The big name in the cybersecurity world, presidential candidate hopeful of the US and a big crypto fan John McAfee has launched non-custodial trading platform of cryptocurrencies. The platform is named after him as McAfeeMagic. The platform will enable both automated and manual trading.
The newly launched crypto trading platform is getting referred to as a revolutionary platform as it has the capacity to trade five hundred cryptocurrencies across eight different exchanges using a single UI. In short, we can say it is an aggregator of digital currency exchanges than an exchange.
Presently Magic is supporting trade with exchanges like Coinbene, Kraken, Poloniex, LiveCoin, Huobi, HitBTC, Exmo, Bittrex, and Binance.
The exchange does not hold any digital assets of its users to itself as the eight exchanges provide the custody service. When an order is placed on the “Magic” platform, the funds are moved from the respective accounts, and the transaction gets completed although the user has to plug in the API of the individual exchange in order to complete the set.
Magic is presented to the users with two portals; one for spot trading and the other is for shadow trading. The initial one is similar to conventional spot trading while the second one involves copying of trade from pro-level traders, who will get their ranking from the community as per their success.
The platform has added the feature like “Set and Forget” here the user can place orders simultaneously. The user can also opt for auto trades and has no constraints on trading. The platform can also perform hundreds of snap trades for its user by using its automated bots.
To keep the server safe from the unwanted attacks it is being hosted on the AWS server, this has attack protection like DDoS and can “Scale on demand.”
Although immediately after the launch, the platform has experienced few hiccups. As the user faced difficulty while logging into the platform as it suffered a DOS attack. A similar kind of attack was faced by Ethereum back in 2016.
In his recent Tweet, John McAfee has told the platform is fully functional and is running flawlessly.