Frequently Asked Questions

Find answers in our knowledge-base to recurring questions about PenoxFX® and about Bitcoin

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

How does Bitcoin Work?

The Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service.

Is Bitcoin really used by people?

Yes. There are a growing number of businesses and individuals using Bitcoin. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services such as Namecheap, Overstock.com, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. As of May 2018, the total value of all existing bitcoins exceeded 100 billion US dollars, with millions of dollars worth of bitcoins exchanged daily.

How does one acquire bitcoins?

What is Bitcoin address?

A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3, which represents a possible destination for a Bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. It is also possible to get a Bitcoin address using an account at an exchange or online wallet service. An example of a Bitcoin address is 12rVxmR25coQnHeZ8kX8dwXbh6RHSgGNEo.

What is Bitcoin transaction Hash, and how do I use it?

Bitcoin hash (batch) is a unique code of transaction which you can use to track the status of your payment. Go to the https://www.blockchain.info website and use the search bar at the top right of the home page to find your payment and check confirmation status.

What is forex trading?

Forex trading is the act of buying or selling currencies. Banks, central banks, corporations, institutional investors and individual traders exchange foreign currency for a variety of reasons, including balancing the markets, facilitating international trade and tourism, or making a profit.Currency is traded in pairs, in both spot and futures markets. The value of a currency pair is driven by economic, political and environmental factors, such as wars, natural disasters, or national elections.

What is a forex broker?

Brokers act as intermediaries, facilitating trades by providing clients access to the 24-hour interbank in order to conduct trades.

What is the forex market?

Foreign exchange (also known as forex or FX) refers to the global, over-the-counter market (OTC) where traders, investors, institutions and banks, exchange speculate on, buy and sell world currencies. Trading is conducted over the ‘interbank market’, an online channel through which currencies are traded 24 hours a day, five days a week. Forex is one of the largest trading markets, with a global daily turnover estimated to exceed US$5 trillion.

Affiliate Program

Do you offer any referal program?

Yes, we offer 10% instant bonus to any of our clients who attracts new investors with their referal link. i.e 10% on each potential investor attracted.

Must i have an active deposit for me to participate?

No, not really once you get your PenoxFX® account you get your unique link.

What can i do with these referal commissions?

You can invest with it and make profits from it.

Who is a Merchant?

Merchants are our valued clients who have made a whooping deposit of over 10,000 USD investment and have been trading for three months or more while maintaining their asset's value with us. They are individuals that we trust to exchange raw Bitcoins with USD or USD with Bitcoins for clients who do not know anything about bitcoins or don't/can't use bitcoins for transactions. Each merchant has his/her own rate of exchanging Bitcoins, every transaction they make is always secure as they use LocalBitcoin's Escrow service to perform every transaction.

How do I become a merchant

You must have an active account and an investment value of not less than 10,000 USD, and must have been on trade for up to three ore more months (no country specific). Now once you must have funded with not less than 10,000 your account will be monitored by our Bots, once you become eligible we will imidiately update you and your account will automatically become a merchant account. After these process you can contact our staffs to complete that proccess

Do bitcoin merchants benefit by being a merchant?

Yes, thats because they get to set their USD to BTC exchange rate (At a reasonable rate of course) and once you choose to buy from a merchant and his/her exchange rate is ok with you we can start the transacton process immediately in that way they can gain more profit from our platform.

Transactions

How long does it take for my deposit to reflect in my account.

It takes no more than 1-2 hours (Enough time to complete three confirmations), but sometimes you can face delays up to 12 hours. It only depends on speed of Bitcoin networks. All you need is just little patience after payment, please remember that we can’t manage Bitcoin network!

How quickly will i see my earnings, is there a profit schedule?

Our robot trades every 24Hrs so you will start seeing your profits once you deposit is confirmed.

When can I start withdrawal? is there a withdrawal plan?

Yes, you can start withdrawal after the one week trade and your are limited to withdraw 30% of your principal investment every week, this is so that we can handle the huge amount of withdraws per week as each Bitcoin transaction is recorded on a Ledger.

Account

Can i make changes to my account details such as bitcoin address?

No, not all fields can be changed anytime, Your Bitcoin/Bank account number can only be changed once, this was agreed upon by PenoxFX's® BOD to prevent account manipulation and loss of money. I in any case you'ld wish to change it you have to contact one of our agents using our live chat or by sending a request tictet to support@penoxfx.com with your valid account informations.

What if my question is not listed here how do I reach you?

We have active agents that is always live and ready to assist you, simply click on the live chat button floating on the bottom-right of your divice or you can use any of our contact addresses