Blog

Aug 21

2020

Coin Staking on Bitfxt

One of the features available on Africa’s no. 1 cryptocurrency exchange is, Coin Staking. What this means in simpler terms is that users don’t have to necessarily engage in direct trading to make more profit (especially those who wish to use the exchange without having the knowledge nor the desire to trade). This is achieved by placing your preferred token or coin on the exchange into a contract known as “staking.”

In this article, we are going to provide answers to the following questions:

  • What is Staking?

  • How can I Participate in Coin Staking on Bitfxt?

  • Which coins do we currently support?

  • Will Bitfxt be charging any fees for staking?

  • What is the frequency of rewards distribution?

  • Can users stop Staking? Is there a lock-up period?

What is Staking?

Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Users are rewarded for simply depositing and holding coins on Bitfxt as they normally would. You will be able to Transact, trade, participate, and utilize your token rewards and other balances on Bitfxt normally, while your staked token is locked up in a staking contract and can be cancelled anytime. 

How can I Participate in Coin Staking on Bitfxt?

Simply, deposit supported coins into your Bitfxt account today and start earning.

Which coins do we currently support?

For now, the staking option will be limited to: Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Bitfxt Token (BXT), Dash (DASH), BPY, FLASH, Tatcoin (TAT), CENTI and DASH. 

Will Bitfxt be charging any fees for staking?

No fees. Only if you decide to cancel your stake before the actual time.

What is the frequency of rewards distribution? 

Rewards will be distributed daily but depending on the contract, it may vary. 

Can users stop Staking? Is there a lock-up period?

There is a lock up period but you can cancel before time

This action will attract a fee.

Enjoy staking with Bitfxt! 

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