Solomon Exchange claims to be the first cryptocurrency exchange that allows you to buy and sell bitcoin using bank accounts. Find out how it works today in our Solomon Exchange review.
What Is SolomonEx?
Solomon Exchange, found online at SolomonEx.info, is a cryptocurrency exchange that connects directly with your bank account for easier buying and selling.
Today, the world of bitcoin exchanges is fragmented into regions. Every country has its own regulations for cryptocurrencies. Solomon Exchange plans to overcome the geographical barrier and fiat currency restrictions by introducing a new platform.
Solomon Exchange will support easy exchange between fiat and cryptocurrency, secure credit card transactions, and secure wallet storage. The platform plans to be released in beta form before November 2017, with the ICO taking place throughout August and September.
How Does SolomonEx Work?
The key features of Solomon Exchange are its secure wallet, user-friendly application, and secure trading interface. Obviously, most exchanges offer these features. What makes Solomon Exchange different is the ability for users to exchange their cryptocurrency into fiat currencies while also accessing bank settlement through the Solomon Exchange identity verification system.
That means users can buy and sell their chosen cryptocurrency instantly through their bank account. Solomon Exchange promises to back its platform on a “strong algorithmic mechanism” giving users a better choice than today’s top cryptocurrency exchanges.
Overall, Solomon Exchange plans to solve crucial problems in the world of cryptocurrency exchanges, including the lack of worldwide access, the slow verification and support times, and the high transaction fees.
How does Solomon Exchange plan to solve high transaction fees? Here are some of the goals of the project:
- Introduce a decentralized marketplace where users can buy and sell cryptocurrencies
- Offer a unique platform to a large number of cryptocurrency traders, allowing them to trade fiat currencies and cryptocurrencies within a P2P system
- Bring listings of new cryptocurrencies into the market with a voting system through the global community
- Monitor performance of newly added coins to maintain the standards of the Solomon Exchange platform
- Offer listings of new ICOs to a global community while also allowing businesses to list their ICO and get a secure wallet through the platform
- Establish bank settlements with financial institutions with Asian, Pacific, American, and European banks to allow users to more easily convert fiat currency into cryptocurrency and vice versa
- Allow secure and safe transactions among several cryptocurrencies with low trading rates
Initially, Solomon Exchange will be based on the Ethereum blockchain. In the future, the company may choose to branch off to create its own blockchain, or just heavily customize the blockchain. However, plans for this are not explained in the Solomon Exchange whitepaper.
Solomon Exchange’s whitepaper advertises all of the following features:
- Cloud Trading: Solomon Exchange plans to integrate with the top 30 leading cryptocurrencies, allowing users to get maximum profit from (relatively) stable cryptocurrencies
- Secure Wallet: The developers plan to make the platform highly sophisticated in terms of security, which means customers “can experience the safety of their cryptocurrency and fiat currency with unique encryption technology”
- User-Friendly Platform: Solomon Exchange is designed to be easy for anyone to use.
- Auto Pilot Trading: Solomon Exchange will offer automatic trading through the use of predefined bids and sell orders, among other features.
- Multiple Deposit Methods: In addition to linking directly to banks, Solomon Exchange plans to allow users to purchase the top 10 cryptocurrencies directly using credit cards, coupon redemptions, Perfect Money, Paisa, and SolidTrust, among other gateways
- Referral Program: Traders can earn money by referring other active traders to the platform.
- Pool Trading: Solomon Exchange traders can access pool trading of the top 25 cryptocurrencies and fiat currencies.
- Virtual Trading: Solomon Exchange will have a virtual trading feature where users can trade fake funds to gain trading experience.
- Follow Other Traders: Traders can choose to follow up to 5 other traders to replicate their trades and match their performance.
- Analytics and Tools: Solomon Exchange plans to offer a full range of professional analytical tools and trading tools.
The SolomonEx Token Crowdsale
The Solomon Exchange Token will be used to pay fees on the platform. You’ll pay fees when buying or selling cryptocurrencies.
The tokens will also be used to distribute dividends to investors. If you hold SMNX tokens, you’re entitled to a share of the profits gathered by that platform. Dividends will be paid on a quarterly basis.
A total of 15 million Solomon Exchange Tokens will be created, and that will be a fixed supply. 9 million tokens will be sold during the sale (6 million will be kept by the company). Any unsold tokens will be destroyed (so it’s possible that the total supply will be less than 15 million, but not more).
The SMNX tokens are priced at $1 USD per token. The token sale is taking place throughout August and September.
Who’s Behind SolomonEx?
Solomon Exchange’s whitepaper doesn’t mention any team members. The official website, however, mentions four specific team members, including Jessica McCarty (UI/UX Designer), Paul Daniels (Codex Developer), Andy Williams (Project Manager), and Taylor Wales (Beta Tester). The website posts no further details aside from each individual’s name and title.
Solomon Exchange is a cryptocurrency exchange with ambitious plans to change the world of exchanges. Solomon Exchange will allow users to trade cryptocurrencies more easily than ever before by partnering with banks throughout the world. Instead of depending on your country’s specific bitcoin exchanges to enter the cryptocurrency market, you can access everything you need from a single exchange.
Obviously, it’s an ambitious plan. The platform also doesn’t appear to be in development at this time. Development of the exchange is scheduled to begin in September 2017, after funds have been raised for the ICO. A beta release is expected in November, with full trading of the top 10 cryptocurrencies expected by January 2018.
You can learn more about Solomon Exchange by visiting the exchange online at SolomonEx.info.