What are people's stance on CEX.IO

[FishcakeBuffet]

I have been using CEX.IO for a bit and I believe they are good but there system is flawed as ass with the maintenance costs sometimes going over the actual mining cost! 

What do you guys think?

[darkphantom934]

It's a bit more cost-efficient right now than it was a couple months ago, but it's still not a good way to make a profit. That being said, if you simply want an introduction to the world of mining and bitcoin in general, I say go for it . That's how I started xD

[cloverme]

If your ghs is too low on cex.io the maintenance cost will impact you, they offer the low cost on the front end, then hit you up later on for operating costs. If you "own" enough gh/s, the maintenance fee will won't be as large of a percentage against your mining revenue.

[Trade-Winds]

Everything depends on what you are trying to achieve.

I use CEX and made great returns  buying the GHS May Futures (FHM) a few months back. It was end March I bought at 0.004. Eventually sold at 0.00732 in early June. If I total the profit from the FHM trade and the dividends from the GHS mining over the 2 weeks or so I held (once the FHM turned into GHS) I started off with 2.5 BTC and ended up with around 4.9BTC (almost doubling my holding in less than 3 months).

Now they are adding US$ trading and hopefully more cryptopairs and maybe other Futures products, so I will continue using them for trading.

You have to look at how they market themselves 'Crypto Exchange' and not just 'Cloud Mining' If you just buy GHS and hope to ROI on the mining reward well that won't work. Rising difficulty will and is your enemy there. The opportunities with CEX are from trading for sure.

[Unluckyduck]

I've personally never seen the point of GHASH as it's likely you will only end up receiving 80% of your investment back at best, unless of course the difficultly suffers a dramatic drop off.

[kako_number3]

I have been using CEX.IO for a bit and I believe they are good but there system is flawed as ass with the maintenance costs sometimes going over the actual mining cost!  

What do you guys think?

Its a working chumpatron.


For the unwilling to read, its a scam.

[FloridaBear]

If your ghs is too low on cex.io the maintenance cost will impact you, they offer the low cost on the front end, then hit you up later on for operating costs. If you "own" enough gh/s, the maintenance fee will won't be as large of a percentage against your mining revenue.

OK, maybe I'm misunderstanding here, but isn't the maintenance cost a fixed percentage? According to their web page it's $0.18 per GHS, so your fee as a percentage of GHS does not change. Unless I'm missing something.

[rikkejohn]

If your ghs is too low on cex.io the maintenance cost will impact you, they offer the low cost on the front end, then hit you up later on for operating costs. If you "own" enough gh/s, the maintenance fee will won't be as large of a percentage against your mining revenue.

OK, maybe I'm misunderstanding here, but isn't the maintenance cost a fixed percentage? According to their web page it's $0.18 per GHS, so your fee as a percentage of GHS does not change. Unless I'm missing something.

I can't answer the question, however I used the service a few months ago, and don't recall the service charge being an issue.

I had another go last week, and was surprised to see so many appearing.

Maybe the slowness in finding blocks just gives the impression that there are more service charges. It's a shame they don't put it on blocks found. I bought around 650 gh/s, and the first action on my account was a debit (no blocks found in 2 hours). But anyway, less bitcoin mined means service charges become very much an issue, since you have no way of making up for them every 10 minutes or so.

I can't see where the profit is at the moment, which is why I sold my gh/s on the same day, at a loss.

My experience a few months ago was better, when the difficulty was low.

[SecureErase]

Everything depends on what you are trying to achieve.

Now they are adding US$ trading and hopefully more cryptopairs and maybe other Futures products, so I will continue using them for trading.

You have to look at how they market themselves 'Crypto Exchange' and not just 'Cloud Mining' If you just buy GHS and hope to ROI on the mining reward well that won't work. Rising difficulty will and is your enemy there. The opportunities with CEX are from trading for sure.

I never bought futures, although wish I had done. GHS are in a bear market so you have to trade it like that, buy on bounce back from dip (once support base is shown), set your stop loss exit just below support base and set an exit at resistance area once price bounces back up. These type of trades are short term and usually looking at 5 to 10% gains. Its not for everyone but typical short term trading style. I just closed out such a trade and show it below.