News from the FXF Coin Development team on January 28, 2022
A new staking experience on FINXFLO.
Love the idea of earning passive income in your sleep?
After months of development and rigorous testing, we’re thrilled to announce you can now easily stake FXF tokens to earn rewards. That’s right — buy, sell, and stake — in a secure, all-in-one crypto trading platform.
How to stake your crypto on FINXFLO
Staking is an easy way to earn a passive income in the crypto-verse.
To begin staking, you’ll have to lock your cryptocurrencies up in a “staking pool” for a fixed period of time to earn rewards. For investors already holding FXF bags for the long term, it’s a simple way to enhance returns.
FINXFLO will launch its NEW staking feature on its trading platform on 31 January 2022, 8pm SGT(12pm UTC)
To participate in the staking pool, you must have:
1) A FINXFLO registered account 2) Be KYC-verified 3) Deposit your FXF tokens from your whitelisted personal wallet into your FINXFLO wallet.
Alternatively, here is a step-by-step guide to staking FXF Tokens on our platform:
Note that all the data indicated in the screenshots shared below is only for illustrative purposes and are NOT the final staking pools to be offered on 31 January 2022, 8pm SGT (12pm UTC)
Step 1: Log onto trade.finxflo.com and click on the “Stake” tab at the top right hand corner. You will see all the open pools with information on pool volume, tenor and allocated APR.
Click “Stake Now” to participate in the pool.
If the pool shows “Fully Staked”, it means that the pool is filled and you will not be able to participate in it.
Step 2: Enter the amount of FXF tokens you would like to stake. You could input the amount direct or use the slider.
Acknowledge that you have read, understood and agreed to FINXFLO’s Staking Service Agreement.
Then click “Continue”
Click “Confirm” to complete the process and your FXF tokens will be staked for the said tenor.
Step 3: Click on “Check Your Staking” to access all information on the pools that you have participated in.
You will be able to track the rewards you earn based on 24 hours earnings, earnings-to-date and estimated total earnings.
When the pool is matured, you will be able to click on “Redeem now” to unstake.
Frequently Asked Questions:
What are the fees and costs associated with staking on FINXFLO?
There are no fees on your rewards or interest gained. Prevailing gas fees will apply when you send your tokens to, and withdraw from, your FXF wallet. If you’re using MetaMask, see how you can whitelist your wallet without fees here.
As FINXFLO is built on the ERC20 network, bridging fees will apply if you’re sending and/or receiving tokens to and/or from the Binance Smart Chain or Tron networks.
Are my FXF tokens automatically staked if I leave them in the FXF wallet?
No, they are not automatically staked. You will have to navigate to the ‘Stake’ tab and complete the process of staking.
Is there a fixed tenor that my FXF tokens will be locked?
Yes, we will announce the tenor when a new staking pool opens. Rewards can only be claimed once the pool matures.
How are the staking interest (APR%) and yield calculated?
We follow a simple formula to calculate the rewards that you are entitled to when you stake with us. Note that APR is non-compounding.
Reward tokens = (Number of tokens staked x APR(%) x Number of Days)/365
Is there a minimum account balance required for staking?
No minimum balance of FXF tokens held is required for staking. You can participate in the pool with any amount of FXF tokens as long as the pool isn’t filled.
Can I stake my FXF tokens if I purchased them from another exchange?
Yes, you can earn staking rewards if your FXF tokens were purchased from another platform, as long as you make the deposit into your FINXFLO wallet.