With cryptocurrency soaring in popularity over the last decade, there is a growing number of new online exchange platforms offering investors the opportunity to dip a toe in the blockchain. CEX.IO predates the latest crypto boom, with the platform launched in London over a decade ago and now boasting over 15 million users around the world. In this independent review, we explain how the CEX.IO platform works, what fees are involved and whether it would be the best platform for your needs.
What is CEX.IO?
CEX.IO was one of the first platforms to make fiat-to-crypto transactions accessible with card payments and bank transfers, meaning that customers could use traditional money such as GBP or USD to buy, sell or trade cryptocurrency. CEX.IO is also a founding member of CryptoUK – an association whose aim is to “build cooperation between the major cryptocurrency players and regulatory authorities in the UK”.
CEX.IO is not currently part of the Financial Conduct Authority’s (FCA) registration scheme, but it is able to operate in the UK market through a collaboration with Gateway 21 – an FCA-authorised financial promotion approver – and by providing all services from Lithuania. You can read more about cryptocurrency regulations in our article 'How are cryptocurrencies regulated in the UK?'.
What does CEX.IO do?
CEX.IO is an online cryptocurrency exchange platform that allows users to buy, sell, trade and store more than 300 different cryptocurrencies and 1,000 trading pairs. It can be accessed on a browser, iOS and Android devices, WebSocket, and REST API. CEX.IO has an integrated hot wallet for customers to store their keys.
CEX.IO’s main features
- Available on browser, iOS, Android, WebSocket, and REST API
- Online trader platform with numerous order types and advanced trading tools
- Digital payment system for businesses to pay with crypto assets
- Founding member of CryptoUK
- Competitive transaction fees
- More than 300 different cryptocurrencies available
CEX.IO pros and cons
|
Pros |
Cons |
 Low transaction fees |
 The sheer amount of options may be daunting for complete beginners |
| User-friendly interface |
Complicated withdrawal fee schedule
|
| Top-notch security credentials |
CEX.IO fees
There are two different fee models depending on the type of transaction being carried out.
Fees for transactions
CEX.IO follows a maker-taker model for all of its transaction fees across its original CEX.IO system. Transaction fees are based on your 30-day trade volume for all coins, which is recalculated at 00:00 (GMT) each day and includes the current day’s trades. You can read more about what maker and taker fees are, and how they are calculated, in our article 'Cryptocurrency: What are maker and taker fees?'.
| 30-Day Trade Volume | Taker | Maker |
| ≤ $10,000 | 0.25% | 0.15% |
| ≤ $100,000 | 0.23% | 0.13% |
| ≤ $500,000 | 0.19% | 0.09% |
| ≤ $1,000,000 | 0.17% | 0.07% |
| ≤ $2,500,000 | 0.15% | 0.05% |
| ≤ $5,000,000 | 0.13% | 0.03% |
| ≤ $10,000,000 | 0.11% | 0.01% |
| ≤ $20,000,000 | 0.10% | 0.00% |
| ≤ $50,000,000 | 0.08% | 0.00% |
| ≤ $100,000,000 | 0.07% | 0.00% |
| ≤ $200,000,000 | 0.06% | 0.00% |
| ≤ $500,000,000 | 0.05% | 0.00% |
| ≤ $1,000,000,000 | 0.04% | 0.00% |
| ≤ $2,000,000,000 | 0.03% | 0.00% |
| ≤ $5,000,000,000 | 0.02% | 0.00% |
| > $5,000,000,000 | 0.01% | 0.00% |
Fees for withdrawals/deposits
For withdrawals and deposits, CEX.IO charges a different rate depending on the payment method across its original CEX.IO system, and there are limits on how much customers can deposit or withdraw from their accounts in a single 24-hour period. We’ve summarised the UK charges in the table below:
| Payment Method | VISA¹ | Mastercard¹ | Skrill | Bank Transfer | Faster Payments |
| Deposit Limit | $20 — Unlimited | $20 — Unlimited | £35— £10,000 | $20 — $100,000 | £20 — £250,000 |
| Withdrawal Limit | $20 — $50,000 | $20 — $2,500 | £35 — £10,000 | N/A | £20 — £250,000 |
| Deposit Fee | 2.99% | 2.99% | 3.99% | £0 | £0 |
| Withdrawal Fee | Service charge: up to 3% + £2.10
Commission: up to £2.90 |
Service charge: up to 1.8% + £2.10
Commission: up to 1.2% + £ 2.90 |
1% | 0.3% + £25 | £0 |
¹New customers (less than 3 months from identity verification) have a maximum daily limit of $1,000 and a maximum monthly limit of $3,000 for both deposits and withdrawals.
Bear in mind that only 3 daily transactions are permitted per account.
Which cryptocurrencies can you trade on CEX.IO?
CEX.IO supports more than 300 different cryptocurrencies for UK investors, including:
- Bitcoin
- Ethereum
- Dash
- Litecoin
- Cardano
- Dogecoin
- Neo
- Tether
You can find the full list of cryptocurrencies which you can buy, sell, or trade with on CEX.IO on its website.
CEX.IO security
CEX.IO has not reported any major security breaches and employs a wide range of security measures to keep users' assets safe, including full data encryption, offline cold storage, and two-factor authentication (2FA). User accounts must have 2FA enabled in order to withdraw their funds, and CEX.IO’s mobile app also allows customers to set up a Withdrawal Pin Code (WPC) to confirm withdrawals made via mobile phones. In addition, CEX.IO stores customers’ assets in a split of both hot and cold wallets, with separate private keys for each currency, and only a small percentage of all cryptoassets in active circulation are stored in hot wallets to further minimise security risks. CEX.IO also uses strict access controls, including 24/7 surveillance, alarm systems, and secured vaults.
Overall, CEX.IO’s security credentials are pretty standard for a popular cryptocurrency exchange, but as usual, users should take the utmost care in keeping their public and private keys secure, and may feel safer using an offline, cold wallet to store them. You can read more about cold wallets, and why they offer the most security, in 'What is a cryptocurrency wallet?'.
CEX.IO customer reviews
CEX.IO is rated 3.2 out of 5 stars on Trustpilot across over 23,000 reviews. Its rating is high compared to other cryptocurrency exchanges, such as Gemini, and it has a consistent track record of engaging with poor reviews – over 88% of “negative” reviews were responded to within two weeks. However, it trails significantly behind Uphold for favourable reviews.
Some of the reviews include praise such as “perfect” for beginners and the “best” trading platform, although there is some criticism of the cash withdrawal processing times and occasionally unresponsive customer service. Overall though, CEX.IO has amassed thousands of positive reviews, making it one of the highest-rated exchange platforms in the UK.
Alternatives to CEX.IO
If you're looking for low fees, CEX.IO really is the best cryptocurrency exchange for UK investors, although Kraken and Gemini offer similarly competitive charges at maximum 0.26% and 0.40% respectively. Kraken has a wider range of trading options for more advanced investors via its Intermediate and Pro accounts. Investors keen to get involved in more niche cryptocurrencies may also find CEX.IO tops competitors like Coinbase, which offers a choice of over 250 different cryptocurrencies to CEX.IO's 300+.
CEX.IO compared to the competition
| Exchange Platform | CEX.IO | Coinbase* | Uphold | Kraken | Gemini |
| Transaction Fees | 0.00-0.25% | 0.00-0.50% | 0% (but charges a spread between 0.85-1.25%) | 0.00-0.26% | 0.00-0.40% |
| No. of cryptocurrencies | 300+ | 250+ | 250+ | 650+ | 80+ |
| Wallet | Yes | Yes | Yes | No | Yes |
| Trustpilot Rating | 3.2/5 | 4.0/5 | 4.6/5 | 3.4/5 | 1.3/5 |
The verdict
With its simple and friendly interface, low fees, and solid reviews, CEX.IO is a reasonable choice for investors in the UK comparing cryptocurrency exchange platforms. It is suitable both for beginner and advanced investors, and even has its own payment system for businesses looking to bridge the gap between fiat and cryptocurrency.
Ultimately, CEX.IO’s low transaction fees are its biggest appeal and make it a good choice for investors to buy, sell and/or trade cryptocurrency with minimal charges.
More on cryptocurrency
It is worth noting that most cryptocurrencies are not regulated by the Financial Conduct Authority (FCA). Investing in unregulated assets can be risky as investors are not covered by the Financial Services Compensation Scheme (FSCS) which protects customers should a financial firm fail. Additionally, as cryptocurrency is particularly volatile, it should only be considered by sophisticated investors who are aware of all the associated risks and accept that if they buy crypto-assets they are prepared to lose all the money they invest.
You can read more about cryptocurrency in our beginner's guide, our list of the best cryptocurrency exchange platforms in the UK, and our step-by-step guide on how to buy bitcoin.
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