What Is KiMex?
Kimex is a decentralized binary option that is powered by the blockchain platform. It is seeking to introduce a wallet for the traders and a cryptocurrency wallet and platform for the BO trading industry. Traditionally, traders tend to lose money when a brokerage company that they have been working with closes shop.
It is a scenario that many traders have had to endure, until now. Traders who choose to use the Kimex platform can rest easy knowing that all their funds are safe and properly secured. The good thing about this platform is that the Kimex team can also not be able to access trader funds as they will be stored on the ETH blockchain.
Current Problems Being Faced By Traders
The BO trading industry happens to be a multi-billion-dollar industry. For instance, BO brokerage companies operating in Israel were able to record a five-billion-dollar profit in 2016. How is this possible? Well, whenever you purchase a BO from any centralized broker, it means that you are actually placing your bet against that of the platform. As such, the broker will get to earn what you lose.
This poses a problem as it means that the traders are taking part in a game that is in no way fair. The broker or the platform can easily take advantage of the trader by manipulating the trading prices.
Price manipulation means that the prices will trade in the platform’s favor. When this happens, the trader is not able to make any withdrawals. As a result, it will mean that the trader was able to win a particular trade, but they still ended up on the losing side as they lost their money.
Proposed Kimex Blockchain Binary Options App Platform Solution
Kimex seeks to introduce a P2P market solution. In this solution, the traders will get to place their bets against bankrollers. KMX token holders will, on the other hand, get to earn some money in the form of trading fees paid by the traders, and not from shaving shares as is the case with the other platforms.
One advantage of working with this platform is the fact that traders are guaranteed of a payout. All the payments are to be issued in the form of smart contracts. All payments are to be made to an ETH address, ensuring that no single person or company can be able to block traders from making a withdrawal.
Secondly, traders are assured of complete transparency. The platform is expected to be provably fair. This will be done by acquiring the asset prices from the blockchain platform. It will, therefore, be impossible to cheat the traders by manipulating the prices.