CEX.IO – Scam or Not?

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CEX.IO was one of the first Bitcoin trading platforms to appear. It was founded in London in 2013 as a BTC exchange and cloud mining provider. Its mining pool known as Ghash.io was so big it held 42 percent of the total network mining power at some point.

Ghash.io has closed its operations in 2015 and CEX.IO continues to operate solely as a Bitcoin exchange. Users from all around the world can trade on the platform, as the company provides services in 99 percent of the countries and 25 states in the USA.

Verification

Verification process on CEX.IO is very simple, and the exchange offers a detailed Verification guide to get the users familiar with the process.

There’s always someone from the support to answer the questions posted below the guide, which is a great alternative to opening tickets.

Requirements for Identity verification are following the industry standards:

  • Personal information (name, gender, date of birth, place of birth, address and a phone number)
  • Government-issued document (ID card, passport, driver’s license)
  • Proof of residency (utility bill with the user’s name and address or a bank statement)
  • Selfie with an ID document

The verification process doesn’t take long, and it can take up to 24 hours.

When it comes to trading, there are four different account types on CEX.IO with the following limits:

  • Basic – $500 per day and $2000 per month
  • Verified – $10,000 per day and $100,000 per month
  • Verified Plus – no limits
  • Corporate – no limits

What makes the CEX.IO different from the competition is the ability to deposit funds with the payment cards.

Similar to the identity verification, the exchange has a Payment card verification guide with detailed instructions and a how-to video.

When the card is verified, users can deposit or withdraw the money in all supported currencies.

You can see the limitations for deposits and withdrawals here.

The exchange has payment restriction policies for the following countries:

Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe, Nigeria.

Users from all other countries can use the exchange without any limitations.

The exchange supports the following fiat currencies:

  1. United States Dollar (USD)
  2. Euro (EUR)
  3. Russian Ruble (RUB)
  4. Great Britain Pound (GBP)

Supported digital currencies include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • *Cloud-based hashing power (GHS)

*CEX.IO offers hashing power for BTC, which is probably related to the former Ghash.io mining.

 

Fees on CEX.IO

The fee model on CEX.IO is one of the priciest in the market with a 7 percent fee for the direct trading with the exchange.

Their fee schedule for the peer-to-peer trading is based on the maker-taker model following the monthly trading volume in BTC. The maker fee is always 0 percent, while the taker fee is lowered as the monthly volume grows:

  • For the volume below 5BTC, 0.20 percent
  • For the volume below 30BTC, 0.19 percent
  • For the volume below 50BTC, 0.18 percent
  • For the volume below 100BTC, 0.17 percent
  • For the volume below 200BTC, 0.16 percent
  • For the volume below 1000BTC, 0.15 percent
  • For the volume below 3000BTC, 0.13 percent
  • For the volume below 6000BTC, 0.11 percent
  • For the volume above 6000BTC, 0.10 percent

Deposit and withdrawal fees vary between 1.2 and 5 percent of the amount transferred. You can see the complete fee schedule here.

When it comes to margin trading fees, they are fixed at 0.2 percent open fee, 0.01 percent rollover fee and 0 percent close fee for all currencies.

 

Trading on CEX.IO

CEX.IO has a nice trading interface and offers the following orders:

  • Market order
  • Limit order
  • Stop order

The trading on the exchange involves around 400,000 traders per month. Large trading volume gives users plenty of opportunity to buy, sell and trade, compared to the exchanges with smaller volume. The CEX.IO API is great, and it gives users control over their accounts by using custom software geared to meet their needs. The exchange doesn’t support trading with derivates and futures, but it does offer margin trading in a number of trading pairs.

Currently offered pairs are:

  • BTC/USD
  • BTC/EUR
  • ETH/BTC
  • ETH/USD

The margin trading is possible with 1:2 and 1:3 leverage.

Ease of Use

The website looks good, and all relevant info is always just one click away. Trading interface is easy to use, and generally the entire platform is very user-friendly. The page load speed is excellent as well.

The exchange also has mobile apps for both Android and iOS, which are available for download here.

 

Customer Support on CEX.IO

This company can be proud of their support team. They answer quickly, with detailed information and you can find them everywhere – on the platform and outside it.

The support team even addressed the complaints on the review websites such as TrustPilot, showing that the company cares about the clients and, of course, its reputation.

A small downside comes in a form of the canned responses, but even when this is the case, the response is detailed and provides all the information required by the user.

 

User Experience

The majority of complaints online is related to the hidden fees and high exchange rates. CEX.IO really struggles with the online reviews and has somewhat bad reputation only due to the problem with the fees. Everything else works like a charm, but users are quick to judge, which could cost the company in the long run.

 

Security

The security is good on the exchange. Two-factor authentication and a security question are used for account protection.

The majority of coins is stored in the cold wallet. The exchange also offers SMS and email alerts. PGP encryption isn’t used in emails.

The latest hacking incident happened in 2013 when the exchange was young, and it ended with a loss of $7,000 for one of the users. The vulnerability was immediately patched, and since then there were no problems.

 

CEX.io Review Conclusion

CEX.IO is a decent exchange, and it would be even better if it just lowered fees a little bit.

Pros

  • High trading volume
  • Great support
  • Established company

Cons

  • High fees
  • Verification process is a bit demanding

The exchange definitely deserves better online reviews.

Go to Cex.io
Write a Review about Cex.io:

18 User-Reviews for Cex.io
  1. John Halley, 30. May 2017

    This company is horrible! They won’t allow me to withdraw my funds! They lied about selling bitcoin to cash and withdraw using a Bank Transfer, then withdraw using Crypto Capital. Their customer service is a sham and can’t even provide a coherent sentence addressing the problems. I think they are going to steal everyone’s money. They should be investigated and shut down…

  2. Bruce Wiseman, 31. May 2017

    I have been trying to withdraw my funds from CEX.io for several days. I can’t get my money out. Does anyone know if there is a regulatory body for these exchanges. I get pre-canned responses, but cannot get my funds returned.

  3. Gülnur Kuruoğlu, 9. June 2017

    It is over 1 month that I sent 1000 euro deposit from my mother’s bank.
    I did not know that it is not allowed to get deposit from third person. So cex.io did not deposited the money to my account.
    It has passed over 30 days but we still have not got the money back. The support don’t answer my mails.

  4. Loco, 17. June 2017

    I tried to open an account with CEX. I clicked on their ad “buy ETH at EUR 150” and provided a credit card for EUR 400 (and not good for a penny more, I may be crazy but I’m not stupid). Three weeks later, with ETH trading at 327, they are still not replying to my mails or requests for support. Live chat has disappeared from their website. The only thing that’s not making scream that they are a scam is that they haven’t charged my card.

  5. Dani Dawood, 18. June 2017

    Hi
    I am also lost with them 430 Eur i send to support many emails but to now no answer one week gone ans no answer from them i don t know what i have do i am really nervous
    i thing i lost my many and this company are scam 100%

  6. Jonno, 26. June 2017

    Stay away from this company. i cannot withdraw my funds!

  7. E.B, 30. June 2017

    A lot of people complaining they are not approving their credit cards and bank accounts and no answer from support, me included.

  8. wooba, 4. July 2017

    I had before good experience with CEX.IO, and everything was ok until 1 month ago on my SEPA withdrawal.

    They stopped answering and claiming everything will be solved. After much insistence on my side, after 15 days they asked me for documents to justify the sources of my funding. They made me fill a document will my personal data, my wages, where I work, my social networks, others.

    I filled the same on the very same day. Until now I got no response to my multiple emails. I even asked them if they need any other document. Silence was what I got (10 days ago)!

    It’s strange, that when the questions to support are others than withdrawal, they reply in a few hours. So, they are clearly avoiding to answer to these subjects.

    CEX.IO, if you’re reading this, it’s my last resource before going into legal on your operation country and joining all the other users that are complaining. I kindly request that you solve my problem.

    Tickets:
    – 252547
    – 221841

    I moved the 3 star to 1 due to the complete lack of communication and I will update this review as it progresses and I have feedback from CEX.IO.

    [UPDATE] – This process started in end of May, with me withdrawing amounts of ~12k EUR. My account was previously certified.

    [UPDATE] – 25 Jun – CEX.IO – Closed / merged some tickets. Not very important to me, but this clearly improves the support metrics on open subjects.

    [UPDATE] – 26 Jun – CEX.IO – Rejected all my withdrawals with no information why. Now they reseted the process.

    [UPDATE] – 26 Jun – CEX.IO, requested even more details. Personal opinion, it seams like they’re finding excuses to postpone the withdrawal as they had previously all the information

    [UPDATE] – 29 Jun – CEX.IO, replied with their traditional message “that they have personally requested the compliance department,….”

    [UPDATE] – 29 Jun – CEX.IO, Asked again documents I’ve previously shared. I’m almost sure they will ask again any other document (even any other I might already have sent).

    [UPDATE] – 3 July – Official. I have the ticket open for 1 month. Always a different excuse in a never ending asking of information. So far I have provided, a real copy of my bank statements, my work details, all my email addresses, my wage, any sources of income, details and transactions on other exchanges. Now they started to ask information they have asked before saying that they could not find the details in the documents.

    From Jun 26, that I don’t have any other contact from CEX.IO. I believe they run out of excuses or they are trying to find something new to request me. They haven’t even replied to my trust pilot previous feedback.

    Best

  9. CEX.IO, 6. July 2017

    Dear users, we are terribly sorry for your negative experience with CEX.IO. Delays with ticket processing and verification are connected with a huge inflow of new users. We are fighting the overload of our Support and Compliance departments to ensure smooth operation. You can read more about it here:
    https://blog.cex.io/news/lifting-ticket-verification-systems-cex-io-16228

    If you are still experiencing issues with CEX.IO and have unanswered tickets, please provide us with your User ID and ticket numbers, we will try to solve them ASAP.

  10. mark, 2. August 2017

    Have any of you who left comments about not being able to withdraw funds been able to since?

  11. Erik, 2. August 2017

    I have to say CEX provides the worst support you can imagine. They simply don’t care. I would stay away at all costs. It is just frustration.

  12. Jorge, 14. August 2017

    I’m also experiencing a very bad support from CEX. I sent all the required information and pics to approve my credit card, I don’t receive any answer from them. I complained about it , but I only received the authomatical email. I’ll cancell my account right now. Luckily I didn’t make any money movement with them. Imagine I had problems related to my cash and they don’t answer. I can’t trust them. By CEX!

  13. David, 17. August 2017

    I was scammed too. I tried to transfer coins to another account but was not able to be verified because I am in the United States, which they can’t regulate. I submitted a ticket asking how to transfer coins out of CEX, but it took weeks for them to answer and by the time they answered, the price of my coins had dropped to half! I feel like I got SCAMMED.

  14. Moonlight Corp, 19. August 2017

    It took me awhile to get established as a business account with Cex.io but I’m most happy I went the extra mile to get my account activated. Remember they also have to do their due diligence in dealing with all these accounts as well and I don’t imagine it is any easy task dealing with all this… I found their support team to be most helpful more so than some of the other exchanges. I feel safer with them and look forward to working with them as they add more alt coins to their site.

  15. philip, 7. September 2017

    Beware this company is a scam and take all your money, withdrawal EUR185 and charge EUR50 for withdrawal fee~!! it take 3 weeks to be in my bank account left EUR135!! and avoid and dont use this

  16. pgarret, 9. September 2017

    I’m having similar issue: I deposited some fiat and still in pending state on their side. I asked my bank and they sent the money two days a go. I created a ticket with them and they supremely answer after my second attempt and this is what they answer:
    “Please, note that it can take up to 14 banking days for the banking system to process with your payment. Thus, we kindly ask you to stay patient. ” How can I stay patient when they use my money for enriching themselves. I would have accepted this answer 10 years ago but nowadays the bank transfer to take 14 days is highly suspicions.
    I’m very disappointed I did business with them, in any case it will be the last time.

  17. Sandre, 20. September 2017

    Beware of these scammers. 3000 euros were transferred to them on 19th July 2017 by SEPA and that’s it. They just stole the money! Avoid to deal with this scam company at any cost if you want your money to be safe!

  18. David Sal, 3. October 2017

    If I could award them negative stars I would have!!
    Buyer beware: I have had a horrific experience with CEX.IO. The have a spread when buying and selling BTC which all exchanges have and is normal, but then they charge you about 7% commission on top of that. I sold my BTC and then requested withdrawals to 2 banks, they showed sent on August 24th. 2 weeks later I received the smaller one, it started out as $848.00, they deducted $50.00 for a wire fee (way higher than any other exchange, that should have left $798.00, but I only received $717.00, $82.00 less than I should have received, they claimed that my bank charged me fees, but I checked with the bank, they showed me proof only $717.00 was received, so what I was told by CEX.IO was completely false.
    My second wire for $3,036.00 never arrived, they kept on making excuses and then today, 6 weeks after the supposedly sent me the wire the refunded the money into my account, they said without fees, but my $3,036.00 refunded was only $2,927.00, $89.00 less. In order to get my money out, I bought BTC, which again cost an exorbitant commission, which I was forced to do based on their failure to send me my money that they claimed they had until they refunded it to me.
    So of my original money of around $4,500.00, I paid them over $600.00 in commission plus $50.00 for the one wire plus $82.00 and $89.00 short on y wires so I ended up being charged over $821.00 in fees which is almost 20% of my money.

    I strongly caution people to not use this exchange unless you are ok being ripped off.

20 Total Ratings with 4.60/5 possible Rating Points. Bitcoin Exchange