Magnr

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Description

Magnr is a bitcoin services provider. Earn interest on your Bitcoin holdings with Magnr Savings or profit from price volatility with Magnr Trading. Formerly BTC.sx was a bitcoin trading platform that offers investors the chance to take short and long positions on future bitcoin price movements against the dollar. The platform has brokered over 60,000 trades since the introduction of its leveraged trading service in 2013. It allows positions to be opened with a single bitcoin deposit and does not requirea U.S. dollar or cash deposit. BTC.sx was backed by Seedcoin, a seed-stage bitcoin startup virtual incubator.

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FAQ

What is Magnr and what services does it offer?

Magnr is a bitcoin services provider offering two main services: Magnr Savings and Magnr Trading. Magnr Savings allows users to earn interest on their Bitcoin holdings. Magnr Trading provides a platform for speculative trading, enabling traders to profit from Bitcoin's price volatility by taking long or short positions without the need for a U.S. dollar deposit.

How does Magnr Trading differ from traditional crypto trading platforms?

Magnr Trading, formerly BTC.sx, differs from traditional trading platforms by allowing users to open leveraged trading positions with a single bitcoin deposit, bypassing the need for cash or U.S. dollar deposits. This makes it easier for traders to engage in derivatives trading and speculating on Bitcoin price movements against the dollar.

What are the benefits of using Magnr Savings for my Bitcoin holdings?

Using Magnr Savings can be beneficial for Bitcoin holders looking to earn passive income. By depositing your Bitcoin into Magnr Savings, you have the opportunity to earn interest on your holdings, providing a way to generate returns without actively trading or selling your Bitcoin assets.

How relevant is Magnr in the current cryptocurrency industry?

Magnr holds relevance in the cryptocurrency industry as a CEX offering derivatives and leveraging trading services. Since its launch, it has facilitated over 60,000 trades, showcasing its established presence. Its ability to offer bitcoin-based trading without the need for fiat introduces flexibility to traders looking to capitalize on BTC's volatile market.

Can I trade other cryptocurrencies with Magnr, or is it Bitcoin exclusive?

Magnr focuses specifically on Bitcoin for its trading platform—you primarily trade Bitcoin without needing a cash deposit. While some platforms offer a wide range of cryptocurrencies, Magnr maintains a specialization in Bitcoin-centric trading services, leveraging its industry expertise and history as BTC.sx.

What should I do if I encounter issues with my Magnr account?

If you experience problems with your Magnr account, it's advisable to contact their customer support for assistance. Ensure you have all relevant account information and transaction details ready, as this will expedite troubleshooting processes. Additionally, check their online resources or FAQ section if they are available, for guidance on common issues.

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