Frequently Asked Questions
You have questions? We have answers. Find our most frequently asked questions in this article.
Greetings Plutus Family,
Here is our growing Help Center. If you have a question that is not listed or answered here please help us grow the FAQ section by emailing us the questions here: hello@plutusx.com
Highlights
- Product
- ICO Questions
- How to participate in the PlutusX ICO?
- Legal Questions
Product
Q: What is PlutusX?
A: PlutusX’s mission since its inception in 2015 has had one core drive: to reinvent the way investing was perceived. We planned on disrupting the status quo by providing tools that otherwise would have been exclusively reserved to the ultra-wealthy. We have now advanced our mission with the progression of blockchain technology and decentralized tools, that will allow us to take our mission to a global and borderless platform.
Q: How does PlutusX make money?
A: PlutusX has a business model based on commission fees, deposit/withdrawal fees, payment gateway fee, and OpenAPI. For the payment gateway, we receive a profit from every merchant’s (not user) transaction.
Q: How does PlutusX differ from other cryptobanks?
A:
- We focus on wealth management at first. Our trading bot will give clients positive returns on their capital.
- We are focused on transactions. Our main goal is to create our own crypto-payment infrastructure based on blockchain technology that will significantly reduce the cost of transactions for merchants. We are confident we will achieve this task, because we have extensive experience in creating viable payment solutions.
- We are focused not only on working with the existing crypto community, which now consists of just a few million people, but also with an audience that is still only curious about the crypto-world and is afraid to buy crypto-currencies. We created a system, which will motivate millions of new users to connect with crypto-payments.
Q: How about fiat services? Do you plan to work with fiat? If so, where do you plan to get the license?
A: Yes, In the beginning we plan to operate fiat transactions using money transmitter licenses in each state issued by the USA. As we expand internationally we will follow laws governed by Canada for accepting foreign exchange fiat tender. Regarding the development of our own payment infrastructure, in some countries this service should get permission easily. We have several operational legal units in different countries, including in Canada.
ICO Questions
Q: What is the hardcap and what is the total token supply?
A: $38.4 Million USD (hardcap) is raised for 70.0% of our PLTX tokens. There is a total supply of 400,000,000 PLTX tokens.
Q: What is the price of the PLTX token during ICO?
A: The price of PLTX is fixed, where 1PLTX = $0.15 USD
Q: Is it a max supply, or are more tokens going to be minted in the future?
A: 4000,000,000 is the total supply. No future coins will be minted.
Q: What happens to all unsold token from the ICO?
A: They are burned.
Q: When will you be listed on exchanges? When will tokens be transferable?
A: The team strictly cannot comment on exchanges unless it was previously publicly announced information. Refer to our announcement channel for official news.
Q: What is the token distribution?
Q: Where can I find more information on the team?
A: More information on the team can be found on our website, litepaper, and/or whitepaper.
Q: What is the vesting schedule for the team and advisor’s PLTX tokens?
A: The advisor’s tokens will be vested for 6 months, 2 years vesting for the team and management.
Founders & team management will also only be allowed to sell 10% of their tokens over a one year period, and will have to announce publicly that they are selling before doing so
Q: When is the ICO?
A: The ICO starts June 1st, UTC 10:00am (tentative). But we may not see a need to do an ICO if we hit our goal in the whitelisting phase.
Q: What is Whitelisting?
A: Whitelisting allows us capture investor informations and level of interest before the ICO starts. The Whitelist acts as a “reserve” for the ICO as well.
Q: What bonus did pre-sale participants receive? Is this bonus locked?
A: Pre-sale participants received between 0–30% bonus. This bonus is not locked.
Q: Is there any bonus for the main crowdsale participants?
A: Yes, if the bonus is not already allocated via whitelist.
Q: What stage of development is the project in and the future roadmap?
A: We are in the “Fund” and “Pre-ICO” state. Please view our website to view our roadmap.
Q: I’m interested in working on the PlutusX, how can I collaborate?
A: Please contact: hello@plutusx.com.
Q: When will the token start trading on crypto exchanges?
A: This should happen one to two months after the end of the tokensale, which ends in mid-August 2018 (or sooner, if the token issue cap is reached).
Q: Are PLTX tokens ERC20 compatible?
A: Yes, PLTX’s tokens are based on the Ethereum platform and are ERC20-compliant.
Q: Where and how do I keep my tokens?
A: You can keep PLTX tokens in any wallet that supports ERC20 tokens. For example, in the MyEtherWallet.
Q: If the hardcap is not reached during the token sale, will the remaining tokens be destroyed?
A: Yes, the remaining tokens will be burned and not be issued.
Q: Is there a minimum amount of tokens I can buy?
A: Minimum amount during the tokensale is $5,000 USD.
Q: Can anyone participate in the ICO?
A: No, we will go through a KYC process after whitelisting. We reserve the right to refuse participation in the token sale to anyone for any reason that we deem appropriate.
How to participate in the PlutusX ICO?
Easily! We have a step-by-step guide for you. If you need a personal assistance, please visit our Telegram group.
Q: How to buy bitcoin?
- With credit or debit card — fast and easy
- Good option for insignificant amounts. High fees.
- https://www.coinbase.com/
- https://www.coinmama.com/
2. Exchanges
4. You don’t have to buy bitcoins
- Just register on PlutusX.com, generate an invoice and send us a wire transfer using your local bank.
Q: Can I contribute directly from an exchange?
A: Yes, you can. Simply send ETH to the address we will provide you with.
Q: Who is promoting or marketing the product, what are their backgrounds, and are they licensed to sell the product? Have they been paid to promote the product?
A: There is a cross between influencers (paid and unpaid. Will be disclosed.), affiliate marketing (“Bounty”), ICO Platforms, PR with an IR firm, and various individuals who have Series 7 Licenses.
Q: Where is my money going and what will it be used for? Is my money going to be used to “cash out” others?
A: Please see our “Budget Allocation” sections in both our litepaper & whitepaper.
Q: What specific rights come with my investment?
A: The Right to Vote, The Right to Buy New Share, The Right to Share in Profitability.
Q: Are there financial statements? If so, are they audited, and by whom?
A: PlutusX has financials that will be audited by a 3rd party entities in the fiscal year of 2018. As we continue to move forwards towards and post ICO we aim to achieve full transparency by disclosing quarterly reports that are audited by a 3rd party service.
Q: Is there trading data? If so, is there some way to verify it?
A: We have trading data starting 2018 that is not verified. EFS, LLC Holding has trading data that is “verified” by MyFX Book for 2016 a 3rd party entity.
Q: How, when, and at what cost can I sell my investment? For example, do I have a right to give the token or coin back to the company or to receive a refund? Can I resell the coin or token, and if so, are there any limitations on my ability to resell?
A: Although there are no limitations for non-insiders to sell their tokens PlutusX encourages that token holders only liquidate 10% of their tokens a year once listed on an exchange post ICO.
Q: If a digital wallet is involved, what happens if I lose the key? Will I still have access to my investment?
A: Any lost keys will result in complete and total loss. PlutusX is considering holding keys on our servers, however, we are hesitant as there is increased risk for hacking and malicious activity.
Q: If a blockchain is used, is the blockchain open and public? Has the code been published, and has there been an independent cybersecurity audit?
A: The blockchain will be open, public and source code will be accessible on Github. We will have a “Bug Bounty” that rewards “White Hat Hackers” for finding security flaws in addition to hiring 3rd party cybersecurity entities to run safety tests and audits used by CFTC, SEC, and FinCEN.
Q: Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my investment?
A: We plan on filing a FORM D with the SEC and other compliance agencies in the respected government entities. For full disclosure we have not filed as of writing.
Q: What legal protections may or may not be available in the event of fraud, a hack, malware, or a downturn in business prospects? Who will be responsible for refunding my investment if something goes wrong?
A: We are offering clients insurance for Hot Wallets in the case of a hack. Any other force majeure will not hold PlutusX liable. However, PlutusX will take any and all precautions necessary to protect our clients.
Q: If I do have legal rights, can I effectively enforce them and will there be adequate funds to compensate me if my rights are violated?
A: Please see our “Terms & Services” for a greater answer.
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Written by: Angel Mondragon
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