FLEX Coin FAQ
What is FLEX? How can I get them? What can I do with FLEX?
Read this FLEX Coin FAQ, to find all the answers you were looking for!
1. What is FLEX Coin?
FLEX Coin is the platform coin issued to reward the traders on CoinFLEX trading platform.
2. How can I get FLEX?
Whenever making a takers’ trade at CoinFLEX, our exchange will issue FLEX to you, based on the proportion of the trading volume. You can also get FLEX by buying it on our FLEX spot markets.
3. What can I do with FLEX?
Both taker & maker can use 100 FLEX to reduce the trading fee by 50% off a whole day’s (in 24 hours) total trading fees on CoinFLEX.
If you trade $100,000 in volume in a day, and your trading fees are $30, spending 100 FLEX will give you back $15.
4. Exactly how much of FLEX will I receive when I make a trade as a taker?
The amount of FLEX that a user is awarded is equal to the number of coins that CoinFLEX issues that day, multiplied by the user’s taker volume that day, divided by the total amount of Qualifying Volume on the platform.
Daily Rate x ( User’s Taker Volume / Qualifying Platform Volume) = Number of Coins issued to User for the day.
If the Daily Rate is 233,333 (see Issuance Schedule), and a user is a taker on $1 million worth of XBT futures. The total volume that day was $40 million between XBT, BCH and ETH futures combined:
233,333 x (1 million / 40 million) = 58.325
The user will receive 58.325 FLEX Coins that day.
5. When will FLEX be listed trading?
Immediately upon the launch of FLEX Coin.
6. Can I purchase FLEX at other exchanges other than CoinFLEX?
Not initially but we will be allowing withdrawals of FLEX as a BCH SLP Token and we expect other exchanges to be listing FLEX Coin as well.
7. Can I sell my FLEX instead of using it to reduce my trading fee?
Yes. Any user can sell amounts (including fractional amounts) of FLEX Coins on the exchange’s FLEX/USDT orderbook.
8. If spending 100 flex gives you 50% off fees, then spending 200 flex = 100% off fees?
№100 FLEX is the minimum and maximum of every time spend for a trading fee reduction, even if you hold 1000 FLEX, you can still only spend 100 FLEX a time when you want to reduce your trading fee.
9. How do they get back the fees, in the same currency they were charged the trading fee with?
Credits will be paid in whichever asset the user paid fees in.
If a user who has traded $10,000 in the last 24 hours and paid $3 USDT in fees would be credited $1.50 USDT for redeeming 100 FLEX Coins.
$1,000,000 in the last 24 hours and paid $300 USDT in fees would be credited $150 USDT for redeeming 100 FLEX Coins.
10. Can I spend an addition of 100 FLEX to increase the fee discount to 75%?
No. You can only redeem once a day.
11. Is CoinFLEX going to do buy back for FLEX?
CoinFLEX will buy and burn FLEX Coins with 20% of company profits every quarter (in the weeks following the end of the quarter) until CoinFLEX has spent 500 Million US Dollars (equivalent) on buying and burning FLEX Coins.
12. Is FLEX an ICO project?
No. FLEX Coin will be issued through trade driven mining, to customers who trade futures on CoinFLEX.
We are not selling any FLEX Coin and if anyone makes claims about a “pre-sale”, they are scamming you.
13. Is FLEX Coin an ERC20 Coin?
FLEX Coin will be a Simple Ledger Protocol token on the BCH blockchain. We may launch support for FLEX Coin on the ERC20 network down the road as well.
View detail of what is SLP at https://simpleledger.cash/
14. Can I withdraw my FLEX to a wallet controlled by myself?
Not initially but soon you will to any SLP compatible wallet. For example badger.bitcoin.com.
Details about FLEX Coin total supply, please visit: FLEX Info