FXPAY: BRINGING THE NEEDED SOLUTION TO THE FOREX MARKET

achuks (6)in #blockchain • 6 years ago (edited)

The opportunities, benefits and possibilities associated with blockchain technology are too numerous to mention. In any sector or platform that aims to liberate itself from the claws of centralized systems, or aims to attain a certain height can leverage on blockchain technology to achieve it. The requirement is a well-established knowledge of blockchain technology and the right team to carry out the associated tasks.
Thus, a team of experts aims to bring blockchain to the Foreign Exchange Market (FOREX).
FOREX, Foreign Exchange is a worldwide market which is a decentralized medium where diverse monetary forms are exchanged against each other and the result of which decides the rate of remote trade or foreign exchange. FOREX straddles all aspects of obtaining and trading currencies at present or set costs.
Through the FOREX market, a few currencies are exchanged by numerous individuals. Rather than the stock exchange, there is no centralized offering place for foreign exchange instead money exchanging happens electronically through PC connected to the internet among dealers everywhere throughout the globe, unlike a unified or centralized trade.

THE PROBLEMS IN FOREX TODAY

The present FOREX market is faced with few difficulties. For example, the cost taken up by the merchants, purchasers and dealers, the brokers and liquidity personnel when withdrawing and saving asset is quite huge.
Once more, the current FOREX structure needs consistency as regards brokers or representative charges because of a nonappearance of a regulated platform. Also trading on the FOREX platform can also traverse days.
Generally speaking, the current FOREX exchange technique isn't effective and too complex for an industry of that size where there is no agreement between brokers.

FXPAY THE SIMPLE SOLUTION

FXPay has investigated the present difficulties of the FOREX market with a view to thinking of an answer that will help in settling these issues. FXPay joins blockchain technology into the worldwide FOREX market and this has reinforced the platform to determine the key difficulties of the market that has seriously needed substantial answers.
FXPay presents a cryptocurrency to FOREX traders and brokers and shows a medium that improves the system of converting fiat to FXP tokens effortlessly. Instantly it is securely signed on the blockchain, furthermore, it may also be changed into any of the accessible FOREX sets.
Brokers would then be able to utilize the FOREX credit to execute in the market. Once trading stops, brokers can change FOREX credit to FXP or different digital money. Or on the other hand, dealers can choose to hold FOREX credit that can be utilized to exchange later or changed over into fiat by means of the FOREX trading system at a cheaper cost.
This exhibits an appealing offer to members in the ordinary FOREX structure by offering an instinctive platform with a huge decrease in operating charges and swifter exchange time.
The result is a higher net revenue and, investments opportunities for merchants and also a cost decrease for specialists when managing liquidity offerers. FXPay offers a splendid alternative for cryptocurrency speculators who are at freedom to take part in the FOREX market as well.
FXP can be utilized as a decent edge when the market gets exceptionally unpredictable. This is on the grounds that cryptocurrency investors can easily exchange their cryptocurrency for a more steady fiat money till the market recovers steadiness. This would then be able to be offered to their customers on later occasions.

CONCLUSION

The FOREX market is a huge market with transactions amounting to trillions of USD yearly, nonetheless, the difficulties facing the current FOREX market confines its development not surprisingly. FXPay is a blockchain platform that tries to utilize well-understood features on blockchain to offer unique answers for the difficulties of the FOREX market.
The FXPay token, FXP is an Ethereum-based ERC20 utility token that is utilized for each action on the FXPay platform. It is used by dealers, agents and other members to carry out exercises on the FXPay platform. It is similarly used to compensate any exercises that add to the advancement of the platform

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