Cex.io is a crypto exchange that’s been on the market for the previous decade. While their success is enviable, there are also concerning things to discuss.
Our detailed Cex.io review will cover everything, from their current regulation to previous licenses and FDIC warnings. Buckle up and let’s get started.
In terms of Cex.io regulation, we can only say positive things. The exchange has been registered with the US FinCEN, the Canadian FINTRAC, and the Gibraltar GFSC.
Note that the firm is not covered by the SIPC or Securities Investor Protection Corporation. It’s a non-profit organization protecting investors in the US market. However, since Cex.io has never obtained a license for trading in securities, your deposit is not covered.
However, the website lists another entity, Cex Oversea Ltd, registered in the British Virgin Islands. However, our search of the BVIFSC register yielded no results for such a branch. It’s also worth mentioning that Cex.io was regulated by the UK FCA but withdrew its application for a license in May 2022. It’s quite an unusual step for a company to give up on a Tier 1 regulation voluntarily.
Another concern that’s important to discuss is a recent FDIC warning. Namely, the Federal Deposit Insurance Corporation warned the exchange regarding “false and misleading statements” in its legal documents.
According to our traffic analysis, the majority of visits to the exchange’s website come from the following countries:
While the company holds a solid score on Trustpilot, it’s worth noting that the most recent reviews are all 1-star. At the time of writing, we found 23,840 reviews, with the latest page being filled with negative ones, accusing the company of being a scam and not allowing withdrawals.
Here’s just one example:
Total SCAM!
AVOID cex.io at all costs!
It rejects NOT ONLY withdrawals now, but all the outbound transfers in crypto without a reason. The tech support is completely silent for more than 5 days. My message isn’t even marked as read by them!
Many people writing reviews point out that customer support is the biggest issue. Namely, you likely won’t get a reply even if you report the event. And once they finally answer, they won’t have a solution for the problem but escalate it to other departments with whom you cannot communicate.
It’s pretty bad business practice for one such eminent exchange.
In addition to offering crypto buying and selling, the exchange also provides trading. The Cex.io trading platform can be accessed through the website or a mobile app login.
It’s a standard WebTrader with several charts, allowing you to buy/sell assets with leverage up to 1:3. While we cannot expect superb software from a crypto exchange, we did expect something more sophisticated from a company with such a long history.
If you’re into crypto trading and don’t need an exchange, you can choose brokers offering third-party software such as MT4, MT5, or cTrader. Each of these has more tools and features.
As mentioned, this is a crypto broker, only offering crypto pairs. Clients can trade in over 1,500 digital coins, those being:
Trading fees are based on user volume for 30 days of trading. They vary from 0.25% for the taker and 0.15% for the maker for less than $10,000 traded to almost no costs for those trading over $5 million. Basically, the more you trade, the lower fees you’ll pay.
Here’s a list of available payment options:
The minimum deposit is 20 USD/GBP at the moment for most methods. In the case of a SWIFT transfer, the minimum is $300, while Skrill and Neteller require at least $35.
As per the Cex.io withdrawal, you ought to submit a request and choose the desired payment option. Note that you can only use the method you’ve previously used for a deposit as it’s verified.
Depending on the verification level, you might experience deposit and withdrawal limits up to a certain amount. Note that each deposit and withdrawal option has fees and service charges, ranging from 2.99% or $2.99 to 3% or $25.
If you’re experiencing any troubles with your Cex.io account, it’s essential to report the issue immediately. You can contact local authorities or the official regulator.
Additionally, you can share your story with Global Fraud Protection. Our chargeback experts and CipherTrace crypto analysts can help you find the best method to collect the evidence for a legal dispute. Don’t give up on your money; book a free consultation now!
Cex.io holds the US and Canadian registrations, while worldwide customers belong under an offshore entity from Gibraltar. We might be able to assist in case of any issues with the company.
Cex.io doesn’t offer a Demo account for crypto trading.
The minimum deposit with Cex.io is 20 GBP/USD for most payment methods.
Cex.io holds the US and Canadian registrations, while worldwide customers belong under an offshore entity from Gibraltar. We might be able to assist in case of any issues with the company.
Cex.io doesn’t offer a Demo account for crypto trading.
The minimum deposit with Cex.io is 20 GBP/USD for most payment methods.
The post Cex.io Review: All You Need to Know About the Exchange appeared first on Global Fraud Protection.
