CashFinex gives access to trade over 25 pairs of margin-based cryptocurrency instruments.
Photo: Mohsin Jameel, CEO of Bull Infotech UK, Tradenext UK, Cashfinex MT4 Exchange.
Bull Infotech, a London based fintech firm owned by former TradeNext CEO Mohsin Jameel, is shaking crypto markets with the launch of its P2P exchange, CashFinex, Finance Magnates has learned.
The new venue offers a P2P cryptocurrency exchange, but with a dramatically different approach than traditional exchanges. CashFinex exploits the full potential of MT4 platform to give traders a reliable, leveraged based product.
This means that CashFinex clients gain today the ability to trade the digital asset class on the most popular platform in the retail forex market, which currently offers “more than 25 pairs of margin based crypto alongside traditional crypto with exotic FX,” the company says.
Being a P2P platform, CashFinex facilitates direct transactions between users, while its security is guaranteed due to a continuous auditing and protected 99.999% server uptime data. It also complements Infotech’s unique bridge which integrates the MT4 platform and crypto exchanges, along with a payment gateway that enables an alternative option for traders.
In this way, CashFinex emerges as a unique service that maximizes the possible benefits of both the FX and crypto spaces while minimizing the risks and pitfalls usually associated with it.
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The recent crypto boom has led to mass demand for both trading and exchanging cryptocurrencies, but the retail community still faces several challenges. This has led to fairly rapid adoption by FX brokerages, many of which have already assimilated cryptos into their offerings. Bull Infotech is also looking to tap into this trend, with its technology seeking to connect FX traders to crypto exchanges.
CashFinex also gives access to the crypto traders to trade Buxcoin, which is a cryptocurrency that provides private instant verified transactions. The coin is a decentralized, open-source cryptocurrency that is focused on the privacy of its users.
Explaining the rationale for adding the new instrument at this time, the company said: “Adding the Buxcoin cryptocurrency will provide private instant verified transactions. It is a decentralised, open-source cryptocurrency that is focused on the privacy of its users. Its global community is run by a team of skilled mathematicians, proficient programmers and financial experts.”
Bull Infotech is a comprehensive provider of software products and IT services, and the group’s suite of developing tools have also been instrumental in linking MT4 with cryptocurrency exchanges. Its newest initiative, CashFinex, is registered in Estonia and currently in the process of obtaining a P2P exchange license.
Announcing the launch, Mohsin Jameel, CEO of Bull Infotech, said: “It’s an exciting time for the business; we’re building on our FX industry experience to bring two markets together to enable easy switching between margin and cryptocurrency trading on a safe and easy exchange, so users can trade with confidence.”
He continued: “Today, individuals and businesses accept digital currencies to speed up transactions for a lower fee. As a digital exchange, our aim is to help businesses enter global markets and in doing so help them to be more effective than competitors who have yet to embrace digital currencies.”
What is a cryptocurrency?
Cryptocurrencies are defined as a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Famous examples of cryptocurrencies include Bitcoin and Ethereum. They are essentially similar to dirhams, dollars, euro, or rupees, except they are not physical, you can’t hold them. They are more akin to the money you use when online banking, in that they exist digitally.
Many cryptocurrencies are produced by mining, a process in which real people use computing power to solve complex mathematical equations that authorise and authenticate transactions, receiving coins in return for their work.
