CEX.IO Review: Scam & Fake or not?

CEX.IO is a well-known crypto exchanges in the world, also offering several other products.

But is CEX.IO a scam?

No, it is not: According to our experience and review, CEX.IO is a safe crypto exchange.

Sign up now at CEX.IO!

Read our in-depth review of CEX.IO to learn all the background.

If you have already had an experience with CEX.IO, you can share it here.

Key Takeaways

• CEX.IO is a legal and functional crypto exchange platform. The company behind the exchange has allegedly filed for licenses in different countries and has managed to offer its service in the United States
• Besides licenses and regulation, CEX.IO uses a variety of features like Know Your Customer (KYC), Two-factor Authentication, Cold Storage, and Emergency Reserve Funds to protect your account and your digital asset collection
• During this CEX.IO review, we explore the milestones achieved by the company. Also, we analyze the products and services offered, as well as the payment methods and deposit and withdrawal times, among other things

About the Company

The history of CEX.IO traces back to 2013, when it launched and became the first exchange that allowed people to buy cryptocurrency using a credit card.

It’s a company with headquarters in the United Kingdom, founded by Oleksandr Lutskevych. Mr. Lutskvych has had different roles in Decent Finance LTD, Private Entrepreneur, CEX Markets Ltd, and CEX.IO Limited.

During the ten years since its foundation in 2013, CEX.IO has broken many milestones in the cryptocurrency industry. Currently, the platform holds a daily Spot Trading Volume of $3,068,620.49 in 2023.

Most notably, the company launched a bitcoin mining pool called GHash.IO that controlled over 51% of the bitcoin computing power in 2014.

With this capacity, GHash.IO mined an impressive amount of approximately 583k bitcoins.

The capacity of GHash.IO to control the majority of Bitcoin’s computing power led to controversy, as the Bitcoin community feared the mining pool would double-spend bitcoins.

In March 2015, GHash.IO suffered a DDoS attack allegedly because of this situation. However, the mining pool continued operations until 2015, when it ceased activities due to the Bitcoin prices going down.

Still, CEX.IO remained an active exchange and achieved even more milestones down the line.

The platform hosts over 5 million registered users, $7.5 billion in deposits made by customers since 2019, and around $40 million in purchases just in 2021.

Safety and Regulation

The team behind CEX.IO focuses on promoting a safe trading platform by implementing different security measures.

For example, CEX.IO complies with the law by operating under a license issued by the United States government to FinCEN as the parent company. However, the exchange limited its services in the United States due to the regulatory landscape changing.

This license classifies the exchange as a Money Services Business (MSB) to operate legally with money transmitter licenses in over 30 states.

Similarly, the exchange has permission to operate legally in the Netherlands, the United Kingdom with some restrictions, and across Europe with Money Services Business and Moneylending licenses.

Particularly in Europe, the exchange is under regulation by the Gibraltar Financial Services Commission (GFSC).

This benefit makes it easier to access the platform, especially without recurring to potentially illegal measures like using VPNs.

The safety of your funds is also equally important, which is why CEX.IO offers cold wallets to hold your funds.

Once you deposit and earn a profit, your assets will remain safe from hackers or thieves who may compromise the system.

CEX.IO claims it has designated a portion of its revenue from trading fees to create an emergency reserve fund. In the scenario of an attack that may compromise your assets, the purpose of this fund is to cover those losses. So, even if there’s an unexpected event, your funds are safe.

Likewise, CEX.IO allows users to enable the Two-Factor Authentication (2FA) feature to increase account protection. As such, the exchange uses diverse technology, quality encryption, and multiple controls to guarantee a functional crypto exchange service.

Accepted Countries

CEX.IO is a global exchange offering its services in many countries. In this section we will check a couple of countries to see if you can register:

• Australia – Sign-up is available
• Canada – Sign-up is not available
• Ghana – Sign-up is available
• Hong Kong – Sign-up is available
• India – Sign-up is available
• Ireland – Sign-up is available
• Kenya – Sign-up is available
• New Zealand – Sign-up is available
• Nigeria – Sign-up is available
• Pakistan – Sign-up is available
• Philippines – Sign-up is available
• Singapore – Sign-up is not available
• South Africa – Sign-up is available
• United Kingdom – Sign-up is not available
• United States – Sign-up is available

The service was available in Canada until July 2023 and in the United Kingdom until it suspended the onboarding of new users to comply with regulations imposed by the Financial Conduct Authority. A similar situation happened in the United States.

Creating an account on CEX.IO from a country not supported by the platform is not something we advise. The reasons are the following.

When you create an account from a restricted country, you may not use every service offered by the platform. There will be many limitations in place and features you wouldn’t be able to use.

CEX.IO requires you to verify your account and identity to access some functions, including withdrawals. People have complained that the website accepted deposits from countries like the United States, but the platform did not process their withdrawal requests after regulatory changes, effectively blocking their money.

Lastly, you could end up in an endless loop while trying to withdraw your funds. Previous users have mentioned that CEX.IO demands documentation repeatedly, sometimes prolonging your withdrawals for a long time.

Trading Offer

While using CEX.IO services, we could deposit and withdraw USD, EUR, and GBP as part of the FIAT currencies supported by the website.

The cryptocurrency markets are a bit more diverse, as CEX.IO supports over 200 crypto markets. These include the most popular, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and DASH (DASH).

On the other hand, CEX.IO offers over 300 trading pairs. You can trade BTC/USD, BTC/USDT/, ETH/USD, ETH/BTC, and much more.

Trading Types

CEX.IO is a concise exchange platform offering only a few types of trading compared to other exchanges that have more options.

Still, we believe that this is precisely why this platform is successful. By offering a simple service, CEX.IO reaches more audiences looking to buy and sell crypto quickly.

These are the trading types offered by CEX.IO –

• Instant Buy
• Spot Trading
• Exchange App
• Margin Trading

Instant Buy

CEX.IO offers the Instant Buy service, which is one of the reasons behind the popularity of this exchange.

With this function, you can buy cryptocurrency instantly using your credit or debit card. It’s easy, fast, and simple.

Spot Trading

The success of CEX.IO relies significantly on its Spot Trading service. By using this function, you can buy or sell assets at the current price set by the market.

Spot Trading is available 24/7 at this Bitcoin exchange, allowing you to trade assets whenever you need.

Exchange App

Use the exchange app to sell or buy cryptocurrency from the comfort of your mobile phone. With this type of trading, you can operate with over 250 markets of FIAT to crypto or crypto-to-crypto trading.

Margin Trading

At the moment, margin trading is not available on CEX.IO. This type of trading went through a BETA phase for its implementation in the future.

Trading Software

While CEX.IO has trading software, you can’t use or view it through the main website. Instead, you have to go to the Exchange Plus feature and use your verified account to get access.

Other Products

The CEX.IO exchange has a catalog of products designed to multiply your earnings in different ways. Let’s talk about these products briefly.

• Staking
• Debit Card
• Exchange Plus
• Crypto-Backed Loans
• Prime for Corporate Accounts

Staking

This product allows you to obtain rewards simply by holding your assets in your account. However, what we liked about this feature is that CEX.IO offers a calculator to see exactly how much you can earn.

Therefore, it’s super easy to decide if staking is convenient for you.

Debit Card

CEX.IO provides card processing services to offer an exclusive VISA debit card, allowing you to use it as a medium to spend assets in your account. While using this card, you earn rewards continuously.

Exchange Plus

CEX.IO offers Exchange Plus, an advanced trading product offering a massive collection of crypto-to-crypto and crypto-to-fiat trading pairs.

It’s a slightly more complex trading interface compared to the original platform.

Crypto-Backed Loans

Use the CEX.IO Loans to request between $500 to $500,000, with a week or year-long duration. This product works by offering your assets as collateral.

If you have Bitcoins, you can submit them as collateral, and the exchange will lend you 50% of the Bitcoins in your possession as a FIAT loan.

Fees

The fee system imposed by CEX.IO depends on the 30-day trade volume for all pairs. Every day, this system recalculates this data for makers and takers. Here’s how the fees work in this exchange.

Clearly, the competitive fees at CEX.IO are exclusive to traders operating with higher volumes.

If you look at the lowest tier, which is trading volume less than $10,000, the fees are 0.25% for the taker and 0.15% for the maker. These are very standard fees and nothing out of the ordinary.

We also evaluated the deposit and withdrawal fees. In particular, the deposit fees caught our attention.

If you deposit using VISA or Mastercard, you must pay between 2.99% and 3.99% plus the service charge. In other crypto exchanges, deposits usually don’t carry fees at all.

As for withdrawals, the exchange charges you the service charge, up to 3% plus $1.20, with a commission of up to $3.80 if you use VISA.

On the other hand, the conditions are the same for MasterCard, but you also must pay a commission of up to 1.2%.

Cryptocurrency deposits don’t carry fees, but you do have to pay withdrawal fees. While the fees vary depending on the crypto, they are relatively low.

Payment Methods for Deposits And Withdrawals

CEX.IO supports payments in FIAT currency like USD, EUR, and GBP via credit or debit card.

Besides VISA and MasterCard, you can also transfer funds via bank transfers, Google Pay, or e-wallets, such as Epay and Skrill.

By using these payment methods, you have the option to make instant FIAT deposits or buy cryptocurrency directly.

Alternatively, the exchange allows you to transfer cryptocurrency from a third-party crypto wallet. The platform supports the most common cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more.

The minimum deposit amount for FIAT currency is around $20, which can take one to three business days to be available in your account balance.

On the other hand, cryptocurrency deposits take a couple of minutes before they’re available in the exchange’s web wallet. Also, the minimum amount varies depending on the crypto.

For withdrawals in FIAT, CEX.IO requires a minimum of $20. The withdrawal time varies, as it can be just a few minutes for card payouts or up to three days for bank transfers.

The biggest downside of using CEX.IO relates to its withdrawal system. While the exchange did not present issues during our review, many previous users have complained about this issue online.

They say that the exchange takes a long time to process withdrawals, and other people say the platform does not pay at all. These users mentioned that CEX.IO imposes many obstacles while withdrawing money, such as delays in verification or restrictions in specific countries, like the United States.

Even then, there are some users who said they ultimately received their money after a couple of days.

Despite divided opinions, we advise you to be cautious if you decide to use this exchange, especially if you live in a country with ambiguous crypto laws.

Mobile app

If you prefer using your mobile phone, CEX.IO also offers an optimized application for Android and iOS devices.

The CEX.IO app presents a simplified version of the website, displaying a smooth interface with the same functions to buy or sell crypto.

This way, you can use the CEX.IO mobile app to buy Bitcoin or other cryptos from the comfort of your home, at work to check, or while traveling.

Like most apps for these operating systems, the CEX.IO application is available on the Google Play Store for Android and in the AppStore for iOS users.

In our experience, some of the most helpful features of the mobile app are receiving notifications or contacting the site’s customer support.

Registration and Verification

You will need an account and proper verification to use CEX.IO services without restrictions.

The exchange offers an intuitive and straightforward registration form to create basic accounts, making the process easy and fast. These are the steps to follow.

• Go to the CEX.IO website and click the Register button in the upper right corner.
• Click on Create an Account.
• Provide the details required, such as your email and password.
• Likewise, you must select your country and confirm you’re 18 years old or older.
• The platform will send you a verification code to your email. Use this code to verify your email, in which you’ll receive payment notifications and other important information.

You can now use your verified account. Still, you shall enable the 2FA feature by going to your Profile Menu and clicking the Security tab.

In this window, you can decide whether to receive the activation code via SMS or using the Authenticator App. For the latter, you will need to download an authenticator app, like the Google Authenticator.

In our experience, these procedures require approximately ten minutes to complete.

Then, we proceeded with the Identity Verification process, which was equally fast.

Verifying your identity will be necessary to buy crypto with your card instantly, complete card deposits, and unlock other payment options like Skrill. Here’s how you do it –

• First, you must verify your country of residence. Select your country and state and click on Next. If you’re from the United States, you must provide your Social Security Number (SSN). Also, provide a mobile number if you haven’t verified your phone.
• Then, you must select your preferred identification document and upload it. You must also submit a selfie with this document.
• Next, the platform will require you to provide personal information like your gender, name, and date of birth, among other things.
• Continuing with the process, you must provide details about your identification document. Submit once you finish.

And those are the steps needed to verify your CEX.IO account! Now, all you have to do is patiently wait until they approve your verification.

On average, we found that the team took approximately one hour to confirm the account verification. However, users online mention how the platform delays this procedure to block withdrawal requests.

Also, we found out that CEX.IO does not have a demo account function. This is a downside, considering the exchange has been in the industry for a decade, and the demo account is a great introduction feature for newcomers.

So, if you want to practice with a dummy account, you will need to consider CEX.IO alternatives.

Bonus for New Customers

CEX.IO does not offer a welcome bonus, which is another disadvantage.

Instead, the platform offers promotions like a 5% crypto cashback every time you use the CEX.IO debit card or the CEX.IO Earn to win rewards while staking or lending your funds.

However, there is a Welcome Bonus if you sign up for Exchange Plus.

In this platform, you can sign up as a new user and be eligible to receive up to 50 USDT by completing a few tasks. Here’s what you have to do to get this bonus.

• Create an account to receive 10 USDT.
• Deposit at least 10 USDT to get 20 USDT.
• Trade at least 10 USDT to obtain the remaining 20 USDT.

Customer Support and Languages

If you have an issue while trading on CEX.IO, the platform has a variety of customer support options to address your concerns.

For example, you can send emails to [email protected] for general inquiries or write to [email protected] for complaints. Additionally, the exchange offers [email protected] for business-related communication.

While reviewing customer support, we found that the service allegedly operates 24/7. However, the response time usually takes days.

Conclusion

Our full CEX.IO review indicates that the exchange caters to crypto users looking to buy or sell assets quickly.

It does lack some features we would’ve liked to see, like demo accounts or more effective trading software. Still, the trading speed and the products available make CEX.IO a smooth, intuitive, and straightforward trading platform.

Sign up now at CEX.IO!

If you’re still wondering if CEX.IO is a scam or not, we have to say that the negativity from other users and their past experiences really tarnishes the reputation of the website. So, if you don’t want to risk anything, using another exchange may be wiser.

CEX.IO is an interesting exchange platform, and we can’t wait to know what you have to say about it. Leave your opinion, and read more user reviews in the comment section below!

Frequently Asked Questions

The following are some of the most common questions about CEX.IO.

Is CEX.IO safe and secure?

The safety of CEX.IO is questionable due to poor reviews from other users. Learn more about it in our “Safety and Regulations” section.

How long does the verification take with CEX.IO?

Account verification on CEX.IO takes approximately one hour, but the time may vary. Discover more about this procedure and our experience as we detail every step in the “Registration and Verification” section.

How can I deposit money at CEX.IO?

You can deposit money in CEX.IO by going to the Wallet tab and clicking Add Funds. Choose the currency, click Select Payment Method, and follow the instructions as required. Learn about the deposit options by checking out our section about “Payment Methods for Deposits and Withdrawals“.

How long does it take to withdraw money at CEX.IO?

Withdrawing money from CEX.IO takes only a few minutes using cryptocurrency, whereas FIAT withdrawals may take more depending on the payout method selected. Nonetheless, many users have experienced significant delays. We address this issue more in-depth in the “Payment Methods for Deposits and Withdrawals” section.

How does CEX.IO work?

CEX.IO works by offering a quick exchange platform where you can buy or sell digital currencies with crypto or FIAT currency. The exchange offers diverse products to achieve this goal, like Instant Buy, Spot Trading, or Debit Card services. Learn more about this in the “Trading Types“, “Trading Offer“, and “Other Products” sections.

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.