FinEX’s motto is "be your own exchange."
The Finterra future crypto exchange's mission emphasizes the provision of a secure and censorship-resistance way of exchanging cryptocurrencies for national currencies, as well as other cryptocurrencies, over the internet.
When we say ‘secure’, we are referring to the safety of users' funds. Today, most cryptocurrency (crypto) exchanges are centralized, where users are required to store their cryptocurrency(ies) - for at least some amount of time on exchange servers. When we have thousands of users conforming to this practice, with some users maintaining multiple accounts, this kind of scenario can potentially finance itself as an incentive for unscrupulous persons to hack those servers, thus resulting in the loss of users' cryptos.
FinEX is a Peer to Peer crypto exchange best understood in terms of its major component parts:
It is a cross-platform web application that allows anyone to buy and sell crypto in exchange for national currencies and other cryptocurrencies.
It is also a trading protocol that enables individuals to exchange directly with one another over the internet, eliminating the need for trusted third party exchange services for fiat national currencies.
What is needed is an exchange where users can maintain control of their funds (that is private by default), and that ensures freedom of transaction. In response to this pressing need, Finterra is building the FinEX to address these issues and more importantly, to offer users a peace of mind, when trading on FinEX. Where Bitcoin’s motto is "be your own bank," FinEX’s motto is "be your own exchange."
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When we say ‘censorship-resistant’, we are referring to users' ability to freely trade with one another without interference or hindrances from a third party.
Today, centralized crypto exchanges are highly susceptible to such interferences. From the perspective of legal requirements or compliance, they must operate within one legal jurisdiction or another, putting them at risk of being fined or shut down, if they do not comply with the laws and other rules of that jurisdiction, restrictions as to who can trade, and what can be traded, and almost always with strict requirements regarding the acquisition of users’ personal data.