment to customer support sets it apart from many other cryptocurrency exchanges.
License & Security
CEX.IO is a well-regulated exchange with licenses covering all 188 countries where it operates. In the United States, CEX.IO is registered with FinCEN as a Money Services Business (MSB) and holds 30 separate Money Transmitter Licenses (MTLs). It is also registered as an MSB with FINTRAC to cover its services in Canada. In Europe, CEX.IO is regulated by the Gibraltar Financial Services Commission (GFSC) as a Distributed Ledger Technology (DLT) Provider.
When it comes to security, CEX.IO implements robust protocols. All web pages are SSL encrypted, ensuring a secure connection between users’ browsers and the website. Financial transactions and the transmission of personal information are protected by 256-bit AES encryption. Furthermore, multi-factor authentication is required for all crypto activities. The majority of user funds are stored in offline cold wallets, with only a small percentage held in hot wallets. In the event of a hack, user funds are completely safe.
Reputation and Customer Feedback
CEX.IO has garnered a positive reputation among its users. On Trustpilot, it has achieved a rating of 4.7 out of 5 stars, making it one of the best-rated cryptocurrency exchanges. A significant 79% of reviews gave it a five-star rating, indicating high satisfaction levels among users. CEX.IO’s active engagement with its user base and prompt responses to customer feedback contribute to its positive reputation.
In conclusion, CEX.IO offers a secure, user-friendly, and well-regulated platform for cryptocurrency trading. Its strong emphasis on customer support sets it apart from many other exchanges. With a wide range of payment options and positive user feedback, CEX.IO is a top choice for individuals looking to engage in crypto trading.
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