CEX.IO one of the oldest and most renowned Bitcoin exchanges in existence. It started operation in 2013 in London initially as a cloud mining provider and Bitcoin exchange. Its mining pool, Ghash.io, was so reputable that it held up to 42% of the total network mining power.
Unfortunately, the cloud mining operation were closed on January 2015. So CEX.io operates only as a Bitcoin exchange today. CEX.io is reputable and is registered with FINCEN and utilize know your customer (KYC) and anti-money laundering (AML) policies. Which means you must verify your ID before you can Bitcoins on the exchange.
CEX.io allow members to buy bitcoins using wire transfer, SEPA transfer and credit card. Its mode of transactions is quite different from other Bitcoin exchanges. CEX.io transactions are based on FOK orders (fill or kill orders).
FOK orders are executed immediately and full one you agreement has been confirmed. Simply put, whatever you agreed to pay or get is exactly what will occur. With other exchanges you may fall victim of liquidity issue. Siting an example, let say you bought 4 Bitcoin at an agreed rate on CEX.io you will surely receive the same amount, but if you buy the same 4 Bitcoin on Bitstamp or some other exchanges, you will have to wait until someone is willing to sell those Bitcoins at your requested price.
This makes CEX.io charge customers a premium to make sure they fulfil their orders ad make the system work 100%.
How CEX.io works
CEX.io has a simple and clear explanation about how their service works on their site.
When you enter a trade, CEX.io calculates the price you and freezes it for 2 minutes. You enter the amount of money you wish to spend and you see the amount of Bitcoin it equates to. Once you press the Buy/Sell Button, the system crosschecks to see if you have enough funds for the transaction. After you confirm the trade, your order is matched to other orders on the exchange, and your balance is adjusted — sometimes the amount can be even greater than agreed on, but is never smaller.
CEX.io Fees and Charges
Here is where customer complaints come in. Users have complained about CEX.io charging a chunk of amount and hidden charges for transactions. CEX.io takes a 7% fee for the service which is charged from the amount of currency you pay. For example, if you buy $2000 worth of Bitcoins you will only receive $1860 worth. However if should be noted that the charge covers for the services fee and no other fees apply.
CEX.io Buying Limits
CEX.io has four different account limits for members – Basic, Verified, Verified Plus and Corporate.
- Basic accounts – You can buy up to $500 worth of bitcoins per day and $2000 worth of bitcoins a month.
- Verified account – You have access to buy up $10000 worth of Bitcoins per day and a monthly limit of $100,000 worth of bitcoin applies.
- Verified Plus and Corporate accounts – they both have no limitations on the value of bitcoin that can be bought monthly or daily. However, to become a verified member, you will need to provide a government issued ID and personal information about yourself.
Easy to Use
The website looks for good, user friendly and informative. The trading interface is intuitive and easy to use. The page loading time is excellent and you don’t have to wait ages to get your transactions through.
Customer Support
One feature that is the pride of CIX.io is their support team. They are prompt request, proffering solution with detailed information. Most importantly, you can reach them on every platform possible. The support team were so swift in addressing the complaints on review websites such as TrustPilot, which is a sign that the company cares about its clients and most importantly, its reputation.
Users Experience
Many of the complaints online are in relation to the hidden charges and high exchange rate. So the only bad side of CIX.io that people really talk about the fees. Every other thing works like charm, but people are quick to judge, so it’s would help the company to take swift actions on that.
Security
CIX.io is one of the most secure exchange available today. There is a two-factor authentication and security question to be bypassed for account protection.
Majority of the coins is stored in the cold wallet. CEX.io also offers SMS and email alert, however, PGP encryption isn’t used for emails.
Conclusion
I think CEX.io is a solid exchange, having the only con of 7% fee charge on buying Bitcoins. Very intuitive and user friendly user interface that even newbies can find their way around. So far you are aware of the fees and the verification process and have sufficient funds to buy your Bitcoin, you are up and running.
Pros
- Fast customer support
- Established company reputation
- Easy and intuitive buying process
- Friendly user interface
Cons
- High charges
- Extensive verification procesS
