FXPAY, USING THE BLOCKCHAIN TECHNOLOGY TO UNIFY FOREX INDUSTRY AND THE ECOSYSTEM
The Foreign Exchange market is renowned as the highest liquid market in the world. It remains open 24 hours and five days a week. The leading banks such as the Federal Reserve and the Bank of England control the price and liquidity of foreign currencies, there are still difference between price provided by different banks and financial institutions. The global banks not only control the liquidity and price of the foreign currencies, but also the demand and supply.
Whenever a trader goes to exchange one currency for another, the exchange charges about 5-7% fees of the total transaction took place. The investors do not find it appealing because the transaction fee is quite expensive. It pulls back many investors from investing their bucks in assets. The new investors always struggle to enter the Forex market. There is lack of standardization due to which broker fees is not consistent. In addition, exchanging currencies can be a time consuming process and the investors can lose a great opportunity of making a good profit. The FXPAY aims to resolve all these issues by offering solutions based on the blockchain technology.
FXPay’s solution:
This platform is using the blockchain technology to resolve some major issues associated with the Forex market. Though there was no solution for inefficiencies in the foreign exchange, FXPay is capable of addressing the issues with a feasible solution. This platform is providing the traders and brokers with the FXP tokens which they can easily convert fiat currencies into the FXP tokens.
As a user joins the FXPay ecosystem, he can utilize his Forex credit to start trading in the foreign exchange. In addition, the users can also convert their Forex credit back into the FXP tokens or any other cryptocurrency they like to hold. The FXPay will keep options open for the traders. It means, it is totally up to you that you want to hold your Forex credit in order to use it for future trading in the foreign exchange or you can withdraw your Forex credit into fiat currency by using a reliable Forex trading platform.
The traditional Forex trading system does not offer such lucrative options but brokers and investors can use FXPay to use these alternative options. FXPay will gain a great response from the traders’ because of minimal withdrawal cost, highly reduced fees, and quick process of transactions took place. Consequently, the profit margins will increase and traders will gain more capital to make better investments in the future.
Beneficial for both brokers and traders:
FXPay will benefit both traders and brokers. The value of FXP token will increase and every participant within this ecosystem enjoy affordable transactions with the maximum profit on all the trades took place. This platform will transfer the money to banks or LP and therefore it will work like a payment gateway that offers discounts to brokers.
It will provide brokers with the FXP tokens at discounted prices which they can sell to their clients at market cost. Thus, the brokers will save a considerable amount for offering their support. All in all, the FXPay is going to make Forex trading beneficial for everyone and therefore it has a great potential of luring numerous investors.
Tokenomics
Token Ticker: FXP
Token Platform: Ethereum
Token Type: Utility Token
Standard: ERC20
Token Rate: 1 FXP= $1.60 USD
Total Token Supply: 500 million FXP
Soft Cap: 30, 000 ETH
Hard Cap: 90, 000 ETH
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