McAfee Magic Crypto Trading Platform is Live
Crypto advocate and IT security entrepreneur, John McAfee, launched a cryptocurrency trading platform.
McAfee Magic is presented as a “new, revolutionary, cryptocurrency trading platform,“ with eight exchanges and more than 500 currencies, which enables manual and automated trading across multiple exchanges at the same time and from a single user interface. As the website explains, “the ‘magic’ is being able to make a snap trade, while your pre-set automated bots are making 100’s of trades for you, (on different exchanges), in the background.” The platform is run by ARB, a ERC20 token, the FAQ states.
There are two portals available to users. There is the Magic Portal for normal spot trading, with a "'standard set’ of advanced trading features", while the other is the Shadow Portal which allows new traders to simultaneously shadow multiple professionals that are ranked by the community according to their success, “across a range of exchanges and cryptocurrency pairs”, without having to fund ‘trader’ accounts and while controlling the access to their funds at exchanges.
As users' funds seem to remain on the eight exchange platforms, from which the funds are pulled for the completion of the transaction, APIs from the other exchanges will need to be plugged in.
McAfee’s tweet also provides insight into other options on the platform, such as “trailing” for all exchanges, even if the feature is not enabled on that particular exchange; a stop loss option for all trading pairs on all eight platforms; set and forget option that enable setting buying and selling simultaneously, etc. It is also stated that an option to convert fiat to crypto at the OTC (over-the-counter) desk will be available soon.
However, concerns have been raised after McAfee tweeted prior to the launch: “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. Catch up on work, make out with your partner or "flash" a random stranger and video while you wait.”
Meanwhile, just a bit more than a week ago, McAfee announced the launch of McAfee Freedom Coin this fall, which is a cryptocurrency “with zero cash-in value, yet accepted universally.” Furthermore, the entrepreneur has also announced recently that he's going to launch a privacy-focused "Visa/Mastercard Crypto Debit Card," which is reportedly being already tested. Previously, in April, McAfee made the headlines when he claimed to know who the real Satoshi Nakamoto is and promised to reveal the identity – at some other time – but not yet due to his imminent extradition request to the United States.