What makes parking different from usual regular depositing?

While depositing implies you give your assets to a third party like a bank, parking only means temporary suspension of the amount of coins designated by you in your wallet. In order to get interest from the parked coins, you undertake to hold the coins at specific address of your wallet for a certain period of time (from one day to one year), i.e. the address which is linked to the bank account. If need arises to use suspended coins before the parking term ends, you still may spend them. In that case you just won’t have your interest.

A distinguishing feature of parking coins is that you DO NOT MOVE them to your bank account. They stay in your wallet and you are the only one person with access to them. MinexBank only displays the number of coins located at a certain wallet address and allows to park them, i.e. suspend them at the bank account at a certain interest rate depending on the parking period.

NOTE: Please remember that if you cancel the parking before its period expires, you lose the interest.

This also can be the case if you move the coins from the address linked to the bank account - parking will be canceled automatically due to lack of coins at the address. To avoid such situation you should check number of coins at the address linked to the bank account and in the MinexBank. You can check it in menu Send - Inputs.

NOTE: You DO NOT SEND any coins to MinexBank and you DO NOT HAVE the coins in the bank. All coins are ALWAYS in you wallet even when you park them. You receive reward, i.e. interest, for keeping the coins in your wallet rather than sending them elsewhere to exchanges, i.e. selling them.

Remember that we do not accept any claims about parking issues if you used third-party wallets.

Please feel free to contact us at any time if you have any further questions.

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