Exchange Reviews

A review on CEX Cryptocurrency exchange. Is it secure?

CEX is one of the oldest cryptocurrency exchanges. Launched in 2013 and at that moment, the company was running a cloud mining service GHash.io, which controlled 42% of Bitcoin hashing power.

In 2015 the price of Bitcoin declined to the point that mining was no longer profitable to the company, so the company decided to shut down the cloud mining operations.

Currently, CEX is based out of London. Good reputation and a focus on security assisted CEX in building up a registered user base of more than 2 million customers. In 2018, it had an exchange and a simple sell or buy method for Ethereum, Bitcoin, Stellar, Ripple, Bitcoin cash, Zcash, and Bitcoin Gold.

Users of the exchange can deposit to the exchange using both credit cards and bank transfers.

Customer support

CEX handles customer support by a simple navigating to their FAQ page to help find an answer yourself or by sending an email. CEX customer support is fast and reliable for as long as you consider 24-48 hour response time.

Supported countries

CEX offers its services to most countries in the world and supports all countries. However, the countries stated below are restricted from depositing with credit cards:

Bolivia,Bangladesh,Bosnia,Afghanistan,Herzegovina,Burundi,Cuba, Democratic Republic of Congo, Algeria, Ethiopia, Central Africa Republic, Iraq Iran, Cambodia,Laos,Lebanon,Morocco,North Korea, Iceland, Libya, Nepal, Somalia, South Sudan , Pakistan, Uganda,Sudan,Syria, Vietnam, Zimbabwe, Vanuatu and Yemen.

While the following countries are restricted from depositing with Bank Transfer:

Bosnia and Herzegovina, Afghanistan, Democratic Republic of Congo, Burundi, Central African Republic,Cote d Ivoire, Republic of the Congo, Eritrea, Cuba, Guinea –Bissau,Guinea, Ethiopia, Iran, Iraq, Haiti, Kenya, North Korea, Lebanon, Libya Laos, Liberia,  Sao tome’s , Nigeria,  South Sudan, Somalia, Sudan, Tanzania, Syria, Tunisia, Vietnam, Uganda, Yemen , Vanuatu and Zimbabwe.

CEX Fees

Fees on CEX vary depending on what methods you are using to purchase cryptocurrencies. The exchange is a far less expensive option compared to most other exchanges and its easy buy and sell methods make it a prefered exchange by its users.

CEX

Credit cards purchases are processed instantly provided the card is verified.

Some customers have also raised complains that additional fees on the exchange amount to hidden charges. However, CEX stated the reason for this premium is to ensure that they will always be able to fulfil their orders simply because they operate on a different premise to most exchanges, and they will fulfil orders at the offered rate without exceptions.

Users are guaranteed to receive whatever has been agreed in full and immediately, which is an advantage. Generally, deposit fees are 3.5% when using credit cards and €25 for bank transfers.

CEX also guarantees instant processing when transactions are being made, but the guarantees are subjected to a premium price.

Furthermore, CEX charges a 7% service charge which is included in the price of cryptocurrency offered on the exchange and the service charge is only applicable when the users purchase directly from CEX. Different fees are applicable if a user accesses the trading services.

Traders’ basic withdrawal fees on the platform start at 0.2% although higher fees are applicable if using a debit/credit card, or making withdrawals to a bank account.

CEX.IO Limits

Minimum purchase amount for Bitcoin is 0.01 BTC, and maximum set at 10 BTC. Users are offered a range of different accounts; each provides different transaction limits. A long process is involved in upgrades, but subsequent purchase with a verified account is fast.

There is three types of accounts available:

CEX

Basic: Users with a basic account can purchase up to $500 for Ethereum or Bitcoin per day, and to a maximum of $2000 per month. You must have a copy of the official government issued ID to obtain a basic account.

Verified: The account holder can purchase up to $10,000 of Ethereum or Bitcoin a day and a maximum of up to $100,000 per month. To hold a verified account, the user provides an official government ID and personal information like proof of residency.

Verified Plus and corporate: The holders of the accounts have no limit to the amount of Ethereum or Bitcoin they can sell or buy. CEX allows users to withdraw funds onto debit or credit cards and with withdrawals limit of €2,000 per day and €50,000 per month. The limit is applicable to those using MasterCard and Visa payments systems.

CONCLUSION 

CEX has a mixed reputation within the cryptocurrency community because it’s always the target of poor reviews and bad publicity. The negative reviews result from complaints about perceived hidden fees and difficulties some users face to verify their identity or customer support issues.

The negativity notwithstanding, CEX is a reliable exchange for buying and selling Ethereum and Bitcoin. Its user-friendly interface is perfect for beginners. It also provides easy and quick entrance into the cryptocurrency world.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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