The blockchain technology continues on its run of universal wide adoption. Many projects continue to surface on the platform with variety of use cases, from technology, freelance market places, real estate, to payment gateways. The use cases offer by most of these projects however do not have much significant impact on the end users of the technology.
FX pay is a project borne on the Ethereum blockchain, which seeks to unify Blockchain and Forex trading. Foreign exchange (Forex) over the years has been the most universally recognized international market throughout the world, it is a platform through which countries, private & public enterprises, as well as individuals exchange values by trading a country’s currency against another. Although, values and assets exchange/trading on the intercontinental scale have been in existence since the era of the ‘gold standard monetary system’ in the 18th century where countries would normally use gold and silver as the method of international payment, the advent of Forex has since revolutionize this system making it more flexible and robust with a wide variety of base currencies to trade against in place of gold and silver whose prices are mostly subjected to their availability.
People trading on forex platform have made profits and considerable amount of losses because of the seemingly technicality involved in the trading exercise. Reading charts and candles, and a somewhat cumbersome technical analysis have wrecked bankruptcy for some noobs with no adequate knowledge of the system. This is because on the forex platform, an exchange rate can change very rapidly, sometimes several times in a second which has resulted in quite difficult decision making.
The aim of FXpay is to bring Forex on the blockchain in order to guide against risk. It is a general belief that foreign exchange market is usually subject to some manipulative forces, causing a major setback for traders without the intense knowledge of the nitty-gritty of forex trading. With the power of decentralization offered by the blockchain, trading on the platform will be an ‘open book’ defied of any manipulative strategies, hence mitigating risk to the bear minimum.
Also, FX pay would be providing a fiat gateway where individual traders can exchange or trade fiat currencies against crypto assets or tokens such as FXP, ETH or BTC. This would offer traders an even more robust trading experience with choices to trade fiat for fiat or fiat for crypto on the FXPay platform. In relation to this, the rate at which noobs get their fingers burnt would be reduced, because with basic fundamental market analysis newbies can easily make trades and swing between markets as less technical analysis would be needed.
While mitigating against trading risk on one hand, FXPay bringing forex onto the blockchain on the other hand would cause increase in forex transaction speed. Aside trust and security, the blockchain is well known for the speed of transaction offered. The speed which most considered next to speed of light in the transaction hemisphere is really needed in forex trading and with the ability to process thousands of transactions in a second, blockchain is one to look to.
Aside the very important use case of the FXPay project, the project is in the hands of veterans in the blockchain industry, very determined and result – driven team members who would stop at nothing until the ideal that births the FXP project is realized. Though still at the early stage, the project has a very distinct, and outstanding white paper (https://fxpay.io/pdf/FXPAY_V.1.5.pdf
) and a clear roadmap which portray the project as one with potential far beyond the immediate. FXP is the token of FXPay, an ERC-20 based token with total supply of 500 million, currently selling at ICO at the rate of 1FXP = $1.35, it is one to invest in, in order to have a stake in the revolutionized future of Forex trading on the FXPay platform.
For more detailed information about FXPay project and FXP token, do refer to any of the under listed links
Website: https://fxpay.io
Twitter: https://twitter.com/fxpayglobal
Facebook: https://www.facebook.com/fxpayglobal
Telegram: https://t.me/fxpaynews
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