Fxpay: Reinventing The Exchange Market

Introduction

Finance is one out of the core revenue sources in every economy. At the moment, fiat exchange had taken new dimensions. At the moment, virtual trading is the benchmark. Countries don’t have to visit each other to perform trades. They use the virtual aspect and foreign exchange (FX) is the best way to do this.

There have been economic downturns in some nations. This came about because their input was bigger than what they gave out. Hence, when a country integrates more foreign currencies into their finance without bringing theirs to be at par, there is tendency of recession. Whether you are a stock broker or a private individual going about your business, you will definitely be affected by the FX market position.

For you trade in the FX market, you have to consult brokers to help you in trading. The current model of the market is not favorable because brokers require high fees for their services. The process usually spans into days for transaction confirmation.

FXPay is utilizing latest technologies to broker the divide in the sector. Fully backed by the chain technology, the platform will go the extra mile in bringing decentralized approach to the industry.

FXP – Decentralized Payment Gateway

FXP is the official token of the platform. It will be the primary source of transaction on FXPay. Coming down to its functionality, the token was hinged on the popular Ethereum block chain. Thus, it is an ERC20-complian token.

FXPay is using the chain technology to bring full decentralization of the FX market. By unleashing the FXP token into the system, there will be synergy in terms of transactions. At the moment, the FX market accepts only fiat currencies. Cryptographic currencies are hardly seen within the corridors of the market.

FXP will hedge this by allowing its users/investors conveniently trade in the market using the token. The token can be easily traded for fiat and fiat can also be converted to the FXP token. Either ways, the token will be very useful for cryptographic currency investors that want to get the best in the market.

Stakeholders

For the system to be vibrant, FXP opened up avenues for many users to participate. These stakeholders play different roles to achieve the success of the system. There is the trader that uses currencies in his digital wallet for FX trades. The broker serves as the channel that connects both the market and the trader. The broker receives funds from the trader and places stakes in the market on his behalf.

FXP features the liquidity provider. Liquidity provider herein implies a financial institution providing FX services to concerned parties. The premium broker is another stakeholder on FXP. He has same delegations as the liquidity provider.

Community, Incentives, Fiat Conversion

The platform has plans to establish a community of like-minded investors. The primary focus is on the broker. The idea is to allow brokers trade in the foreign exchange market by leveraging the use of the chain technology.

Both brokers and traders can earn and derive immense benefits from the platform. Traders who have the FXP token in their wallet are touted to enjoy financial benefits. The FXP token has increasing value and hence, its holders can benefit from its increased value. Brokers will get discounts when they host transactions on the trader’s behalf. They can also buy the FXP token at cheaper rates and resell to traders.

The platform does not want its use limited to cryptographic currencies. The intention was to make its token used same way as fiat currencies. The FXP token is interoperable. This allows for easy conversion to fiat. Fiat currencies can be reordered back to the FXP token. In a highly volatile period, the FXP token will be effective in bridging the financial undertone.

To facilitate these conversions, FXPay had been in consultations with prominent brokers. The significant partnership was with VISA and MasterCard. These debit card vendors will issue their cards to the platform for easy conversion and withdrawal of the FXP token. This is part of FXPay’s plans in making its token accepted in fiat cases.