1. How long can I lock in my crypto?
A: There is no fixed lock in period. Once you lock in your crypto, it stays locked until you request to unlock. You may request unlocking at any time, however, unlocking before completion of a period of seven days (or any other period as may be decided by CoinSwitch from time to time) will lead to forfeiture of your accumulated rewards.
2. Can I unlock my crypto at any time?
A: Yes, you can initiate an unlocking of your locked crypto anytime. However, if you request unlocking before completing 7 days (or any other period as may be decided by CoinSwitch from time to time), you will forfeit any accumulated rewards as explained above. If you request unlocking after 7 days (or any other period as may be decided by CoinSwitch from time to time), the accumulated rewards will be credited to your CoinSwitch user account after deducting CoinSwitch’s service fee and applicable GST on such service fee.
If you withdraw before 7 days (or any other period as may be decided by CoinSwitch from time to time), your locked-in crypto will be unlocked in your CoinSwitch user account after the cool-off period. No fee will be deducted from your locked in crypto.
If you withdraw anytime after 7 days, your locked-in crypto will be credited to your CoinSwitch user account along with rewards after the cool-off period after deducting CoinSwitch’s service fees and applicable GST on such service fee.
3. When will I receive my rewards?
4. What is a cool-off period?
A: The cool-off period refers to the time period that you would have to wait before your locked cryptos can be made available for trading in your CoinSwitch user account.
You can see the different cool-off periods, as prescribed by the underlying blockchains, for different cryptos on the CoinSwitch crypto app.
5. Why do I not receive rewards if I withdraw before 7 days?
A: If you withdraw before 7 days, any reward accrued during this period will be considered as 'Early Unlocking Fee'.
6. Do I earn rewards during the cool-off period?
A: No, the cool-off period is the time taken to unlock your cryptos from the blockchain. You will not earn any rewards during the cool-off period.
7. Is there a minimum or maximum amount of crypto that I can lock on CoinSwitch?
A: Yes, the minimum amount of crypto required for lock-in is mentioned for each specific crypto in the EARN section of the CoinSwitch app.
There is no maximum amount of crypto that can be locked and you are free to lock in any number of the EARN listed cryptos in your portfolio at your discretion.
8. Why does the reward that I earn vary slightly from what was promised at the start?
A: EARN rewards are subject to fluctuation depending on the number of participants who are locking the cryptos, transaction volume and other factors.
9. Is there a fee charged on my reward?
A: Presently, CoinSwitch charges a service fee of 10%, in addition to which applicable taxes will apply.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.