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John McAfee launches new cryptocurrency trading platform

Thu, 13 Jun 2019, 11:25 am UTC

Well known cybersecurity expert and cryptocurrency enthusiast John McAfee has launched a cryptocurrency trading platform, called “McAfee Magic,” CoinDesk reported.

According to the official website:

“McAfee Magic enables both manual and automated trading, across multiple cryptocurrency exchanges, all at the same time and from the comfort of a single user interface!

“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 launch follows “extensive testing and auditing processes that stretched months,” the website states. The platform is offering two ‘portals’ – one for normal spot trading, the other for “shadow trading,” allowing novice traders to copy trading operations executed by professional traders.

Anyone can have a maximum of 3 professional traders at a time. Team McAfee said that it fully reviews and approves the chosen traders to ensure their high level of competence.

The platform will provide traders with a ‘standard set’ of advanced trading features, such as auto buy, auto sell, trailing buy, trailing sell, stop loss, and complete auto trade, among others.

McAfee Magic seems to be non-custodial, CoinDesk noted. The cryptocurrency holdings of users will remain on eight other exchange platforms. McAfee Magic plans to add more exchanges going forward.

Speaking of the platform’s security, McAfee Magic said that it uses Amazon Web Service (AWS) servers which they can “scale on demand” and protects from distributed denial-of-service (DDoS) attacks.

The platform, however, faced a DDoS attack before launch, McAfee confirmed in a tweet on June 12:

The launch follows McAfee’s recent announcement to launch a cryptocurrency called “McAfee Freedom Coin,” which, he said, “is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet it’s natural market value is free, completely, to grow.”

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