On Tuesday evening, we received an interesting press release which relates to CEX.IO. As you may know, CEX.IO serves as a bitcoin commodity exchange, and they’re introducing — wait for it — trading fees.
Cue “letdown” sound effect (I should really get one of those sound boards that Jim Cramer has… oh wait).
According to CEX.IO, the fee implementation will come in two steps. The first will charge a standard 0.2 percent commission on all buys/sells for the period of one month.
Following that, the fee will vary depending on the user’s 30-day trading history and will flex between 0.2 to 0.5 percent.
CEX.IO says the move is all about adding USD capabilities to their platform:
The thing is, CEX.IO is currently preparing the necessary foundation for the introduction of US dollars on its platform. Without any doubt, this will be an incredible and awaited advancement for the users, who will be able to, for instance, buy Bitcoin mining power and withdraw funds in the currency they are used to right on CEX.IO without any the necessity to convert cryptocurrencies somewhere else.
Certainly, preparations to include USD on the platform, as CEX.IO puts it, “would require significant financial investments, legislative grounds and joint efforts of all CEX.IO staff”.
“Surely, we understand that some of our users may be dissatisfied with the mandatory trade fee. However, considering all the pros and cons, we are confident that the possible negative reaction will be totally offset by adding USD to the list of our trading pairs, and some promising upgrades related to scrypt mining,” said Jeff Smith, company spokesperson.
What do you make of it?