My Blog About Blockchain: IronX - cryptocurrency exchange from the famous forex broker IronFX

About Project

The IronX Exchange is a platform for trading digital financial assets, which is created on the basis of the current IronFX Forex Exchange, which has legal status in Estonia, which has been approved by a state regulator. The activities of the IronFX Exchange were audited by Hosho Secured. The structure of IronX consists of two projects that work together within one trading system – this is actually forming the IronFX Forex Exchange, specializing in trading and the EmurgoHK project, which is responsible for the cryptocurrency direction.

Exchange IronFX has a long history, was founded in 2010, as an international forex exchange. Received the status of the leading forex trading platform with more than 200 trading tools. The clients of the exchange are both private traders and institutional investors from more than 180 countries in Europe, Asia, the Middle East, Africa and Latin America. IronFX supports its customers in more than 30 different languages.

Cryptocurrency exchange direction was launched in 2017. To this end, IronFX has entered into a partnership with the project EmurgoHK, the world leader in blockchain technology. EmurgoHK is the venture founder of the Cardano blockchain project with its digital currency, the ADA token. The headquarters of the project is located on the most fruitful territory for the development of cryptocurrency today – Hong Kong.

Problem

Whoever concerns the activity of cryptocurrency exchanges, today each of them faces the same problems. The inconvenience of these problems is experienced not only by exchange managers, but also by customers who use their services. We list the most serious problems:

Lack of regulation. Most cryptocurrency exchanges are not regulated by law, in connection with which customers of these exchanges can not feel and their money safe. Anything can happen at any time: the site will not open or the stock exchange application will not start, all assets from your balance will disappear, hackers will crack the protection and steal all the money.
Low liquidity. This is one of the most important indicators for customers. Without a sufficient level of liquidity, a trader will not be able to close a position at a good price, and an investor will not be able to collect a position in a portfolio at competitive prices.
The inability to replenish the balance fiatnymi currencies. A very common problem. Users would like to transfer funds directly from their bank card to an exchange account so that fiat money is immediately converted into the selected digital asset.
Customer support. Those who are faced with problems on the exchanges will confirm how long you have to wait for a response from those. support for the created application. Either customers are simply ignored and it is impossible to achieve a solution to their problem.

Decision

Having a great many years of experience in the exchange business, the team decided to keep up with modern technological progress and launch a cryptocurrency direction on its platform. The developers intend to create a regulated, customer-oriented marketplace with high service standards. First of all, users will be able to replenish their stock account and withdraw funds in fiat currencies.

For a successful launch of trading in digital assets, the team identifies several key areas that need to be implemented:

Regulation. The exchange will be regulated by financial authorities in accordance with state legislation. All customers will have to go through the verification process of their identity (KYC). Such measures will ensure maximum security for customer accounts and comfortable work, without fear that the exchange may be closed.
Liquidity. To ensure high liquidity for all trading instruments presented on the platform, the IronX exchange cooperates with several partner exchanges that, if necessary, will be able to provide the missing amount of liquidity.
Customer support. As already mentioned, the IronFX forex exchange has a large staff of technical support who communicate with clients in more than 30 languages. The interface and functionality of the platform will be as intuitive as possible and the developers are confident that users will be able to independently understand. If you still need help and the client will contact technical support, his problem will be quickly resolved.
Support for fiat currency. Entering, withdrawing and converting Fiat currencies will be the main difference IronX. The exchange plans to conclude a number of agreements with banking structures that will allow servicing cryptocurrency accounts of customers.

The IronFX Forex marketplace is available to work as a browser version, you can also download the MetaTrader 4 trading terminal to your mobile device and set up synchronization with the trading account for trading. By analogy, trading from the web and mobile versions of the exchange will also be available to the IronX clients for the cryptocurrency direction.

The IRX Token Sale

The IRX ERC-20 Utility token will serve as the main token in the IronX Exchange, backing the system’s usage. Fees paid in IRX token will carry a discount. Incentivizing frequents traders to use IRX for all fees and transaction.

Holders of IRX tokens will also benefit in a variety of ways. Based on holding levels, they will be entitled to additional services and incentives on the IronX-IronFX Group ecosystem.

Discount in spreads on traders on trading products.