Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform.
Dubbed "Magic," the site is touted as allowing users to "trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually."
Notably, the exchange appears to be non-custodial, with users' crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges.
In its guide to using the platform, Magic lists Binance, Kraken, Poloniex, Huobi, Bittrex, HitBtc, Exmo and Livecoin as the supported 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," McAfee indicated in a tweeted image.
Other features include the "set and forget" ability to set buy and sell orders at the same time. 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 "top grade" Amazon Web Service servers that come with DDoS protection and can "scale on demand."
The site also reads: "We are only releasing this platform to the public after extensive testing and auditing processes that stretched months."
Magic seems to have faced a DDoS attack even before launch. In a pre-launch tweet, McAfee quipped:
It should be noted, we don't recommend taking his advice.
Just 10 days ago, McAfee also announced he would launch a cryptocurrency dubbed the "McAfee Freedom Coin" this autumn.
Somewhat confusingly, he said at the time:
However, the token does not seem to be linked to the operation of new exchange, at least not yet. The Magic site says it will use the fuel (ARB) ERC-20 token from a project called Arbitraging.
John McAfee image via Gage Skidmore (Creative Commons)
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.