Frequently asked questions
Who is AFCE?
We are an authentic centralized African cryptocurrency exchange with an African culture and background. The business is aimed and transforming the way money is treated throughout Africa. Although blockchain is decentralized by nature, we have decided to operate a centralized exchange, as that is the only way to covert Fiat currencies converted into cryptocurrencies. African Coin Exchange provides a trading platform/exchange to convert Fiat currencies into the most popular cryptocurrencies. The platform is designed and built in such a way as to allow both new entrants into the market and experienced traders to trade effectively and easily in a safe and reliable environment.
SAFETY / SECURITY
Is my money safe with AFCE?
AFCE uses state of the art technology to ensure client data safety. Your money is protected by state of the art security technology for online protection as well as custodian (cold wallet) protection.
Does AFCE use hot or cold wallets?
AFCE uses Multisig Bitgo for Bitcoin, Ethereum and altcoins wallets and custodian facilities for all cryptocurrencies listed on the exchange. This will prevent single point of failure that has besetted the crypto exchange industry.
What makes AFCE a great cryptocurrency exchange?
AFCE is trading in the African market where there are many opportunities for clients and traders to reduce costs and speed up transactions. AFCE trades in the most sought after coins such as Bitcoin and Ethereum. Additional coins will be added should the exchange believe in the project associated with the coin / token.
Why do I have to confirm that I am not a robot?
To prevent unauthorised access by bots AFCE checks that it is a human being that is logging on.
What happens if I don’t log out of the system?
The system will log you out after 30 minutes of inactivity.
Password should have minimum 8 characters. It should have one uppercase, one lowercase, one number and one special character e.g. (!@#$%^).
Can I share my password?
You should never share your password with anyone as this is your personal key for any bitcoin or any other cryptocurrency.
Can I log onto the system in more than one place / device?
Although you can use multiple devices to access the system, you can only access the system form one place at a time.
Why do I have to verify my email?
Your email is verified to ensure that all communications are sent to the correct address. If you change your email address ensure that you update your profile accordingly.
What is 2FA?
2FA is an additional step in the AFCE security system that will verify and validate transactions that may be high risk.
How to use Google Authenticator?
To use Google Authenticator you have to install it on your mobile device from the applicable APP store. Once the APP is installed on your device and you register for Google Authenticator on the AFCE system you will be required to scan the QR Code. When required you will be asked for a token which is the code displayed on Google authenticator for your account on AFCE. If you have multiple Google Authenticator accounts ensure that you use the correct token for AFCE
How to use OTP?
Once registered for OTP (One Time Pin) on SMS you will be sent an SMS with a OTP every time you log on to the system or execute any transaction that requires additional approval such as a withdrawal.
What is the difference between a coin and a token?
A coin is a cryptocurrency that works on its own blockchain e.g. Bitcoin, Ethereum, IOTA etc. A token is a cryptocurrency that is built on top of another blockchain e.g.
What does ACE specialise in?
AFCE is providing facilities to expedite the adoption of crypto currencies as a method of payment and increase the adoption rate in unbanked areas through new technology.
Can I send cryptocurrency to someone else?
Cryptocurrencies can be sent to anyone, anywhere provided they have a wallet that can accept the cryptocurrency being sent.
How do I send cryptocurrency to someone?
Through the withdrawal function on the AFCE exchange you can scan or type in the delivery address of the wallet where the cryptocurrency must be sent to.
Can I have multiple accounts?
Only one account can be opened per ID/ Passport number and an Email address cannot be linked to more than one account.
How do I withdraw FIAT currency to my bank account?
You can withdraw any FIAT currency in your account after converting Bitcoin to ZAR or Ethereum to ZAR. The WITHDRAWAL option allows you to enter the amount of FIAT that you want to withdraw but would require 2FA. Once the approval is approved on AFCE admin site (normally within 1 hour during working hours) the money will be transferred to your specified banking account.
How do I add Fiat currency to my account?
FIAT currency can be transferred to our bank account via an EFT or via our payment gateway processor iPay. Once the EFT has been completed, register the amount and transaction ID on our system and the admin system will approve your account for trade. There is no requirement from you to send the POP through to AFCE.
How do I add cryptocurrencies to my account?
By using the DEPOSIT facility you can enter the value of the coins you wish to DEPOSIT and the ADDRESS where the DEPOSIT will come from.
When can I start to trade?
Once you have submitted your KYC documentation and have deposited money into your account you will be able to trade.
Can I sell more coins/tokens than I have?
AFCE does not cater for leverage trading at this stage.
How do I trade?
There are 2 ways of trading on the platform:
- Buy/Sell is a “Quick Trade” facility that allows you to enter either the number of coins or the amount of FIAT currency that you want to trade and it calculates the rest of the information on the screen. This trade is against the assets of the exchange and is traded against a set price.
– To buy click on the BUY tab
– To sell click on the SELL tab
- HOME is the more ADVANCED trades where you can specify the amount of coins you want to buy and the price you are prepared to pay for the coin. The price will always default to the last traded price for the pair.
What are the risks of trading cryptocurrency?
￼Cryptocurrencies values are volatile: that means the prices does go up and down and the market is unpredictable. So buying and selling cryptocurrencies such as BTC or ETH may result on losing the totality of your investment. AFCE advises not to invest money you do not have to spend; or that you cannot afford to lose, and never borrow money to purchase cryptocurrencies. In addition, do not share with anyone your login and password details, choose a strong password and change it regularly. Digital currencies are not regulated by any governments at this stage with a well-defined and agreed framework like financial institutions are, therefore transactions going wrong are not protected and trading is at the user’s own risk. Transactions are immutable and therefor incorrect deposits cannot be reversed.
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Who regulates cryptocurrency exchanges?
Cryptocurrency exchanges are regulated in some countries. The South African government is currently investigating the option to regulate exchanges.
AFCE complies with all the current regulations and are well advanced in compliance with possible future regulations.
What regulations are there in South Africa regarding dealing in cryptocurrencies?
The industry in large is unregulated at the current time. The SA government advises that they currently do not see any problems due to the value being traded on a daily basis. However they are investigating the possibility of putting regulation in place.
Is it legal to send cryptocurrency across borders?
The SARB has declared that it does not acknowledge cryptocurrencies as currency at this stage and therefor does not regulate it. AFCE would advise users of the system not to exceed the R1 million single discretionary allowance and the R10 million foreign capital allowance dispensations without prior Financial Surveillance Department approval.
Are there fees associated with dealing in cryptocurrencies?
Yes. The fees are related to on- and off-blockchain transactions. On-blockchain transactions are more expensive due to GAS being paid to miners to executed the transactions on the blockchain.
What will I be charged to trade on this exchange?
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Will I be charged to withdraw my money from the exchange?
Minimal costs will be levied to withdraw FIAT currency from the exchange to cover the bank fees levied by the banks. Costs to withdraw cryptocurrencies from the exchange to another exchange or wallet will incur transaction fees and GAS fees payable to miners. Cost differs between blockchains and currencies.
What are the charges in sending cryptocurrency to someone else, across borders?
Transaction fees for cross border charges are similar to the withdrawal fees unless the recipient of the transaction trades on the AFCE exchange. Should the recipient trade on AFCE exchange the cost will be as per the table.
What about hidden charges?
There are no hidden or monthly charges associated with the AFCE exchange.
TAX ON CRYPTOCURRENCIES
Will I be taxed on cryptocurrencies?
This differs from country to country. AFCE advises the traders to seek advice from a financial advisor to ensure that the tax laws of the country is adhered to.
ARE CRYPTOCURRENCIES LEGAL
Are cryptocurrencies simply a Ponzi scheme?
The majority of cryptocurrencies are not Ponzi schemes. AFCE advises traders to investigate and avoid any cryptocurrency or cryptocurrency related company that advertises unachievable results. AFCE will not list any coin or token without a thorough investigation into the validity of the project.
Is cryptocurrency simply being used by criminals for criminal activities?
Many articles have been written about the use of cryptocurrencies for criminal activities and especially websites like Silk Road trading in illegal products. However the majority of trades are for legal activities and as adoption grows, the percentage of illegal activities would not reflect any different to the current statistics in FIAT currencies.
KYC / AML
Why do I have to supply my ID /Passport details?
To enable AFCE to apply checks on a valid ID / Passport prior to trading commencement.
Why do I have to supply a photo of me holding my ID book?
In order to expedite the KYC process and reduce the amount of paperwork we will authorise your account to transact once we are can compare your photo with your ID book.
Documents required for KYC?
ID / Passport
Proof of Address
Are there levels of KYC in AFCE?
AFCE does not apply levels of KYC. Once we have approved you for KYC you will be able to trade any amount. According to government regulation proposed AFCE will have to report any suspicious transactions to the FIC (Financial Intelligence Centre)
Why did AFCE reject my application?
AFCE does various checks on the data supplied. As AFCE is not a credit provider, no credit checks will be done before opening your account.
Reasons for rejecting an account include:
- Invalid bank account number or the account is not linked to your ID number.
- Invalid cellphone number or the cellphone number provided is not linked to your ID number.
- Banks accounts were closed due to fraudulent activity.
- You do not have a bank account in the country where the account is opened.
- You previously had an account with AFCE that was closed by us due to mismanagement of your account.
- Undisclosed reason – there are some reasons that cannot be disclosed without raising suspicion or the exchange could determine that it risks reputational damage by opening an account in your name.