Crypto

The McAfee Crypto Trading Platform One Week On

John McAfee
source: 123rf.com

It has been a full week since John McAfee, the British-American entrepreneur, launched his own cryptocurrency trading platform named ‘Magic.’ The platform now just into its second week, has, just like the life of its eccentric owner, been eventful to say the least.

Firstly, the platform was announced through the medium of Twitter. This sort of announcement isn’t too uncommon for both McAfee or the crypto world.

The McAfee Magic trading platform is now up and running. You’ve never seen anything like it! https://t.co/5jRN3sSyUg— John McAfee (@officialmcafee) June 12, 2019

However, within 48 hours, the crypto platform suffered a series of multiple denial-of-service (DoS) attacks. There was even a hack prior to its launch. Life is never dull with John McAfee, who chronicles his struggle for personal liberty via Twitter…a lot!

Is the Platform Magic?

McAfee Magic, is a digital currency platform that enables users to trade their cryptocurrencies on multiple exchanges simultaneously via just one single interface. The platform, which is powered by ARB (Arbitrage) and an ERC-20 token, offers to trade of over 500 cryptocurrencies.

Trading is offered in two portals – ‘spot trading’ and ‘shadow trading’. The first enables users to conduct normal spot trading whilst the show trading enables users to copy the trades executed by professional traders.

Whilst the number of crypto’s on offer to trade is definitely higher than most, it is the automated trading that is gathering interest. Acting as a kind of advanced cryptocurrency trading bot, the ‘Magic’ platform is unique in that novice traders are not required to fund ‘trader’ accounts. Novices retain control over access to their funds at exchanges and can mimic the trades of whom they like and when they like. Also appealing, is the fact that you can add multiple exchanges to the dashboard view with platforms like Kraken, Huobi, Binance, and Bittrex.

Initial reviews have been positive so far, and the publicity gained from the early DoS and hacks certainly haven’t done the platform any harm. The crypto trading bot / arbitraging system requires a serious level of programming to pull off. There are many cryptocurrency trading bots but only a few stand the test of time.

Will the McAfee Magic platform stand the test of time? it is difficult to say as the unpredictability of McAfee’s life raises concerns. However, John McAfee is no fool when it comes to technology and if anybody can take on the likes of Winklewoss et al, it is John McAfee.

About the author

Ben

Ben is an experienced trader having worked for HSBC and Bank of Ireland. Ben takes a keen interest in the financial markets, and is a regular forex and cryptocurrency trader and commentator

1 Comment

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  • Ben, can you see a way crypto could be used as venture capitol to fund “techy” but also “green” alternatives to the internal steel reinforcements we all see bleeding rust from our cracked and failing concrete infrastructure?
    This concept would allow crypto holders investment in something hard and tangible yet virtually unlimited because of market size to build and repair our infrastructure parts of which enable power and data transmission on the net.