CEX.IO (www.CEX.IO) is known for allowing customers worldwide to buy Bitcoin using credit card, wire transfer or a SEPA transfer (if you live in the EU) at a very low fee. The way transactions work on Cex.io are different than other Bitcoin exchanges, they are based on Fill-or-Kill orders (also known as FOK).

FOK orders are fulfilled immediately at the price you buy. Cex.io does not work like other order book exchanges, like Bitfinex for instance, where you cannot buy unless someone is willing to sell at the same price, and vice versa. Such exchanges can be manipulated by whales and chances of getting liquidated are higher.

However, for this facility, CEX.IO charges customers a premium so that they will always be able to fulfil their orders.

Countries Supported

CEX.IO supports all the countries except a few:

The following countries are restricted for credit card purchases:

Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

The following countries are restricted from buying with bank transfer:

Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.

The following US states are not supported by the platform:

Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Guam, Idaho, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, Washington.

If you are in one of the states above, we suggest Coinbase.

Accepted Payment Methods

Payment MethodFunds AvailableCurrenciesFees
Credit Card1-2 daysUSD3.5% + $0.25
Credit Card1-2 daysEUR3.5% + € 0.20
Credit Card1-2 daysRUB5.25% + 15.57 RUB
Bank TransferVariesUSD$10.00
Bank TransferVariesEUR€10.00
Bank TransferVariesRUBN/A

CEX.IO also offers users the ability to sell bitcoins to credit or debit cards. The fees for this are as follows:

2.9% + $4.99 for USD
2.9% + €4.99 for EUR
2.9% + 499 RUB for RUB

Bank transfers are not charged fees by CEX.io, but your bank may charge conversion fees on your deposit.

Transaction Fee

While purchases made via bank transfers are free, buying with credit card will cost you fees of 3.9% + $0.25 on every purchase.

Buy/Sell Limits

CEX.IO offers four different account levels based on verification provided. Each account type has different buying limits:

Basic: Basic accounts can buy up to $400 worth of bitcoins per day, and up to $2,000 per month. Basic accounts are not able to purchase via bank transfer.

Verified: Verified accounts can purchase up to $10,000 worth of bitcoins per day, or up to $100,000 per month via both credit card and bank transfer.

Individual Business & Corporate: Individual Business and Corporate accounts can purchase an unlimited amount of bitcoins.

Cex.io requires very little information for its first tier of verification. If you wish to increase limits, you will need to send personal details and documents.

To increase your daily limits to “Verified” level, scans of a passport, driver’s license, or ID are required. In addition, a picture of you holding your ID, a picture holding your credit card, and a document for proof of residency are required.

CEX.IO Mobile Apps

CEX.IO offers an iOS app along with a Google Play app.

Customer Support

The exchange offers customer support via email. They are very quick in resolving thfe issues.

CEX.IO Conclusion

Cex.io is a registered company or money transmitter in all districts in which it operates. In the US, it is registered with FinCEN, and registered with ICO in the UK and EU.

It gets seems to get a lot of flak due to the high exchange rate. Apart from that, the exchange is very reliable. It processes most of the credit card purchases instantly. Although, upgrading your account to “verified” level could be a daunting process, but subsequent purchases are quick.