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Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed. There are also “verified plus” and “corporate” verification levels, but most retail users do not have to concern themselves with these. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
The default spot trading platform provides charts and multiple types of orders, so it’s a little advanced, but it doesn’t take too long to get the hang of it. Mostly, crypto traders are speculating on the prices of cryptocurrencies, trying to buy them at the lowest possible rate and sell for the higher price. However, with CEX.IO you can multiply your holdings with almost no effort. CEX.IO fee structure uses a taker and maker model that starts at 0.25% and 0.15% respectively. The fees reduce based on the 30-day trade volume for all pairs. Traders with a monthly trade volume greater than 6000BTC that provide liquidity to the order book (e.g. using conditional orders) will incur zero fees.
Don’t Like to Read? Watch Our 2 Minute CEX.io Review
Depending on the payment method, there could be deposit fees, withdrawal fees, and a commission. If you want to avoid fees, stick to ACH transfers from a bank account. To buy Bitcoin and 70+ cryptocurrencies on CEX.IO, you just need an account and credit card. When you decide how much crypto to buy, simply enter your card details or use funds you have on your account at the moment.
New users to CEX.IO can make a deposit or withdrawal up to $100 per day without completing a Know Your Customer (KYC) verification process. CEX.io has relatively high fees, but this is to be expected with a credit or debit card purchase. The fees are higher than some other exchanges, but CEX.io makes up for it in convenience.
Can I withdraw from CEX.IO to my bank account?
On the other hand, several crypto exchanges offer quite a bit more. If you’re a fan of smaller cryptocurrencies, you might need an exchange that gives you more investment options. U.S. customers can buy and sell over 40 cryptocurrencies on CEX.IO (other countries have access to a much larger lineup of over 100 cryptocurrencies). That’s certainly not bad, and to its credit, CEX.IO gives you access to most of the big cryptocurrencies. You can use the Exchange feature available in the CEX.IO mobile app.
- By the end of this CEX.IO review, you should be able to decide if CEX.IO is the right cryptocurrency exchange for you.
- Many reviewers say that they enjoy all of the different account funding options that are available and others mention that the CEX.IO platform is easy to navigate.
- Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
- It’s registered as one of the Money Services Businesses with FinCen in the United States and FINTRAC in Canada.
- CEX.IO has several limitations for customers in certain locations.
- It’s not as well-known as Coinbase or Binance, but if you’ve been in the industry for a while, you’re familiar with CEX.io.
- CEX.IO also provides users with protection under a level two DSS certificate.
However, it does exclude electronic bills and statements, online screenshots, mobile phone bills, and credit card statements. However, even new users will likely want to reach the “verified” account tier. I’ve explained the advantages of doing so after the section on basic accounts. It’s missing some reasonably popular cryptocurrencies, including Algorand (ALGO) and Ethereum Classic (ETC), but the main area where this exchange is lacking is smaller crypto projects. Multiple CEX.IO users have complained about problems with completing identity verification. Specifically, they mention that their verification attempts were rejected even after providing all the required information, and that the exchange didn’t explain what the issue was.
Buy crypto with a debit or credit card
It is a reputable and safe cryptocurrency exchange with no hacked accounts or theft of funds since its launch in 2013. However, credit and debit card payments on CEX.IO are very expensive with fees of 2.99% per purchase. This is on top of the trading fees you’ll pay for making purchases on the CEX.IO exchange (maximum 0.25%) or on the Instant Buy platform https://www.tokenexus.com/tomocoin-what-is-it/ (7%). The exchange was one of the first to make fiat-to-crypto transactions accessible by offering credit card payments and bank transfers to clients. You can read more about cold wallets, and why they offer the most security, in “What is a cryptocurrency wallet? Coinmama charges a 5.9% fee on credit card purchases which is cheaper than CEX.io’s 7%.
Depots cost anywhere from $5-10, and fees for withdrawing funds will vary depending on the type of digital asset and the kind of withdrawal you’re performing. In addition to the standard security measures, CEX.io also uses cold wallets to hold most of its user’s funds. These hot wallets are connected to the internet, but cold wallets aren’t, so the cold wallets, which is where most of the funds live, are more secure. The exchange also provides a Crypto Insurance policy that covers up to $250,000 worth of digital assets stored on the platform against theft and hacking. In addition, CEX.io has a Security page that provides more details about the platform’s security measures. Regulatory compliance is a big thing for the platform, which is why it follows KYC/AML guidelines.
Great User-Friendly
For example, US investors can only trade about 40 cryptocurrencies due to local restrictions. Investors with CEX.IO can buy and sell over 100 cryptocurrencies, which is a whole lot more than you’ll usually find offered in other places. However, fees for CEX.IO’s Instant Buys are very high (7% when I last checked), and the exchange CEX.io Review rate normally isn’t competitive. So, while it’s a convenient feature, it’s one of the more expensive ways to buy crypto in the UK. CEX.IO currently has a 4.6-star rating on Trustpilot (23,000+ reviews), which is a very high rating by crypto exchange standards. In total, CEX.IO carries 18 of the top 20 cryptos by market cap.
- While it’s easy to use, Instant Buy can be extremely expensive.
- Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking.
- Everyone can use the exchange’s Instant Buy feature to buy Bitcoin and other cryptocurrencies using a range of payment methods, including PayPal, debit/credit cards, Apple/Google Pay, and more.
- CEX.IO appears to be a safe cryptocurrency exchange that uses several measures in order to keep user information and funds secure from theft and fraudulent activity.
- Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Discover the ins and outs of this crypto exchange in our comprehensive guide. CEX.io isn’t the only exchange in the market, and it may not even be the best. There are a variety of options, and the right exchange for you depends on a lot of factors.
