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- CEX.IO is a global crypto ecosystem offering over 80 assets, staking rewards, margin trading, and more.
- The platform has a minimum requirement of $ 20 for card deposits and its fees range from 0% to 0.25%.
- CEX.IO is not available to residents of New York State or Washington.
- Click here to create an account with CEX.IO.
Founded in 2013, CEX.IO claims that it was one of the first crypto platforms to make fiat-to-crypto transactions (exchange of crypto assets for fiat currency like USD or EUR ) accessible through card payments and bank transfers. Konstantin Anissimov, Executive Director of CEX.IO, describes the platform as an ever-expanding “ecosystem of a product collection” for retail and institutional investors.
The marketplace not only offers instant buy / sell transaction options (this only applies to credit and debit card purchases) and crypto transactions, but it also provides a CEX platform. IO Prime for businesses. Individual traders can also take advantage of margin trading, staking rewards, etc.
CEX.IO says it supports 99% of countries across the world, with over 4 million registered users. Read on to see if it’s right for you.
CEX.IO and Kraken have similar fee ranges, but both vary when it comes to investment choices. While CEX.IO offers a larger selection of digital assets, Kraken offers a wider range of investment options (e.g., futures). Kraken also offers more trading platforms that cater to beginners, advanced crypto traders, and futures crypto traders.
Gemini, on the other hand, has a smaller cryptocurrency selection than Kraken, but it makes up for it with its minimum account of $ 0, insurance-backed account storage options, crypto rewards, and more.
If CEX.IO seems a better fit, keep reading to see how it works.
Coins and Tokens
CEX.IO offers instant cryptocurrency purchases for merchants using credit or debit cards, and it allows you to fund your account with bank transfers or cryptocurrency.
Its selection of investments – which includes more than 80 assets like bitcoin and ethereum – are available to traders around the world, including residents of the 48 US states supported by CEX.IO (New York and Washington are excluded).
However, the platform has a smaller coin offering. CEX.IO says it offers trading opportunities for bitcoin, bitcoin cash, bitcoin gold, ethereum, zcash, and dash.
Regarding account functionality, CEX.IO offers the following:
- Staking (with staking, you can earn monthly interest just by holding certain assets for a set period of time)
- Spot trading (this feature offers more ordering options for advanced traders)
- Cryptocurrency-backed loans
- Margin Trading (CEX.IO allows you to borrow up to 100 times your account balance to trade more assets)
- Institutional functionalities (API tools for automated trading, order execution tools, payment services, etc.)
For staking, each asset has its own minimum holding requirement, and although interest rates vary by asset, some cryptocurrencies have APYs of up to 20%. Learn more about CEX.IO staking options here.
While cryptocurrency-backed staking, savings, and loan offerings are not currently available in the United States, the company says it is working to make them accessible in the future.
CEX.IO marketing strategist Oxana Kunets says the company also offers another rare feature that most platforms don’t offer: instant withdrawals on crypto assets. “Here you sell and the money shows [up] on your card right away. “
CEX.IO charges a manufacturer / taker transaction fees which is based on your 30 day trading volume for all trading pairs. Manufacturer fees apply to orders that cannot be filled immediately because there are no matching orders. Lessee’s fees, however, are for orders that instantly match other orders, making them immediately marketable.
Traders who trade more in a 30 day period pay less at CEX.IO. For example, manufacturers’ fees range from 0.10% to 0.25%. While the 0.25% fee applies to users who do not make more than five transactions in the 30-day window, you will only pay 0.10% if you place more than 6,000.
The same goes for the lessee’s fees. Although a 0.16% fee applies to a maximum transaction volume of 30 out of five days, you will not have to pay anything if your transaction volume exceeds 6,000.
You will also be faced with different fees for the payment methods. See the full fee / commission schedule here.
With the sponsored CEX.IO group Main platform, CEX.IO offers two options for businesses, professional traders and corporate clients: CEX.IO Aggregator and CEX.IO Direct.
CEX.IO aggregator is a
provider that focuses on efficient order execution for institutional clients.
CEX.IO Direct allows you to integrate cryptocurrency access, user verification, provisioning, and delivery to your website or mobile app, according to its website.
CEX.IO has several limitations for customers in certain locations. Although the crypto exchange supports U.S. traders in 48 states (excluding New York and Washington), its staking, crypto lending, and savings features are currently not available to U.S. users.
Access to cryptocurrencies also varies for users from different countries. Specifically, some crypto assets will not be available to traders in the United States, Canada, China and South Korea, according to CEX.IO.
CEX.IO currently has NR (“No Rating”) status with the Better Business Bureau. BBB ratings range from A + to F, but it indicates that it does not have sufficient information to issue a rating for CEX.IO.
Ratings generally reflect the BBB’s opinion of how a business interacts with its customers. The office also takes into account several factors, including the type of business, time spent in the business, licensing and government actions, and advertising issues.
The exchange has filed six complaints in the past 12 months, according to the BBB.
Rickie Houston is a wealth building reporter at Personal Finance Insider who covers investing, cryptocurrency trading, brokerage, and wealth building products.