Still reliable and user friendly
We have exchanges that released during the early years of cryptocurrency, and we also got new exchanges coming out that seek to improve the user experience by being more feature-complete. However, there were some exchanges that got started somewhere in the middle.
CEX.io is one of those, and we’ll be exploring it in this short review to see how it’s doing in 2018.
So, let’s get started.
What does it offer?
CEX.io offers everything you’d come to expect from a cryptocurrency exchange, such as:
- A newbie friendly user interface.
- Margin trading.
- Support for a nice selection of coins (ETH, XRP, XLM, BTG, ZEC, DASH, BCH and BTC).
- Fiat currency support (USD, EUR, RUB and GBP).
- A good amount of trading pairs.
- Credit and debit card, wire transfer and SEPA transfer as deposit and withdrawal options.
- A trade and web API.
- Mobile apps and cross-platform trading (iOS and Android).
- An affiliate program.
What does the community think of it?
Although it isn’t as commonly recommended as other exchanges, CEX.io is well respected in the community and is seen positively. The only complaints you’ll find usually come from the fact that fees in this exchange are somewhat higher that what you’d normally find, with some “hidden fees” attached. The first part is actually true, but the “hidden fees” actually have an explanation which we’ll show in the section below.
Their customer support is also well-regarded, which once again, is a rare occurrence in the world of cryptocurrency exchanges. Naturally you’ll still find complaints related to their customer support, but they’re not as bad or as negative as you’d find in other exchanges.
Fees are structured like this:
- Credit card deposits are charged a fee of 3.5% plus an additional fee of £0.020. The latter fee is the “hidden fee” that most users tend to complain about, but CEX gave a reasonable explanation for that small extra fee. The “hidden fee” is actually a way to ensure that the exchange will always be able to fulfill any order, as one of their main selling points is that they’re able to fulfill orders at the offered rate, with no exceptions. Essentially, the user pays a small fee in exchange for an instant transaction.
- A 7% charge is automatically included in the price of the cryptocurrency if the user is buying directly from CEX.io. Trading fees change once the user makes trades on the platform and not with them. Higher fees are still applicable if the trader is using credit cards, debit cards or making bank account withdrawals.
Pros & Cons
- Highly secure and easy to use.
2. A good number of trading pairs available.
3. Supports a decent number of coins.
4. Great customer support.
5. Support for several fiat currencies.
6. Several payment methods to choose from.
- The high fees might be a dealbreaker for some.
2. Although it supports a decent number of coins, it’d be still nice to see them start supporting a higher number of altcoins.
The cons might not seem like a big deal, but they can be for a lot of people. Altcoin support is entirely subjective, but the high fees are something that users rarely like.
To sum it up
CEX.io is a good exchange, but it doesn’t stand out among its competitors as it doesn’t offer anything particularly special. However, credit must be given where it’s due. The exchange is highly secure, customer support is excellent, and it’s easy to use.
If you’re willing to deal with the fees and the limited support of currencies, you should at least check their website out.
Initially, CEX.io wasn’t even an exchange. Their beginnings were as a cloud mining provider based in London that possessed one of the biggest bitcoin mining pools, Ghash.io. At one point (2014), the pool actually contributed over 42% of the overall bitcoin mining power, which is quite remarkable.
However, a year later, in January of 2015, CEX.io decided to suspend their cloud mining services for two reasons:
- They did not have any mining hardware as it was provided by partners.
- The price of bitcoin reached an all-time low during that time.
This in turn resulted in CEX.io to continue doing business exclusively as a cryptocurrency exchange, which operated smoothly throughout the years.