Eccentric crypto-proponent, tech security expert and U.S Presidential candidate, John McAfee, today announced the introduction of a Shadow Trading feature on his latest cryptocurrency trading platform, McAfee Magic.
McAfee’s tweet read,
https://t.co/5jRN3sAXvG Shadow Trading is now functional. Give it a try.
— John McAfee (@officialmcafee) August 23, 2019
On the FAQ section of the webpage, a statement read,
“Trade Portal is your place for all your manual or automatic magic trades. Shadow Portal allows you to copy trading operations executed by professional traders.”
Dubbed “McAfee Magic,” the trading platform’s Shadow Portal is meant to cater to amateur traders. The platform allows novice traders to ‘shadow’ trading experts, with the ease to shadow multiple professionals simultaneously. According to the official website, the “magic” factor in the latest roll-out is that newbies are not required to fund trader accounts, despite retaining control over their funds at exchanges -“Your keys, your crypto.” Essentially, while using McAfee Magic’s platform, the funds are stored on the users’ exchanges and “only funds on the platform are used to fuel the trades.”
Shadow trading allows users to diversify their trading operations and manage risks better by enabling users to follow up to three professional traders at a time. Shadow portal fees are determined by the trader that the users’ are shadowing. The McAfee Magic team will be reviewing and approving all professional traders.
However, shadow trading isn’t something that has emerged out of the blue. The general industry-accepted term is “social trading,” wherein a new trader with a lack of industry expertise chooses to follow an experienced trader[s] on the platform.
According to a research published in July, eToro is the most popular social trading platform, followed by ZuluTrade and Shrimpy.