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?
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.
Simply, deposit supported coins into your Bitfxt account today and start earning.
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.
No fees. Only if you decide to cancel your stake before the actual time.
Rewards will be distributed daily but depending on the contract, it may vary.
There is a lock up period but you can cancel before time
This action will attract a fee.