What is Staking:
In the world of cryptocurrency, staking has been a popular way for investors and traders to earn rewards. For exchanges that have their own proprietary coins such as MyBlockX, staking is one of the ways to benefit investors in three ways:
1) By providing passive ROI on the coins staked according to the staking arrangement.
2) By limiting the market supply of coins available by locking them up in the staking program, it creates scarcity which drives up the value of the coins - thus also driving up profits for the investor holding the coins
3) Staking can also come with other benefits offered by the exchange such as reduced fees, other bonuses, and in the case of MyBlockX unlocked access to the Limitless Trading Engine
- Stake BlockX tokens to access exclusive features and earn passive rewards.
- Reduce trading fees, grow your crypto, and more.
- Earn bitcoin rewards on a 1-3 year term up to 30% APY
- Reduce trading fees by up to 90% when you stake any token
- Get a guaranteed rate of return regardless of what the market is doing
- Unlock additional AI trading tools and further maximize crypto portfolio growth
To participate in the staking rewards program you must stake a minimum of $2500 USD worth of BLKX tokens, over and above the other cryptocurrencies that are staked. The APY yield is based on the USD value of your staked assets at the time they are staked. This price is locked in for the staking period and does not fluctuate with the current market price of the asset.
How Do I Stake:
Login to your MyBlockX Account and head to the navbar where it says "staking." Once their select "get started" select the amount of BLKX you'd like to stake, and for how long, and confirm the details as shown below.
Where Can I See My Rewards:
When you have successfully staked, you are able to see the information by following the same procedure as listed above, only this time when you click "staking" in the navbar it's going to bring you to your dashboard where you can view all your details.
You are able to stake as many times as you wish as long as the minimum requirement of $ 2500 USD of BLKX is met, simply by clicking the (+ stake) button at the bottom of the screen.
How Do I Withdraw My Staking Rewards:
To withdraw your rewards get back to your staking dashboard and click on any of the staking programs you have selected. It will display your staking rewards that are available for deposit, which you can withdraw to your MyBlockX Account by clicking "Deposit Reward."
When you select "Deposit Reward" it will move from your staking dashboard to your MyBlockX Account which you can see on your home page dashboard.
Once in your account, you can trade it for another crypto, load it into your trading bot if you have one, or withdraw it to another account.
Why Do I Need to Stake in Order to Get the Limitless Trading Engine?
In order to qualify for the Limitless Trading Engine what yields up to 580% APY, you need to first stake a minimum of $2500 USD worth of BLKX.
1) What you stake will always be your money, this is not a fee to the exchange, and you are earning interest on it while you have it in the program.
2) This creates scarcity of the BLKX token thus driving up its price, which also benefits you. Of course, you are able to pull the entirety out once the term you selected has finished.
3) This benefits the exchange as well...those who want to benefit from the high APY the bot yields must become a user of the MyBlockX Exchange by purchasing the tokens.