Is CEX.io Regulated? CEX Regulation | CEX Review

Is CEX Regulated? CEX Licensing and Regulation

One of the longest-running cryptocurrencies exchanges that can be found in the present market is CEX.io. During its rather lengthy tenure in the cryptocurrency sector, the exchange has managed to develop a strong reputation. It has gained a lot of popularity amongst newer investors because of its easy to use and intuitive interface, but the platform also has to offer a wide array of more advanced services to professional traders. It was originally introduced in 2013 as a cloud mining platform, which operated the Ghash.io pool. Headquartered in London, it had been one of the largest Bitcoin mining pools at that time.

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As a matter of fact, at one point, CEX.io had controlled approximately 42 percent of the total Bitcoin network mining power. At that time, it was extremely profitable, but it shut down its mining operations in 2015. The low mining profitability and Bitcoin prices were the reasons why it had to shut down. Once this was done, the platform immediately shifted into full-time exchange operation and quickly became one of the most popular cryptocurrency exchanges are in the market. Currently, CEX.io offers its exchange platform services in almost 99 percent of all countries and works in 25 states in the United States.

However, the most important thing to note about CEX.io is that it is registered as a Money Services Business with FinCEN USA. This provides the exchange with certification showing a high level of due diligence for the transmission, storage and processing of payment information. However, it should be remembered that this high level of regulatory compliance requires traders to provide ID verification because it is not an anonymous exchange. They have to comply with Anti-Money Laundering (AML) and Know your Customer (KYC) regulations.

Apart from FinCEN compliance in the US, the exchange is also regulated in the UK and this has made CEX.io a popular solution for people who are interested trading on a cryptocurrency exchange that has strong relationships with financial institutions and traditional banks. More than one million traders use CEX.io on a daily basis and provides dedicated smartphone apps that are great for traders who are interested in an easy to use and streamlined trading experience. Furthermore, the exchange also gives access to charting features through the TradingView integration, a maker/taker fee schedule, margin trading along with credit and debit card payments.

The BTC/USD pair is the most popular cryptocurrency trading pair that can be found on the exchange platform and it is followed by some other notable ones such as XLM/USD, BTC/EUR, XRP/USD and ETH/USD. Sure, the lineup of the top five trading pairs on the platform might shift their position occasionally, but they remain stable most of the time in the long run.

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Sign up and Identification

As CEX.io is certified by FinCEN, it can offer its users with a host of payment options that include credit and debit card payments as well as bank transfers. These methods are able to facilitate simple and fast fiat currency payments for cryptocurrencies, but it should be remembered that a strict verification process has to be dealt with first, which involves providing CEX.io with identity documents as well as other information. The process might come off as a bit complex, but the good thing is the exchange provides a comprehensive guide for identity verification that can be quite useful. A valid government-issued ID needs to be provided and also your address information as they are handy for validating your identity. Other documents that can also be used include driving licenses, national ID cards and passports.

In order to register on CEX.io, you also have to provide an active phone number. A ‘selfie’ photo is also required along with the identity documents for proving that it is really you submitting the documents and information. Last, but not the least, proof of residence is also a requirement and this can be given in the form of bank statements, utility bills or tax return statements. It is possible for you to simply make an account on CEX.io without verifying your identity, but then your account will only have limited features and functions. There are four different verification levels applicable and these are mandatory for purchasing as well as withdrawing cryptocurrencies as ID verification is a requirement.

The ID verification process on CEX.io is rather convoluted and complex as opposed to other cryptocurrency exchanges, but this is balanced out with a fast response on verification.

Generally, it takes just 24 hours for the verification to be completed. In addition, CEX.io has also introduced phone number and email verification for every account and, which will enforce the exchange’s policy of one account per user.

Deposits and Withdrawals

At CEX.io, traders will be able to enjoy a wide range of deposit methods and it is also possible for them to simply fund their cryptocurrency wallets with the digital currency itself. However, one of the biggest advantages of using this cryptocurrency exchange is that it gives traders the option of funding an account with Visa or MasterCard debit as well as credit cards. You can also make deposits through bank transfer, which includes both SWIFT and SEPA transfers. The processing time for deposits can be as high as 14 business days, which might be a bit slow for some traders. CEX.io also provides support for Crypto Capital transfers, a platform that has been designed for bridging the gap between the cryptocurrency market and institutional investors.

An important thing to note about CEX.io is that it is one of the few cryptocurrency platforms that provide the option of withdrawal of fiat capital directly onto a MasterCard or Visa debit or credit card. You can also use SEPA and SWIFT transfers for making withdrawals. Nonetheless, traders need to bear in mind that when it comes to withdrawals, CEX.io has some strict requirements like completing the verification process.

Supported Currencies

You can use several currencies when using CEX.io, which are US Dollar, Russian Ruble, Euro as well as Great Britain Pound. The platform also provides support for a limited number of cryptocurrencies, which are:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Zcash (ZEC)
  • Ripple (XRP)
  • Dash (DASH)

Fees

The maker and taker fee schedule at CEX.io is quite similar in function as most of the other cryptocurrency exchanges that are live at this time. A lower trading fee is charged from traders who provide more liquidity to the order book as opposed to traders who reduce the liquidity from the order book. The trading fee that’s charged from a trader is calculated on the basis of the trades conducted over a 30-day period. The fee starts with 0.25 percent in the case of takers and 0.16 percent for makers. As far as the fee charged for deposits and withdrawal is concerned, the charges applicable for each method are mentioned below, but deposits and withdrawals in cryptocurrencies don’t incur any charges:

USD Deposits

  • Using both Visa and Mastercard incurs a trading fee of 3.5 percent plus $0.25.
  • Bank transfer deposits can be conducted free of any cost and the same applies to Crypto Captial.

USD Withdrawals

  • For Visa debit and credit card withdrawals, charges of $3.80 are applicable.
  • Using MasterCard for withdrawals will incur a fee of 1.2 percent plus $3.80.
  • Bank transfer withdrawals are not available and Crypto Capital withdrawals will cost 3 percent.

EUR Deposits

  • Visa and MasterCard deposits incur a cost of 3.5 percent plus € 0.24.
  • Bank transfer, Crypto Capital deposits and SEPA deposits are all free of charge.

EUR Withdrawals

  • Visa debit and credit card withdrawals will cost you €3.50.
  • MasterCard withdrawals have a 1.2 percent fee plus €3.50 in fixed charges.
  • Using bank transfer option for withdrawing money will cost €25 whereas SEPA withdrawals will incur a cost of €10.00.
  • Crypto Capital withdrawals will incur a charge of 3 percent.

RUB Deposits

  • Using Visa and MasterCard debit or credit cards for will incur charges of 5 percent plus ₽ 15.57.

RUB Withdrawals

  • The charges for using Visa and MasterCard debit and credit cards will cost traders 2.5 percent plus ₽ 30.00.

GBP Deposits

  • The option of MasterCard deposits is not available here, but bank transfer and Crypto Capital can be used free of charge.

GBP Withdrawals

  • Using MasterCard for withdrawals incurs a cost of 1.2 percent plus £ 2.90.
  • Bank transfer option is not available for withdrawals and Crypto Capital will involve a cost of 3 percent.

Limits

There are four different verification levels that can be found on CEX.io and the limits for withdrawal and deposits can vary for each. The four levels are Basic, Verified, Verified Plus and Corporate.

  • USD:
    • With Basic accounts, you are able to deposit $1,000 on a daily basis, but there is a maximum limit of $3,000 per month. The limit of withdrawals is also the same.
    • Verified, Verified Plus and Corporate Accounts can make unlimited deposits and withdrawals.
  • EUR:
    • In the case of basic accounts, you can deposit 1,000 EUR on a daily basis and not more than 3,000 EUR monthly. The same limits apply to withdrawals.
    • Unlimited deposits and withdrawals can be accessed through Verified, Verified Plus and Corporate Accounts.
  • RUB:
    • You can deposit up to 60,000 RUB on a daily basis with the basic account and a maximum 180,000 RUB every month. The withdrawal limit is the same.
    • The amount of 600,000 RUB can be deposited every day through Verified accounts and a monthly maximum limit of 6,000,000 RUB is applicable. The withdrawal limit is also consistent with the deposits.
    • Unlimited deposits and withdrawals can be made with Verified Plus and Corporate Accounts.
  • GBP:
    • You can deposit up to 800 GBP on a daily basis with basic account and the monthly deposit limit of 2,000 GBP is applicable. Withdrawals have the same limit.
    • Unlimited deposits and withdrawals can be made with Verified, Verified Plus and Corporate Accounts.

Security

As compared to other cryptocurrency exchanges, CEX.io has relatively strong security and has not suffered from any breaches. However, it doesn’t provide detailed information on how it manages wallets, stores user capital or other similar details. When you visit the security center, you can find information about anti-fraud mechanisms and compliance, but you will not find in-depth information about the platform’s security structure. You can find a breakdown of the certificates that it has.

Features

A streamlined trading experience can be enjoyed by users when using CEX.io and it is easy to use as well as intuitive. The simple functionality that the basic trading view has to offer will definitely appeal to beginner traders whereas advanced and professional traders will be able to take advantage of the complex charting options that are available through TradingView integration. There is also a dedicated mobile app provided by CEX.io for both iOS and Android devices and these apps make it possible for analyzing market data, canceling and placing a wide range of different orders, monitoring price changes and depositing cryptocurrency.

The advanced users can also gain access to a CEX.io API, which they can integrate with a variety of different automated trading solutions. Nevertheless, 600 requests can be made in every 10 minutes. Overall, CEX.io provides the features that you would expect from the best cryptocurrency exchanges and it definitely has a well-designed app to go with it.

Customer Support

One of the most important aspects of any cryptocurrency exchange is the customer support it has to offer. CEX.io gives people the option of using email to reach out to them and there is also a physical address. Apart from that, CEX.io also has a complete FAQ section where you will be able to find answers to most of the questions. They are quite detailed and helpful and you will not need to reach out to them at all. Generally, they are quite fast and reliable in responding to your queries.

With its multiple digital assets, a large number of deposit options as well as user-friendly design, CEX.io has managed to become a huge success in the cryptocurrency market and is one of the top preferences of beginners.

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