CEX.IO Review: Hype or Revolution?

Cex.io Review: Is CEX.io Really a Revolutionary Exchange?

CEX.IO review

Is cex.io really cracked up to what they say it is?

Cryptocrooks is reviewing a variety of bitcoin/cryptocurrency exchanges. Is the cryptocurrency exchange CEX.IO. and affiliated company contract mining service GHash.IO worth using as a main exchange?

CEX.IO is a cryptocurrency exchange allows you to trade between several alt coin pairings and global currency pairings. CEX.IO and GHash.IO use the same account credentials. The GHash.IO mining pool is considered to be the mining side of CEX.IO The integration between these two platforms gives benefit to it’s user base to connect trading and mining.

GHash.IO a website that provides a service for buying GHs contracts that mine bitcoins on your behalf. Mining power denominated in GHS purchased at CEX.IO mine Bitcoins at GHash.IO until the GHS are sold by the contract owner, think cloud hashing. GHash.IO is one of the largest Bitcoin mining pools. It was brought to market in July 2013 and accounts for a large majority of overall hashing power for major mining pools. This makes it the #1 pool in the Bitcoin network.

cex.io review

Cex.io promises to be secure, but only time will tell.

Cex.io Security

Use 2FA (2 Factor Authentication) as a means of security for the setup of your account. This requires you to enter a confirmation code in addition to a usual password when logging into your account. This is another security measure to take as a precaution when setting up login access to an account containing valuables.

Cex.io Market Share and Competitors

The market share dominance enjoyed by GHash.IO is concerning to members of the bitcoin community. In January 2014 GHash.IO was very close to reaching 51% of the global hash-rate percentage hashing power for mining. This tip in the balance of hashing power poses a serious threat to the Bitcoin network. This prompted concerns that they have the ability to control over the network for malicious purposes. Most worrisome would be a so-called “51% attack “
Ghash.IO has promised not to execute attacks on the protocol.

Benefits

Overall the CEX.IO / GHash.IO have relatively clean easy to navigate interfaces that allow you to trade between dollars, different country currencies, crypto currencies, and bitcoin mining contracts. It is on the user to track the value of the currency they are trading in to properly account profits and losses overall. It gets tricky when calculating the value in US Dollar equivalent for different alt coin pairings you’re trading with.

Drawbacks

The main issue are the maintenance fees incurred with using the CEX.IO service. They have frequent fees they apply to the balance of your account. As you can imagine ongoing reoccurring fees in an account can hinder growth of capital. The main thing to take into account is if the fees justify the profits that you can generate while using this service. Evaluate the rate at which you grow your capital against the exchange fees to see if this product is right for your circumstance.

Cex.io Provides Cloud Mining paired with Features Unseen on Competitors

The bottom line is while CEX.IO looks to be a promising up and coming crypto currency exchange, it’s relative youth cannot be ignored, like the whole concept of cryptocurrencies. In the past we’ve seen various exchanges and crypto coin related services come and go most visibly Mt. Gox. So proceed with a healthy amount of caution when storing your valuable crypto coin haul in any one specific location. Use several ways of storage to diversify default risk of any one particular exchange/service. It lowers your risk to spread around where you hold your bitcoins in case any one or many of the providers collapse for unforeseen circumstances. CEX.IO is a promising service for crypto currency trading enthusiasts. As always proceed knowing the risks involved and start small to get a fundamental understanding of the exchange, then scale accordingly when the time comes.

Edit (January 9, 2016): Although Cex.io’s main lure is cloud mining exchange, it no longer offers mining contracts. Our article outlines this series of events. They might return it in the future, but it is indefinite. 

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  • Dan Oliver

    STAY AWAY FROM THIS COMPANY!!!

    11/27: For all of the people wondering if you will get your money back from this company, I am on day 27 of waiting on a bank transfer.

    I have contacted and requested my transaction details so I could track and verify the information was correct (after 3 days with no payment). My many requests for this specific information have been completely ignored. I receive copy and paste responses from their “Financial Team” and am told to be patient.

    Hey… maybe, day 30 or 31 is the sweet spot and I’ll get my $1300+, but at this point, I am considering it a loss and getting the word out to stay away from this potential scam and these criminals.

    12/7/2016 UPDATE: DAY 38. I am STILL WAITING on my money (from a 3-5 day bank transfer option). After 33 days, I contacted them AGAIN asking what the deal is. They informed me I needed to take SCREENSHOTS of the transaction history that lead to me trying to withdraw the money, including the deposit confirmation FROM ANOTHER SITE. Thats right, after CONSTANT emails about what the f is the deal, they ask for more information FOUR WEEKS LATER…….I have now asked for information on what bank THEY USED to send it almost 15 times and the question is disregarded. If you invest in this company after reading this review……wow

    Also, these guys ACTIVELY try and delete reviews like this, as I have been putting in effort to warn people from getting scammed and they are trying to delete every post I make in regards to what they have done. STAY AWAY FROM THESE PEOPLE!!!!!!!

    • Andrew Wilson

      CEX.IO ARE LOW LIFE SCAMMERS! They ripped me off thousands back in 2015 when they stopped holding altcoins, i had 20 different currencies, they let me cashout about half of them and swapped them back for btc, then the other half they where slowly draining at around 1 or 2% per day claiming operating costs and telling people to remove them, only problem was you couldnt! it was impossible, those altcoins would be worth tens of thousands now! they are scum!

  • Dan Oliver

    11/27: For all of the people wondering if you will get your money back from this company, I am on day 27 of waiting on a bank transfer.

    I have contacted and requested my transaction details so I could track and verify the information was correct (after 3 days with no payment). My many requests for this specific information have been completely ignored. I receive copy and paste responses from their “Financial Team” and am told to be patient.

    Hey… maybe, day 30 or 31 is the sweet spot and I’ll get my $1300+, but at this point, I am considering it a loss and getting the word out to stay away from this potential scam and these criminals.

    12/7/2016 UPDATE: DAY 38. I am STILL WAITING on my money (from a 3-5 day bank transfer option). After 33 days, I contacted them AGAIN asking what the deal is. They informed me I needed to take SCREENSHOTS of the transaction history that lead to me trying to withdraw the money, including the deposit confirmation FROM ANOTHER SITE. Thats right, after CONSTANT emails about what the f is the deal, they ask for more information FOUR WEEKS LATER…….I have now asked for information on what bank THEY USED to send it almost 15 times and the question is disregarded. If you invest in this company after reading this review……wow

    Also, these guys ACTIVELY try and delete reviews like this, as I have been putting in effort to warn people from getting scammed and they are trying to delete every post I make in regards to what they have done. STAY AWAY FROM THESE PEOPLE!!!!!!!

    • cryptocrooks

      We are sorry to hear this. We didn’t notice this comment for a couple days. Thanks for keeping us updated, and continue to do so. The thing is that it takes too much work for us to update all our reviews, but if CEX.io goes down you know we’ll remove the reviews. Best of luck. Follow us on twitter and PM us, maybe we can contact CEX for you.