Q: What is Wirex DUO?
A: Wirex DUO offers investment opportunity to maximize returns through pairing digital currencies. Choose from nearly 100 pairs and align investment with financial goals. Investment is secured for a duration ranging from 12 hours to 7 days, with a guaranteed return in either the invested or quote currency. You can find more information about Wirex DUO in our blog post.
Q: How does Wirex DUO Work?
A: Deposit invested digital currency in Wirex DUO to exchange potential volatility for fixed reward based on APR. APR is scaled by DUO's duration and multiplied by invested amount to calculate exact reward at expiration.
Example: 0.5 Bitcoin invested in 12-hour BTC/USDT DUO at 200% APR results in 0.00137 Bitcoin reward. Two scenarios at expiration:
- if Bitcoin price doesn't exceed initial price, receive extra Bitcoin;
- if price exceeds initial price, receive USDT after selling Bitcoin at higher price.
Q: What are the benefits of using DUO?
- Guaranteed APR - earn yield regardless of market volatility.
- No additional fees or charges.
- Opportunity for growth - receive an increased number of units, regardless of the payout coin's value, allowing for potential profits by converting or reinvesting.
Q: How to open Wirex DUO?
A: To open DUO, please go to the 'Grow' section -> DUO in the Wirex App and simply choose a currency pair from the assets list, select the input coin (cryptocurrency or stablecoin), choose a staking plan (duration ranging from 12 hours to 7 days), and profit. Depending on market conditions, you will receive a guaranteed return in either the invested currency or the quote currency at the end of the predetermined duration.
Q: Wirex DUO fees and APR?
A: Wirex DUO is a digital currency investment option with a focus on fixed returns. It has the advantage of not having any hidden fees and all returns are calculated based on a fixed Annual Percentage Rate (APR). Your investment amount is locked for the selected term of 12 hours, 1 day, 2 days, or 7 days and the reward is calculated based on the APR, invested amount, and term. The reward is paid in one of the two paired digital currencies. For instance, investing 0.5 Bitcoin (BTC) in the 12-hour BTC/USDT DUO with an APR of 200% results in a reward of 0.00137 BTC at expiration, calculated as [0.5] * [12 / (365*24)] * [200%]. The APR remains fixed throughout the term, allowing you to have a clear understanding of your expected return. In conclusion, Wirex DUO is a fee-free investment option with a fixed APR, offering transparency and allowing you to make an informed investment decision.
Q: Is there any risk involved with Wirex DUO?
A: The potential risk with Wirex DUO is impermanent loss, which happens if the value of a digital asset decreases after the DUO position has been closed. This risk is not exclusive to DUO and can become permanent if the user sells the cryptocurrency and its value has declined. This type of risk is common in holding cryptocurrency due to its volatility. However, this same volatility also presents opportunities for profit through DUO. To minimize risk, it is recommended to follow a strict money management strategy when making DUO investments