FxPay: A decentralized Gateway to the World's Digital Ecosystem

September 07, 2018

Introduction

The foreign exchange (forex) market could be referred to as a global decentralized market for exchanging currencies virtually. In simple terms, foreign exchange is the conversion of one currency into another. As we move towards a globalized world, there has been a significant increase in the number of foreign exchange transactions over the past years indicating a massive adoption. Besides, its success in operation, it’s quite unfortunate that the current forex market faces crucial problems that haven’t been properly addressed. This includes high deposit and withdrawal fees, the lack of consistency with regards to broker fee, delay in the whole exchange process and several others.

A large number are now set to try their hand at trading, including at the forex market. However, without any knowledge, this is not easy enough. Therefore, you need an assistant who will direct or tell you in this difficult process. This assistant can be in the full scope of the platform FXPay. It should be noted that it will be very useful not only to novice traders, but also an experienced person in the securities market. FXPay is an exciting and promising business opportunity,which brings innovative technologies to the foreign exchange market (Forex). The FXPay team believes that it can reasonably reduce the risk and increase the speed of transactions in the Forex market by using its own FXP token, the ERC20 standard, based on the Blockchain Ethereum technology.

The main goal of the FXPay Inc. platform. - Creation of a large, international, environmentally friendly community on a digital platform that is created to meet the needs of brokers and Forex traders. To a greater extent, emphasis will be placed on brokers who need a new way of completing transactions,cheaper and faster, thanks to the technology Block. A pleasant bonus is the opportunity to get an additional credit bonus for each investment.

At the moment, the process of transactions is rather inefficient and complex, accordingly it affects the lack of consistency with respect to brokers.To save costs for transaction fees, more than 80-90% of each potential investment opportunity is largely unattractive to investors and reduces the viability of many investments. Besides,the broker also pays a fee of 5-7% when making deals with liquidity providers. Large brokerage platforms usually house thousands of investors with potential turnover of more than $ 100 million a day. Most of this amount consists of unnecessary fees, which allows for significant cost savings.

FxPay Solution Model

FxPay focuses on deploying the use of a digital currency (FXP tokens) by traders and brokers to make life much easier as compared to what they are already used to. This will give them the ability to effortlessly convert the FXP tokens to fiat money on the platform.

Alternatively, traders can use the forex credit to participate in the market. After a trade has come to an end, the forex credit could then be converted into either FXP tokens or any other cryptocurrency. Due to its flexibility, traders can choose to keep their forex credit for future trades or exchange them for fiat money via the forex trading platform at a very reasonable fee.

Reduction of fees and transaction speed will be a key element in FxPay Inc.’s solution model. They seek to deploy a trading platform that would look attractive to cryptocurrency investors as they would be able to participate in the forex market. Provisions have been made for times of high market volatility (The FXP can be used as a great hedging opportunity). Crypto investor can swap their crypto assets to fiat until there is stability in the market.

BENEFITS

The use of blockchain technology in the Forex market, FXPay platform will be able to solve the problem of inefficiency in the market, which until now had no solution. The bottom line is that by offering a digital currency to brokers and traders, FXPay provides an average fee, which in turn easily converts the currency fiat into FXP tokens.Traders will later have the opportunity to use a Forex loan to participate in the market. More detailed information can be found on the company's website and examined the technical documentation.

Conclusion

Having problems such as high transaction fees, slow transaction process etc. in the existing foreign exchange market. It is quite frustrating to its stakeholders and due to that, I think FxPay Inc.’s motive to address these issues should be considered and supported. The solutions proposed in this report shows how comprehensive it is. The project also has experienced and good team members to deploy the idea. In my opinion, this is a bold attempt towards a good course.

Token Details

Ticker Symbol: FXP
Token Protocol: FXP is issued and operated under the ERC20 infrastructure.
Total Supply: 500,000,000 FXP TOKENS

Token Sale
Private Sale Period: 1ST - 30TH APRIL 2018
Public Pre-Sale Period: 1ST MAY - 31ST JULY 2018
Public Sale Period: 1ST AUG - 31STOCT 2018
Accepted Cryptocurrencies for the FXP launch: Ethereum (ETH) , Bitcoin (BTC) , Bitcoin Cash (BCH) , Tether (USDT) , Tron (TRX) , Happy coin (HPC)

Token Allocation