CEX.IO Review
CEX.IO is a global cryptocurrency brokerage and exchange that provides some compelling products and services to its user base.
CEX.IO offers many trading services that range from simple to complex, and there are currently over four million traders active on the platform.
Is CEX.IO the best crypto exchange for you? Keep reading to find out.
Company Profile
CEX.IO is a popular cryptocurrency exchange that has been around since the early days of Bitcoin. Since the company opened its doors in 2013, it has grown into an exchange that serves over 10m users globally.
Products & Services
The London-based exchange provides services for a range of investor types, including institutions, long-term speculators, and day traders. Users of the platform can take part in derivatives trading, spot trading, staking, and even providing their own collateral for fiat loans.
Please note that not all products and services are offered to investors in the United States yet. According the help desk at CEX.IO, the company is working on bringing all of the available features to the U.S. but has yet to make that a reality.
The CEX.IO Broker service is one of the most obvious missing elements in the U.S. market. Many of the professional tools and services are found only on the Broker side.
CEX.IO Platform
The main CEX.IO platform is available to nearly everyone, globally. Users can buy and sell cryptocurrencies, use the available wallet to hold digital assets, stake, and take our crypto-backed loans.
Wallet
The wallet feature on CEX.IO is straightforward. Investors can buy and sell any of the available cryptocurrencies with a USD balance or with a credit card.
The list of available digital assets is far from being awe inspiring, but quite a few fan favorites are present. Selectable coins are as follows:
BTC, ETH, BCH, LTC, XLM, ADA, BAT, XTZ, MATIC, LINK, ZRX, UNI, USDC, GUSD
On both the web-based client and the mobile app, users are presented with predetermined values to buy or sell, but it is also possible to enter in a specific number.
The wallet is also where users can bring assets into and out of their CEX.IO account. Using the deposit fiat function, users can initiate bank wire transfers, crypto transfers, credit card purchases.
Spot Trading
Spot trading is a main feature on CEX.IO. The exchange allows traders to buy and sell the platform’s available digital assets in various ways.
The most common trading pairs are presented as buttons which traders can use to load the charting tool with the selected asset pair. The list of pairs next to the chart also comes with some filters that allow for quick navigation and trade execution.
An Order Book and Depth of Market chart is also provided making it easier to see past the price on the chart. Many of CEX.IO’s more experienced traders will appreciate the added information.
Orders are placed either as market orders or as limit orders.
Staking
For users outside of the U.S. interested in staking digital currency, CEX.IO can be a very good option. Staking rewards – though always changing due to market activity – range from 3% to 20% APY on the platform.
Conveniently, CEX.IO provides tools for deposits and purchases for every token included on the staking program, as well as a quick selection tool for those who already hold the asset they wish to stake.
Another feature included on the staking platform is a user-friendly earnings calculator. Using the ‘amount staked’ slider, investors can quickly see how much they will earn on a daily, monthly, and yearly basis, depending on how much they choose to stake.
The slider is a simple, yet useful feature that helps investors gain a more complete picture of their staking decisions.
TON –> 12.5% APY
ZIL –> 16% APY
ONT –> 3% APY (paid in ONG)
XTZ –> 5-6% APY
DOT –> 10% APY
NEO –> 1.5% APY (paid in GAS)
MATIC –> 10% APY
ATOM –> 8-9% APY
ADA –> 3-4% APY
MHC –> 20% APY
TRX –> 3.5% APY
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Savings
A service offered to many CEX.IO users that is similar to Staking in some ways is the CEX.IO Savings service. It is a new product and will function much like a traditional bank account would, but with much higher interest payouts. The savings account allows investors more control over their holdings.
The Staking and Savings services are available for users in over 150 countries. Unfortunately, however, investors in the United States will have to wait before using these services.
Loan
Crypto-backed loans offered at CEX.IO are another interesting feature of the popular exchange. Due to regulations in various countries, however, the loan program is not available to users in several key markets. Among the excluded countries are the USA, UK (country of origin for CEX.IO), Germany, Netherlands, and a few more.
Investors from the U.S., in particular, who are looking for crypto-backed loans may consider using BlockFi’s services.
CEX.IO loans come in terms of 7 days, 1 month, 3 months, and 1 year. The Loan to Value (LTV) is set at 60%, and Annual interest rates range from 9.8% to 14%. As is customary for crypto-backed loans, loans are approved very quickly and there is no credit check involved.
Mobile App
The CEX.IO mobile app – available on Android and iOS – is the mobile arm of the primary CEX.IO platform. As a result, users can access the same features and functionality on the app as they can on the main platform.
In terms of its use as a digital asset wallet and spot trading tool the app has many strengths. It is uncomplicated and the learning curve for new users is nearly nonexistent.
The app presents the available coin pairings clearly, allowing for an overview of the market and selection of desired trading pairs. It is also possible to purchase cryptocurrencies with fiat using a credit card from the app, which makes it a solid mobile wallet solution.
The biggest drawback for many traders will be that there is no charting available on the app. The fast, depth of market is helpful but for some it just may not be enough.
CEX.IO Broker
CEX.IO Broker is a fully-featured trading cryptocurrency brokerage which is available to traders in over 174 countries. While the CEX.IO team is looking for ways to expand this offering to the rest of the world, some countries are missing from the list.
Traders from the United States cannot use the CEX.IO platform.
For everyone else, there are some interesting features to take note of.
The list of trading pairs on the Broker side is much more expansive than the main CEX.IO platform and app. Traders can access common crypto trading pairs, as well as popular forex pairings, and a few big-name stocks like TSLA, GOOG, and NFLX.
CEX.IO Broker users can use up to 10x leverage on the contract of their choosing, and placing trades on the simple chart is an easy affair.
CEX.IO Commissions and Fees
The commissions and fees at CEX.IO are based on trading volume in BTC. The exchange works on a familiar Maker/Taker schedule and reduces the commissions as trading volume picks up.
At the base level (equal to or less than 5 trades), Maker/Taker fees for most assets is set a 0.16%/0.25% respectively. The lowest possible fees are 0.10% Taker and 0% Maker for traders with more than 6000 trades.
Deposits and Withdrawals are made in USD. For bank transfers and ACH, there are no fees for withdrawals or deposits.
Deposits made with Visa or Mastercard will see a 2.99% deposit fee.
Withdrawals made with Visa or Mastercard will see a combinatioin of a service fee and commission. This fee can be as much as 3% of the withdrawn amount, plus $5.
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Security
One of the reasons that CEX.IO is not yet operational in certain jurisdictions, is that the company is in the process of becoming certified to operate under various regulatory bodies.
The exchange and brokerage are registered with the UK ICO, and the US MSB (Financial Crimes Enforcement Network). CEX.IO also also holds a Kyte certification for PCI DSS adherence.
Support
When it comes to support, CEX.IO does a lot right. There is an extensive FAQ which is updated regularly. There is also a live chat support function built into the site that allows users to reach answers more quickly. There is a presumably well-trained bot that answers queries, and if it doesn’t find the right information, the user is transferred to a human help agent.
Pros and Cons
CEX.IO is a fantastic platform with plenty of features for most traders. However, there are some shortcomings that should be addressed if the exchange and brokerage are going to compete with industry leaders.
Pros
Easy to use mobile app
Convenient crypto purchases
Fast trade execution
access to margin (for some)
Cons
Limited coin selection
No charting on mobile platform
Limited services for U.S. customers
CEX.IO Review Thoughts
CEX.IO provides a secure platform to its users and offers some attractive products and services that many will enjoy. The overall simplicity of the platform makes it accessible to a range of investors and the products on offer suit that diversity well.
The obvious hurdle for CEX.IO to get over at the moment is the mounting regulatory pressure that is keeping it (and many like it) from offering advanced products to users in key markets around the world. For now, users in those restricted countries are limited to the basic functionality that the main platform offers.
For traders in the U.S., CEX.IO may not offer anything that exciting. However, that may change in the near future.
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