FemCoin 101: Everything You Need to Know

1. What are FemCoins (FC)?

FemCoins are digital credits on FemXchange used to facilitate service exchanges between members. They let you share or receive skills and expertise without involving actual money.

2. How do I get FemCoins?

• Sign-Up Bonus: You’ll receive a one-time “signing bonus” of FemCoins after completing your membership on FemXchange.
• Earning FemCoins: Provide services or expertise to other members in exchange for FemCoins.

Note: Currently, there’s no way to purchase FemCoins.

3. Do FemCoins have monetary value?

No. FemCoins do not have any real-world monetary value. We use a 1 FC : $1 CAD guideline only to help members assess how many FemCoins to exchange for services. FemCoins cannot be converted into actual currency.

4. What are service bands, and how do they work?

Service bands are preset ranges of hourly rates (in FemCoins) assigned to specific service categories (e.g., business & professional services, creative & design work). Here’s how it works:

• Choose a Service Category: When creating a listing or submitting a proposal, you first select a relevant category (e.g., “Business & Professional Services,” “Creative & Design Work”).

• Select Time Commitment: You specify the approximate hourly range you expect the exchange will take (e.g., 3–6 hours).

• Receive the Suggested FC Range: Based on the service band and your chosen hourly range, the system automatically calculates a recommended FemCoin range (e.g., 60–200 FC for the entire project).

• Choose Your Exact FC Offer: You have the freedom to pick a specific FemCoin amount within that suggested range. The system ensures you have enough FemCoins in your balance to finalize your listing, proposal, or counteroffer.

5. How do Xchanges happen?

• Direct Offers: One user visits another’s profile and offers FemCoins in exchange for their expertise.
• Posting a Listing: A user posts a service request on The Xchange, specifying a FemCoin amount (based on the system’s suggested range).
• Responding to a Listing: Another user responds to an Xchange listing, either accepting or countering the original offer.

6. What happens to my FemCoins during an exchange?

• FemCoins Frozen: Once both parties agree to the exchange terms, the sender’s FemCoins are “frozen” (held temporarily).
• Completion: When the service is marked completed or the agreed deadline arrives (whichever comes first), the FemCoins are released to the recipient.

7. Do FemCoins expire?

FemCoins do not expire. As long as your FemXchange account remains active, your FemCoins will be available for use.

8. How do taxes apply to FemCoin transactions?

Under Canadian tax rules, income from bartering can be considered taxable and may involve GST/HST obligations, depending on your personal situation. Because FemCoins are used to facilitate bartering on FemXchange, they might fall under these rules.

• Canadian Users: Check the Canada Revenue Agency (CRA) guidelines.
• International Users: Familiarize yourself with your local regulations to understand any applicable tax obligations.

FemXchange does not provide tax advice. Always consult a qualified tax professional if you have questions regarding your responsibilities.

9. What if I’m located outside Canada?

You can still use FemXchange with the same 1 FC : $1 CAD reference. However, please verify your own country’s tax and regulatory requirements regarding bartering transactions.

10. Are FemCoins refundable or exchangeable for real money?

No. FemCoins cannot be withdrawn, exchanged, or traded for any currency. They exist solely to facilitate exchanges within FemXchange.

11. Does FemXchange assume liability for FemCoin transactions?

FemXchange provides FemCoins as a tool for peer-to-peer exchanges. We are not liable for any user’s personal, financial, or tax obligations. Always ensure you comply with relevant laws and regulations when using the platform.

12. What if I have questions or need help?

Feel free to email [email protected] if you need assistance with valuations, transactions, or any technical aspects of FemCoins.

13. Additional Tips

• Negotiate: If the suggested FemCoin amount doesn’t match your expectations, you can negotiate within reason.
• Stay Informed: Keep track of the CRA’s policies on bartering if you’re subject to Canadian tax laws.
• Fair Pricing: Use the service bands as a starting point to ensure fair compensation for everyone involved.

Disclaimer: FemCoins are for use exclusively on FemXchange and have no real-world monetary value. This FAQ does not provide legal, tax, or financial advice. Always consult qualified professionals for guidance specific to your situation.