After my verification failed (incorrect format of me holding my cards) they were very prompt to answer my emails and refund the purchase so I have to commend them on the excellent customer service. It would be nice to know when making a purchase though it might take a bit of time to be able to do it.
A little status information label or something could do with things like 'cc verification', 'queued' and 'rejected' etc. and maybe an ETA for the actual trade.
Yeah that'd be useful. I had thought with a credit card I'd be buying coins immediately
If you add payment cards to CEX.IO, a status is attributed to it, depending on whether or not it has been checked by the Compliance Officer and whether or not it was verified. Below are the statuses and their explanation:
- Pending — The Payment card is being considered by the Compliance Officer
- Verified — The Payment card is verified by the Compliance Officer
- Not Verified — Compliance officer returned the Payment Card back for further verification
- Submitted — "Update information about card" status of payment card with old verification
We hope that helps.
We try to make sure that the card is verified as soon as possible, as it is in both our clients’ and our best interest. Sometimes, however, our Compliance Officers may need some information resubmitted. This is because we are bound to comply with the existing regulations (such as AML and KYC). Verification process is always not a simple one, and, sadly, too much ‘paperwork’ needs to be done.
How long does it usually take for the whole process to complete?
The average time for processing the first payment card deposit may vary. It occurs in several steps and depends on several factors.
1. When a user adds a new payment card and enters an amount he or she wants to deposit, the card is being verified by the payment processor first. CEX.IO does not have any affect on this.
2. When the payment processor confirms the payment, our Compliance Officer receives the order and asks for additional verification documents (a photo of user holding a payment card and also a photo of a payment card next to an ID). After the photos are uploaded, the Compliance Team usually verifies them within 15 to 30 minutes.
If the payment processor declines the transaction, the user sees the status “Declined”, and the request can be repeated after 24 hours.
The decline by the payment processor is usually caused by any of the following:
a) User’s country is not eligible for card payments at CEX.IO
b) User’s card is rejected on the 3-D Secure stage
c) The user makes multiple requests within a short period of time – in this case, the payment card is frozen for 24 hours, after which a new request can be made
On our side, CEX.IO Compliance Team is trying to make sure that deposit requests are made as fast as possible. The rest depends on how fast the payment processor views the payment requests and on how fast the user uploads the necessary photo proof.