Welcome to BitMerchants’ Staking Terms. These terms govern your use of our cryptocurrency staking services. By accessing or using these services, you agree to these terms. Please read them carefully.
1. Eligibility To participate in BitMerchants’ staking services, you must:
- Be at least 18 years old.
- Have a verified BitMerchants account.
- Comply with our Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
2. Staking Services Overview BitMerchants provides staking services that allow you to earn rewards by participating in the network operations of various blockchain protocols.
3. Supported Assets
- BitMerchants supports staking for various cryptocurrencies. The list of supported assets is available on our platform and may be updated periodically. Examples of supported assets include, but are not limited to:
- Ethereum (ETH)
- Cardano (ADA)
- Polkadot (DOT)
- Solana (SOL)
4. Staking Process
- Delegation: To stake your assets, you need to delegate them to a staking pool or validator. BitMerchants facilitates this process through our platform.
- Lock-up Periods: Some staking programs may require you to lock up your assets for a specified period. The details of the lock-up period will be provided before you confirm your staking.
- Unstaking: After the lock-up period, you can unstake your assets. There may be a waiting period before your assets become fully liquid and available for withdrawal.
5. Rewards
- Calculation: Staking rewards are calculated based on the amount of cryptocurrency staked, the staking duration, and the specific rules of the blockchain protocol.
- Distribution: Rewards are distributed periodically and are automatically added to your staking balance or made available for withdrawal, depending on the protocol.
- Compounding: Some staking programs allow for automatic compounding, where your earned rewards are reinvested to generate additional rewards.
6. Fees
- Staking Fees: BitMerchants may charge a fee for staking services. These fees are typically a percentage of the rewards earned and will be transparently disclosed before you confirm your staking.
- Transaction Fees: There may be additional transaction fees associated with staking and unstaking, which are determined by the blockchain network.
7. Risks
- Market Risk: The value of staked assets can fluctuate, and staking does not guarantee a fixed return.
- Slashing Risk: Some blockchain protocols impose penalties (known as slashing) for validators who act maliciously or fail to perform their duties. In such cases, a portion of your staked assets may be forfeited.
- Smart Contract Risk: Staking involves interacting with smart contracts, which may have vulnerabilities or bugs. BitMerchants is not responsible for any losses due to smart contract failures.
8. Security
- BitMerchants employs industry-standard security measures to protect your staked assets, including encryption, multi-factor authentication, and insured custodial services.
- Custody: Staked assets are held in custodial wallets managed by BitMerchants or trusted third-party providers.
9. Tax Implications
- Staking rewards may be subject to taxation in your jurisdiction. BitMerchants does not provide tax advice, and it is your responsibility to comply with applicable tax laws. We recommend consulting a tax professional to understand the tax implications of staking.
10. Amendments
- BitMerchants reserves the right to amend these Staking Terms at any time. Any changes will be communicated to you, and your continued use of the staking services constitutes acceptance of the amended terms.
11. Termination of Service
- BitMerchants reserves the right to terminate or suspend your access to staking services at its sole discretion, without prior notice, for any reason, including but not limited to violation of these terms or illegal activities.
12. Contact Information
By using BitMerchants’ staking services, you acknowledge that you have read, understood, and agreed to these Staking Terms.
