CEX.IO Cryptocurrency Platform Review

By Heath Muchena | Decentralised News | 19 Aug 2021

CEX.IO is comprised of a group of companies that include CEX.IO LTD which is registered in the UK and provides global services; CEX.io Limited which is registered in Gibraltar and licensed by the Gibraltar Financial Services Commission as a DLT Provider which provides its services to only corporate users based in the EU; and CEX Overseas LTD (BVI), a private limited company registered in the British Virgin Islands. CEX.IO LTD is also registered as a Money Services Businesses with FinCEN. CEX.IO Corp. also has Money Transmitter Licenses in at least 31 US states. According to CEX, they have a 250+ strong team working across their different offices across the UK, USA, Ukraine, Cyprus and Gibraltar.

Founded in 2013 by Oleksandr Lutskevych, CEX is said to be one of the very first platforms to enable fiat-to-crypto transactions through card payment offerings and bank transfers to the clients. The exchange offers trading of digital currencies such as Bitcoin, Ethereum, and others. Users are able to trade these crypto assets for fiat currencies including USD, EUR, GBP, and RUB. The platform allows both trading via the website through desktop applications or users can access the platform by simply downloading it for either iOS or Android mobile apps, WebSocket, and REST API.

Margin Trading

CEX offers CFD trading which is essentially the trading of financial instruments that let the user trade in price differences, without the need to own, buy, or sell actual Bitcoin. On the CEX.IO Broker platform (beta), users can test out their strategies across a range of markets and digital assets. From 2x all the way to 100x, on CEX users can choose the leverage that fits their risk appetites. Margin Trading on CEX seems quite straightforward. Users need to simply create a user account and verify their email. If a user is already a CEX.IO platform user, they don’t need to register a new account. They also offer a free DEMO trading account where users can practice their trading strategies in a simulated environment without risking their real crypto assets. Once a user is comfortable they can then try out the actual LIVE trading account. Users need BTC, ETH or USDT to open long or short positions with any currency pairs offered by CEX.

Payment Gateway

CEX Direct is described as a link between fiat and crypto. With the service, CEX provides access to crypto assets through taking care of all user verification and payment procedures, procurement and delivery.

CEX.IO Prime

This ecosystem apparently consists of premium-grade services that are built specifically for the institutional and corporate clients. CEX.IO Prime is aimed at delivering advanced technology solutions.

Staking & Savings

CEX offers platform users a savings account. Users need to subscribe their crypto assets in order to earn interest, with the flexibility to redeem their funds at any time.

Users can also receive rewards for holding coins and tokens in their accounts.

KYC

Considering that CEX is a regulated exchange, users can expect KYC requirements to be thorough. Once a user has completed the KYC process, they are able to purchase digital currencies instantly using their debit or credit cards. They’d also be able to make card deposits of up to $3,000 and withdrawals of up to $10,000 daily and trade the available digital assets offered through the platform using market/limit orders and API tools. CEX, in addition, allows users to use payment options such as Epay, Skrill, and QIWI.

Fees

Deposits & Withdrawals

Offers instant deposit payments.
Users can make deposits using payment cards in any fiat currencies. If the user’s local currency is not EUR, USD, GBP or RUB, it will be automatically converted into the currency the user selects as the deposit currency.
CEX doesn’t charge fees for these deposits, however, the exchange rate and any fees associated with the transaction will be calculated and deducted by the user’s card issuer.
Only allowed 3 daily successful transactions per account for all countries except for users in jurisdictions where card payments aren’t available.

Limits and commissions for cryptos can be found here

CEX Loans

CEX offers crypto-backed loans to OTC crypto-traders who may wish to borrow against the total value of the assets they own.

Affiliate Program

Users of CEX.IO can get a referral link from their dashboard which they can promote or share with friends and receive 30% in affiliate fees. The affiliate program has no limits as far as how much users can earn from the qualifying trades and purchases from their referees. Affiliate earnings can be paid out to a user’s Visa or Mastercard. CEX tries to also provide a wide selection of creative promotional content for affiliates to use in their promotional activities.