Review on CEX.IO by Aniruddh Ravel

Name: CEX.IO
Item: CEX.IO
Rating: 4

June 18, 2019

Easy way to Buy crypto using Credit/debit card

Before signing up for any ethereum exchange service, you must know about its safety level. The thumb rule with safety is that, as long as the exchange service stores your funds online, they are at the risk of being attacked by hackers. Thankfully, according to CEX IO the customer funds are stored offline. But it hasn’t given any concrete details on how this offline storage is implemented.

The second way of securing your funds is making sure that access to your account on the website is 100 percent secure. To accomplish this purpose, the company employs two-factor authentication, which might be a bit taxing for some users but does a good job at securing your account in the long haul.

Unfortunately, when the company had just started into business, back in 2013, it was hit by a security breach. The company took corrective measures at the time and since then, there has been no further incident of security breach over the past four years.
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Hidden Charges
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Some customers have reported that CEX IO deducts some hidden charges on their exchange service. But this issue hasn’t gone unaddressed by the company. Their take on the issue is that they offer a premium service and always fulfill their orders at the offered rates which is not the case with other exchange services. 

Such transactions are also called ‘Fill or Kill’ orders in the trading world, except that according to CEX, they don’t kill any promised orders. In simple terms, this means that your order for Ethereum (or Bitcoin) will be fulfilled immediately (usually a few seconds) in its entirety (no partial fulfillments).

This premium service has its advantages. You can buy Ethereum instantly at guaranteed price. With other services like Bitstamp, you need to wait for a seller who is willing to sell at your requested price.
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Pros

Specially good for beginners because of its simple interface
The service has a very user friendly website and app
Easy to get started with the initial verification process
The company is registered with Fincen in USA and ICO in UK and EU. So it is pretty reliable when it comes to safety of your funds
There are multiple payment options
Fees on purchase of crypto coins with credit cards is low as compared to the 5.9% fees of Coinmama or the 5% fees of BitPanda
Purchases with bank transfer are free of any additional fees

Cons

The verification process for increasing credit card limits is long and complicated
It deals in limited number of currencies unlike other popular exchanger services such as Coinbase
Received criticism from users for hidden charges, customer support issues and problems with verification