The Foreign Exchange Market or Forex Market is the global decentralized market for the trading of currencies. It determines the foreign exchange rate and includes all aspects of buying and exchanging currencies at current or fixed prices.
FOREX is the medium by which diverse currencies are continuously exchanged by millions of people. The Forex trading process completely takes place electronically over the counter, which means all transactions happen with computer networks between traders around the world. Forex is the largest and most liquid market in the world with a trading rate of 5.4 trillion dollars a day.
However, the transaction process in the foreign exchange market is inefficient and complicated with a lack of stability related to brokers. That’s why Forex traders find it difficult to fund their trading accounts with fiat currency.
Additionally, When the individual trader wishes to exchange one currency for another, a fee is levied that currently ranges between 5–7% of the total transaction amount.
Above all, FOREX trading also includes some major risk factors including Exchange Rate Risk, Interest Rate Risk, Credit Risk, Country Risk, Liquidity Risk, Marginal or Leverage Risk, Transactional Risk, and Risk of Ruin.
These all act as obstacles while trading in the foreign exchange market, traders, brokers, and liquidity providers lose a huge part of their profit due to these obstacles and fees, which presents an opportunity for large-scale cost savings with a better platform.
1FX is introducing blockchain technology and cryptocurrency to the Foreign Exchange Market. 1FX Coin is able to resolve the existing problems and inefficiencies in the current Forex market structure.
We will introduce 1FX Coin which is an ERC-20 digital currency to the brokers and traders. Along with a utility coin that will provide financial liquidity into the market we are also here with a 1FX platform that will provide a highly efficient medium that will let you convert cryptocurrency into 1FX tokens and 1FX tokens into cryptocurrency, thus it can be withdrawn easily.
The platform also helps you to transfer funds overseas to trade into the forex market with a minimum fee. After converting cryptocurrency into 1FX Coin or transferring to our Forex pairs it can be used for trending purposes in the Foreign exchange market.
Profit and return can either be used to continue trading at a later stage or withdrawn into cryptocurrency which can be converted to fiat currency, at a minimal cost. With a robust platform and 1FX coin, both are providing a really beneficial alternative to the traditional procedures and structures of FOREX.
However, if these all is not enough, below are more reasons to Invest in 1FX:
A limited supply of 600 million 1FX Coins: It will create demand escalation due to deficiency projected after a year due to low supply and financial crisis.
No value with Bitcoin and Ethereum: Cryptocurrencies such as bitcoin and Ethereum don’t provide any value to the user, but with 1FX it won’t happen. It is for users whether you are a broker, trader, investor, or Holder.
Increased Coin value: 1FX Users will get increased Coin value because 25% of company profit from Forex trading will be added to the liquidity of the 1FX wallet to pump & raise the Coin price organically.
1FX Community and Power to users: Users, holders, and investors of 1FX coin will have the power to raise the price of the coin.
More trading means more liquidity: As the community will control the 1FX Coin price, thus more they trade in forex, the more liquidity will be added into the project. Which will ultimately enhance the price of a Coin.
Less fee, cheaper transactions, more profit: On massive use of 1FX coin, users will get more profit and cheaper transactions and there will be a minimum fee/tax. Thus higher yield returns and lower transfer fees will be seen in the trending of the 1FX coin.
No Mediators: The Platform doesn’t require intermediaries such as banks and any 3rd party money transfer websites for transferring money overseas for Forex trading. It is as simple as peer to peer networking.
24x7 Faster Overseas Transactions: Enjoy the fastest overseas transactions for trading along with 24x7 instant deposits and withdrawals. NO need to wait for a bank opening for deposits or withdrawals.
Trading 24x7 in Forex: Enjoy the 24x5.5 Coin trading, deposits, and withdrawals in forex trading.
More Brokers: More and more forex brokers and white label brokers will join and accept 1FX coin as a method of payment in the coming years.
1FX will be the ultimate solution to the current problems traders, brokers and investors are facing while depositing, trading, and withdrawing on the Forex market. Users will get an innovative platform with a facility of highly decreased fees and instant transactions.
It will result in enhanced profit margins and investment potential for traders and high-cost savings for brokers when transacting with Liquidity providers. These are some good reasons to invest in 1FX Coin, it is on the way to bring a revolutionary change in the traditional process and structure of the FOREX Market.
The Pre Sale is already ended thus don’t miss the chance and Invest in 1FX now, otherwise as we stated above, the 1FX coin price will increase at an unexpected place.
Originally published at https://steemit.com on February 10, 2021.
