By
Godfrey Benjamin
April 26th, 2024
The London-based bitcoin exchange has allowed clients to transfer funds to credit cards, thus becoming the first cryptocurrency exchange to offer instant fiat currency withdrawals.
CEX.IO has introduced a new feature that will enable users to instantly withdraw fiat money, including USD, EUR and RUB, to their Mastercard and Visa payment cards.
Launched in 2013, CEX.IO is one of the leading digital currency exchanges. It claims to deliver the best experience of purchasing bitcoin with a payment card. CEX.IO offers perfect conditions for quick and successful processing of card payments and provides a wide range of acceptable credit cards.
A few months ago, the company made its CEX.IO app available for download on both Android and iOS platforms, allowing users to easily trade bitcoins on a mobile device.
Withdrawal requests are processed automatically, what eliminates the need for customers to use third party services. Most withdrawals are processed instantly, allowing card owners to use their money right away.
CEX.IO noted that in some cases it might take more time to process requests, however, the exchange is working on making processing instantaneous for everyone.
“Global commonness of using payment cards effectively intersects with people’s will to buy and trade Bitcoins,” Oleksandr Lutskevych, the co-founder and CEO of CEX.IO, said in a press-release. “We are proud to tell that there are currently no other exchanges offering instant withdrawals of fiat funds to Visa/MasterCard at low commissions, except for CEX.IO.”
Once a payment card is linked to a CEX.IO profile, clients can deposit and withdraw money to their card in just a few steps.
To withdraw funds from CEX.IO wallet, users need to choose “withdraw” option, enter the amount of money you want to receive and select the credit card. After confirming withdrawal with Two Factor Authentication, you can begin using the money.
The exchange owns a Payment Card Industry Data Security Standard (PCI DSS) certificate, which guarantees the safety of payment card data.
“CEX.IO plans to continue expanding payment options and among other things will introduce Bitcoin debit cards enabling loading cards with Bitcoins directly”, the company said.
A few weeks ago, CEX.IO expanded the list of currencies traded on its platform with the launch of Ether trading. The new service allowed users to buy and sell the currency used by the Ethereum platform for bitcoin and US dollars.
“Ethereum is a unique and one of the most promising projects within blockchain industry,” Lutskevych said. “As the Ethereum market develops, we found it extremely important to support innovations and launch Ether trading on CEX.IO.”
Ether is ranked the second cryptocurrency after bitcoin in terms of market capitalization, which totals more than $600,000,000.
