The post CEX.io Review: Is CEX Safe & Legit?
Is CEX a safe website to buy Bitcoin?
Is CEX legit?
Are CEX fees follows industry standard?
We will find an answer to all this in our CEX review guide.
But before that,
When it comes to the number of websites to buy bitcoins, there are plenty.
The real challenge is to find the trusted ones where you are safe, even after sharing your information & adding your financial details.
This is why we here at CoinSutra test and research the best websites, tools, and guides regarding Bitcoin and other cryptocurrencies to help you stay safe.
In today’s article, I’m sharing my experience & review of CEX.io.
I started using CEX.io 3 years back when I was looking for a place to buy bitcoins with a Visa debit card.
Now I feel like I have enough experience to share the pros & cons of this upcoming Bitcoin & Ethereum exchange.
So without further delay, let’s get started with our detailed review of CEX.
First of all, CEX is definitely a legit site that supports multiple currencies & locations. You can add funds using a Visa/Master debit or credit card, wire and transfer.
Here are some of the notable features of CEX:
They have also lowered down the deposit fees for credit/debit cards. Wire transfer are free.
Here is what the fee structure looks like:
Once you have created an account, the very first thing you need to do is get verified.
Depending upon your verification level, your account limit will be increased. (You can see the limit for various verification levels in the above chart.)
Fees plays an important role when you picking any bitcoin exchange. Let’s have a look at CEX fees to understand how cheap or costly it is.
Overall, CEX fees is following industry standard and is not charging extra like many other CEX alternatives.
If you are planning to buy Bitcoin using a credit or debit card, you can add the card by going to Deposit > Payment Card & adding a new card.
You can add as many cards as you want, as long as they’re in your name.
You need to take a selfie with the card. At times the compliance team might ask you to write down the date on a piece of paper & then take another selfie. If you have never done a KYC (“know your client”) for Bitcoin before, you might find it annoying, but after the first time, it’s ok.
This kind of verification measure is taken by all popular exchanges to ensure the integrity of the exchange & provide us with better service.
It can take up to 48-hours for a card to be linked to your account.
Here is a video guide to help you:
Once you are done loading funds to your account, click on Buy/Sell at the top to start buying Bitcoin or Ethereum.
You might notice the price of Bitcoin to be higher than the current price on other exchanges. This is because CEX takes a 7% fee for its service. Personally, I find this to be quite high, but at times (in desperate situations), it’s ok.
Here is how the buy/sell interface of CEX looks:
You can switch from BTC/ETH on the same panel.
You can either buy bitcoins based on a fixed price (100, 200, 500, 1000) or you can add your custom price as shown in the above screen.
Click on Buy and confirm the transaction. Your bitcoins will be credited to your CEX.io wallet immediately.
If it’s a considerable amount, I would suggest moving those bitcoins to a secure hardware wallet like the Ledger Nano S. If it’s a small amount, then you can move it to a hot wallet like MyCelium or Jaxx.
CEX.io is a trustworthy website to buy/sell Bitcoin, Ethereum, USDT and other supported coins.
The interface is sleek, new, and user-friendly. They have been constantly adding new features which makes it future centric Bitcoin exchange.
They have taken care of security, and the support is pretty amazing- one thing that is not so common in the cryptocurrency industry.
The option to buy Bitcoin using your credit & debit card is one of their most used features, even after the 2.99% fee. The mobile app is particularly I enjoy which makes it easier to interact with CEX on the move.
Since they support many countries, it’s an advantage for users from countries where it’s not so easy to buy Bitcoin.
Have you used CEX for buying, selling, and/or trading BTC/ETH?
How has your experience been?
Let us know in the comments section below. Want me to review any other website that sells Bitcoin? Let me know in the comments.
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