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Cryptocurrency

‘Magic’ Cryptocurrency Trading Platform By John Mcafee Is Now Live

The renowned cybersecurity expert and crypto enthusiast John McAfee launched his own digital currency trading platform called ‘Magic’ on 12th June 2019. John made the official announcement through his Twitter handle.

McAfee Magic, regarded as a revolutionary digital currency trading platform, allows users to trade their cryptos on more than one exchange simultaneously via a single interface. In fact, the platform facilitates the trading of more than 500 cryptocurrencies, manually as well as automatically.

Magic can be considered as a non-custodial trading platform as the digital currency holdings of users remain on the 8 exchange platforms Magic holds ties with. So whenever a user initiates a trade, funds are pulled from the accounts user has on other exchanges in order to complete that trade transaction. All a user needs to do is plug in the APIs from other crypto exchanges to set up the functionality.

What it offers:

The McAfee Magic platform which runs by ARB, an ERC-20 token, has two portals on offer: ‘spot trading’ and ‘shadow trading’. While the former lets users carry out normal spot trading with advanced trading features, the latter allows them to mimic trades of professional traders who hold the community rankings based on their trading success across a variety of trading pairs and exchanges.

Apart from that, Magic offers a feature called ‘set and forget’ which lets users sell and purchase orders simultaneously. Moreover, users can also take advantage of the platform’s auto trade functionality where trading bots can perform hundreds of trades on the user’s behalf 24/7. On top of that, conversion of fiat to your preferred cryptocurrency at an OTC desk will also be made available soon, states the reports.

In addition, traders are not required to fund the trader accounts. The control and access of funds on the different crypto exchanges totally remains with the traders themselves.

Security:

As stated on Magic’s official site, the platform is hosted on the top grade AWS servers by Amazon that is highly scalable and provides utmost security.

However, it must be noted that McAfee Magic suffered a hack even prior to its official launch. The update on the attack was shared through Twitter by the founder himself.

In the meanwhile, McAfee also made an announcement about ten days ago regarding the launch of his own digital currency which is being referred to as McAfee Freedom Coin. The crypto will have a natural growing value in the market, but its value in terms of any currency will also be 0, states McAfee. The Coin is stated to be launched this autumn. If that was not all, McAfee has also recently announced that the launch of the crypto-based debit card service is going to follow in the next week.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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