Checking Out the MarketsCX Litecoin Cloud Mining Service

10 Mar
2014

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If you were looking for the Litecoin alternative of the CEX.io Bitcoin cloud mining and trading service then you may not have to wait much more. We have just found out about a new service that looks and functions very much like CEX, however it is designed only for LTC cloud mining. This new service that has launched just a few days ago is called Markets CX and has started just about a week ago with a month before that for closed beta testing according to the available information. It seems that the service is based somewhere in Asia and to be more precise in mainland China according to the not so man details published about the operation. Furthermore the cloud mining hashrate being offered is apparently provided by 5-chip Gridseed ASIC devices and there is even an option to redeem your cloud mining hashrate for actual hardware (300 KHS per device).

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Of course we have decided to give the service a try as something new and interesting in our search for a good Litecoin cloud mining service. It seems like the most promising and well made from what we have tried for mining Litecoin, so we have decided to start by depositing 5 LTCs and purchasing Scrypt mining hashrate with them. We started with 1 LTC initially just to test and soon after that moved another ~4 Litecoins and the total hashrate we have purchased with them was about 120 KHS. We liked that the deposit confirmations require only 3 confirmations on the network, so you can quickly have the LTCs available on the exchange to buy hashrate with. The current price per 1 KHS is 0.0410 LTC with already over 40000 KHS (40 MHS) available on the exchange, so there is plenty of hashrate available for sale at the moment. We however do recommend to start small as we did and we usually do with new services that we are trying out and if everything works well out for you you can later on buy more hashrate. The good news is that we already got a few hourly earnings credited to our account and we can withdraw them, though we’ll probably reinvest them for more hashrate. We expect that soon the exchange rate will start to get higher as currently the available on the market KHS are probably offered by the service provider at a lower rate and with more demand the price will start to get high. This will allow you to buy now cheaper and sell more expensive later on to get some extra profit if you do not want to invest on the long run.

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And while this new service for LTC cloud mining does seem to look very similar to CEX.io the two are not run by the same people. This new Litecoin cloud mining platform does not yet have a public mining pool where you can mine with your own hardware, or even some real time information about what and how your purchased cloud mining hashrate is performing. For the moment you can only see every hour what your earnings are on the account Balance page, so there is more to be desired here, especially considering that this piece of information is not well described and you need to figure it out by yourself.

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Markets CX does offer a Mining Profit calculator that can give you an idea about when you can expect to break even in. The average return of investment according to the profit calculator is 6-7 months and that does sound pretty good, but the time required to get your invested LTC back can vary. The maintenance fee for the cloud mining hashrate you purchase is currently 7.5% and you can see how much from your earnings are deducted each hour when you get your mining profit credited to your account. So far we are excited by the potential we see in this Litecoin cloud mining service, so we do recommend to take a look at it if you are interested in LTC cloud mining. You can try it out with just a few KHS like we did and we’ll keep you updated on our experience and results from using this new Litecoin cloud mining and trading service. Note that we do recommend to proceed with caution though and not invest a lot of coins initially and give the service some time to prove itself first!

For more information about the Markets CX Litecoin cloud mining service and to try it out…



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20 Responses to Checking Out the MarketsCX Litecoin Cloud Mining Service

RavenX

March 10th, 2014 at 05:49

Great tip.

Just bought 2 LTC of KHs to test the site.

You guys rox… ;-)

Charlie

March 12th, 2014 at 05:02

after several hours, there is no mining going on. No returns, no page to review your hash rate, no response to tickets. Seems like we’ve been scammed.

admin

March 12th, 2014 at 10:37

Charlie, you are not seeing anything in your account Balance, everything seem to work fine here?

You should be seeing your purchased KHS and available LTC on that page and the mined LTC should appear in the Transactions list below that. The mined LTC should be listed every hour a few minutes after it has passed.

Mike

March 12th, 2014 at 21:52

Hi I put a few LTC into this to test it out … so far everything is working fine. But why doesn’t the company have an address or any other information? There’s just a contact form (which I haven’t gotten a response from or confirmation that my response was even sent.)

I want to trust this site and use it…. but whenever I don’t see an address or email, I get nervous. They could get up and leave with our LTC and there would be no way to reach them.

Mike

March 12th, 2014 at 21:55

PS. I also looked up the whois on their domain…. everything is private. I don’t trust this at all.

admin

March 12th, 2014 at 22:46

Mike, that is why we usually recommend to start with small amount and use the service for a while to see if everything runs smooth and is problem free. We are following this rule ourselves, especially when the service is really new as is the case with this one.

While there are some things that are slightly suspicious about this website it does seem like a lot of effort and time was put into making it, it works well and fast (we have also tested withdrawing LTC earnings and they are immediately processed as soon as you confirm from your email) and there are no grand promises for ROI of days or weeks, huge wins or the ability to deposit actual cash for buying hashrate – all things that may be sign of possible scam and somebody willing to take your money and run away with it. So while we are still cautious and will be testing with a low amount of LTC invested for a while longer we are very positive about the service for the moment.

RavenX

March 13th, 2014 at 06:47

Now the site does not accept my login, even resetting the password… =/

I sent a message to the support.

RavenX

March 13th, 2014 at 08:14

Thought that could be something with the computer, so I’ve tried:
– rebooting: same problem
– acessing via iPad: same problem

It’s their problem definitely.

admin

March 13th, 2014 at 12:33

RavenX, we have tried here and have no trouble logging in at the moment, maybe it is something specific to your account… or the reset of the password could’ve messed up something.

RavenX

March 13th, 2014 at 17:33

I’ve created a test account and its work fine.

But my main account… no way.
I’ve tried one more password reset, and after following all the procedures nothing happens.

RavenX

March 14th, 2014 at 04:09

Still no reply from them.
Send another message to support.

I think I lost 2 LTC… =/

admin

March 14th, 2014 at 11:55

RavenX, are you using the regular contact form or the support ticket system?

https://markets.cx/support
https://markets.cx/support/contact

The second (regular contact form) just sends a mail, and the support form (first link) adds support ticket, just use the second registration you made to add support ticket for the first one. We think that this should help in resolving the issue faster than through the regular contact form.

RavenX

March 14th, 2014 at 13:51

I’m using the second option.
The first option is only available if you log in… and I cannot manage to do that.
Will create a second account and use it as a “bridge” for the main one.

Thx for the tip anyway.

If I manage to solve the problem, I will withdrawal my funds and never use this site again. Especially now that CEX.IO is heading towards a similar service.

admin

March 14th, 2014 at 13:56

RavenX, before rushing to Cex check some tips that we have for using the service based on our experience with BTC cloud mining hashrate there: http://cryptomining-blog.com/791-some-thoughts-about-cex-io-bitcoin-cloud-mining-and-exchange-service/

RavenX

March 14th, 2014 at 20:53

Hi,

Had to turn off my computer for a couple of hours and when I turned it on again MARKETS.CX “magically” allowed me to login.

I selled my KHS and withdrawal all my LTCs.
The LTC went right away to my wallet after e-mail confirmation, so no problems with that.

I don’t want to use a service that has such issues and no support, so I’m abandon it.

Regarding CEX.IO, I’ve been testing it for a week or so and really it’s not a good option to leave your GHS mining on a long term. Your article is right, trade is the best option… but not for me, I want to mine (cloud or by myself).

I’m going to enjoy the “double XP” on pool for now and check the other Altcoins they are probably adding to the system.
One thing that I like in CEX is to trade LTC for BTC with no fees, just the withdrawal one.

Regarding Cloud Mining, I still think its a good option, but when you use it for its basic purpose: mining. And in that case, PB Mining is doing a good job. You can see it will make some profit in the medium term. I have 10GHs there for testing and intend to add more after checking some results.

To trade is a “plus” in cloud mining services, but, if I want to trade, I go to my local Stock Market.

Well, MARKETS.CX case is solved.

PS.: I’m really enjoying the blog. Keep it open on my browser all day and always refreshing it.
Keep it up the awesome work… ;-)

admin

March 14th, 2014 at 21:37

Good that the problem is solved. The best service is the one where you actually don’t need to have to contact the support at all. Not a one that you are not getting anything back from the support or they are replying but doing something very slow. With that said PBM from our experience is probably one of the best so far, though there are some people that have some doubt them as well and we’ve been testing them from just a bit over two weeks.

MarketsCX

March 17th, 2014 at 03:15

Guys, indeed there were some technical problems a few days ago. Some user accounts with dots and uppercase characters in their E-mail addresses were affected. We have successfully solved this problem. No LTC, KHS or mining profits were lost.

tdn19099

March 21st, 2014 at 14:32

Markets.cx is down since yesterday and in bitcointalk we as customers are wondering if it was just a well coded scam and still hoping it is not. MarketsCX, can you give some news on the outage?

admin

March 21st, 2014 at 15:55

Just before they went down they started adding BTC cloud mining functionality on the website, so this could be the reason for the current downtime… though we are not sure if they are having technical issues at the moment or it is something else.

ikinga

March 24th, 2014 at 11:26

The website is still offline, it’s been a lot of days now, too many for just being an “Upgrade” or something, plus no one from the company is giving any information. I think you can say goodbuy to your LTC. Such a pity, the website looked so good…

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