Magic a new
cryptocurrency trading platform by John McAfee has launched with hype in the
cryptocurrency space. The updates of the new platform revealed through an
official Twitter
account post by John McAfee on June 12.
As per the information on the website, the new trading platform with its seamless and automated approach is enabling the users to trade cryptocurrencies on eight exchanges within a single dashboard both manually and automatically which is purportedly making it a non-custodial cryptocurrency exchange. That means the users can control their funds by safeguarding their private keys, unlike the custodial cryptocurrency exchanges where the exchange have access to the customers’ private keys.
In the FAQ section of Magic, it is also mentioned that users have to set up the APIs on Magic dashboard from the different exchanges so that they can trade hassle-free, if the transaction seems valid and verified by Magic. This process would ensure trust among the platform users. API trading also requires a minimum of $20.00 worth of cryptocurrencies to trade.
Just to add on the important point from the FAQ section- it is also mentioned that users funds would not be stored on the Magic platform except the ARB ERC20 token- from a project called Arbitraging in order to fuel the trade. ARB is the fuel that Magic would require to function properly.
The Magic platform by John David McAfee is currently offering two portals: 1st is for the normal spot trading users and 2nd is for the shadow trading users. The normal trading portal facilitates the customer to place manual or automatic magic trade whereas the Shadow trading enables the users to make a replica of the professional traders’ trading operations and transact. The term professional trades are used by the community for the cryptocurrency trading professionals who are successfully trading in the industry. These shadow traders would be chosen by the Magic team members as per their accreditations and fame in the industry. Reportedly, there is also a fee attached to use these features. The Normal trade portal fees are based on the user’s membership level, however, the Shadow portal fees would be finalized by the trader which the users would be shadowing.
The new establishment is offering few more features like “set and forget” ability to fix buy and sell orders at the same time. Users can also use the platform to make auto trades on their behalf. The relief here is that users are not bound to follow any jurisdictional affairs and without any restrictions, anyone can use the Magic cryptocurrency exchange from around the world with multiple accounts.
The website indicates that
“McAfee Magic provides traders with a ‘standard set’ of advanced trading features, such as Auto Buy, Auto Sell, Trailing Buy, Trailing Sell, Stop-Loss, Complete Auto Trade, etc.”
In order to take up the membership of Magic trading platform, the users need to deposit the Ethereum in the wallet that would enable them to buy the membership and the associated facilities. Also, the users have to only use MEW/Metamask Wallet not the exchanges to get their transactions done and get the balance in their wallet accounts.
As far as security of the trading platform is concerned the information indicates that the establishment is deploying top grade AWS scalable servers for hosting and is protected against DDOS (Denial of service attack). The website FAQ section claims that Magic Platform has gone through the extensive testing and auditing processes before launching it for the public.
Interestingly, John McAfee announced through a Twitter poston the same day about the pre-launch attack statement about the Magic platform. His words suggested that McAfeeMagic.com is still under the attack. This impression ostensibly made the readers think that Magic possibly faced a DDoS attack even before its launch. So, here arises the question- Is the touted platform really secure enough to take an investment risk?
Also, there are no community groups are formed for the Magic Platform, where the users can discuss the issues? or see any broadcast messages? or updates related to the platform? It is ony John McAfee official Twitter handle available for the new announcements.
KoinPost would keep on updating about John McAfee upcoming tweets on the Magic cryptocurrency exchange platform. We are happy to take comments on what are our readers think for the rising cryptocurrency exchange platforms.
Tags: Magic, Cryptocurrency Trading Platform, John McAfee, ARB ERC20 token, Custodial Cryptocurrency Exchanges, Non-Custodial Cryptocurrency ExchangesPrivate Keys, APIs, Normal Spot Trading, Shadow Trading, Auto Buy, Auto Sell, Trailing Buy, Trailing Sell, Stop-Loss, Complete Auto Trade, MEW/MetamaskWallet,DDOS (Denial of service attack), Magic Pre-Launch Attack.
Image by Clifford Photography from Pixabay
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