FXPAY USES THE BLOCKCHAIN TECHNOLOGY TO INTEGRATE CRYPTOCURRENCY TO FOREIGN EXCHANGE MARKET

The foreign exchange market which also called the forex market is the biggest market in the history of the planet earth with lot of volatility surrounding it environment. Banker and cooperate trader have made lot of fortune from the market.
The Foreign exchange market has daily transaction approximately about $5-$6 Trillion and the World Bank pump funds to this market in other to provide liquidity and transaction for traders globally so that the demand and supply of currencies are meant although there are still challenges that needed to be address.
The forex market have been in inefficient for both brokers and traders. Lack of information accessibility to market price action change which causes up and downs in the forex market result to poor trading. High fees charges when making withdraw and deposit makes trader, Brokers and even liquidity providers more sore and boring and also of inconsistency in policy making makes the foreign exchange inefficient.

What is FXPay featuring for the forex market?

Payment Gateway
Fxpay feature gateway to the payment system for easy and fast transaction, this allows brokers to make instant payment to liquidating providers of fiat currency and cryptocurrecny transactions through the blockchain technology this enable trader to enjoy low transaction fees compare to the conventional forex trading charges.

Mirror Trading
This is fxpay technology to make trading more effective and enjoyable to all traders. Users of Fxpay will have access to the analysis, strategies, signal profit history of expert in the forex market and once their account has be linked and enable on the platform. Fxpay uses this methodology to grown newbie, intermediate and some few upcoming Expert in the forex market.

Smart Contract
Fxpay token is built on the Ethereum Smart Contract (ERC-20) and utilizes this technology for fast payment. Traders can save more fund from charges from brokers using the payment method of Fxpay.

Debit card
Fxpays allow users to have access to fiat currency of their choice in the forex market, fiat currency can transfer from their brokerage account to the Fxpay debit card which makes trader to shop online and offline with the Fxpay debit card. Fxpay debit card makes life easier through the partnership with Master Card.

Social wallet for android and IOS wallet
Fxpay has develop an authentic mobile application where users can store cryptocurrency, these wallet is users friendly with beautiful interface, and it require high level verification to authenticate it to users. Users of the wallet can transfer coins or token to the forex market for trading

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.
FxPay team seeks to utilize the blockchain technology to help address the aforementioned problems in the forex market. They focus on implementing a cost-effective solution to brokers, traders, and liquidity providers.

The Problem Space

It is somehow overwhelming to see the widely adopted market in this dilemma. Transaction process in the forex market has been proven less effective, complicated and also facing the issue of lack of consistency concerning brokers.
Let us look at some of the major problems that is hindering the expected excellent performance of the foreign exchange market.

The issue of transaction fees is something that couldn’t go of the list. Individual traders are required to pay an exchange fee ranging between 5-7 % of the total transaction amount. This has created a barrier preventing novice traders from entering into the market and also contributed to the unattractive nature of the market to prospect investors.

Brokers also incurs a fee between 5-7 % when transacting with liquidity providers. Large broker platforms with a huge number of investors spends whopping amount on unnecessary fees which to my opinion isn’t the best.
The intricateness of the foreign exchange market makes the process of exchanging money take several days.

Benefits to Stakeholders

For crypto and forex traders, the FxPay ecosystem have programmed in such a way that the prices of the coin will gradually rise with respect to time. The numerous benefits(less fee incurred by users, splendid speed etc.) of FXP will lead to vast cash flow on the exchange platform.

On the side of brokers, FxPay will serve as a payment gateway for transactions between them and liquidity providers or banks. What makes this fascinating is the discount program. Brokers will enjoy a discount on their transaction. This mean brokers are going to save much when it comes to transaction fees.
The purchase of FXP would be made readily available to brokers with amazing discount offers and distribute them to their traders. The FXP coin could be taught of as a mechanism for customer acquisition and retention for brokers.

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)