BTC Fixed Earn

BTC fixed earn available in 2.48.0 ver.! This article contains all you need to know about BTC fixed earn.

1. How to subscribe to BTC fixed earn? (Including KYC Process)
2. What is KYC? Why should I do the KYC before subscribing to BTC fixed earn?
3. How long does it take for the KYC? 
4. How do I check my KYC status?
5. How to calculate the interest?
6. How long does it take to receive my principal and interest after maturity?
7. What’s the fee if I subscribe to the Fixed Earn products?
8. Are there any risks associated with this product?
9. How long do the Fixed Earn products last?
10. Can I cancel the subscribed options before matured?
11. Will the product be automatically extended upon expiration?
12. Where is my asset after subscription?

1. How to subscribe to BTC fixed earn? (Including KYC Process)

For a complete step-by-step guide, please refer to the following link: Step-By-Step guide - BTC Fixed Earn subscription

2. What is KYC? Why should I do the KYC before subscribing to BTC fixed earn?

KYC refers to the verification of a customer’s identity, typically by a financial institution, and is mandated by authorities and regulators worldwide. Without it, crypto service providers can not receive a license to operate and may be prosecuted for money laundering violations. 

Therefore, customers are required to provide personal information. The information is used to ensure that the customers are not involved in financial crimes such as corruption, bribery, money laundering, and terrorism financing. If you do not complete the KYC process, you may not be able to access some features on a cryptocurrency exchange.

3. How long does it take for the KYC?

The process will be completed in 3 business days (excluding weekends and holidays). Please reach CoolBitX Customer Support team at support@coolbitx.com when your application status does not update for more than 3 business days, thank you for your understanding.

4. How do I check my KYC status?

To check your KYC status, please contact CoolBitX Customer Support team (support@coolbitx.com).

5. How to calculate the interest?

Please note that the interest will be calculated as principal multiplied by APR divided by 365 days, and multiplied by the days you choose. The total amount would be returned 1 business day after maturity with the withdrawal application.

6. How long does it take to receive my principal and interest after maturity?

You will need to withdraw your position manually once the term is completed. You will receive the principal plus interest in 24 hours after you make the withdrawal request.

7. What’s the fee if I subscribe to the Fixed Earn products?

The total fee is around 0.00006 BTC including:

• Subscription - BTC transfer gas fee (may be subject to change due to on-chain activity)
• Withdrawal - 0.00003 BTC

8. Are there any risks associated with this product?

Fixed earn product comes with risks. For more information, please refer to the BTC Fixed Earn Product Agreement. CoolBitX has strict control over the third-party service providers that we work with. To ensure the best security of the fixed-earn service, we partner with one of the most reputable companies to make yields through a variety of trading strategies.

9. How long do the Fixed Earn products last?

Depending on the tenor subscribed.

Once matured, a withdrawal request needs to be made manually. No interest will be earned after the maturity date, thank you for your understanding.

10. Can I cancel the subscribed options before matured?

Early redemption is not allowed after a successful subscription. Please proceed at your own discretion before subscribing to the available options. Thank you for your understanding.

11. Will the product be automatically extended upon expiration?

No. To continue your earn, please subscribe to a new tenor.

12. Where is my asset after the subscription?

Your assets will be withdrawn to the address of our service provider. Please be assured that the transferred principal will be sent to a reputable service provider in the market and they will earn the interest through a variety of trading strategies.