What are some common misconceptions about 'ex works' in the crypto industry?

3 answers

• May 05, 2022 · 3 years ago
  One common misconception about the 'ex works' term in the crypto industry is that it refers to a specific type of cryptocurrency. In reality, 'ex works' is a trade term used in international commerce to define the seller's responsibility for delivering the goods to the buyer. It does not have any direct relation to digital currency transactions. So, if you come across the term 'ex works' in the context of cryptocurrencies, it's important to understand its actual meaning and not confuse it with any specific cryptocurrency.
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• May 05, 2022 · 3 years ago
  Another misconception is that 'ex works' implies that the buyer has full control over the transaction and bears all the risks. While it's true that 'ex works' places more responsibility on the buyer compared to other trade terms like 'free on board' (FOB), it doesn't mean that the buyer has complete control over the transaction. There are still various factors and risks involved in digital currency transactions, regardless of the trade term used.
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• May 05, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, has clarified that 'ex works' is not a term commonly used in the crypto industry. They emphasize that it's crucial for traders and investors to understand the correct terminology and avoid misconceptions. Instead, they recommend focusing on understanding the specific terms and conditions of each digital currency transaction to ensure clarity and minimize any potential misunderstandings.
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