CEX.IO

Established in 2013 in London as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange.

CEX.IO offers cross-platform trading via website, Mobile App, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market. CEX.IO allows users buy bitcoins with credit card (Visa, MasterCard, Neteller, PayPal Debit MasterCard and etc.). However CEX.IO transactions based on Fill-or-Kill orders.

CEX.IO has very thorough explanation on their site about how this service works. When users enter to trade, CEX.IO calculates the price and freezes it for 120 seconds. Users enter the amount of money they want to spend, and see the number of bitcoins that they can get. After users click the Buy / Sell button, the system will check that they have enough funds. In the case if market situation allows them to fulfill their order on terms not worse than they agreed, the order will be filled. If there was any significant variations in the exchange rate the users will be notified. When users confirm the transaction, their order will fit with other orders on the exchange, and users balance will be regulated.

Fees

Depending on whether you use CEX.IO exchange or easy buy and sell methods it has different fees. Fees for exchange trading are at most just 2%, for buy and sell nearly 7%.

Besides it has fees for withdrawals and deposits. The deposit fee is about 3.5% when using credit cards, but free when using bank transfers. The fee for withdrawing funds is not more than 3.8 + 1.2% when using credit cards and $50 for bank transfers. You can see the complete fee schedule here.

Security

The platform uses an autonomous cold store to store users’ funds. Nevertheless the platform doesn’t contain information  about where and how it passes this process.

It has two-factor authentication and a security question for securing an account.

CEX.IO has suffered one hacking incident. It happened in 2013, when the exchange was starting to work and it ended with a loss of $7,000 for one of the users. Since then there have been no reports of security incidents.

CEX.IO offers emai customer support.

Pros

  • Has a  mobile application
  • Enables buying bitcoins with credit card for low fees
  • High trading volume

Cons

  • Bad Support
  • High fees
  • Long verification process

 

The platform has mixed reputation, most of these come from complaints about perceived hidden fees in the service. So be careful of the fees you’ll pay when buying and selling bitcoin.

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