John McAfee's New Crypto Trading Platform 'Magic' Goes Live

Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a non-custodial cryptocurrency trading platform.

AccessTimeIconJun 13, 2019 at 9:05 a.m. UTC
Updated Aug 18, 2021 at 1:11 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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."

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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:

    "McAfeeMagic.com still under attack. New I.P. address in Texas. The more this goes on, the closer we get. 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."

    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:

    “The McAfee Freedom Coin is designed to confront the problem of exchange head-on… It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet it’s natural market value is free, completely, to grow."

    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)

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.