CEX.IO Review 2024: Features, Pros and Cons

CEX.IO is a regulated cryptocurrency exchange that commenced operations in 2013. Cryptocurrencies available on the exchange include Bitcoin, Ethereum, Dogecoin, Litecoin, Tron, and many others.

While CEX.IO offers competitive trading fees, they aren’t the cheapest. Despite this, the platform has over 4 million users, meaning you can actively trade hundreds of crypto pairs, usually with tight spreads.

The crypto exchange offers a simple trading account as well as a crypto wallet, providing all you need to buy and sell crypto. Accounts are easy to open and identity verification is generally completed within hours.

CEX offers a wide range of deposit and withdrawal options, but there are fees attached to many of these methods. Staking and earning interest on your coins is also offered. The trading platform provides excellent technical analysis tools for traders and is user-friendly.

One of the drawbacks of CEX that users cite is slow customer service response, which is a concern if a matter needs timely attention. Keep reading to learn about all these details, and more, in our CEX.IO review.

CEX.IO Trading Fees

There are two main types of trading fees. There is a commission or cost of placing a trade, and then there is the spread. The spread is an indirect cost and doesn’t affect everyone equally. Most traders want to look out for small spreads in order to make the most from their trades.

While spreads can vary based on how many people are trading at a given time on CEX, the spread on popular crypto pairs is generally quite small. The spread on Bitcoin/USD is typically $0.1 but may expand in times of high volatility or on evenings or weekends when fewer people are trading.

The more direct trading cost is the commission on each trade. This is deducted from the amount you are trading on every trade.

CEX.IO uses a tiered transaction fee system: the more you trade, the less you pay. Also, fees are lower if you place a pending order (maker) which adds liquidity to the market as opposed to using a market order or executing against an existing order (taker).

These fees are decent, but more expensive than Binance, for example, where fees start at 0.1% and go down from there. A CEX.IO user will need to trade about $20 million worth of currency per month to get down to 0.1% fees (taker). Maker fees drop to less than 0.1% if trading more than $500,000 worth of crypto each month.

Overall, CEX offers nice spreads and decent fees, but there are definitely cheaper options out there if you are concerned about keeping your trading costs low as an active trader.

Is CEX.IO Regulated?

Not many companies in the crypto space are regulated. It remains the Wild West of the financial markets. But that isn’t always the case. CEX.IO is a regulated exchange in various parts of the world.

CEX.IO is regulated as a Money Service Business in the United States. This means CEX is available in 49 of 50 states. Residents of New York can’t access CEX services. In Europe, CEX is regulated by the Gibraltar Financial Services Commission.

CEX being regulated is definitely a bonus. It means the company is under scrutiny and oversight in terms of its actions and policies. It shows the company is willing to adhere to local laws and subject itself to inspection. Unregulated crypto exchanges may be viable to trade with, but they are not monitored in the same way that regulated firms are — and they may not be adhering to local laws.

Based on more than 23,000 reviews, CEX.IO has a TrustPilot score of 4.6/5. Unfortunately, most of the reviews within the last year have been negative one-star reviews, with many users claiming they can’t access their funds or withdraw. Even with regulated brokers, always do your own due diligence before depositing large sums of money.

CEX.IO Crypto Products to Trade

CEX.IO offers hundreds of crypto-related pairs for trading. That number varies and generally rises as more cryptocurrencies become available.

Cryptocurrencies are traded in pairs. You can trade a cryptocurrency versus a fiat currency or another cryptocurrency. That creates many different possible combinations, such as BTC/USD, BTC/EUR, BTC/ETH, just to name a few. Here is a partial sampling of some of the Bitcoin (BTC) pairs that can be traded on CEX.IO.

Most traders want to trade on an exchange that offers a wide range of crypto pairs. That way, they can do all their trading in one place. If an exchange only offers trading in a limited number of crypto pairs, then you would potentially need to use a different exchange to trade pairs not offered on your exchange. That’s a hassle.

CEX.IO offers a wide range of trading choices, so that shouldn’t be a problem.

CEX.IO Accounts and Wallets

CEX.IO offers a trading account and a wallet. Both are straightforward with no frills. CEX offers both personal and business accounts. There are no tiers or various account types. Every person or business gets the same account.

The only thing that affects your trading costs is how much you trade. The more you trade, the lower your fees.

CEX does offer margin trading. Margin is when you are allowed to trade more capital than you have in the account. It can magnify both losses and profits.

The CEX.IO wallet is currently in open beta testing and allows you to hold your own cryptocurrencies. Without a wallet, any currencies you own are held in your account with CEX.IO and CEX is actually in possession of them. If you want full control and autonomy over your coins, use a wallet.

The CEX wallet is a hot wallet, meaning it is online and could potentially be hacked. If you want more security, it would be a good idea to look into a cold wallet that stores your crypto offline.

CEX.IO Trading Platforms

CEX offers a simple Spot Trading platform as well as an Exchange Plus platform. Both are quite easy to use, but Exchange Plus provides more trading tools and data.

If you are looking for the most simple option for buying crypto, you can choose how much crypto you want to buy on the home page. You’ll be given a price in your chosen fiat currency, and then you can pay with various payment options.

You can also click on the Spot Trading tool under Products. From there, you can view current prices as well as charts and recent transactions of your selected cryptocurrency.

For a more advanced trading experience, use Exchange Plus. You can see every bid and offer price, and you have access to advanced charting and technical analysis tools, such as MACD, moving averages, and Stochastics. You can also choose your order types and control your slippage. Below the chart, you can view your orders.

Overall, the platform is easy to navigate and has an intuitive design. It provides all the tools most traders will need.

If you want to trade on the go, CEX has you covered with their mobile App. Based on 23,000 reviews, it has a 3.7/5 rating in the Google Play Store and 4.5/5 rating in the Apple Store. The app offers the features of the Exchange Plus platform from the palm of your hand.

CEX.IO Staking Options

Staking is when you earn interest on coins you aren’t using. Commit them for a certain period of time and receive more of the same coin (or sometimes a different coin).

CEX.IO allows you to earn by staking several different coins. All are flexible, meaning you can stake your coins for as long as you want with no set time commitment. Stop staking at any time if you want to withdraw or transfer your funds.

The table below shows the yearly interest rates offered for staking. Note that staking rates, and the coins you can stake, will change over time. See CEX Staking for current rates and coins.

CEX.IO Funding and Withdrawal Options

Next, we’ll outline how you can deposit and withdraw from your CEX wallet, including withdrawal and deposit fees and any minimums required.When depositing with fiat currency, there is a commission for all deposits and most withdrawals.

The amount varies based on the method used. In some cases, the fee is small, such as $2.99 for a wire transfer. However, it can get quite expensive, such as a fixed dollar amount plus a percent of the total. Be careful which options you choose, as the fees can add up on credit cards for example.

Here are all the payment methods you can use to fund your account with fiat currencies, as well as the costs and limits of doing so.

You can also deposit and withdraw via cryptocurrency. There are generally no fees for depositing, but there are withdrawal fees. There are also minimum deposit and withdrawal amounts. Here is a sampling of the cryptocurrencies available for deposit and withdrawal. There are hundreds more. For a full list, see Cryptocurrency Limits and Commissions.

How to Contact CEX.IO Support

CEX.IO customer support is available via online chat and email.

According to the website chat, which is available by clicking the Chat button located in the lower right of the screen on the website, 80% of messages are responded to within three to four days. However, note that it could take up to seven days to get an answer.

If you email support ([email protected]), the answer may take a while, though you’ll likely receive a reply within a week.

These days, many platforms offer chatbots or 24/7 phone representatives to provide customers with a quick response. CEX’s slow customer service is one of the biggest complaints users have about the exchange.

CEX.IO Referral Program

Do you have friends, family, or an audience that may be interested in trading crypto on CEX.IO? You could earn a portion of their trading fees.

Like many other crypto exchanges, CEX.IO offers an affiliate program where you can sign up and receive 30% of the trading fees on all clients who successfully open an account and begin trading. You can refer as many people as you like.

Final Thoughts on CEX.IO Crypto Exchange

Overall, CEX.IO has some great features and is a quality crypto trading exchange. The platform works well, provides good technical analysis tools, and is user-friendly.

Spreads are great and commissions are competitive, but not the cheapest unless you are doing very high monthly volumes. The many negative reviews left by disgruntled users recently on TrustPilot could be a red flag, although overall, the company has a high rating and is regulated.

There are lots of deposit and withdrawal methods, but many come with deposit and withdrawal fees, which seems excessive given that the trading fees are already on the higher end.

One thing I find lacking with CEX.IO is the peer-to-peer transfer network available on some exchanges like Binance. On these networks, instead of withdrawing, you can exchange one currency for another with another user, ending up with the currency you want in your crypto or bank account.

If that is a feature that interests you, check out our reviews of other platforms, such as our EXMO Crypto Exchange review.