John McAfee, a Bitcoin billionaire and proponent has launched his cryptocurrency trading website called McAfee Magic. And as the name implies, it comes with a lot of “magic” since it packs robust features that may not be found on other cryptocurrency exchanges. But let’s find out what’s so unique about it.
McAfee Magic is a digital currency trading platform that creates a single interface to trade on eight cryptocurrency exchanges simultaneously. It is a non-custodial exchange since users do not have to move their funds to it or enter their private keys, rather, funds are transferred when trades are to be made from linked exchanges.
Consequently, a user will have to connect the API of the exchange they intend to use on McAfee Magic in order to facilitate trades. According to John McAfee in a recent tweet, Magic allows trailing for all exchanges even if the latter has not enabled the feature. His exchange will also use the currency ARB, an ERC 20 token from the project Arbitraging.
Another thing that is peculiar to Magic, is that buy and sell orders can be carried out at the same time. As such, virtual assets sold at a price can be rebought at another price automatically. The user can also decide to set the feature to go as long as they choose and as McAfee stated, it is a one-time thing.
In the same vein, Magic presents two portals to the user and these are the normal cryptocurrency trading portal and shadow portal. Shadow trading allows the user to mirror the trading pattern of a skilled trader on the platform. The professional traders are ranked by the community based on their trading success.
John McAfee has also taunted the secure nature of Magic stating that “The hackers are banished to the writhing mass of nothing from which they came.” The Magic platform, however, reveals that the exchange is hosted on “top grade” Amazon Web Service servers which feature DDoS protection and can ensure “scale on demand.”
Nonetheless, it seems Magic had faced a security issue even before its launch. The latter can be attributed to John McAfee’s tweet on June 12, 2019, which said:
“McAfeeMagic.com still under attack. New I.P. address in Texas. The more this goes on, the closer we get. Amazon AWS servers are “learning” the attack and will be up shortly. ”
The Bitcoin proponent seems to have a lot on his plate at the moment starting from his run from the IRS for tax evasion to plans to contest in the U.S. 2020 presidential elections. The 73-year-old recently revealed that he will be launching his own cryptocurrency, McAfee Freedom Coin which will not be tied to an asset.
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