With the current Bitcoin cloud mining situation remaining unprofitable for a while now, platforms and companies have to adapt their business strategy in order to remain relevant. CEX.IO, once one the most popular Bitcoin cloud mining solutions, was forced to shut down mining operations late last year. And it looks like they have now also removed all trading fees on the platform in order to keep their customer base happy.
Limited Time Offer
Since CEX.IO had to suspend its cloud mining operations in 2014 – due to a very long period of unprofitability, which is still plaguing many other Bitcoin cloud mining services – the company has been focusing their attention on the Bitcoin exchange part of their platform. One of the first steps towards revamping the exchange part of their business model comes in the form of lowering trading fees from 0.2% to 0% for a limited time.
In fact, this limited time offer will only be valid for one week and begins on March 25th, 2015 [until April 1st, 2015]. CEX.IO hopes to attract new people to the platform during this spell of 0% trading fees, which will in turn allows CEX to make new features available to as many people as possible. At the time of publication, it remains unclear as to what kind of unannounced features we can expect in the near future.
One of the things that are in store for CEX.IO customers is a flexible fee system on the exchange part of the platform. Because of this flexible fee system, the commission per user will vary, as it totally dependant on each user’s 30-day trading history. Last but not least, this fee will always be somewhere between 0.2% and 0.5%.
Ongoing Changes at CEX.IO
While there are new features coming to CEX.IO in the future, the company has been improving various aspects of their platforms over the past few months. One of the main areas the company’s engineers have been focused on is increasing the platform’s overall security, as we have seen many Bitcoin-related attacks this year alone.
But CEX.IO have opened themselves up to attacks because they allow customers to use credit and debit cards in order to purchase Bitcoin on their platform. To combat the risk of fraud, CEX has obtained a special certificate which helps businesses process these card transactions in a secure manner.
This certificate – called Level 3 PCI DSS – a company has to be compliant with several other security factors. These factors include tight control in regards to the storage, processing and transmission of the credit/debit card holder’s data. Given the number of hacked credit card details year after year, the Level 3 PCI DSS certificate is a great step forward for platforms working with card transactions.
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