CEX.IO reports $40m in deposits and has announced plans to add margin trading

UK based bitcoin exchange and mining company CEX.IO has passed a new milestone, stating that they have had $40 million worth of deposits from bank credit cards across 600,000 users registered on the exchange.

Oleksandr Lutskevych, CEO and Co-Founder of CEX.IO, said that “credit cards are still the most common thing in users’ pockets, no matter what country they come from, [and] we decided to direct our efforts to user-friendly, fast and cheap Bitcoin purchases using payment cards.”

A few weeks ago CEX.IO announced a new feature where users can withdraw funds directly to their credit cards, which may have helped spur the growth.

Oleksandr Lutskevych spoke with CoinTelegraph and also announced that the exchange has plans to add margin trading to their platform soon. Lutskevych said,

“We are preparing to launch beta testing of Bitcoin margin trading to satisfy the needs of traders. Margin trading on CEX.IO will imply several levels of leverage, and a special algorithm for calculating risks, and thus, a user will never be in the red, even in critical situations.”

Lutskevych also went on to say,

“We will continue developing solutions for our two main audiences: crypto beginners and professional traders. The first category of users will enjoy their first experience with Bitcoin, Litecoin, and Ethereum, which should be even easier, faster, and more understandable.

Liquidity growth, launch of margin trading, partnership with various trade interface and API solutions will be mainly appreciated by traders. Both audiences will also experience improvement of CEX.IO verification procedures.

As our industry is incredibly fast moving in terms of development and changes, the above mentioned plans are for the very nearest time. Stay tuned for big announcements regarding long-term perspectives.”

CEX.IO is just one of many bitcoin exchange platforms across the world. Seeing growth and passing new milestones is always a good signal in the bitcoin space; as it displays positive interest among users and brings new attention to the market, in particular from venture capital firms who want to invest in successful companies while it’s still early in the Bitcoin’s lifespan.

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david@bitcoin.com'
David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.