CEX.io Card

CEX.IO Card Mastercard Debit Review: Fees, Rewards & Availability

Basic Information

The CEX.IO Card serves as a bridge between cryptocurrency holdings and everyday financial transactions, enabling users to spend their digital assets seamlessly. Launched by the long-established CEX.IO cryptocurrency exchange (operating since 2013), the card solves a key friction point for crypto holders by allowing the utilization of digital assets for real-world purchases without multiple conversion steps or lengthy withdrawal processes.

Rewards and Benefits

The CEX.IO Card offers promotional cashback rewards through its Reward Center, where qualifying purchases can earn random cryptocurrency prizes. These promotions are time-limited campaigns that CEX.IO runs periodically, with terms and availability subject to change.

Recent promotional examples include:

• Cashback 2.0 (May 1-31, 2025): Tiered rewards based on spending amounts, with potential earnings ranging from small amounts of SHIB and FLOKI for purchases of €1-10, up to 1,000 DOGE for transactions over €2,000
• Black Friday 5× Cashback (November 28 - December 1, 2025): Enhanced reward multipliers during the promotional period with push notifications when rewards are ready
• Ongoing Cashback Offers: Random crypto prizes including BTC, ETH, SOL, DOGE, PEPE, FLOKI, SHIB, and ZIL for purchases of at least €1, with higher spend amounts offering better reward odds and larger potential prizes

Cashback rewards are credited instantly to the user's CEX.IO wallet after each qualifying transaction. Unlike some competitor cards, there are no staking requirements to access the card or participate in promotional rewards programs.

The card also features a general platform referral program where users can earn 30% of their referred friends' trading fees, plus periodic flash promotions offering bonuses when friends complete minimum crypto purchases or deposits.

Key benefits of the card include:

• Zero-fee structure (no issuance, monthly, or EUR transaction fees)
• Support for 100+ cryptocurrencies with instant conversion
• Customizable spending order for up to 4 different crypto assets
• Integration with Apple Pay/Google Pay for contactless payments
• Universal Mastercard acceptance at over 30 million merchants
• No staking or token holding requirements to access the card

Note: Cashback programs are promotional in nature and managed through CEX.IO's Reward Center. Promotion periods, reward amounts, and terms are subject to modification or termination by CEX.IO.

Fees and Limits

The CEX.IO Card has a competitive fee structure designed around zero-cost EUR transactions, making it particularly attractive for European users spending in their base currency.

The card operates primarily as a zero-fee product for EUR transactions. All transactions are settled in EUR, with a 1% fee applied to purchases made in other currencies. While CEX.IO does not publish a fixed conversion spread percentage, users should be aware that crypto-to-fiat conversion costs may vary based on market conditions at the time of transaction.

ATM withdrawal functionality is currently listed as temporarily unavailable, suggesting this feature may be added in the future.

Card Tiers and Options

CEX.IO currently offers only a single card tier with no premium or higher-limit options available. The card is exclusively virtual with no physical card option.

Top-Up Methods

The CEX.IO Mastercard Debit Card does not require pre-loading or traditional top-ups. Instead, when a purchase is made, the card draws funds in real-time from the user's CEX.IO crypto exchange wallet, automatically converting the selected cryptocurrency (from over 100 supported) to EUR at the point of sale. The conversion incurs an approximate 2.25% spread as a hidden fee and, for non-EUR transactions, an additional 1% currency conversion fee. Minimum or maximum top-up amounts do not apply, but there are daily (€3,000) and monthly (€10,000) spending limits. Using this system, funds move from CEX.IO's custodial wallet (not a self-custody wallet), and conversion happens instantly upon purchase via the mobile app, with no waiting period for card availability.

Self-Custody Custodial

The CEX.IO Card operates on a fully custodial model where the platform (CEX.IO) controls and manages the user's crypto funds. Users do not hold or have access to private keys, and all cryptocurrency-to-fiat conversions occur in real-time at the point of sale via the exchange's wallet. Funds are held in CEX.IO's wallets (a combination of cold and hot storage). The card requires full KYC verification, is regulated under Polish and EU financial authorities, and the platform controls all aspects of fund custody, including conversion and spending. Users can customize spending priorities among linked wallets but cannot self-custody the assets independently or access seed phrases. In the event of issuer failure, the user's funds remain within the custodial framework of CEX.IO, with no direct control transferred to the user.

Supported Currencies and Conversion

The CEX.IO Card supports all cryptocurrencies available on the CEX.IO exchange (100+ digital assets), including Bitcoin (BTC), Ethereum (ETH), stablecoins like USDT and USDC, and popular altcoins such as DOGE, SHIB, ATOM, UNI, ADA, XRP, and LTC.

For fiat currencies, the card operates exclusively in Euro (EUR) as its base currency. While the CEX.IO platform supports multiple fiat currencies (USD, EUR, GBP, RUB) for trading, the card settles all transactions in EUR only. The card can be used for purchases in any currency where Mastercard is accepted, with a 1% conversion fee applied for non-EUR transactions.

Conversion Process

Cryptocurrency is converted to EUR at the time of transaction, not pre-loaded. The app automatically sells crypto from the user's prioritized wallets to cover the purchase amount in real-time at the point of sale. The conversion uses CEX.IO's exchange rate, with effective conversion costs varying based on market conditions.

If the primary asset has insufficient balance, the system automatically tries the next linked asset according to the user's priority settings. The merchant receives funds via the standard Mastercard settlement process.

Payment Priority Options

Users can link up to 4 crypto wallets plus 1 EUR wallet to the card. The priority order for which assets are spent first can be easily modified via drag-and-drop in the app. This customization gives users control over which cryptocurrencies are liquidated first when making purchases.

Geographic Availability

The CEX.IO Card is available exclusively to residents of European Economic Area (EEA) countries, providing a focused service area within Europe's regulatory framework.

Europe

Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Slovakia, Slovenia, Spain, Sweden

Notable exclusions include the United Kingdom, Switzerland, and all countries outside the EEA (including the United States, Canada, Asia, Africa, South America, and Australia). These restrictions are primarily due to regulatory and licensing considerations. CEX.IO has indicated plans to expand to additional regions but has not provided a specific timeline.

Card availability is subject to change based on regulatory developments. Users must comply with CEX.IO's terms of service and local regulations.

Compliance and Security

Identity Verification

Full KYC verification on CEX.IO is required before the card can be issued. The verification requirements include:

• Personal information
• Government-issued photo ID (EU national ID card or international passport)
• Proof of address verification
• Verified phone number with two-factor authentication (2FA) enabled

The verification process is handled through the CEX.IO app/website and must be completed before card issuance.

Security Features

The CEX.IO Card incorporates several security measures:

• Two-factor authentication (2FA) required for account access and sensitive operations
• 3-D Secure authentication (OTP or push notifications) for online purchases
• Real-time transaction monitoring in the CEX.IO app
• Support for blocking/disabling the card if needed
• Push notifications for promotional rewards and transaction confirmations

The card operates on a custodial model, using funds from the user's CEX.IO wallet. CEX.IO uses a combination of cold wallets (offline storage) and hot wallets for crypto assets.

Regulatory Structure and Licensing

The CEX.IO Card is issued by Quicko Sp. z o.o., a regulated payment institution operating under National Payment Institution license IP52/2021, supervised by the Polish Financial Supervision Authority (KNF). This licensing structure allows Quicko to provide payment services across the European Economic Area under EU passporting regulations.

CEX.IO itself maintains multiple regulatory registrations:

• Gibraltar Financial Services Commission (GFSC) for European operations
• FinCEN (USA) registration as a Money Service Business
• Compliance with EU financial regulations, PCI DSS standards, and Mastercard network rules

The regulatory framework ensures that both the card issuer and the underlying exchange operate within established financial services regulations, providing users with standard consumer protections applicable to payment institutions in the EEA.

Technical Details

The CEX.IO Card functions as a virtual Mastercard debit card that links directly to the user's CEX.IO exchange wallet. Key technical features include:

• Integration with Apple Pay and Google Pay for contactless payments
• Customizable wallet prioritization system
• Real-time transaction monitoring
• Instant conversion of cryptocurrencies to fiat at point of sale
• Support for up to 4 different crypto wallets plus 1 EUR wallet
• 3-D Secure authentication for online purchases
• Push notification confirmations for transactions and promotional rewards

The card operates on the Mastercard network, providing acceptance at over 30 million merchants across 150+ countries. All card functionality is built directly into the main CEX.IO mobile app for iOS and Android.

User Experience

The CEX.IO Card is managed entirely through the main CEX.IO mobile app, available for iOS and Android. Key card management features include:

• Viewing and managing virtual card details
• Setting spending priorities for linked wallets
• Monitoring transactions in real-time
• Adding the card to Apple Pay/Google Pay
• Confirming transactions via push notifications
• Receiving notifications when promotional rewards are ready

Support is available through in-app/web live chat (24/7), a Help Center with comprehensive card-specific documentation, and an email/ticket support system.

User feedback has been mixed. Positive comments highlight the easy-to-use interface, convenient crypto spending, zero-fee structure, and smooth Apple Pay/Google Pay integration. Negative feedback mentions slow verification processes, withdrawal/deposit delays, inconsistent customer service experiences, and occasional card declines.

Common complaints include the virtual-only limitation (no physical card), promotional rather than fixed rewards program compared to competitors, limited geographic availability (EEA only), verification delays, and variable conversion costs.

Best Suited For

• Active CEX.IO exchange users who want to easily spend their crypto holdings without withdrawing to a bank account
• European cryptocurrency holders in EEA countries who value simplicity and low fees over guaranteed cashback programs
• Frequent EUR spenders who can take advantage of the zero-fee structure for euro-denominated purchases
• Mobile wallet users who prefer contactless payments via Apple Pay and Google Pay
• Cryptocurrency enthusiasts who want to maintain multiple crypto assets for spending with customizable priority

Pros and Cons

Pros

• Zero issuance and maintenance fees
• No staking requirements to access the card
• Support for 100+ cryptocurrencies
• Customizable payment priority for linked wallets
• Seamless integration with Apple Pay and Google Pay
• Simple application process with instant digital issuance
• Regulated payment institution issuer (KNF-supervised)

Cons

• Virtual card only - no physical card option
• Promotional cashback rewards rather than fixed cashback rates
• Limited to EEA countries only
• Relatively modest spending limits
• Variable conversion costs (not disclosed as fixed percentage)
• ATM withdrawal functionality temporarily unavailable

Conclusion

The CEX.IO Card provides a practical bridge between cryptocurrency holdings and everyday spending for eligible European users in the EEA. Its standout features include zero issuance and maintenance fees, broad cryptocurrency support, seamless integration with mobile payment systems, and a user-friendly wallet prioritization system.

The most significant limitations are its virtual-only format, restricted geographical availability (EEA only), promotional rather than guaranteed rewards structure, and relatively modest spending limits. Additionally, while there are no explicit conversion fees for EUR transactions, users should be aware that crypto-to-fiat conversion costs vary with market conditions.

For EEA residents who actively use the CEX.IO exchange and value simplicity and low fees over guaranteed cashback programs, this card offers a convenient way to spend crypto at Mastercard merchants without pre-converting to fiat. It's particularly well-suited for everyday crypto users who prioritize functional utility over premium benefits or those who regularly make EUR-denominated purchases.

As a recently launched product (May 2024), the CEX.IO Card shows promise but has room for expansion in terms of geographic availability, physical card options, and potential evolution of its rewards programs through future promotional campaigns.

Additional Information

Company Background

CEX.IO was founded in 2013 and has established itself as a longstanding cryptocurrency exchange with a generally positive security track record. The card launch in 2024 represents part of the company's expansion from pure exchange services into more comprehensive financial tools for cryptocurrency users.

Tax Considerations

Each card transaction represents a crypto-to-fiat conversion, which may be considered a taxable event in many jurisdictions. Users should be aware that frequent card usage could generate numerous small taxable dispositions that need to be reported to tax authorities. CEX.IO does not provide tax reporting tools specific to card transactions.

Account Security Best Practices

To maximize security when using the CEX.IO Card:

• Enable all available security features including 2FA
• Regularly monitor transaction history for unauthorized charges
• Use biometric authentication for your mobile device
• Consider setting lower daily/transaction limits if you don't need the maximum
• Be vigilant for phishing attempts targeting CEX.IO users

Potential Regulatory Impacts

The card operates in a rapidly evolving regulatory landscape for cryptocurrency. Future regulatory changes in the EU or member states could impact card functionality, limits, or availability. CEX.IO has demonstrated willingness to adapt to regulatory requirements, as seen with their temporary service suspension in the UK in 2023 to comply with new regulations.