CEX.io Review – How To Buy Bitcoin at CEX
Is CEX.io safe and legit? That’s a question that will be answered in this CEX.io review.
Overview & Company Info
CEX.io is one of the oldest exchanges, having been founded in 2013 in London. Originally, CEX.io was connected with one of the largest bitcoin mining pool in existence, but since 2015 it has operated solely as an exchange.
How Does CEX.io Work?
CEX.io allows users to buy bitcoin using either credit or debit cards or bank transfers. Users sign up in a fairly standard manner, and then are allowed to buy bitcoin directly from CEX.io. CEX.io also buys bitcoin from users for fiat currency like USD.
How To Create Your Account (Is there an ID/Verification Process?)
A user needs to prove ownership of a credit or debit card in order to use it on the CEX exchange. The process of proving ownership involves sending CEX.io the card information, then providing them with photographs of the user with the card, and the card with a government issued photo ID.
CEX.io also allows users to verify their identity. This is necessary to increase buying limits, and also a prerequisite for CEX.io to send users fiat currency in exchange for bitcoin. The identity verification process involves providing CEX.io proof of residency at a current address, as well as government issued photo ID and pictures of the user holding said ID.
How To Buy Bitcoin At CEX.io
The user creates an account, and now is able to start the buying or selling process.
If using a credit or debit card, the user must go through the card verification process, after which he or she can buy bitcoin. If selling bitcoin, the user must also go through the identity verification process.
After all steps are completed, the user simply tells CEX.io how much bitcoin he or she is buying, and that amount of bitcoin is released to the user.
What Are The Deposit/Payment Options, Fees, and Limits?
CEX.io accepts payment for bitcoin via either debit and credit card or bank transfer. The currencies CEX.io accepts are USD, EUR, Pounds and Roubles.
Fees for buying in USD are as follows:
Debit or Credit card – 3.5% + $0.25
Bank Transfer – Free (though there may be a processing charge from the bank for sending the wire transfer)
Fees in other currency types can be found on the CEX.io site in their Fee Schedule page.
Limits are based on whether a user is verified or not. Basic accounts are able to buy up to $500 in bitcoin per day and $2,000 in bitcoin per month. A verified account can buy up to $10,000 in bitcoin per day and $100,000 in bitcoin per month. A corporate account option also exists, and has no limits at all.
What Are The Withdrawal Options and Fees?
Sellers can withdraw money by card or by bank transfer, assuming they are verified.
Fees for selling in USD are as follows:
VISA Debit or Credit card – $3.80
Mastercard Debit or Credit card – 1.2% + $3.80
Bank Transfer – $50
Does CEX.io Have A Trading Platform?
CEX.io has a trading platform, provides an API for automated trading, and supports bitcoin margin trading. Fees for trading range from 0% to 0.2%
Customer Support Options
CEX.io provides a help center for users to contact Customer Support, as well as a fairly extensive support section on their site explaining how to buy, sell, and answering most frequently asked questions.
Pros and Cons of CEX.io
– One of the oldest and most trusted exchanges, there’s no worry that CEX.io will take advantage of users.
– Quality, user-friendly interface makes transactions easy for new users.
– Any user interested in maintaining anonymity will find it hard to do much on CEX.io.
– Fees are on the high side in comparison to some other bitcoin exchanges.
– CEX.io isn’t available in some states in the US, and certain countries worldwide.
You could do a lot worse than CEX.io if your aim is to buy or sell bitcoin. They’re secure and reputable, and assuming you’re willing to wait for your card and/or identity to be verified, you’ll be able to complete bitcoin transactions quickly and efficiently.
The downsides to CEX.io are their slightly higher price and the fact that they adhere to KYC/AML regulations and so are scrupulous about identity verification. If you’re willing to pay a little more for security and aren’t worried about revealing your personal info, CEX.io might be the exchange for you.
That concludes this CEX.io review.
Pros & Cons
Types of Verification
Documents to verify address.
Limits & Liquidity
Data about limits and liquidity…
Frequently Asked Questions
Final thoughts here…