Archive for the ‘Crypto News’ Category

Coinomat Crypto Currency Exchange Adds Withdraws to Credit Card

9, Apr 2014

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Coinomat, a quick and easy crypto currency exchange that supports BTC, LTC and PPC exchange has announced that they have implemented support for withdraws to VISA and Mastercard credit cards and Visa Electron/Maestro debit cards will not work apparently. The transfer is made in US dollars, if your card is denominated in another currency the funds will be converted into the card currency by your bank using the bank’s exchange rates. The transfer of funds to your card takes 2-4 business days to complete and note that there is a withdrawal limit of $2500 USD per one card per week. No word about a fee for the service, though there is most likely some fee associated with the service, but it is probably automatically calculated and deducted from the price you get cited per coin. (For full details, visit Crediful)

Note that the service has been available for a few months already, they launched in Beta in November last year. Recently a similar feature was recently announced by BTC-e exchange. The common thing between the two is that there seems to be some sort of a Russian connection, though both exchanges do seem to remain quite anonymous in terms of where they are based and who is operating them. So this raises the question should you trust these “anonymous” exchanges by sharing your credit card information with them in order to be able to take advantage from the convenience to exchange crypto currencies and get the money directly in your card.

For more information about the crypto exchange services that Coinomat offers…

More Chinese Exchanges Stopping to Accept Chinese Yuan Deposits

3, Apr 2014

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It seems that some more Chinese crypto currency exchanges have received notices from their banks and payment processors and the result is again some drop in the Bitcoin and other crypto currency prices as they were just starting to get back up. Following the recent announcement from the exchange Bter now it seems that BTC38, FXBTC and OKCoin have also stopped accepting Chinese Yuan deposits. It seems that another of the Chinese crypto currency exchanges called Huobi could be planning to stop accepting deposits as well. Meanwhile the situation is still not very clear, but with so many exchanges taking action it seems that the People’s Bank of China (PBOC) is really trying to control the boom in crypto currency trading in China. The good news is that after the initial drop in price caused by these news this morning, now we are already seeing the BTC price starting to recover.

CEX.IO Bitcoin Commodity Exchange Adding Trading Fees

3, Apr 2014

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The Bitcoin cloud mining service and exchange CEX.io has announced its plans on introducing trading fees on their exchange. Up until now trading there did not have any fees, making the exchange very attractive place to trade due to the large trading volume as well. The lack of fee was also interesting if you were using an automated trading solution as it could more easily realize a profit without having to take into account a fee when executing trades. It was expected that sooner or later a fee would be imposed as crypto currency exchanges usually do get their profit from trading fees.

The introduction of the trade fee should happen within two weeks according to the official information and it will be implemented in two stages. Starting with a fixed commission of 0.2% for everyone and and then a month later moving from a fixed to flexible fee between 0.2% and 0.5%, depending on the 30-day trading history of each user. It is interesting to note that the reason given for the addition of the fees is because the platform is currently preparing the necessary foundation for the introduction of US dollars trading on the exchange and apparently BTC/USD and USD/GHS trading pairs will soon be introduced. CEX.io has also announced their plans on soon introducing Litecoin cloud mining as well, though no date for that is yet announced and it could take some more time before they have the right ASIC hardware available to provide the mining power they need for that.


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