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John McAfee rolls out crypto trading platform called 'Magic'

Thursday 13 June 2019 | 12:59 PM CET

Cybersecurity expert and crypto fan John McAfee has rolled out a cryptocurrency trading platform dubbed “Magic”.

The site promises to allow users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.” The exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms, according to CoinDesk. When a trade is executed, funds are transferred from those accounts to compete the transaction. To set this up, users will need to plug in APIs from their other exchanges.

Two “portals” are on offer, one for normal spot trading, the other for “shadow trading,” in which a user’s trades will be set to mimic those of pro-level traders who are “ranked by the community by their trading success”, the online publication adds.

Users can also use the platform to make auto trades on their behalf. There are no jurisdictional restrictions on who can use the exchange.

Regarding the security on offer, the Magic’s FAQs say that the site is hosted on Amazon Web Service servers that come with DDoS protection. Nevertheless, Magic seems to have faced a DDoS attack even before launch, CoinDesk found.

Moreover, McAfee also announced he would launch a cryptocurrency dubbed the “McAfee Freedom Coin” this autumn.

More: Link