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Fatumas Voice Latest Questions

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Stacy Wambui
Chui

Is the new cryptocurrency coin called the Onyx Coin a scam or is it a genuine Monetary and Wealth Transfer system for Africa?

I decided to ask about this after seeing the upcoming launch of a new Cryptocurrency coin designed for Africa called Onyx.

The Onyx Coin is defined as: Africa’s new Monetary and Wealth Transfer system. The future of global payments.

However, I identified two red flags:

1. Instead of a website, the Onyx Twitter account is redirecting users to their telegram account.

2. Since the hashtag #OnyxPay is trending in Kenya right now, one of the comments by a user called The Parrot says: Onyx coin is being run by some gold scammers from Congo and South Africa who are desperate to launder their loot and rob unsuspecting Kenyans who are looking for short cuts to wealth through some Chinese who are desperate to make fortunates in Africa. Stay WOKE!!!

Warning! The ico token news investigation team found out that this ICO might be a SCAM – Do not invest.

Warning! Our investigation team found out that this ICO might be a SCAM – Do not invest. Text below is purely for informational purposes.

Trading futures has reinvented the investment landscape. This format has shot to fame because it easily minimizes the risk factor for many investors. Today, more and more speculators pick this trading format whenever they want to invest their capital in volatile commodities, including cryptocurrencies. Cryptocoins are a new phenomenon, and their rise is improving the trading volume associated with futures.

As digital coins are volatile, the investors want to introduce futures trading to the crypto world in order to earn big in a short interval. Right now, there are a lot of exchanges—Chicago Mercantile Exchange and Chicago Board of Exchange—that have started rolling out Bitcoin futures.

Onyx, too, wants to become part of this transformation and take the crypto-oriented futures trading to the next level.

Onyx analysis

Onyx, a radical futures exchange, is committed to introducing a revolution in the way futures trading is done. With Onyx, the traders will join a decentralized, independent, transparent, democratic futures exchange platform. On this platform, the traders can enjoy risk-free, quick, easy trading while retaining the full profits.

To deploy this visionary project, the development team behind this platform has designed and executed a number of initiatives. These initiatives have collaborated in the creation of an innovative strategy.

The biggest issue with many trading platforms is that they’re fully committed to maximizing their revenues. So, a trader will unsurprisingly find many trading platforms using a lot of tactics to improve their profits; these tactics generally include funding costs, maker/taker fees, big spreads, registration fees, funds security fees, and countless other hidden charges. These profit-building tactics usually pinch the small-sized traders who’re looking to make small trades.

That’s basically why today’s traders dream of having a platform that’ll focus on the quality of trading rather than building its own profits. That’s what Onyx is giving all these traders, because this innovative platform is eliminating all of these extra charges.

Onyx is definitely offering a true innovation with this crypto-oriented futures exchange—and that’s what’ll give this project a special place in the crowded ICO list.

Onyx innovation

Every successful ICO project upholds their initial innovative concepts. For instance ODEM, Requitix, Shping, TV-TWO, Signals, BunnyToken, LocalCoinSwap have remained true to their commitment to bringing something new to the world; that same thing can be said for Onyx too. This revolutionary exchange will change the way futures trading is done.

Here are some highlights that make this project truly inventive.

Reimagining trustless futures trading

A trustless environment is created whenever the traders—buyers and sellers—don’t trade alone as they don’t know and trust each other. In such an environment, a third party acts as a mediator; however, these mediators charge a fee. This fee is fixed for every transaction, but the Onyx futures exchange believes that the traders shouldn’t have to pay the fee; instead, they should retain the total profits.

For this purpose, Onyx will introduce blockchain technology to streamline futures trading in every way. This trading platform will use a decentralized, transparent, secure network for those investors who’re interested in futures trading of crypto-related commodities.

Introducing commission-free, crypto-centric futures trading

Generally, trading platforms charge a hefty commission for their services from the traders and this commission eventually limits the profits of the traders. This way, many brokers and brokerage companies earn thousands of dollars that actually belong to the investors.

Traders want to change this business model—and with Onyx, futures trading will change for the better. This platform is designed to give the traders all the true profits without ever charging any transaction fee. The exchange will cover all its operational costs by generating new coins; because of this, the network will successfully prevent the need to charge any transaction fee.

Creating a unique hybrid model

Onyx has built a hybrid model to bring both decentralization and centralization concepts under a single platform. This combination has definitely provided a unique process that’ll allow the investors to experience the best of both worlds when it comes to futures trading. In this futures trading exchange, there’s a centralized server and a decentralized smart contract.

Through a centralized server, this platform will provide a user-friendly user interface and will reliably control market regulations. Also, the centralized server will speed up all the transactions happening within the network. On the other hand, through decentralization, the network will experience the power of smart contracts for eliminating the needs of the traders to transfer the funds into a broker’s account.

Onyx ICO sale

The real utility behind this innovative futures exchange model is its native token that’ll bring real value to the investors. All the trading profits or losses and account balances will be dominated by these tokens. The traders on this futures exchange will have to own the native crypto tokens, and that’s what’ll definitely push the native currency’s demand and eventually its value.

Other Onyx ICO details

Ticker : ONYX.

Price per token : USD0.01.

Total tokens available : 720,000,000 tokens.

Bonus : Available.

Accepted currency : Ether coins.

Hard cap : USD6,000,000.

Soft cap : USD200,000.

Total supply : 1,000,000,000 tokens.

Sale date : February 22, 2018 to March 23, 2018.

The team behind Onyx

The team that’s powering Onyx is hard working and committed to changing the way futures trading is done. This team includes finance experts and blockchain specialists, and they all work together to create value for those traders who wish to bring cryptocurrencies to the futures-trading market.

Summarizing Onyx: Every successful ICO project, such as Cibus, THEKEY, TrustaBit, MedTokens, Play2Live, Apollo, AQwire, brings a new idea that aims to disrupt the world in one way or the other. And Onyx is no different. This project try to revolutionize the future exchanges—even of cryptocurrencies—without charging any commissions. However, we found out that team members in this ICO might not be real people, so we recommend that you stay away from this ICO.

Text below is purely for informational purposes:

Trading futures has reinvented the investment landscape. This format has shot to fame because it easily minimizes the risk factor for many investors. Today, more and more speculators pick this trading format whenever they want to invest their capital in volatile commodities, including cryptocurrencies. Cryptocoins are a new phenomenon, and their rise is improving the trading volume associated with futures.

As digital coins are volatile, the investors want to introduce futures trading to the crypto world in order to earn big in a short interval. Right now, there are a lot of exchanges—Chicago Mercantile Exchange and Chicago Board of Exchange—that have started rolling out Bitcoin futures.

Onyx, too, wants to become part of this transformation and take the crypto-oriented futures trading to the next level.

Onyx is an innovative digital asset built on Onyxchain to facilitate universal payments. Onyxcoin is an OEP 4 token running on our very own blockchain called Onyxchain whose main purpose is to facilitate Global money remittance and payments through Onyxpay for Kwakoo market place an e-commerce and marketplace hub for Africa.

Kwakoo Marketplace is Africa’s premier discount store. Through the innovation of e-commerce, we create visibility and exposure for products and businesses. Kwakoo Marketplace, trading as Kwakoo, is a robust multi-faceted e-commerce platform for Africa and other global markets. Kwakoo branded as Africa’s premier discount store, is geared towards our vision to be the biggest discount store in Africa.

Kwakoo employs a Blockchain technology where OnyxCoin is the innovative utility that will facilitate universal payments on an eco-system that creates intrinsic and infinite value for our community and investors. At kwakoo marketplace, we harness the power of technology and investments in our platform to create new ways of serving customers and providing our vendors with more opportunities to grow their businesses.

According to the Onyx website, they have crafted a team of strong personalities in business to guide the OnyxCoin ICO successfully. They all come with a wealth of experience in their repective fields and are very strategic in unlocking marketplace potential for the OnyxCoin initiative. Driven by a staff base that is inspired, motivated and empowered, we will achieve our envisaged goals

Onyx Pay is a payment gateway that will discount the price of goods and services on Kwakoo Marketplace by 10% – this will make Kwakoo Marketplace the biggest discount online store in Africa. And this will in turn make Onyxcoin a bigger payment facility and thus guarantee value for investment. Welcome to the future of eCommerce and global payments!!! Onyx CenterSource is the world’s leading provider of hospitality technology for commission paymentsand recovery solutions for hotels and travel agencies.

There are many ways to save your ONX nowadays. However, there is nothing like using the OnixCoin Wallets to do it, as they are the safest forms. Even so, some are lost when using them, since they are new to the use of digital wallets.

This is why we have decided to explain the installation and use of the best known ONX Wallets, the mobile Wallet and the Windows Wallet. We hope it helps. Buying Onix (ONX) for funds from your bank requires a 2-step process. You’re going to buy some BTC or ETH from an exchange that accepts deposits from a debit card or bank account, and then you’re going to transfer your newly bought crypto to a marketplace that sells ONX in exchange for bitcoin or Ether.

Kenya’s Capital Markets Authority (CMA) has become the latest in a long line of regulators worldwide who have issued warnings to investors, urging them to take into account the risks associated with digital token-based fundraising or investment schemes known as Initial Coin Offerings (ICO). In a notice in the local dailies, the authority says it has not, as of this date, approved any Initial Coin Offering (ICO).

The authority describes the ongoing ICOs as unregulated and speculative investments with great risk to investors. Currently, there are two ongoing ICOs in the local market that are under heavy criticism and are seem to operate like classic pump and dump scams or pyramid schemes; Nurucoin and Uwezo coin. Uwezocoin claims to be an “open decentralized secure cryptocurrency” like Bitcoin while nurucoin claims to be a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.

Is the new Cryptocurrency coin called the Onyx Coin a scam or is it a genuine Monetary and Wealth Transfer system for Africa? Also, what are your thoughts on cryptocurrency? It is a good investment idea or are the risks too high?

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1 Her Answer

  1. According to the International Organization of Securities Commissions, of which Kenya is a member, some of the risks associated with ICOs are as follows: The heightened potential for fraud: while some ICOs are backed by genuine teams and innovative ideas for products and services, there is a risk thRead more

    According to the International Organization of Securities Commissions, of which Kenya is a member, some of the risks associated with ICOs are as follows:

    The heightened potential for fraud: while some ICOs are backed by genuine teams and innovative ideas for products and services, there is a risk that some are launched by fraudsters. Since ICOs are unregulated, investors risk being the victims of such frauds.

    Cross-border distribution risks: If the investor is operating the ICO outside the investor’s jurisdiction, tracking the money and recovering it in the event the ICO collapses can be difficult.

    Information asymmetry: the complex nature of ICOs and the uncertainty surrounding the rights and interests of investors results in most ICO participants not understanding the risks, costs, the expected returns, and the expected drivers of risks and returns emanating from their investments. As a result, they cannot make informed decisions regarding such investments and may be vulnerable to fraud.

    Liquidity risks: Generally, cryptocurrencies and ICO tokens are traded on virtual exchanges which might give rise to opaque and volatile pricing and insufficient liquidity to support dependable trading and market-making activities. In some countries, these exchanges are unregulated. Therefore, investors are exposed to volatile prices and the possibility of being unable to exit their holdings.

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