Soferox is a new way to trade and hold cryptocurrencies with no fees. Read our Soferox review to find out how it works – and whether or not you should participate in the ICO.
What Is Soferox?
Soferox, found online at Soferox.com, is a cryptocurrency technology company that aims to create a no-fee exchange and wallet platform.
Today’s cryptocurrency exchange and wallet platforms aren’t great: they’re filled with fees and random charges. You get charged for depositing and withdrawing. You get charged when you make a trade. Soferox believes there’s a better way – so they’ve created a product that aims to streamline the cryptocurrency world.
The company is preparing for its ICO taking place at the start of September. They’ve actually talked to the SEC about their ICO to see if it needs to comply with any regulations. They determined that the tokens sold during the ICO are more like tools for the Soferox platform than genuine securities – so the ICO will be open to users worldwide – including Americans.
Soferox is based in the United States.
Soferox plans to integrate all of the following features into its platform:
Secure And Safe Interface:
Soferox will make security its number one priority by creating a safe and secure environment “with the strongest code standards”, explains the official website.
Zero Fee Structure:
Soferox plans to offer services with a zero fee approach. The company firmly believes that it’s ridiculous to charge users for every transaction. Transactions on the Soferox are always free and instant.
Soferox aims to be accessible to the general public, so you can easily use the platform even if you’re not good with technology or experienced with cryptocurrency.
The Soferox Vault:
The Soferox Vault is a way to store coins, create shared portfolios, and gain interest on your holdings.
Safe And Secure Wallet:
Soferox plans to introduce a wallet feature designed as “the most secure way to secure your funds.”
Soferox promises to get you the coins you need with no fees, allowing you to conduct multiple trades across multiple coins.
Anonymity is a key part of the Soferox platform. Users can pay with SFX coins in an anonymous way.
Soferox lets you send invoices or integrate an invoice feature into your wallet, allowing users to pay you in USD, and then you receive payout in your favorite cryptocurrency of choice.
Standard And Merchants Accounts:
Just need a basic account? You can sign up for one. Need a more intense merchant account? You can sign up for that type of account too.
Unlimited Use And Support:
The Soferox platform will be available 24/7/365, and the company will also have a support team in place.
The first coins supported on the platform will be bitcoin, Ethereum, Litecoin, ZCash, and SFX. Ultimately, the whitepaper doesn’t go into deep technical details about any of the above features. The company has outlined the features it wants to implement – but they don’t appear to have started any major development towards an MVP at this point.
Who’s Behind Soferox?
Soferox is based in Lubbock, Texas. The company was founded by Aaron Mathis (Founder and CEO) and Alex Williams (Founder and CTO).
The Soferox ICO
In September, Soferox will release SFX tokens at an exchange rate of 1 ETH = 1000 SFX tokens. 88% of tokens will be distributed during the ICO. 10% will be held for development operations (they’ll be locked for one year), while 2% are held for bounty rewards.
The ICO has presale bonuses of 30% during the entire pre-sale. That 30% bonus will last for the full 14 days of the pre-sale, or until the pre-sale hits the cap of 10 million tokens. During the ICO, the first 5 million token purchases will receive 20% more tokens.
How Does Soferox Plan To Make Money?
It’s no secret that users dislike fees. So far, the Soferox business plan seems to revolve around the fact that it’s a cryptocurrency exchange – but with no fees.
Of course, Soferox isn’t a charity organization. It’s a profit-seeking business. So how does the company plan to make money or pay for its development?
Soferox insists that the platform is free of fees, and it will always be that way. All transactions between users in the system will always be free of fees.
Here’s how the company explains their moneymaking goals:
“I am sure you are wondering how we will make money. This is quite simple as we will be one of the first platforms with a currency backing behind it. The SFX coin with more users joining and using it as a currency within the platform will also help us create value in our product and the coin. We also will charge fees to send money to outside addresses, like different exchanges and so forth, or if someone does a full withdraw. If used correctly though there should be no need for an exchange. We will also have merchant accounts that give us monthly fees.”
This statement was taking from the founder’s forum post on BitcoinTalk.org.
Soferox is a multi-featured platform that aims to disrupt multiple parts of the cryptocurrency world. The company describes its platform as a cryptocurrency holding and trading platform with invoicing and other commerce functions. The key innovation with Soferox is that the platform comes with no fees. Typically, today’s cryptocurrency exchanges charge fees for trading, deposits, withdrawals, and other basic functions.
Soferox plans to use a zero fee structure – at least when sending currency within the platform. However, users will pay fees when transferring money outside of the platform, or for using certain merchant services.
Ultimately, the Soferox ICO is taking place in September. The company has an ambitious goal of attracting users to its platform without requiring any fees. You can learn more about the ICO and business plan by visiting Soferox.com, where the company has published its whitepaper and further details about the project.