CEX.IO Reaches $80 Million in Card Transactions

London-based bitcoin exchange CEX.IO, has reached $80 million in card transactions for deposits and withdrawals and 800,000 accounts since its establishment in 2013. With the United States, Europe, and South America being its main market, the past year has seen the company enable many significant features for its customers.

Card payments are an easy and popular option among CEX.IO users. They can use their ordinary Visa or MasterCard to buy and sell BTC and ETH. Once the card is linked to a user’s profile, deposits and withdrawals are processed instantly, at very lost costs, starting from $3.80 only.

When a user links their payment card to buy or sell bitcoins and ether or to simply withdraw money to their cards, they can do so at a low cost, starting from $3.80 per transaction.

Speaking to CCN, Oleksandr Lutskevych, CEO of CEX.IO., said:

CEX.IO is one of the oldest players in the industry, and reputation matters when it comes to money.

Instant Withdrawals with CEX.IO

To provide an efficient withdrawal service to its customers, CEX.IO launched its instant withdrawals of USD, EUR, and RUB (Russian Ruble) to payment cards earlier this year.

By doing so, the exchange became the only one to currently offer instant withdrawals and deposits of fiat money to Visa or MasterCard through a few clicks at low commissions, thus enabling them to stand out among their competitors.

Adding Ethereum to the Platform

In April, CEX.IO added the digital currency Ethereum to its market allowing its customers to trade ETH/BTC and ETH/USD, in addition to buying ether with their Visa or MasterCard, or via bank transfer.

Currently, the number one digital currency on the market is bitcoin; however, at the time of publishing, ethereum is second with a market cap of just under $700 million, according to Coin Market Cap. With an average market price of under $8, ethereum is significantly higher than many other altcoins in the market.

Lutskevych stated that there has been a significant rise in the number of users since the addition of ethereum.

We have seen a 15 percent growth of users since [the] ETH market has been added to CEX.IO. Many people are willing to invest in ETH and are attracted by the ability to buy coins using [a] credit card.

Upgraded PCI DSS Certification

Customers who use their payment cards on the exchange want the confidence to know that their card data is safe from hackers.

To ensure this, CEX.IO obtained an upgraded PCI DSS certificate in August, to Level 2, which ensures the safety of payment card data entered, after the exchange passed the assessment.

Lutskevych said:

[The] PCI DSS certificate is a necessary document that can be received after profound assessment of security standards. CEX.IO successfully passed this assessment and complies with [the] highest security standards in terms of card data safety.

Margin Trading between BTC and ETH

Margin trading is a method of trading that involves borrowing funds, giving users the option to trade more than they may be able to with their current funds. As such, CEX.IO launched their margin trading platform in October welcoming arbitrage traders to trade BTC/USD, ETH/BTC, and BTC/EUR with 1:2 and 1:3 leverages.

By doing so, they can open long and short positions where they can profit on the growth or fall of the price. The main feature of the margin trading platform is the risk preventing system that ensures that a person’s funds won’t decrease into negative values.

Plans for 2017?

With 2016 coming to a close, CEX.IO is looking to the New Year to deliver further improvements on its current services for its customers by introducing better conditions in terms of fees and processing times.

Lutskevych concluded by saying:

We are planning to launch a new referral program in early 2017 and we are expecting even more rapid growth of our user base and turnover, based on the current dynamics.

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