CEX.IO Launches Ether Trading
CEX.IO added the trading pairs of ETH/BTC and ETH/USD today (April 14, 2016) to its list of alt-coins available to be traded on its Exchange. In addition to trading, Ether can also be purchased on CEX.IO with Visa, MasterCard, or via bank transfer.
The announcement via the CEX.IO Blog does point out that ETH is different from Bitcoin and most altcoins, and that they will have special deposit and withdrawal fees associated with ETH on CEX.IO:
- Withdrawal fee is 0.01 ETH.
- Minimum deposit amount is 0.001 ETH. Please note that if the amount is less than 0.001 ETH, the funds will not be credited to your account.
CEO.IO considers “Ether as crucial for developers who want to build apps using the Ethereum blockchain, as well as for users who are aiming to access and interact with smart contracts.”
Another market identified is that of professional traders, who may want to consider using ETH volatility in their trading strategies.
CEX.IO’s addition of Ethereum comes as no surprise, as the value of ETH has increased nearly 10 times since January 1, 2016. From a value of 0.002 BTC ($0.86) on January 1st, ETH hit a high of 0.035 BTC ($15.00) on March 13, 2016, and is now trading around 0.02 BTC ($8.50). There is much interest and excitement with Ethereum, with some people proclaiming it to be Bitcoin 2.0 since it hit the $1 billion market cap back in March to make it the number two cryptocurrency behind Bitcoin.
CEX.IO does acknowledge this on its blog post pointing out that with ETH’s current market capitalization around $600,000,000, and it’s current average market price of $8, puts ETH far above most other altcoins currently on the market. At press time ETH trading on CEO.IO was 0.192 ETH/BTC and $8.60 ETH.USD.
Established in 2013, CEX.IO is an UK-based exchange that offers trading to more than 500,000 users. CEO.IO currently offers BTC/USD, BTC/EUR, BTC/RUB, LTC/USD, LTC/EUR,LTC/BTC, and now ETH/BTC, ETH/USD trading. It also provides trading against its cloud hashing service with GHS/BTC and GHS/USD trading pairs.