Korbex ICO (KBX Token): Cryptocurrency Trading Exchange?
The evolution of blockchain technology and cryptocurrency could spell doom for the sizeable international bitcoin exchanges. Much of this attribute to the rise of more localized and decentralized digital exchanges. For any crypto investor, the transfer matters a lot since it provides the clearing and settlement services whenever you need a liquidity provider. However, picking an ideal trade for your digital assets is always proving to be a challenge to both experienced and novice investors. As such it is still wise to seek expert opinion regarding a particular exchange even though the sole decision lies with you. With that in mind, here a review of a next-generation crypto exchange platform.
What Is Korbex?
Korbex is a decentralized cryptocurrency exchange that aims to provide a convenient, reliable and secure trading experience for all investors with digital assets. The goal of the platforms is to offer unique and advanced investment management and consulting scheme through an Artificial Intelligence trader who combines with quant and machine learning capabilities. Consequently, that set Korbex as a high-end exchange platform with an exceptional amount of security features plus advanced trading capabilities. Their utilization of AI allows for intuitive and educative interface design to assist even the most novice of users.
How Korbex KBX Cryptocurrency Trading Exchange Works
The Korbex exchange will operate through a decentralized cryptocurrency, KBX that will fuel the whole platform. The token will be put to use as a utility coin on the Korbex Exchange and will provide liquidity as the primary benefits among others for the Korbex users. KBX will further facilitate the trading of different currencies, paying for transactions at a discounted rate and as a payment for subscribing to the Korbex AI trader. Acquiring the KBX coin will first need a purchase through the Korbex exchange in return for Ethereum. Each ETH would give the investor 2500 worth of KBX tokens.
With the rise of cryptocurrency, there was also a boom in the number of cryptocurrency exchanges in existence. However, the existing models of exchanges are facing several challenges including
- Lack of real-time trading
- A low number of changeable Fiat currencies
- Poor security
- Low liquidity
- Slow KYC procedure
The implementation of Korbex model will not only solve this problem but also achieve having a more comprehensive and sustainable solution for the trading exchanges. Some of the advantages of using Korbex will include
- High-end security protocols such as P2SH and BIP32 for user privacy.
- Supports some digital and fiat currencies
- A hybrid exchange platform to combine the decentralized and centralized structures.
- KYC and AML compliance for security
- Rewards, bonuses, and trading improve the level of liquidity of the KBX tokens.
- Advanced trading options
While the whole Korbex project looks appealing with the advanced technology use, some aspects seem more inclined to a scam. The first feature is the lack of background information on the project founders or development team. Although there are details on their professions, it is still hard to substantiate whether it is true or not. That single reason puts the whole Korbex project into question as a viable exchange or a scam.
The concept behind Korbex use of an AI trader for the users does make it stand out among the standard crypto exchanges. Still, I am not convinced that the team could make the AI trading work and get it to make a profit. I am also skeptical when it comes to investing in exchanges judging from their history of ripping off their clients. That means approaching projects such as Korbex need an informed decision and be ready to bear the risks.