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CEX.IO Evaluation 2021 – Cryptocurrency – Investopedia

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Professionals Defined 

  • Regulated and licensed: CEX.IO is regulated and licensed to function in all jurisdictions the place it presents its companies, giving buyers peace of thoughts that they’re utilizing a compliant platform. 
  • Helps a lot of cryptocurrencies: CEX.IO helps 100+ digital currencies and tokens, protecting most main crypto belongings. 
  • Gives a chance to earn crypto: Customers can stake cryptocurrencies held on the platform to earn crypto revenue. 
  • Presents crypto-collateralized loans: Customers can take out crypto-collateralized loans in fiat forex, permitting devoted crypto holders to retain funds in crypto if a brief want for fiat forex arises. 


Cons Defined

  • The quantity of services and products could overwhelm inexperienced persons: CEX.IO presents a variety of options focused at completely different market segments, making it much less user-friendly for first-time crypto patrons. 
  • Decrease liquidity than different main international exchanges: Regardless of the change’s international attain, CEX.IO supplies much less liquidity than its worldwide friends. 


Introduction

CEX.IO is a regulated multi-functional cryptocurrency change that was established in 2013. This London-based crypto change helps over 100 digital currencies and tokens, together with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Uniswap (UNI), and extra. 

Obtainable in almost 200 nations and 48 U.S. states, CEX.IO has constructed a worldwide crypto change ecosystem that serves over 4 million customers. 

Investing in cryptocurrencies, Decentralized Finance (DeFi), and different Preliminary Coin Choices (ICOs) is very dangerous and speculative, and the markets will be extraordinarily risky. Seek the advice of with a certified skilled earlier than making any monetary choices. This text is just not a advice by Investopedia or the author to put money into cryptocurrencies nor can the accuracy or timeliness of the data be assured. 


Firm Overview

CEX.IO was launched in 2013 as a Bitcoin cloud mining supplier and hashing energy market—powered by an in-house mining pool known as GHash.IO. The corporate’s purpose was to allow people to earn Bitcoin mining rewards with out having to deploy costly mining {hardware} of their houses. 

In late 2016, CEX.IO determined to cease cloud mining following the closure of GHash.IO resulting from an absence of profitability. As a substitute, the corporate shifted its focus to constructing a worldwide cryptocurrency change ecosystem. 

At present, CEX.IO is a regulated cryptocurrency change with over 4 million customers. It presents services and products for 3 market segments, which it refers to as Everybody, Merchants, and Companies. 

Options for ‘Everybody’ embrace easy fiat-to-crypto buy choices, a crypto pockets, change staking, and a crypto lending platform. ‘Merchants’ can profit from spot buying and selling, margin buying and selling, and the change’s cellular app for on-the-go buying and selling. Lastly, ‘Companies’ can make the most of CEX.IO PRIME, which supplies institutional-grade crypto buying and selling companies. 


Cryptocurrencies Obtainable on CEX.IO

CEX.IO helps over 100 digital currencies and tokens and recurrently provides new cryptocurrencies to its roster. Right here’s a have a look at a few of the hottest cryptocurrencies that you could presently commerce on CEX.IO:

  • Bitcoin (BTC)
  • Bitcoin Money (BCH)
  • Cardano (ADA)
  • Cosmos (ATOM)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Tether (USDT)
  • Tezos (XTZ)
  • Tron (TRX)
  • Uniswap (UNI)
  • Zilliqa (ZIL)


Buying and selling Expertise

CEX.IO is focusing on three varieties of customers, which it refers to as Everybody, Merchants, and Companies. 

Everybody

Everybody can use the change’s Prompt Purchase function to purchase Bitcoin and different cryptocurrencies utilizing a spread of fee strategies. Moreover, CEX.IO supplies tender staking to permit customers to earn crypto and crypto-backed loans that allow customers to borrow fiat forex by offering crypto as collateral. 

Merchants

Merchants could make use of the change’s spot and margin buying and selling platforms and the CEX.IO cellular app that enables for on-the-go buying and selling. 

Companies

Companies can join CEX.IO PRIME, which permits institutional-size patrons to entry liquidity. Moreover, corporations can combine crypto funds utilizing CEX Direct, a fee gateway for cryptocurrency purchases operated by CEX.IO. 

In case your crypto change account is hacked otherwise you ship cryptocurrency to an incorrect pockets deal with, you’ll almost certainly not be capable of get better your misplaced crypto.


Charges

CEX.IO supplies detailed perception into its charge construction, deposit and withdrawal commissions, and account limits. Completely different charges apply for various fee choices. 

Maker-Taker Charge Construction

Buying and selling charges are primarily based on every consumer’s 30-day buying and selling volumes, recalculated each day at 00:00 (GMT). New and low-volume customers can pay a 0.25% taker charge and a 0.16% maker charge. 

30-Day Buying and selling Quantity, BTC Taker  Maker 
≤ 5 0.25% 0.16%
≤ 30  0.23%  0.15% 
≤ 50  0.21%  0.13% 
≤ 100  0.20%  0.12% 
​​≤ 200  0.18%  0.10% 
≤ 1,000  0.15%  0.08% 
≤ 3,000  0.13%  0.04% 
≤ 6,000  0.11%  0.00% 
> 6,000  0.10%  0.00% 

Deposit and Withdrawal Charges

Along with buying and selling charges, minimal deposit necessities apply for cryptocurrency deposits, and cryptocurrency withdrawal charges fluctuate from asset to asset. 

Cost Technique Each day Deposit Restrict  (Min to Max)  Each day Withdrawal Restrict (Min to Max)  Deposit Commissions  Withdrawal Commissions 
Visa $20 to Limitless $20 to $50,000 2.99% or 1.49% (for GBP deposits made by UK-issued playing cards) Service cost: as much as 3% + $1.20 Fee: as much as $3.80
Mastercard  $20 to Limitless  $20 to $2,500  2.99% or 1.49% (for GBP deposits made by UK-issued playing cards)  Service cost: as much as 1.8% + $1.20 Fee: as much as 1.2% + $3.80 
SWIFT  $300 to Limitless ($5,000 min each day deposit/withdrawal for US residents) $300 to Limitless ($5,000 min each day deposit/withdrawal for US residents) No charge 0.3% + $25
ACH  Not out there $20 to $100,000 ($5,000 min each day deposit/withdrawal for US residents) Not out there 0% 
Home Wire Switch  $20 to $100,000 ($5,000 min each day deposit/withdrawal for US residents)  Unavailable  0%  Not out there 


Safety

CEX.IO places a powerful deal with regulatory compliance and safety. 

Compliance and Licensing

The change is regulated and licensed in all nations the place it operates. In the US, CEX.IO is registered with FinCEN as Cash Providers Companies (MSB) and has obtained cash transmitter licenses (MTLs) in over 30 states. In Canada, the change can be registered as a Cash Providers Enterprise (MSB) with FINTRAC. 

CEX.IO can be regulated by the Gibraltar Monetary Providers Fee (GFSC) as a DLT Supplier to serve the European market. In the UK, CEX.IO has been granted non permanent registration as a crypto asset enterprise by the UK Monetary Conduct Authority (FCA), which permits the change to hold out crypto asset actions, whereas the FCA critiques the corporate’s utility.

Safety Options

To make sure the safety of its customers’ funds, CEX.IO holds nearly all of consumer funds in cold wallets and solely a small portion of funds in hot wallets. Chilly wallets usually are not related to the web whereas scorching wallets are, making the previous safer. The proportion of how a lot crypto is held in chilly vs. scorching wallets is set by the quantity wanted to cowl day-to-day buying and selling actions on the platform. 

It’s vital to notice that almost all funds held in CEX.IO scorching wallets are firm funds, whereas consumer funds are stored primarily in chilly wallets. What meaning is that if the change is hacked, the corporate’s funds may very well be stolen, however consumer funds ought to stay principally unaffected. Newly deposited shopper funds are moved to chilly wallets in a each day pockets reconciliation process. 

Whereas main cryptocurrency exchanges usually present a excessive stage of safety, you possibly can nonetheless find yourself shedding your funds for those who fall for a phishing rip-off or inadvertently obtain crypto-stealing malware. Be sure to comply with primary on-line security practices and set up anti-virus software program in your units to maintain your crypto protected. 


Opening a CEX.IO Account

Signing up for an account at CEX.IO in all fairness easy and similar to signing up for a conventional on-line brokerage account. 

To join a private account, you’ll want to supply your title, e-mail deal with, password, and nation of residence. When you’ve shared this info, you will want to verify your e-mail deal with by typing within the affirmation code you obtain by way of e-mail. 

CEX.IO



At this level, you can begin exploring the CEX.IO platform. To finish your registration and begin buying and selling, nonetheless, you’ll must endure an identification verification course of that includes importing government-issued ID documentation and sharing your deal with. As soon as accomplished, your deposit and withdrawal limits will enhance. 

CEX.IO



Further verification levels permit customers to extend their deposit and withdrawal limits. 

To join a enterprise account, extra info and documentation are required. 


Buyer Service

CEX.IO supplies buyer help via an online support center, dwell chat, and email. Buyer help is just not out there by way of phone, which is frequent with cryptocurrency exchanges.


Buyer Satisfaction

Given the dearth of high quality buyer companies at a number of main exchanges, CEX.IO has made positive to supply good buyer help to its userbase. On Trustpilot, for instance, CEX.IO has a 4.7 out of 5 star score, which is exceptionally excessive for a cryptocurrency change. 

When CEX.IO halted its mining companies resulting from an absence of profitability, many shoppers weren’t happy. Nevertheless, for the reason that firm has shelved its mining operations, clients appear largely glad with the change’s services and products.  


Account Administration

CEX.IO supplies a web-based platform and a cellular app that enables customers to make the most of the complete plethora of obtainable options. 

From superior order matching algorithms and analytical instruments for skilled merchants to easy Prompt Purchase/Promote options for first-time buyers, CEX.IO’s crypto buying and selling ecosystem will be simply accessed on-line and on cellular.


How CEX.IO Compares to Different Cryptocurrency Firms

Whereas some crypto exchanges goal particular areas, CEX.IO’s international method and availability in almost 200 nations makes it stand out amongst its rivals. Nevertheless, CEX.IO doesn’t have the userbase or liquidity of prime exchanges like Binance or Coinbase. 

By way of charges, the variety of supported belongings, and extra companies akin to lending and staking, CEX.IO is on par with rivals, thus offering a viable platform for anybody seeking to purchase, promote, borrow, and earn crypto.

Whereas market-leading crypto exchanges provide a excessive stage of safety, crypto buyers ought to retailer giant holdings in private wallets—ideally offline in a {hardware} pockets—to make sure their funds can’t be compromised resulting from a hack or an operational error at a third-party pockets supplier, akin to an change.  


Ultimate Verdict

CEX.IO has moved on from its Bitcoin cloud mining previous to ascertain itself as a regulated international crypto change. At present, it serves clients all over the world with an array of crypto services and products. 

For first-time buyers, the change could also be a bit of overwhelming as a result of plethora of merchandise and options it presents. Skilled merchants and buyers, nonetheless, will discover that CEX.IO ought to meet all their crypto wants.


Methodology 

Investopedia is devoted to serving to these occupied with cryptocurrency investing make knowledgeable and protected choices. We’re dedicated to offering our readers with unbiased critiques of the highest cryptocurrency exchanges for buyers of all ranges.

Exchanges are solely thought of for assessment if they’re protected, safe, liquid, and both regulated by a correct company or fully decentralized. 

Learn More

Article Sources


Investopedia requires writers to make use of main sources to help their work. These embrace white papers, authorities information, authentic reporting, and interviews with business consultants. We additionally reference authentic analysis from different respected publishers the place applicable. You possibly can be taught extra concerning the requirements we comply with in producing correct, unbiased content material in our editorial policy .

  1. CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” Accessed Jan. 5, 2022.  

  2. CEX:IO. “Cryptocurrency Prices.” Accessed Dec. 10, 2021. 

  3. CEX.IO Weblog. “GHash.IO Pool is Closed.” Accessed Jan. 5, 2022.  

  4. CEX.IO. “Total Account Limits.” Accessed Jan. 5, 2022. 

  5. CEX.IO. “Licenses and Registrations.” Accessed Jan. 5, 2022. 

  6. CEX.IO Weblog. “Security of Clients’ Funds.” Accessed Jan. 5, 2022.  

  7. Trustpilot. “CEX.IO.” Accessed Jan. 5, 2022.  

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