Free trade in national currencies within the forex market was not in all profitable and convenient for its participants. Exchange transactions take a lot of time and are accompanied by high commissions. How this problem will be solved by the creators of the project FXPay ?
FXPay Solution
The main task of the developers of FXPay is to launch a full-fledged ecosystem built around the same FXP utilities-tokens. The project team successfully held closed and open pre-sheds of tokens. Now, starting from August 1 and ending on October 31 this year, FXP tokens are sold publicly within the open round of the crowdsdale. At the end of all FXP sales, crypto-exchange exchanges will be replenished, and the flow of investors and participants of the ecosystem will increase the demand for tokens and, accordingly, their market value.
The creators of FXPay were going to solve the problem of overcharged commissions, slow exchange transactions and increased risks. In this regard, the team proposes to combine the forex market with the capabilities of blocking technology, smart contracts and crypto currency - FXP tokens. As a result, FXPay is going to become the most demanded supplier of liquidity for its users from among forex traders and crypto-currency investors.
The same participants together with brokers, third-party liquidity providers and banks will form the FXPay community. Users will be able to participate in the trade of available currency pairs by converting the currency into FXP tokens. Brokers, for example, will not have to overpay liquidity providers from 5% to 7% from each transaction to making payments on the forex market. Instead, a minimum commission of 0.5-0.1% will be charged.
Despite the fact that FXPay, in fact, is striving to become the first among the demanded liquidity providers, in fact acting as an intermediary, the community members will still benefit from this much more than the shortcomings in the form of the fact of mediation. So low fees for services, like FXPay, so far no one is willing to provide, so the creators of the project has every chance of success.
The role of smart contracts
Due to the fact that exchange procedures within the forex market occur between two participants determining a suitable currency pair, the security of cooperation between them is an important component of any decision in the Forex. Smart contracts Ethereum - just the tool that allows you to fully automate the process of interaction of two (or more) parties between each other.
Smart contracts actually serve as intermediaries, but they are only computer programs that do not require high commissions to support them. Thus, firstly, they allow eliminating expensive intermediaries, and secondly, they ensure reliable cooperation of the parties in an absolutely safe and confidential environment.
Transactions in exchange transactions will occur due to the conversion of the collateral amount of FXP tokens in the Forex loan. At the end of currency trading, users will be able to choose, leave a forex loan in the current form or exchange it for FXP tokens. Another option is to continue to conduct transactions on the exchange of crypto currency due to forex loans and withdraw funds partially or in full, with minimal commissions.
Cashback for early investors
From April 1 to 30, a closed presale of FXP tokens was held, within which sales were made to verified investors at the highest discount. After him, from July 1 to August 31, there was already a public round of pre-sale tokens. In order to somehow encourage the participants of the Pre-ICO for their contribution to the development of the platform, the founders of FXPay launched a bonus system in the form of a cashback.
The bottom line is that each participant of the closed system of token sales (closed verified investors) receives a cashback of 100% on the Forex loan for conducting successful margin trading operations with the national currencies in the Forex market. Thus, the FXPay team, on the one hand, motivates people to participate in project support and buy tokens during public sales, and on the other hand it provides an opportunity to participate in exchange trading in the most favorable conditions.
Mirroring trading, social wallets, debit card. This is not the entire list of additional features that will open the FXP ecosystem to its users. In the final review article, let's talk about the tools that are used in FXPay, and find out all the additional benefits of using the ecosystem.
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