Updated on June 19, 2017
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GLX offers the following types of memberships:
A Restricted (Free) Membership Account is for anyone who wants to create and maintain a profile in the GLX - Capital Market Network. Restricted (Free) Membership Accounts have the following restrictions:
Each Standard Membership Account is billed at a rate of $1.00 USD per-month. Billing cycles are monthly and begin on the first of the month and all memberships renew at the end of each month. We bill on a 30-day month, 360-day year, count convention, this means that the standard daily membership rate is $0.033333333333333300 per-day.
Coming Soon - Premium Membership Accounts and data subscriptions are coming soon.
The payment method in the GLX ecosystem is the GLXToken (GLXT). The GLXToken (GLXT) is an ERC20 compliant Ethereum based digital token. Class A and B GLXTokens (GLXTs) can be used to pay for goods and services on the GLX platform. Class A Xs will be offered in our Initial Dollar Offering (“IDO”), will be exchange tradable and can be traded amongst members of the GLX network. Class B Xs can be earned for loyalty and incentives.
Initially 1 GLXToken (GLXT) will be valued at $1.00 USD. All new GLX members will receive 10 Class B GLXTokens (GLXTs) upon sign up which can be used to pay for GLX memberships. Similar to Ether the GLX Coin is divisible down to 18 decimal places. When the Class A Dollar (X) is quoted on an exchange the previous month's closing price will be the benchmark to measure the conversion rate to pay for the months subscription cost. For example, if the Class A Dollar (X) is quoted or valued at $2 per-X relative to the USD, on August 31, then the conversion debit to cover September’s membership of $1.00 USD will be ½ X.
In the event that a member signs up after the first of any given month then said month's membership fee will be prorated according to the following formula; 31 minus the calendar day of the sign up times the standard daily membership rate. For example, if a new member was to sign up on the 5th of any given month then that prorated first month's membership fee would be equal to (31 - 5) x 0.033333333333333300 = 0.866666666666667000.
Coming Soon - If a member chooses to pay annually, a 20% discount will be applied compared to paying monthly. For example, a Standard Membership Account is billed at a rate of $12.00 USD per-year. If a member chooses to do so they can pay annually and accept a saving of $2.40 ($12 x 20%) and pay a one-time annual reduced rate of $9.60 ($12.00 - $2.40).
In the event that abuse or fraud is suspected, GLX, in its sole discretion, has the right to suspend or terminate any user's account and may refuse any and all current or future use of the GLX Website. Such termination of use of the Website may result in the suspension or deletion of said user’s account and / or access to said account, and the forfeiture and relinquishment of any and all content in said account. GLX reserves the right to refuse service to anyone for any reason at any time.
In the event that GLX takes action to suspend or terminate an account, we will make a reasonable effort to provide the suspended or terminated account holder with a copy of their account contents upon request, unless the account was suspended or terminated due to unlawful conduct.
Any and all suspended or terminated accounts will also forfeit any and all GLXTokens (GLXTs) awarded to said accounts as sign-up or other incentive.