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24option Review | Security, Apps & Features | Invezz

24option is a CFD (Contract for Difference) trading platform that supports cryptocurrency trading. CFDs allow you to trade against the value of an asset without ever actually owning it (with CFDs you never actually buy any cryptocurrency). These trades are leveraged so you can maximise on potential profits. In addition to cryptocurrencies, 24option also allows…

24option Overview

What can I do with 24option?

24option is a CFD (Contract for Difference) trading platform that supports cryptocurrency trading. CFDs allow you to trade against the value of an asset without ever actually owning it (with CFDs you never actually buy any cryptocurrency). These trades are leveraged so you can maximise on potential profits. In addition to cryptocurrencies, 24option also allows for CFD trading in forex, stocks, commodities, and indexes.

Exactly what you can do on 24option depends on the amount you put into the platform. There are various account types that offer access to different extra features. Here’s a summary of them:

  • Basic account. This level requires a minimum deposit of £250. You will receive one free withdrawal request, free educational resources, and customer service round the clock. The basic account allows for trading under the MetaTrader4 in addition to their own proprietary mobile and web-based platform.
  • Silver account. To unlock this account, you must make a minimum deposit of more than £2000. On top of the benefits of the basic account, you are entitled to a one on one tutorial on trading analysis, explanations on common trading strategies, and the removal of maintenance fees, and will be able to assist you on trades.
  • Gold account. The Gold level offers the same benefits as the silver account but also includes: emails and SMS alerts through the trading center, one monthly free withdrawal, and a one on one MT4 (MetaTrader4) course. Your account will also be overseen by a senior manager. The minimum deposit needed for the Gold account is £25,000. Gold traders also benefit from an extra two percent return on each trade they make.
  • Platinum account. In addition to all the above features, the platinum level offers you access to a special research website as well as live training sessions. Withdrawals also become completely free. To unlock this level, you need a minimum deposit of £50,000. You also benefit from an extra 4 percent return on every trade you make. You will also be offered more profitable rates on spreads.
  • Diamond account. Diamond level traders are effectively Platinum users who have been personally selected to enjoy discretionary benefits from 24option, such as complimentary tickets to football matches for Juventus FC games. This level does not have any specific minimum deposit and can only be achieved at the discretion of a senior manager.

Which cryptocurrencies can I trade?

24option offers CFD trading for the following cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Dash (DASH)
  • Litecoin (LTC)
  • Monero (XMR)

Payment methods

Before you can deposit funds and start trading on 24option, you will need to show proof of residence and identification on 24option. This will be covered in full below. 24option allows for a wide range of payment methods, including:

Bank Transfer

You can fund your 24option account through a simple bank or wire transfer. Funds can take up to 5 days before they show up in your account. Withdrawals usually occur within 7 days.

Debit/Credit card

Deposits made using this method are typically instant, whereas withdrawals depend on the processing time of your bank, and can take up to 5 days. The credit or debit card you use must be registered to your name.

Electronic wallets

You can fund your 24option account with Skrill, Neteller, Giropay, and Sofort. Deposits should arrive in your 24option account instantly, and withdrawals can take up to 7 days. Note that 24option does not support PayPal.

24option charges withdrawal fees unless you are a Platinum or Diamond user. The exceptions to this are if you are using your free monthly withdrawal as a Gold user, or if you are withdrawing for the first time as a Basic account or Silver user. The fees are as follows:

  • Credit cards. 3.5% fee
  • Skrill. 2.0% fee
  • Neteller. 3.5% fee
  • Wire transfers. €25, £20 or ¥3,000 depending on the currency used

What devices can I use 24option on?

24option support both web-based and mobile trading. Its web-based trading allows for Windows, macOS, and Linux users to trade easily. The mobile trading apps are also optimized for iOS and Android. You can, therefore, trade with 24option using:

  • Desktops
  • Laptops
  • Mobile phones
  • Tablets

How easy is it to use 24option?

24option offers quite a simple, user-friendly trading platform, which is easy to use if you have some prior trading experience. After signing up and providing the relevant information, you can immediately start to look at CFD trading for cryptocurrencies by selectively filtering your assets on the top left corner of the page.

Intermediate and advanced traders can also have the option of trading with MT4 (MetaTrader4) if they wish. As a first-time trader, looking at a trading platform could be quite a daunting experience, which is why 24option provides a lot of educational tools and free advice, even on lower-tiered accounts. It is advised that users make the most of this before they attempt to trade and take advantage of the free demo offered by 24option.

Countries supported

24option supports all of the following countries:

  • Austria
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • The Netherlands
  • United Kingdom

Regulation

24option is owned by Rodeler Ltd, a Cyprus Investment Firm (CIF) that operates under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC), authorized and licensed under the CIF license number 207/13. Rodeler limited offers its services to all countries within the European Economic Area, except for Switzerland, France, and Belgium.

Account verification

Before you can fully operate a standard account at 24option, you will be required to verify your account by providing the relevant documentation for proof of identity (POI) and proof of residence (POR). These include:

  • A valid passport/national ID or a driver’s license. The relevant document and its contents must be fully and clearly shown on the photo you upload, including front and back sides if possible.
  • Bank statement/Utility bill. This document must be dated within the last 6 months, and must clearly show your address in full.
  • Credit/Debit card. Although 24option requires that you must take photos of the entire card (front and back), you can still cover the first 12 digits of your card number, as well as the CVV code.

Customer support

The customer support at 24option has been designed to cater for the global clientele and thus the website fully supports multiple languages, including English, Russian, German, French, Polish, Portuguese, and Spanish. You can find its support services 24/7 through the following means of communication:

  • Email
  • Live Chat
  • Web Contact Form
  • Telephone

CFD platform

First impressions

24option’s proprietary web-based trading platform has a sleek, simple, and intuitive design interface for traders. The platform provides a lot of educational content for first-time users who might struggle with understanding what they are looking at. You can look at all the available trading pairs right from the landing page, and their customer service is always one click away.

24option also offers the MT4 (MetaTrader4) trading platform as an alternative option, which might be beneficial to more advanced trading users. However, looking away from the website, a slight cause of concern is the history of fines that 24option has incurred from its regulator, CySec (Cyprus Securities and Exchange Commission), for breaches of conduct. These mostly date back to 2016, however.

What currency pairs can be traded?

All cryptocurrencies offered for CFD trading at 24option can be paired with USD, EUR, and GBP, with the exception of Monero and BitcoinGold, which can be paired with USD. The full list of available pairs are listed below:

  • BTC/USD
  • BTC/EUR
  • BTC/GBP
  • BCH/USD
  • BCH/EUR
  • BCH/GBP
  • BTG/USD
  • DASH/USD
  • ETH/USD
  • ETH/EUR
  • ETH/GBP
  • ETC/USD
  • ETC/EUR
  • ETC/GBP
  • LTC/USD
  • LTC/EUR
  • LTC/GBP
  • XRP/USD
  • XRP/EUR
  • XRP/GBP
  • XMR/USD

Are there trading fees with 24option?

There are no direct trading fees at 24option when you enter into a transaction, as 24option takes its cut from spreads. The concept of spreads is explained directly below. However, 24option does charge fixed withdrawal fees for some members.

If you are a Platinum or Diamond member, you will not have to pay withdrawal fees. If you are a Gold member, you are entitled to one free withdrawal on a monthly basis. If you are a Basic Account or Silver member, you will not be charged a fee for your first withdrawal. If none of these apply to you, the fees are:

  • Credit cards. 3.5%
  • Skrill. 2.0%
  • Wire or Bank transfer. £35 / €35 / $35 / ¥4000

What is the minimum spread?

When trading assets on a CFD trading platform, the minimum spread is the difference between 24option’s offered ask (selling) prices for a given asset, in comparison to the market bid (buying) price. 24option doesn’t specify the level of its spreads, but they are clearly displayed when opening a trade.

Can I trade cryptocurrencies with leverage?

Yes, you can trade cryptocurrencies with leverage through 24option’s CFD trading platform. The platform offers a leverage of up to 1:5 for major cryptocurrencies like Bitcoin and Ethereum. Other coins like XRP/Ripple have a leverage of 1:3. Considering how volatile the cryptocurrency market is, it is always advisable that you work with as little leverage as possible in order to minimize potential losses as they can be as big as potential wins.

What are the margins required?

The margin is the minimum amount of money you need to put in in order to open a specific leveraged trade. Because of the volatility of cryptocurrency assets, margins on 24option are not fixed, so you will only be able to find what margins are required when you are looking at a specific trade.

Can I open long and short positions with 24option?

Yes. You can open long and short positions with 24option, courtesy of the fact that this it is a CFD platform. Opening a short (selling) position is advisable when expectations are that a given asset will drop in price. Contrastingly, a long (buying) position should be opened when you project that prices are due to go up in the near future.

Are there withdrawal and deposit limits?

Yes, the withdrawal and deposit limits depend on the payment method used. For a credit or debit card, the minimum deposit is £250, €250, ¥50,000. Electronic wallets like Skrill and Neteller also require the same minimum deposit as a credit or debit card. For a bank wire transfer, minimum deposits are £1,000, €1,000, and ¥100,000. 24option also have a set maximum daily withdrawal limit of €10,000.

Summary of 24option CFD trading

If you are looking to trade cryptocurrency using CFDs, then 24option is definitely a viable option, as they offer the ability to transact with a larger amount of cryptocurrency pairs than most rival CFD brokers. The level of leverage you can apply to trades is also one of the highest around when it comes to cryptocurrency, with some coins (such as Ethereum) allowing leverage of 1:5.

24option also provide extensive educational resources as well as 24/7 customer support, something that is quite uncommon to other platforms. However, traders can only trade 24/5 due to the lack of ECN (Electronic Communication Network) trading support.

General

Extra Features

Mobile apps

24option accommodates traders with smartphones through their fully optimized Android and iOS mobile apps.

MetaTrader 4 platform compatibility

24option allows for users to trade on the MT4 platform in addition to their own web-based platform. They also provide educational content on how to use it if you choose to become a Gold or Platinum member.

Conclusion

24option provides a simple and intuitive trading platform that caters mostly to new and intermediate traders. Experienced traders can make use of the MT4 compatibility as well, and trade on the MetaTrader 4 platform instead. The website also provides an abundance of educational information, as well as a free demo for more inexperienced traders.

Regardless, first-time users who do not wish to deposit large sums of money may feel that they cannot make the most out of 24option due to the lack of benefits for lower-tiered members. Alternatively, some users might feel more secure in making trades with 24option due to all the additional support that members receive when depositing more, which goes far beyond what most CFD trading platforms provide their users. Ultimately, 24option provides a large number of cryptocurrencies, with more currency trading pairs than most CFD platforms, making it a tempting option for traders.

The fees offered by 24option are competitive, and they offer some of the highest leverage on crypto CFDs of any platform around. This, combined with the number of coins you can trade on the platform, means 24option compares favourably to many other brokers out there.

Unfortunately, 24option is not seen as a particularly transparent or professional CFD trading platform. The platform was fined for several breaches of regulation by CySec (Cyprus Securities and Exchange Commission) in 2016, with regard to their binary options trading services. This is not a good look for a trading platform, particularly when there are alternatives brokerages that carry cleaner records. Users should take heed of this information before they make their decision regarding which CFD platform they might want to trade with.

How to set up an account

Decided to sign up for 24option? Great, here’s how it’s done:

  1. Go to 24option’s official website and click on ‘sign up’ located on the top right section of the landing page.
  2. You will be directed to a new window where you can choose to sign up for either a demo or real account. The demo account is free, but f you want to head straight to creating a real account right away, you will need to deposit at least £250.
  3. Signing up for a demo account is straightforward, all you need is to fill in your full name, email, and phone number.
  4. If you want to move on from using your demo account, you can do so by clicking on ‘upgrade to real account’ on the top right corner of the trading page.
  5. To create a real account, you will need to submit specific verification documents to prove your identity and address, including:
  6. A government issued ID card, passport photo, or driver’s license
  7. Utility bill or bank statement dated within the last 6 months
  8. Copy of your credit card (including the back and front). You can choose to blank out the first 12 numbers of your credit card number, as well as the CVV code
  9. After gaining verification approval, you are now ready to start trading!
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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

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Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

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