Cybersecurity expert and crypto enthusiast John McAfee has launched Magic, a new crypto trading platform that will reportedly let users trade on multiple crypto exchanges from a single dashboard.
The exchange appears to be non-custodial, meaning users’ crypto assets will remain on the eight other crypto exchange platforms Magic supports: Binance, Kraken, Poloniex, Huobi, Bittrex, HitBtc, Exmo, and Livecoin.
Funds are only transferred when a trade is executed, and users are required to plug in APIs from the other exchanges that they use in order to use them with Magic.
No jurisdictional restrictions
Magic offers two portals: one for normal spot trading, and another for what it calls “shadow trading.”
The exchange’s website explains that the latter “enables novices to simultaneously shadow multiple professionals, across a range of exchanges and cryptocurrency pairs.”
According to a tweet from McAfee, the pro-level traders available for shadowing will be ranked by the Magic community according to their trading success.
The exchange portal will also feature a set-and-forget ability that lets users set their own buy and sell orders at the same time. There’s also an auto-trading feature that lets the platform make trades on behalf of a user.
McAfee has also promised that there will be no jurisdictional restrictions on who can access the exchange portal. Multiple exchanges have already limited access to users from specific countries due to U.S. sanctions.
As with anything McAfee-related, Magic already drew attention even before it launched. The exchange portal’s website appears to have been the target of a DDoS attack right before its launch.
“McAfeeMagic.com still under attack. New I.P. address in Texas. The more this goes on, the closer we get,” said McAfee.
“Amazon AWS servers are ‘learning’ the attack and will be up shortly. Catch up on work, make out with your partner or ‘flash’ a random stranger and video while you wait.”
Magic’s FAQ page notes that the site has “top grade” Amazon Web Service hosting and comes with DDoS protection and the ability to scale on demand.
As of this writing, the McAfee Freedom Coin that McAfee announced earlier this month doesn’t seem to be tied to Magic just yet. The exchange’s website says it will instead use the ARB ERC-20 token.