FXPay (FXP) is a decentralized cryptocurrency token issued by FXPay Inc. FXP is a registered ERC20 token based on Ethereum blockchain technology. The FXP token utilizes smart contracts to ensure investment security and token management.
FXPay is an exciting and highly prospective business opportunity that brings innovative technology to the Foreign Exchange (Forex) market. FXPay believes they can intelligently mitigate risk and increase the speed of transactions in the Forex market through the utilization of its FXP token, an ERC20 token based on Ethereum blockchain technology.
Terminology
FXP – token issued by FXPay Inc.
FXPay – the creators of FXP
ERC20 – token issued and run on the Ethereum blockchain
Liquidity Provider – a bank or similar institution that provides Forex to brokers
Premium Broker – another term for liquidity providers
Broker – an intermediary that acts on behalf of a trader to execute Forex transactions
Trader – an individual that participates in the Forex market.
GOAL
FXPay Inc. aims to create a large, international, eco-friendly community on a digital platform that is made to meet the demands of Forex premium brokers and traders. The primary focus will be premium brokers who require a new transaction method which is made cheaper and faster using blockchain technology. FXPay Inc. aims to expand on this becoming their own premium broker. This will allow clients to freely invest in the Forex market with their token. This will provide a platform with both established users and significant daily volumes, which will steadily increase the price over time.
Website :https://fxpay.io/
Whitepaper:https://fxpay.io/pdf/FXPAY_V.1.5.pdf
The Forex Structure
The foreign exchange market is the international exchange of currencies between banks, liquidity providers, brokers, and traders. Millions of investors engage in the Forex market, trading various forms of currency by executing transactions through brokers. The broker acts as an intermediary between individual traders and liquidity providers, facilitating Forex transactions and communications.
Difficulties with the Current Forex Structure
When the individual trader wishes to exchange one currency for another, a fee is incurred which currently ranges between 5-7 % of the total transaction amount. having to save cost of transaction fees more than 80-90% from each potential investment opportunity is largely unattractive to investors and reduces the viability of many investments. Barriers to enter the Forex market act as a deterrent to the novice investor. The potential of these funds has recently been realized in the Cryptocurrency industry, as its market capitalization has increased to over $400 billion at the beginning of 2018. In addition, the broker also incurs a fee between 5-7 % when transacting with liquidity providers. Large broker platforms typically host thousands of investors with potential turnovers more than 100 million dollars per day. A large portion of this amount consists of unnecessary fees, presenting an opportunity for massive cost savings.
Their Solution
By introducing blockchain technology to the Forex market, FXPay can address inefficiencies in the market that, until now, have not had a solution. By offering a digital currency to brokers and traders, FXPay provides a medium through which to effortlessly convert fiat currency into FXP tokens.
Once it is securely logged on the blockchain, it can be converted into any of their Forex pairs. Traders can then use Forex credit to participate in the market. Once trading has ceased, traders can trade Forex credit back into FXP or any other digital currency. Alternatively, traders can choose to keep Forex credit, which can either be used to continue trading at a later stage or withdrawn into fiat currency through the Forex trading platform, at minimal cost.
This offers traders and brokers an attractive alternative to the traditional Forex structure, by providing an innovative platform with highly reduced fees and faster transaction times. The result is increased profit margins and investment potential for traders, and cost savings for brokers when transacting with liquidity providers.
TRADER BENEFIT
Crypto / forex trader can enjoy various benefits from holding Fxp coins.
FXP increases its value: Everyone in FXP eco-system will exchange to FXP to get more profit and cheaper transactions. This also creates a vast cash flow that will go in to the exchange and it will be one of the strong factors to build the FXP foundation and make the price rise steadily.
BROKER BENEFIT
Brokers can benefit from 2 ways
By transferring the money to LP or banks: FXP will act as a payment gateway but most importantly, they give discounts to brokers.
By purchase/store of FXP: Brokers can easily buy FXP at a discount price then distribute to their traders or in-house exchange. FXP is an optimal marketing tool to get more customers for the brokers.
UTILITY COIN
FXP is an essential utility coin which will continue to appreciate as usage increases in the forex market and use FXP the numerous transaction process.
PAYMENT GATEWAY
FXPay acts as a payment gateway system for the Forex industry, the world’s largest financial market. A Payment Gateway performs a variety of tasks to facilitate payments between acquiring banks and issuing banks. It determines whether transactions are approved or declined by verifying transaction information and provides a secure pathway to exchange information between all relevant parties.
ERC20 TOKEN
FXP is an ERC20 token that operates on the FXP is an ERC20 token that operates on the Ethereum network, one of the most robust and reliable blockchain technology platforms.
PARTNERSHIPS
FXPay has formed a partnership with prominent brokers who act as facilitators and providers of Forex. Through this partnership, cash back bonuses can be redeemed for Forex credit. This credit can then be used in the market.
SMART CONTRACTS
Utilization of smart contracts which save customers up to 90% when compared to current payment structures. Smart contracts allow users to embed legal documents and other pertinent information in a tamper-proof digital ledger. Smart contracts are set to revolutionize the ways that individuals and companies engage in business.
BONUS
A cash back bonus in Forex credit to private and pre-ICO participators who join the FXPay community. To hedge the risks inherent in the current crypto-market situation, FXPay would like to offer cash back bonuses to investors as a reassurance of the confidence in their product. Investors can immediately enjoy using their Forex Credit to make trades on one of the world’s biggest trading platforms, Forex.
FXPAY LIQUIDITY PROVIDERS
FXPay Inc. will be able to bypass middlemen and maintain an advantaged presence on the platform by becoming their own liquidity provider. The current timeline to achieve this goal is set for the third quarter of 2018. This will benefit their partners by allowing them to acquire liquidity directly from FXPay, a much more cost-effective option compared to traditional liquidity providers.
MARKET INTEGRATION
FXP is an essential utility coin which will FXPay merges with the fastest growing crypto-market established and the highly lucrative forex market. By integrating these two markets, they introduce crypto-investors to the Forex platform, allowing them to diversify their investments. Similarly, participants of the Forex market will benefit from the incorporation of cryptocurrency usage within the new FXPay Forex structure, as exposure to cryptocurrency introduces traders to new forms of investment opportunities.
DEBIT CARD
FXPay has partnered with MasterCard/VISA to issue an FXP debit card that can be used for transactions worldwide. FXPay holders should be entitled to access fiat currency at any time. Using an FXPay debit card, FXPay enables its holders to withdraw and pay for local products or services by deducting directly from their FXPay account.
SOCIAL WALLET
FXPay has developed a mobile application for the storage and transfer of FXP and Forex credit. Members of the FXPay community will be required to clear the KYC/AML authentication process for identity confirmation, to establish a secure presence on the platform. This will allow them to create a personalized and secure digital wallet. This wallet will be available for both iOS and Android mobile devices. Users can send and receive FXP coins, exchanging them for Forex credit.
MIRROR TRADING
Mirror Trading is a method in Forex trading that enables traders to ‘mirror’ strategies developed by other experienced Forex traders. A trader’s brokerage account is linked to a platform where trades can be executed by selected strategies. Strategies are listed in order of profit percentage and display information regarding the strategies’ funds, mirrored funds, leverage, and a performance chart.
FXPay Blockchain System
TOKEN GENERATION EVENT
AUDIT
If the FXP token sale accomplishes its goal for full token allocation, it is destined to become one of the largest token generation events in history. Whilst being an accolade, this places a higher than usual burden of responsibility on the FXPay team and their advisors. Given this, and FXPay’s overriding principle of security and full transparency for FXP holders, each ERC20 compliant Smart Contract linked to the Ethereum blockchain will be subjected to independent crypto audits prior to the Token Sale.
FXP Allocation
The supply of FXP tokens is capped at 500 million, and is allocated as follows:
ROADMAP
TEAM
Partners
ICO Ratings
