CEX.io Review (Dec 2022): Why We Don’t Like It

June 16, 2022
Reviews

CEX.io is a global cryptocurrency exchange that will allow you to buy, sell, borrow and earn many different cryptocurrencies through an advanced and versatile trading platform. However, considering it can be hard to master its advanced trading features and the fact that it has high deposit and withdrawal fees, I'd be hesitant to recommend this platform as a top crypto exchange option for Canadians.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than CEX.io. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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What Is CEX.io?

CEX.io is a regulated and global cryptocurrency exchange that will allow you to buy, sell, borrow and earn many different cryptocurrencies. It originally entered the market in 2013, making it one of the oldest cryptocurrency exchanges around in the market today, and the platform is currently headquartered in London.

CEX.io was one of the first platforms to make fiat-to-crypto transactions available by allowing its users to make card payments and bank transfers. It also offers support for more than 100 different crypto tokens, and it also has interesting features like margin trading and crypto staking, which will allow you to earn passive income on your crypto holdings.

To start off this CEX.io review, let’s take a deeper look at CEX.io’s pros, cons and features.

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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CEX.io Pros & Cons

CEX.io Pros

  • Regulated in every territory that it operates on.
  • Has a wide array of supported cryptocurrencies (100+).
  • Competitive fees when using the Spot Trading platform (0.15% to 0.25% on its lowest tier)
  • Allows you to stake cryptocurrencies.
  • Allows you to conduct margin trades.
  • Thorough platform with multiple order types.
  • Solid security features.

CEX.io Cons

  • Its interface is unintuitive and not beginner-friendly.
  • High deposit fees.
  • High withdrawal fees.
  • Lower liquidity than other crypto exchanges.
  • A limited array of stakeable coins.

CEX.io Features

1. CEX.io Desktop Platform

CEX.io tries to offer a trading experience that fits every kind of crypto trader out there. For beginners to the world of crypto investing, there is the Instant Buy feature that will let users buy cryptocurrency effortlessly and through a wide array of different payment methods, such as credit/debit card, SWIFT, ACH, and wire transfers.

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For the more advanced crypto traders, CEX.io offers two sophisticated platforms with a plethora of different features and tools. There's the Spot Trading platform, which provides different advanced charting options as well as multiple order types like market orders, limit orders, take profit orders, stop-loss orders, stop-limit orders, and one-cancels-the-other (OCO) orders. Additionally, there's the Margin Trading platform, which lets you trade cryptocurrencies with leverage on the CEX.io Broker platform.

The platform also has competitive trading fees when using the Spot Trading platform (0.15% to 0.25% on its lowest tier), but be aware that fees are a lot higher when depositing or withdrawing funds, and they can be as high as 3%. You are also not able to trade altcoins directly with other altcoins unless the trade matches the crypto pairs that CEX.io supports.

2. CEX.io Mobile App

CEX.io also offers a neatly designed mobile app that will allow you to do everything that you can do on the desktop platform, such as using both the spot trading and margin trading views as well as the Instant Buy feature. However, considering that both views are complex enough on the desktop platform, they become considerably harder to use on the mobile app version as well.

As for the app's ratings, you can expect to see 3.5 out of 5 stars based on 18,000 reviews on the Google Play Store and 4.6 out of 5 stars based on 5,000 reviews on the Apple Store respectively, which indicates mixed user satisfaction with the app. Common critiques include the app crashing when taking photos during KYC verification and slow loading times, which is alarming to hear.

3. CEX.io Security Features

CEX.io scores pretty highly in terms of security: for starters, it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it's a registered MSB with the Financial Crimes Enforcement Network (FinCEN) in the United States, and it also has money transmitter licenses (MTLs) in more than 30 different states. Additionally, CEX.io is also regulated by the Gibraltar Financial Services Commission (GFSC), and it has also been registered as a crypto asset business by the Financial Conduct Authority (FCA) in the United Kingdom.

Additionally, the exchange offers industry-standard security measures like 2-factor authentication (2FA) and biometric login options (fingerprint and facial recognition scans). This helps to add an additional layer of protection to user accounts, but 2FA can be disabled by the user if they choose to do so, which means that its effectiveness will depend entirely on the user and whether or not they know about this.

CEX.io also stores most of the users' funds in cold storage that is outside hacking reach (the exact percentage of which depends on the amount of cryptocurrency that can sustain day-to-day trading activity), and only stores its own funds in hot wallets to facilitate crypto trades. This means that, in the event of hacking or theft, most users' funds would be unaffected, which is great.

In addition, their servers, hardware secure modules, and personnel authorized to access wallets are distributed across multiple headquarters in separate geographic locations, and all USD funds are covered by FDIC insurance up to a maximum of $250,000 per U.S. user.

4. CEX.io Customer Support

CEX.io has a pretty thorough Help Center that will answer its users' most common inquiries on using the platform, which is great. Additionally, it has a responsive customer support team, and you'll be able to reach them via email, ticket submission, phone, and live chat as well.

  • Phone: +44 20 3966 1272 (24 hours)
  • Email: complaint@cex.io (24 hours)
  • Live chat: Available

Additionally, they have a social media presence, and you'll be able to reach them via Twitter, Facebook, LinkedIn, and Telegram. Keep in mind that you might not get thorough customer support through these channels, though, as that wasn't their main intended purpose.

5. CEX.io Wallet

CEX.io also has its own crypto wallet that any user can use to easily store their crypto assets free of charge. The CEX.io wallet also supports a wide range of payment methods (including credit/debit cards, wire transfers, SWIFT, SEPA, QIWI, SKRILL etc).

Considering just how expensive a crypto hardware wallet can be, it’s great that CEX.io allows you to use this versatile crypto wallet without having to worry about paying anything in return.

Cryptocurrencies On CEX.io

CEX.io currently supports over 100 different crypto assets, which is quite the array of crypto coins to choose from. Some of the most common cryptocurrencies you can encounter here are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Tezos (XTZ), Cardano (ADA), Cosmos (ATOM), Tron (TRX), Uniswap (UNI), Zilliqa (ZIL), and Bitcoin Cash (BCH).

CEX.io Fees

Trading Fees

CEX.io has a tiered fee structure that goes up or down depending on your 30-day trading volume. This fee structure looks more or less like this:

30-Day Trading Volume (USD)Taker FeeMaker Fee
≤ 10,0000.25%0.15%
≤ 100,0000.23%0.13%
≤ 500,0000.19%0.09%
≤ 1,000,0000.17%0.07%
≤ 2,500,0000.15%0.05%
≤ 5,000,0000.13%0.03%
≤ 10,000,0000.11%0.01%
≤ 20,000,0000.10%0.00%
≤ 50,000,0000.08%0.00%
≤ 100,000,0000.07%0.00%
≤ 200,000,0000.06%0.00%
≤ 500,000,0000.05%0.00%
≤ 1,000,000,0000.04%0.00%
≤ 2,000,000,0000.03%0.00%
≤ 5,000,000,0000.02%0.00%
> 5,000,000,0000.01%0.00%

Even if you find yourself in the lowest tier, however, you can see that trading fees in CEX.io are great. In fact, these rates compete with other top crypto exchange options in Canada.

Deposit & Withdrawal Fees

Here are CEX.io’s deposit & withdrawal fees:

Payment MethodDeposit FeeWithdrawal Fee
VISA2.99%Up to 3% service charge + $3.80 commission
MASTERCARD2.99%Up to 1.8% service charge+ $1.20 commission
Google/Apple Pay2.99%N/A
S.W.I.F.TFree0.3% + $25
ACH TransferN/AFree
Domestic Wire TransferFreeN/A
Faster Payments (U.K.)FreeFree
SEPAFreeFree
Skrill3.99%1%
EpayFree1%
PayPal2.99%1% + 2% commission

While CEX.io's trading fees are pretty competitive, you can see their deposit and withdrawal fees are very high, and you could save your investment profits from being annihilated by using crypto exchanges like CoinSmart, Bitbuy, and Newton instead.

3 Exchanges I Recommend Over CEX.io

CEX.io isn’t a bad exchange, but it’s also not the best in Canada: considering it can be hard to master its advanced trading features and the fact that it has high deposit and withdrawal fees, I'd be hesitant to recommend this platform as a top crypto exchange option for Canadians.

That’s why I recommend any of these three exchanges over CEX.io:

  1. ZenGo: With 0% trading fees up to $1,000, best-in-class security, and 24/7 customer support, ZenGo is our #1-rated crypto exchange in Canada. Sign up by December 9, 2022 to open your free account.
  2. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, VirgoCX is our #1-rated crypto exchange in Canada. Get your $20 signup bonus with VirgoCX here.
  3. CoinSmart: With trading fees at 0.2%, quick deposits and withdrawals, and strong customer support, CoinSmart is my backup exchange in case I ever need something that VirgoCX can't provide. Get your $50 signup bonus with CoinSmart here.

Here's a quick summary of these three exchanges:

#1 Best Overall

Trading Fees: 0% up to $1,000
Security: Best in class
Customer Support: Excellent

Ultimate security + lowest fees.

★★★★★

Rated 4.9/5

#2 In Canada

Spreads: 0.5% – 1%
Security: 95% cold storage
Signup bonus: $20

Low fees + solid platform.

★★★★★

Rated 4.5/5

Good All-Around

Trading fees: 0.2% (Medium)
Security: 95% cold storage
Signup bonus: $50

Average fees, good platform.

★★★★

Rated 4.4/5

How To Withdraw From CEX.io

To withdraw fiat (cash) from CEX.io, follow these steps:

  • Open the Finance page and click the Withdrawal button next to the currency you want to withdraw.
  • Choose the Payment card method.
  • Enter the amount you would like to withdraw in the top right corner of the page. Make sure to check the Total amount to see what funds will be sent to your card after deducting fees.
  • Click on the card you want to use or choose to add a new card. Then, accept the Terms of Use, Refund Policy, Payment Conditions, and Cardholder’s Agreement.
  • Double-check the information you’ve entered and click Withdrawal.
  • Confirm your withdrawal with the 2-factor authentication (2FA) code.

To withdraw crypto from CEX.io, follow these steps:

  • Open the Finance page and click the Withdrawal button next to the currency you want to withdraw.
  • Fill in your destination wallet address.
  • Double-check that all information is correct and confirm it by putting a checkmark.
  • Then, click the Withdraw button and enter the 2FA code.
  • Follow the link in the email to confirm your transaction.

In Summary

CEX.io is a global cryptocurrency exchange that will allow you to buy, sell, borrow and earn many different cryptocurrencies through an advanced and versatile trading platform. However, considering it can be hard to master its advanced trading features and the fact that it has high deposit and withdrawal fees, I'd be hesitant to recommend this platform as a top crypto exchange option for Canadians.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than CEX.io. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

CEX.io FAQs

Is CEX.io Safe & Secure?

Yes, trading with CEX.io is completely safe and secure. The exchange offers industry-standard security measures like 2-factor authentication (2FA) and biometric login options, and it also stores most of the users' funds in cold storage that is outside hacking reach.

Is CEX.io Legit?

Yes, CEX.io is legit for several reasons: it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it's a registered MSB with the Financial Crimes Enforcement Network (FinCEN) in the United States, and it also has money transmitter licenses (MTLs) in more than 30 different states.

Is CEX.io Legal In Canada?

Yes, CEX.io operates legally in Canada. After all, it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Is CEX.io Trustworthy?

Yes, CEX.io is a trustworthy exchange for several reasons: CEX.io is regulated by the Gibraltar Financial Services Commission (GFSC), and it has also been registered as a crypto asset business by the Financial Conduct Authority (FCA) in the United Kingdom.

Does CEX.io Verify Accounts Instantly?

Yes, CEX.io does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill).

Is CEX.io Good For Canadians?

CEX.io is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than CEX.io, and I’m confident you’ll have a better experience with them.

How Well Is CEX.io Reviewed On Reddit?

Reddit’s review of CEX.io is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With CEX.io?

Yes, you can buy Dogecoin with CEX.io. If you want to buy Dogecoin with lower fees, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is CEX.io Insured?

Yes, CEX.io’s crypto holdings are insured. All USD funds are covered by FDIC insurance up to a maximum of $250,000 per U.S. user.

CEX.io Referral Code

You don’t need a referral code to get your signup bonus with CEX.io. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does CEX.io report to the CRA?

Yes — as a Money Services Business registered with FINTRAC, CEX.io is required to report to the Canada Revenue Agency (CRA). With that said, CEX.io is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

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