Description: Our Full Expert Review For CEX-IO
Software Price: 0.0
Application Category: Exchange Platform
Author: Jeffrey Taylor
CEX-IO is an online trading platform where you can exchange top currencies. It has several different features and characteristics that make it unique.
- It’s a safe and trustworthy platform.
- It offers a verification process.
- It provides you with different payment methods, such as using a card.
- It’s easy to use.
- It can take a long time before you get your account verified.
- There aren’t many trading options.
- The team might take a long to respond when it comes to customer support.
- Fees are very high.
- The waiting process to get your account verified can be exhausting and demotivating.
- Sometimes the withdrawals don’t work instantly.
Our Full Expert Review For CEX-IO [Updated For 2021]
If you’re in the trading world, you might know about CEX-IO. It’s a very popular site that many people use.
You need accurate information when you’re going to choose a trading site. All of them have benefits and disadvantages that you should consider before making a choice.
Read this review to learn more about its cryptocurrency exchange offers, how you can buy bitcoin, its fees, options to purchase using a card, and more.
What is CEX-IO?
With millions of users, CEX-IO lets you buy bitcoin, exchange them, and much more. With just a click, you can choose the trades you want and start investing in cryptocurrencies.
Why Follow a Review
Everyone writing a review can agree that CEX-IO is an established platform to buy bitcoin or exchange other cryptocurrencies. Nonetheless, does everyone love it? Absolutely not. Many people dislike it.
Reading a review on trading platforms is vital if you want to invest correctly. Although going with your intuition sounds nice, you need to have expert advice.
If you choose the wrong site, you might pay high fees, spend too much money buying bitcoin, or exchange cryptocurrency in an unwanted web. Consequently, besides having losses, you may need to change your trading site anyway and go through the whole process again until you find one that suits what you’re looking for.
Therefore, reading a review can give you important information. It aids you in picking the best platform to buy Bitcoin or exchange other cryptocurrencies.
CEX-IO Beginnings and Current Customer Support Options
The beginnings of CEX-IO go back to 2013 in London. When it started, its main product was a cloud mining pool.
Years later, it’s become a very popular platform that has served millions of customers. CEX-IO’s initial product was Ghash.io, which dominated 42% of the network at some point.
However, Ghash.io closed in 2015 and now CEX-IO focuses on different cryptocurrencies to ensure that it offers you the trading experience you want. You can buy bitcoin and much more and you can use your card or other option to pay fees.
Since the platform started, it has changed and progressed over the years. However, many customers are not happy with the way it works and wishes it offered more things.
CEX-IO has been one of the most trustworthy trading options if you want to ensure that you don’t get scammed and have important opportunities to exchange cryptocurrency and buy bitcoin. However, from a review standpoint, it’s not the best way to go concerning customer support and card payments.
Should you review customer support options, the platform offers different articles that might have the answers to your questions. Even so, problems may arise if you need personalized assistance, especially if you want to know more about cryptocurrency exchange or need a guide to buy bitcoin.
You can write an email or try to talk to someone that works on the platform, but more often than not, you may have to wait a long time before anyone answers. Some users report that they never got a reply at all, which is even worse.
Besides the opportunity to buy bitcoin or exchange other cryptocurrencies, CEX-IO offers other things. On the platform, you can buy and manage different financial products.
For example, you can manage loans and crypto staking. Furthermore, you can get crypto-backed loans.
As you review your options, you might find out that it’s very convenient to have choice when it comes to managing financial products, especially if you can purchase them with a card.
You can get a crypto-backed loan to ensure that you earn some cash while keeping your assets. It can also be convenient for your tax work since you’re not getting any taxable capital gains.
Is CEX-IO Safe?
CEX-IO is a safe trading platform to buy bitcoin or exchange other cryptocurrencies, but it’s not the best one. Users who review it say that it’s trustworthy if you’re a beginner and worried about security, but it has many disadvantages that you might want to avoid.
If you use CEX-IO, you get the opportunity to buy bitcoin, exchange cryptocurrency, and purchase other financial products. The platform ensures your safety by providing you with a verification process. You must follow it to be allowed to trade, which guarantees that all your assets are safe.
However, the verification process can get tricky if you don’t get approved right away. In many instances, customers say that they waited a long time to get the response or needed to send an email to CEX-IO to see what happened with their cases.
One could say CEX-IO is too harsh on its users since it hinders the process to buy bitcoin or exchange other cryptocurrencies. Although security is important, user experience is also vital if you want to ensure that people like your platform and keep using it.
There are two important points to discuss when it comes to CEX-IO’s speed. The first one is the transaction confirmation and the second is purchase speed.
If you get your account verified, each time you pick a trading option and want to pay with your credit card, the platform states that it registers your movements almost instantly. It claims to be fast and effective.
Despite the site’s claims that it can immediately show your every time you buy bitcoin or exchange cryptocurrency, that’s not always the case, even if you use a card and pay the fees. In some instances, transfers can take a long time to show up, and for a notable number of users, it’s taken a month before they can see everything in their accounts.
Since some users waited so long to confirm their assets in their accounts, they wondered if the site is a scam. Even though it’s not, waiting for a month to visualize everything you’ve done can make you stressed and anxious.
Likewise, purchases can take a little longer if you’re placing them a long distance from the market price. Though you can experience a speedy process, it can often take a long time for you to trade fast using CEX-IO.
During its eight years of existence, CEX-IO has been characterized as being a legitimate platform to buy bitcoin or exchange other cryptocurrencies. Thus, if you choose it, you don’t need to worry about being scammed.
CEX-IO’s security measures are tight. For many users who review it, they’re too tight, as was mentioned above.
Even so, the site has different characteristics that make it safe for its users. The platform is PCI DSS compliant, which means it fulfills the requirements to handle the customers’ credit card information. You don’t have to worry about it when you pay the fees – you’re protected.
People can also enjoy maximum safety if they choose two-factor verification. However, they’re prone to having issues when they choose to get verified by an SMS. If you swap your SIM card, you might have problems.
Therefore, verifying your information through apps such as Google is more convenient. CEX-IO also encrypts its data so that users feel safe when they use the platform.
Each transaction you make goes through a series of checks that include consent. That way, you can be protected each time you pay fees with your credit card.
Finally, CEX-IO’s hardware is safely inside ultra-secure facilities. It’s not only protected by security alarms, but also has constant surveillance, reinforced doors, and armed staff to ensure that it’s safe.
Using CEX-IO is very expensive in terms of fees, especially if you want to buy bitcoin. When you use a credit or a debit card, you have to undoubtedly pay specific fees that correspond to the transaction and the platform’s trading payments.
Each transaction’s fees are almost three percent while trading fees are seven percent or more. Therefore, if you review every purchase you make, about 10% goes to fees.
CEX-IO offers ways to reduce fees. For example, if you make a bank transfer instead of relying on credit or debit card payments, you would only have to pay for trading fees, which can be as cheap as a quarter of one percent.
In summary, although the platform offers you convenient ways to avoid fees, it’s still expensive if you want to use your credit or debit card to pay.
The platform offers an app so you can trade wherever you are. Regardless of whether you’re an Android user or an iOS one, CEX-IO’s app sends you notifications and alerts for specific values you wish to be informed about, and you can use your card to pay.
For example, you can set up the app so it notifies you when an asset price changes within a 24-hour period. Since the cryptocurrency market can be so volatile, having a handy app is convenient to stay on track of every trade.
All trading platforms have qualities that make them stand out from the competition. Likewise, they also have cons that you must review if you want to pick the best one to buy bitcoin or exchange other cryptocurrencies.
CEX-IO is undoubtedly one of the oldest trading platforms in the cryptocurrency world. However, many users who review it report that they didn’t enjoy their experience when they signed up for it, and that the fees are high.
Even though it offers a few currency options, you have little to choose from. Additionally, fees are extremely high compared to other platforms, especially if you pay with a card.
The platform is fairly easy to use, but when we review it, it just doesn’t have enough options for traders. Besides, customer support can be difficult to come by, and the user experience isn’t the best.
For some people, the worst thing about CEX-IO is its difficult verification process and the time it takes to get customer support to help you. In some cases, you might have to wait two or more weeks to get a response.
Other users have reported that they’ve sent five or six emails before hearing from CEX-IO’s staff.
Why would you want to wait that long to ensure that your account is all set to buy bitcoin or exchange other cryptocurrencies? That’s a good question considering it happens even if you pay with a card.
It hinders the customer experience, makes everything less fun, and can become stressful.
If you’re using CEX-IO, you might have some questions such as how long the trading verification process takes in the platform.
For each time you buy bitcoin or exchange cryptocurrency, you need a certain amount of time while CEX-IO verifies your assets. It can take between one hour and 24 depending on different factors such as whether something is going on with the currency that requires extra time to verify.
Like many other trading sites, to review your identity, you need to upload a photo of a document proving who you are that clearly shows your face. After that, you need to wait for an answer.
If you’re a US resident, you also need to provide your Social Security Number and the platform might ask you to confirm your identity immediately before proceeding with the verification process.
Our Final Verdict
CEX-IO is one of the oldest trading platforms in existence, and it lets you buy bitcoin or exchange other cryptocurrencies. When it was Gnash.io, it dominated an important percentage of the market because there weren’t that many options.
In doing a review the site, it has some advantages such as a strict verification process to ensure that your funds are safe and different hardware security measurements to guarantee the safety of the equipment needed to make your trades possible.
Additionally, it’s a trustworthy platform, which means that you don’t have to worry about scams. However, it also has many disadvantages.
Its verification process can take a long time, hindering your ability to trade the way you want. You might have to wait weeks before you get a response.
Many users also have various negative views about the site’s speed and customer support. Specifically, they’ve mentioned that the platform can take up to one month to show some funds in your account, which can make you think that it’s a scam.
If you go to customer support and ask for help, you might be waiting for weeks, or have to send several emails to get a response.
Finally, another important disadvantage is that it has very high fees. When you exchange cryptocurrency or buy bitcoin by paying with a credit card or a debit card, you might need to make fee payments of up to 10% for each transaction.
Therefore, CEX-IO is a platform where you can buy bitcoins and different financial products, but if you care about user experience, speed, and fees, you shouldn’t pick it.
As was stated in the beginning, reading a review is important for you to make the best choice possible. There are different sites out there that you can find and have a better time trading, so you shouldn’t pick the first one you see – even if it’s been on the market for years.