A Platform For The Forex Market
The Forex market has been in need of a unifying and innovative solution to the problems facing it. Even though people are not voicing out their needs, deep down they know things need to change. I know because I am a Forex trader.
The major issue facing the FX market boils around Transactions. Especially the speed and transparency. For instance, I just placed a withdrawal request with my Forex broker and most times it takes 24hrs or more for this request to be completed. This also happens when I'm placing a deposit. I can't even begin to talk about the overhead charges these transactions incur. It practically puts a dent in the profits of traders. This isn't a fair process but the solution to these haven't been forthcoming for a while now.
There's also the issue of broker fees which aren't standard. So traders actually don't know if these brokers are ripping them off or not. The lack of consistency is worrisome. These are the salient issued that need solutions to. FXPay is a Platform that aims to do just that, with the Blockchain as it's Backbone. How?
- With a Transparent payment gateway that facilitates the easy payment between players like the acquiring and issuing bank. It verifies the authenticity of the payment and a secure pathway is provided for the parties involved. This will reduce the transactions fees drastically.
- Partnerships with brokers will help in redeeming cash back bonuses in the form of Forex Credits. This is a welcome development as everyone loves a reward every once in a while, and it's a good thing because these Credits can be used to trade.
With time, FxPay will be a Liquidity Provider. This will be a benefit to Brokers that they'll form partnerships with because they'll have all their dealings with the FxPay platform instead of sourcing for it elsewhere. This will be cost effective.
The world of Forex on its own is a Trillion dollar market, in conjunction with The Blockchain, the potential is mind-blowing. This will open up a whole new world of opportunities for both spheres. This is what FxPay is bringing. Integration.
On the FxPay Platform, mirror trading will be made possible. Not so experienced traders can select from an array of strategies which they just need to choose from and then place trades when these successful traders do. These are all done automatically after the accounts have been linked. Many Brokers do not accept mirror trading, FxPay accepting it is a plus for the platform.
The FxPay Platform will have its own secure Digital wallet where your FXP coins can be stored and also exchanged for Forex credits. Instead of having to transfer from other wallets, all dealings and transactions can all be done on the Platform.
In collaboration with MasterCard/Visa card, FxPay will have a debit card which can be used for worldwide transactions. You can have FxPay in your card but withdraw Fiat and pay for goods and services in Fiat too.
All these features without the Smart contracts feature of FxPay will be pointless. This a trustless system where transactions are transparent and secure. FXPay will be founded on this technology.
FXPay Token (FXP)
This is a Utility token that will be the main currency of the FxPay Platform. As users increase on the Platform, the value of the token appreciates because of the limited supply.
Total Supply - 500million
More about the ICO can be found here.