CoinFi FAQ’s
By: Coinfi Editorial Team
Tags: Ethereum Blockchain, ICO, Cryptocurrency, Bitcoin, Blockchain

Here you can find a list of some of our most frequently asked questions. If your question isn’t answered here, jump into our Telegram group and one of our team will respond as quickly as they can. Join the CoinFi Telegram group here.

Where is CoinFi located?

We’re based out of Hong Kong but have team members distributed around the world.

I read in the CoinFi whitepaper that people from Hong Kong are not allowed to take part in this ICO, but you’re based in HK, right? How does that work?

Our team is spread around the world, in Hong Kong, Taiwan, Canada, the USA and Australia. We unfortunately need to block Hong Kong, Chinese, US, and Singaporean contributors to ensure we keep in line with local regulations.

Can you explain more about the total number of tokens that will be distributed?

We’re issuing approximately 300M tokens (the exact amount depends on the amount of bonus is claimed) and want to keep supply low to make sure demand continues to increase. We’re also incentivizing people to hold onto their tokens by requiring that users stake (i.e. lock) their tokens to access advanced functionality on the platform.

What is the use of the token? Is it a utility token or not?

Yes, it is a utility token. We will be crowdsourcing relevant market moving news so that traders get only the best trading signals and trading algorithms. These providers will be rewarded with CoinFi. Users will need to stake CoinFi tokens to get access to the platform, and premium content is going to be auctioned and paid for using CoinFi. The CoinFi team will seed the platform with content and signals initially but the idea is that the token network effect will take over once user demand increases. The basic premise is that for content that is crowdsourced we pay X CoinFi, users pay Y CoinFi for premium access. As long as Y > X demand will increase over the long term.

Which exchanges will CoinFi aim to have the token listed on?

We are in talks with multiple exchanges. We will release this information as it’s confirmed (due to non-disclosure) but our goal is to list it on at least two of the main exchanges as soon as possible. We also aim to be listed on EtherDelta very shortly after the close of the crowd sale.

When will the beta version be ready?

We are working on it daily. A big driver for the beta release is community feedback on the features they want first, we’re constantly adding new features in response to this feedback.

Why doesn’t CoinFi burn the unsold tokens?

We took the decision that there is more long term value by using the tokens to seed + grow the platform. Our team takes the view that if the platform provides long term value to traders, the token value itself should reflect this and the value and price will be reflected accordingly.

What happens to the unsold tokens?

Unsold tokens will go to the foundation with the goal seeding the platforms content and signals and growing the platform.

Is there a referral program?

Yes, please see our referral page for further details.

What’s the minimum amount of tokens required to use the CoinFi platform?

The actual staking amount will be announced at a later date, we are running through some modelling to determine the optimal amount to kick off the platform.

Do you guys have 2 Factor Authentication?

Yes, we’ll definitely have 2FA, both via Google Authenticator / Authy as well as plain SMS

I’m a US citizen, Can I participate?

Unfortunately, we just aren’t able to accept US resident token contributors at this time but we are in discussions about this with our legal team as we would like to include people from the US. However, if you’re a US citizen living outside of the US you can still participate.

We can’t discuss interpretation of specific SEC regulations that’s something only our legal team can address. However, we would really like to include those who aren’t permitted so we’re trying our best to make this happen and will notify everyone if this changes — so stay tuned!

Is my country eligible to take part in CoinFi?

Due to regulatory concerns, residents of the following countries will not be allowed to participate in the crowdsale: People’s Republic of China, Cayman Islands, and Hong Kong

How do I participate in the CoinFi Pre-sale?

You can go to https://sale.coinfi.com and click on the “Join Whitelist” button. Once you’re registered you will then be prompted to join the Telegram chat to be part of the conversation with other CoinFi contributors.

What Happens After I register for the Whitelist? Where do I buy the tokens?

Now you will be eligible for the Pre-sale. We will send you an email with instructions on how to proceed after you have joined the whitelist.

Can we pay with USD?

Currently we’re only accepting ETH but are looking into ways to accept USD and BTC as well.

Is there any Bounty?

We don’t have a bounty program but we do have a referral program for those who register on the whitelist

https://blog.coinfi.com/coinfi-ico-referral-program/

This is the link to the referral program and if it’s something you’re interested in then once you’re on the whitelist, you can email us on contact@coinfi.com and we will send you your custom referral link.

What is the duration for the Referral Link?

The referral link is only valid until the ICO ends.

What is the Minimum contribution for the Pre-Sale and Crowd-sale?

Min investment for Pre-sale is 1 ETH and 0.25ETH minimum investment for the Crowd-sale

Do you have max contribution for Pre-sale and Crowd-sale?

Max contribution of 25ETH for both pre-sale and crowd-sale.

And what is the price of a Token?

Currently 1 ETH = 7500 CoinFi Tokens

Can I buy with Eth? I have MyEtherWallet. Do I need to add custom token or will it add automatically?

Yes, we’re currently only accepting ETH as the contribution currency. Stay tuned for more instructions regarding wallet setup.

What happens to the unsold tokens?

Unsold tokens will go to the foundation with the goal seeding the platforms content /signals and growing the platform. just to be clear it’s going to foundation NOT founders.

Can you give me more information about tokens?

The tokens will be transferable. And token delivery will be as fast as possible we will give the exact schedule once we finalize the details with our engineering team. However the goal is to have them delivered as fast as possible to our community

What is the Bonus Structure and Road map?

These are outlined on our site if you scroll down to the Bonus Structure and Roadmap section of the page: https://sale.coinfi.com/

What are the Projections for this project?

Financially, it’s up to the market, but we believe as long as we keep improving the platform and getting the word out, demand should increase which will drive up the price of the token — we don’t see why token value can’t 3–5x in a year, especially since as new features get rolled out we’ll be increasing the stake amount required to access those features.

As for the timeline, you can see a rough estimate of the roadmap on the white paper

What is the Soft Cap and what will you do with unsold tokens above soft cap?

We’re projecting the soft cap to be $3M USD and will finalize the amount within a week. We strongly anticipate that all tokens will be sold. In the unlikely event that there are unsold tokens, we’ve decided to go with the industry best practice and burn any unsold tokens.

When will you be on the public exchanges? And which ones?

We are in talks with multiple exchanges so we will release this information as it’s confirmed (due to NDA’s) but our goal is to list it on the main exchanges. ERC20 tokens typically get listed on etherdelta pretty quickly.

I would like to know when the coin will be registered on Coin Market Cap?

Coin Market Cap requirements include being on a public exchange. So once we’re ready for that after the pre-sale, we will keep you posted about this.

Please note that it will automatically be listed on coinmarketcap after the CoinFi token is listed on an exchange after the ICO :)

Just wondering how I would get the Ethereum to you. Normally I buy Bitcoin through BTCDirect and transfer it to Bittrex. I suppose I buy some Ethereum there and transfer this to you?

You’d want to withdraw the ETH you get from Bittrex to an Ethereum wallet you control, and then make the transfer to us. The reason you can’t directly transfer from an exchange like Bittrex to us is because exchanges used shared addresses for multiple customers. So we won’t be able to determine that it was you who sent the funds and properly issue your tokens to you.

What blockchain is CoinFi built on?

CoinFi leverages the ethereum blockchain.

Is this a open source project as well as decentralized?

Yes it is an open-source project you can see our github linked on our prototype page: https://github.com/coinfi

How do the subscription tiers work and when will their details be released?

We plan on having a free tier that anyone can just access publicly which will be the news feed overlaid on price data, but advanced functionality such as real-time updates, individually customized dashboards / portfolios, alerts, trading signals, etc. will only be available to token holders who stake (i.e. lock) their tokens.

Different features will likely require different amounts of staked tokens, and we’re still working out how many tokens need to be staked for each piece of functionality.

Are your products, signals and indicators ready yet? If so, how can I see these?

We are currently still in beta, however, our prototypes can be seen in this section of our site: https://sale.coinfi.com/prototype

This section is so that our users can see what features and tools are in development and will be releasing when we launch. Some of the concepts are released in a non-application format, which you can see from the videos in the blog. However, the final versions will be an application, so don’t worry!