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CEX.IO Review - is it scam or safe?

CEX.IO Review - Is cex.io scam or good cryptocurrency exchange?

RATING: 2.9 / 12 REVIEWS CEX.IO

Trading Accounts

Account type Minimum deposit Leverage Maker fee Taker fee
Standard Undisclosed 1: 3 0.0 % Max 0.20%


CEX.IO is a cryptocurrency exchange which also accepts real (fiat) money transfers. This makes them a direct contender to companies like Bitstamp and Coinbase.



The company, security of funds

 

Company Country  Regulation
CEX.IO LTD UK Payment provider


CEX.IO was founded in 2013, as a mining pool. The London-based company later transformed into a full-fledged crypto-curremcy exchange. They are regulated as a payment provider, in order to accept client funds, but they are not overseen by the Financial Conduct Authority (FCA). While this may come as a negative, from the standpoint of an experienced forex trader, we must note the agency dos not oversee any company operation in the crypto space.
 

>>UK cryptocurrency exchanges<<


CEX.IO has not been the target of a major hack yet. That being the case, there are numerous user reports of receiving misleading e-mails, attempting to gather thir personal details, after registering on the website. This comes with a relatively small number of traders, who were caught by the scheme.



This is one of the few crypto-exchanges which offers negative balance protection, for margin positions. The feature will come in handy to the aggressive traders, although we do not recommend adopting such a style.



There a relatively high number of negative user reviews about CEX.IO. The complaints are mostly linked to the slow KYC procedures. Furthermore there are some harsher claims, but they are rather few.


 
Trading conditions


 
Trading instruments (cryptocurrencies)
 
Several coins are available for trading at CEX.IO and the website hosts community votes for adding new assets to the platform. More importantly there are a lot of fiat currencies against which the digital assets are being traded. One can buy or sell BTC, ETH, DASH and ZEC for EUR, USD and GBP. On top of that a BTC/RUB market is added. All of this comes before we even mention the Bitcoin to altcoin markets, which include all of the aforementioned major assets. 


 
Minimum initial deposit

A minimum deposit level is not clearly specified by CEX.IO. This is the norm in the crypto space, but as we mostly cover forex brokers, we are used to seeing companies mentioning this term of their service. Just to give an example, easyMarkets accepts clients after they deposit $100 (though they give much better trading conditions to the ones who deposit over $250).


 
Leverage


CEX.IO offers 1:3 in leverage. While this may sound like nothing to experienced forex traders, as brokers for the traditional currency markets offer ratios exceeding 1:500, we must note cryptocurrencies tend to be a lot more volatile. If, EUR/USD rarely experiences a daily move more substantial than 1.5-2%, digital assets can lose or gain 5-20% in value, without any major news events occurring. That being said, trading bitcoin on margin can be very risky.



Fees

 The fee structure at CEX.IO is very competitive. Market “makers” i.e. traders who place pending orders and provide liquidity to the exchange do not pay any fees. On the other hands the fees for “aggressively” buying or selling at the best possible price (the taker fee) start from 0.20% and go down with higher monthly volumes volume.

 

>>Bitcoin forex brokers<<



As a comparison the forex brokers who offer bitcoin trading usually include all of the trading costs in the spread. While the services are generally very different, we have put them side by side in this post,




Trading platform



Trading at CEX.IO comes via a web-based platform. While this is common occurrence with cryptocurrency exchanges, it comes with its own pros and cons. On one hand it can be accessed from any device, without the need to install any additional software. However the trading activity is limited to a single screen. That being the case, here is a preview of the very basic charting package provided by CEX.IO:


 

While this isn’t sufficient for any serious technical analysis, the button in the top right corner allows access to the charts provided by TradingView.


On the other hand, the order book looks a lot more functional with a very larger font set up by default. Surprisingly the bids and asks are placed opposite to the traditional way. Here is a screenshot:




 

Methods of payment


 
One of CEX.IO’s main advantages is the methods of payments the company provides. The exchange allows clients to transfer funds with Credit/Debit Card, Bank Transfers and all of the cryptocurrencies it supports. While e-wallets, such as Neteller are not supported these options still cover a lot of ground. 

 

>>Cryptocurrency exchanges accepting credit cards<<


 
Conclusion


 
CEX.IO is a London-based crypto currency exchange. The company accepts bank transfers and credit cards, but aims to be more than a simple gateway solution for the in uninitiated in the crypto-space. A decent amount of the major coins are available for trading at the exchange, with margin options also being provide. That being said the community feedback about the company is rather negative. 

 

Pros Cons
Relatively competitive commission Negative user reviews
Accepts Credit Cards and Bank Transfers Poor charting (TradingView provided as a pop-up)
Decent number of coins and markets No exotic altcoins
Negative balance protection for margin trading  

 

Latest news about CEX.IO
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Traders` reviews for CEX.IO

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Stay Away

Stay away from CEX.IO they are a scam website. Do not conduct business with them.

Fools Gold 06/19/2019

WARNING - A SCAM COMPANY

(I am sure soon a person from CEX.IO will reply the same comment under my comment soon to clean their crime but I am not going to give up)

This company is blocking users money by asking for private information e.g Employees name, address, source of fund etc and at the end they reject your verification and will never return back your money.

Please read carefully all of the forums....google: cex.io fraud

You will see how many users lost their money in this fake platform.
They have been reported to the UK police via online form, please do the same.

david 03/11/2019

Do not use CEX.IO

I decided to use CEX.IO to start investing in cryptocurrencies. I did an initial £25 investment using a credit card and this worked well. I then did a further test, on 22nd April 2018, making a bank transfer of £1,000 from my bank in the UK to CEX.IO’s bank in Portugal. This money never arrived in my CEX.IO account. Since then I have sent numerous emails to CEX.IO’s support department. I received immediate and polite replies to all of my emails. However they did not actually do anything to find my money and I still do not have it. I also asked my bank to trace the remittance. My bank received no answers to their trace requests from CEX.IO’s bank.

The reference numbers from CEX.IO are 779629 and 790791.

I am reluctantly being forced to the conclusion that I am the victim of a scam and that CEX.IO have no intention of returning my money. I advise others to think carefully before using this exchange.

PAMPLONABRIT 10/14/2018

Alarm!

I've "invested" a total of £15,000 with CEX.In Dec '17,I withdrew £1,000 but in Feb '18 they refused a request to withdraw further funds.

The only"explanation"is that my acc manager Jacob Francis has been sacked and it could take up to a year for someone else to take over.

Highly alarmed,I sought the help of Halifax fraud section who have been able to check that funds have been drained from one of CEX's main bank accs with Santander.

Halifax and my lawyer conclude that this is a SCAM!

Would you care to comment?

Michael E MacRoberts,MA 03/04/2018

I've been fraud with may payment of 4000USD to CEX.IO from 2 months!

I've been fraud with may payment of 4000USD to CEX.IO from 2 months!

You can report this here: http://actionfraud.police.uk/report-fraud-about-you Please select "Fraud to do with a financial investment, e.g. purchasing stocks or shares, a mortgage or an investment scheme ".

You may also want to consult the Financial Conduct Authority about any financial or investment matters. You can call them on 0800 111 6768 or contact them on their web site which is https://www.fca.org.uk/

Go ahead with you fraud application, take 15 mins, you just need to imput your name, email, amount of payment, payment reference number and CEX.IO LTD informations that you find here: https://beta.companieshouse.gov.uk/company/08757996

Bico Paul 01/30/2018

CEXIO is fraud

CEXIO is a complete fraud!!! DO NOT DEPOSIT YOUR MONEY THERE!
They rejected my application without any comment. I have a lot of money in this account and now they keep it and say I can try to verify in 30 days again.
Now my lawyer will handle this SCAM exchange.
My user ID is: up110001565. And the support doesn’t answer at all.

Moritz 01/22/2018

SCAM stay away

I have lost 240 EURO. Deposit is ok, withdrawal never. I founded with my friends a blog about this. Post your comments on our blog It's important for other customers. Search on google blogexchangesafe , we are the first in search and click on cex.io in menù and post your comment.
Thanks a lot.

Francesco 12/28/2017

zero customer support

If I do not receive a response from the numerous tickets then I welcome back with my comment. So far very disappointed with the service which is zero except for them taking my deposits.

D HALL 12/26/2017

support that is less than helpful

Had an initial problem getting verified and finally got it cleared. I started trading only to find that my verification now suddenly had been manually deleted. I went through the verification process again
and have had six responses saying that they were looking into it. It is now 10 days since I started the re-verification process and I am still not verified!!!!! I have heard from 5 different support personnel but still no solution. I am not a happy camper.

They have my money and I cannot withdraw [email protected]####

steven 12/15/2017

They are a SCAM

I am writing in all review platforms in regarding with CEX. They kept my deposit for no reasons. Try to withdraw money but the system does not work. Email them, rec' no answers. Any way to file charges against this company?

J. T. 12/12/2017

Stay away

The support OMG, I have been using this service for about a month now I ran into two issues so far which is normal nothing to blame them for. However if you every use this service expect MASSIVE delays on support and reply from them. To be honest expect anywhere from 8 days up to INFINITY to get your issue resolved and the first reply to your ticket will be within few days which is useless telling you we received your ticket be patient WTH.

Stay away if you can

Unhappy Client 11/28/2017

100% SCAM

Hi, I am have been having problems with CEX also & they are very insulting.

They have no problems taking money out of my credit card & bank card, but they have a fuc%!ng excuse every time when I ask them to withdraw. Then I asked them why can't I send my bitcoin to a different wallet they don't even answer the question like I didn't ask it!!

The keep claiming it's the Bank, Violation of law but when I call my bank they say everything is fine.
I will be filing a report to the police also to have these FRAUDS shut down.

It's these type small minded theifs who give crypto-currencies a bad reputation & slow down the potential growth. Why would I ever want to invest in crypto after having an experience like this & possibly loosing 800 bucks? I would much rather keep my money in my trading account even if it is in the hands of greedy bankers. I'll stick with the devil I know for now instead of the one I don't lol.

I'm so upset because I love the idea that is being pushed forward by people like Andreas Antonopoulos, but cex just killed my vibe seriously.

GOOFS

Tip: 15ZcWDmPfN3pUPueSZG8ADeqpupLZD99nt

jennifer 11/20/2017
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