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Deposits and Withdrawals

By David and 1 other

• 6 articles

Depositing Crypto

NOTE: 2FA is required to enable Deposits functionality. Step 1: Log In to Your AFRIDAX Account - Navigate to https://exchange.afridax.com using your preferred web browser. - Enter your username and password to securely access your AFRIDAX account. - If you do not have an account, please register before proceeding. Step 2: Select the Coin for Deposit - After successfully logging in, go to your wallet or account overview page. - From here, select the cryptocurrency you wish to receive into your AFRIDAX wallet. - Review the available coins and choose the one that aligns with your deposit preferences. Step 3: Click on the ‘Receive’ Button - Once you have selected the desired cryptocurrency, click on the Receive button. - This action will initiate the process of generating the necessary deposit details for the selected coin. Step 4: Choose the Network for Your Deposit - A pop-up window will appear, prompting you to select the network through which you wish to receive your cryptocurrency. - Choose the appropriate blockchain network (e.g., Ethereum, Binance Smart Chain, etc.) based on the asset you are depositing. - Ensure the selected network is compatible with the sending platform. Step 5: Generate Your Wallet Address (If Needed) - If you have not yet generated a deposit address for the selected cryptocurrency, you will see an option to do so. - Click the Generate Address button to create a unique wallet address for your deposit. - This address will be used for the transfer from the sending platform to your AFRIDAX wallet. Step 6: Copy and Use Your Wallet Address - Once your deposit address is generated, copy the wallet address displayed in the pop-up window. - Go to the withdrawal section of the platform or exchange you are sending coins from. - Paste your AFRIDAX wallet address into the appropriate field to initiate the transfer. Step 7: Complete the Transfer - After pasting your wallet address, follow the prompts on the sending platform to complete the withdrawal process. - Once the transfer is confirmed, the cryptocurrency will be sent to your AFRIDAX wallet. Important Reminder: - Always double-check the network and address before completing the transaction to ensure that your deposit is successful. - Depending on the network and platform, it may take some time for the transfer to reflect in your AFRIDAX wallet. Read this article for more information on transaction delays and this article regarding AFRIDAX confirmation policy. - Please take note of the Cryptocurrency Risk outlined in this article. Need Assistance If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Jan 02, 2025

Swapping Coins

Step 1: Log In to Your AFRIDAX Account - Navigate to https://exchange.afridax.com using your preferred web browser. - Enter your username and password to securely log in to your AFRIDAX Exchange account. - If you do not have an account, please register before proceeding. Step 2: Select the Coin You Wish to Swap - Once logged in, go to your wallet or the "Assets" section where your cryptocurrencies are listed. - Identify the coin you wish to swap and select it. - This will display your available balance and initiate the process for swapping that asset. Step 3: Click the ‘Swap’ Button - After selecting the coin, click the Swap button. - This will open a pop-up window that allows you to choose the cryptocurrency you would like to receive in exchange for the one you are sending. Step 4: Choose the Coin You Wish to Receive - In the pop-up window, you will see two fields: one for the coin you want to send and one for the coin you want to receive. - Select the receive coin from the available options based on your desired exchange. Step 5: Reverse the Pair if Necessary - If you wish to swap the positions of the coins (i.e., reverse the send and receive coins), click the center button between the two coin fields. - This will automatically switch the two coins, allowing you to adjust the pair as needed. Step 6: Enter the Amount to Swap - After selecting the coins, enter the amount you wish to swap. - Ensure the quantity is correct, as this will be the amount of the first coin you are exchanging for the second. - The system will automatically calculate the equivalent amount of the receiving coin based on the current rates. Step 7: Finalize the Swap - Review the details of the coins and amounts carefully. - If everything looks correct, click the Swap button at the bottom of the pop-up window to finalize the transaction. - The system will process the swap based on the current exchange rates. Step 8: Please Note the Estimated Rates - Before finalizing your swap, take note that the exchange rate shown is an estimate. - The actual rate may vary slightly depending on market conditions at the time of the transaction. - It's always a good practice to review the rate and transaction details before completing the swap to ensure you're comfortable with the terms. Important Reminder: - The swap transaction will be processed at the estimated rate, which may change slightly depending on market fluctuations. Always double-check the details before completing the swap. Need Assistance? If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Nov 14, 2024

Withdrawing Crypto

Cryptocurrency transactions are irreversible! Always verify the recipient's address and network before confirming your withdrawal. NOTE: 2FA is required to enable Withdrawal functionality. Step 1: Log In to Your AFRIDAX Account - Navigate to https://exchange.afridax.com in your preferred web browser. - Enter your username and password to securely log in to your AFRIDAX Exchange account. - If you do not have an account, please register before proceeding with the withdrawal process. Step 2: Select the Coin for Withdrawal - After logging in, go to your wallet or account dashboard. - Choose the cryptocurrency you wish to withdraw from your AFRIDAX wallet. - This will display your available balance and initiate the withdrawal process. Step 3: Click the ‘Send’ Button - Once you’ve selected the coin, click the Send button. - This will take you to a new interface where you can complete the withdrawal. Step 4: Choose the Network for Your Withdrawal - In the pop-up window, select the blockchain network through which you want to withdraw your cryptocurrency. - Ensure the network is compatible with the recipient address to avoid errors. - Common networks include Ethereum, Binance Smart Chain, and others, depending on the coin being withdrawn. Step 5: Adding a Recipient - Select if you are withdrawing to an exchange wallet or a privately held wallet. - Provide a description for the new recipient. - Select If you are withdrawing to a third party or yourself. - Enter the details requested regarding the recipient in the provided fields. - Enter the recipient’s wallet address where you wish to send the cryptocurrency. - Double-check the address to ensure accuracy, as crypto transactions are irreversible. - Ensure the address matches the selected network. - Select the submit button to create your new recipient. Step 6: Specify the Withdrawal Amount - Enter the amount of cryptocurrency you wish to withdraw. - Be mindful of any minimum withdrawal limits or transaction fees that may apply. - The system will automatically show the estimated fees and the total amount that will be sent after deductions. Step 7: Confirm and Submit Your Withdrawal - Review all the withdrawal details, including the network, address, and amount. - Once everything is correct, click Submit to initiate the withdrawal. - The system will process your request, and you will receive a confirmation email or notification once the transaction is complete. Step 8: Final Notes - Double-check all details before submitting, as withdrawal errors cannot be easily corrected once processed. - Withdrawal times can vary based on the network and blockchain congestion, so be patient if there are delays. Important Reminder: - Cryptocurrency transactions are irreversible. Always verify the recipient's address and network before confirming your withdrawal. - Read this article for more information on transaction delays. - Please take note of the Cryptocurrency Risk outlined in this article. Need Assistance? If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Apr 29, 2025

Rand Deposits (Fiat)

NOTE: 2FA is required to enable Deposits and Withdrawals functionality. Step 1: Log In to Your AFRIDAX Account - Navigate to https://exchange.afridax.com in your preferred web browser. - Enter your username and password to securely access your AFRIDAX Exchange account. - If you do not have an account, complete the registration process before proceeding with the deposit. Step 2: Depositing South African Rand (ZAR) & Banking Details To transfer ZAR from your bank account into your AFRIDAX account, follow the below steps - Select Wallets from the top menu - Select SA Rand - ZAR - Select the Deposit button. - This will generate a pop-up window containing your unique deposit details, including the bank account information necessary to complete your Rand deposit. Ensure You Use the Correct Deposit Reference Number - - This reference number is unique to your deposit and ensures your funds are automatically credited to your AFRIDAX account. - Failure to include this reference number may result in delays or the failure to process your deposit. Step 3: Complete Your Deposit - Once you have noted the necessary deposit details, proceed with your transfer using your chosen payment method (e.g. EFT/bank transfer). - Handling the deposit process falls outside the scope of this tutorial. We recommend reaching out to your bank for assistance. Step 4: Confirmation - After completing your deposit, monitor your AFRIDAX account for confirmation of receipt. - Monitor your email for the "Incoming Deposit Notification" to confirm your account has been credited. - Depending on the payment method, it may take anywhere from a few minutes to a few hours for the funds to appear in your account. This timeline may change due to Public Holidays and weekends. This is a bank limitation and out of our control. - Please contact support if you have not used your unique reference number when making a deposit, providing the proof of payment. Final Reminder - To ensure a smooth deposit process, double-check that the Deposit Reference Number is correctly included when making the transfer. This is a critical step to prevent any potential delays in crediting your funds. - To simplify transferring funds to your AFRIDAX account, we recommend adding AFRIDAX as a beneficiary in your online banking profile. Need Assistance? If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Apr 23, 2025

Confirmations

The number of confirmations that AFRIDAX requires to consider a transaction final for some of the assets on our platform: NAME | CONFIRMATIONS | EXPECTED RECEIVE TIME TO AFRIDAX Bitcoin (BTC) | 2 | 20 Minutes Ethereum (ETH ) | 30 | 15 Minutes Binance Smart Chain (BSC)| 30 | 15 Minutes Tron (TRX) | 30 | 3 Minutes Dogecoin (DOGE) | 4 | 5 Minutes Litecoin (LTC) | 4 | 10 Minutes Solana (SOL) | 50 | 2 Minutes Cardano (ADA) | 5 | 2 Mimutes Ripple (XRP) | 20 | 2 Minutes The inclusion of a transaction in a block A Bitcoin or Ethereum transaction is considered unconfirmed until it has been included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation. Understanding Confirmations When you make a transaction with a cryptocurrency like Bitcoin or Ethereum, it's initially broadcasted to the network, but it isn't immediately considered finalized. This is because the transaction needs to be added to a "block" on the blockchain—a public, decentralized ledger that records all transactions. Think of the blockchain as a chain of blocks, where each block contains a list of transactions. Before your transaction is included in a block, it’s considered unconfirmed, meaning it’s still waiting to be officially recorded. Once a transaction is included in a block, it receives its first confirmation. This means that the network has validated your transaction, and it’s now part of the blockchain. However, one confirmation is generally not enough to consider the transaction fully secure, especially for larger amounts of money. Every time a new block is added to the blockchain after your transaction, it gains another confirmation. Each additional confirmation strengthens the security of the transaction, making it increasingly difficult for anyone to tamper with or reverse it. For example, a Bitcoin transaction is often considered fully secure after receiving 3 to 6 confirmations, which typically takes about 30 to 60 minutes. In summary, when you send or receive cryptocurrency, your transaction starts off as unconfirmed. It becomes more secure with each confirmation, as more blocks are added to the blockchain, ensuring that the transaction is permanent and cannot be easily altered. Important Reminder: - Cryptocurrency transactions are irreversible. Always verify the recipient's address and network before confirming your withdrawal. - Please take note of the Cryptocurrency Risk outlined in this article. Need Assistance? If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Apr 23, 2025

Rand Withdrawal (Fiat)

How to withdraw South African Rands (ZAR) to your South African bank account? From the Wallets section, 1. Select SA Rand(ZAR) 2. Select Withdraw 3. "Select Recipient" 4. "Add New Recipient" - This will only need to be done once, as the recipients will be saved. Please Note: The recipient bank account must be linked to your name to proceed.The AFRIDAX bank verification system limits the ability to send to a bank account you do not own. Withdrawal Limitations - Due to regulatory compliance requirements, AFRIDAX does not support the ability to withdraw to non South African Banks. - Should the automated bank withdrawal process fail due to the system's inability to link your personal identification number or passport number to your bank account, in compliance with regulatory requirements, we will request a bank confirmation letter to verify account ownership. - You can only withdraw South African Rands (ZAR) to your bank account, withdrawals in other currencies (i.e. BTC, ETH .etc) cannot be withdrawn to a bank account. Withdrawal Delays It may take anywhere from a few minutes to a few hours for the funds to appear in your account. This timeline may change due to Public Holidays and weekends. This is a bank limitation and out of our control. In South Africa, withdrawals are processed automatically. To Standard Bank accounts - Withdrawal processing times (CAT): 08:00 to 15:30, Mondays to Friday 08:00 to 9:30, Saturdays - When can I expect my funds in my bank account? Up to 24 hours after your withdrawal is processed To other banks - Withdrawal processing times (CAT): 08:00 to 15:30, Mondays to Fridays - When can I expect my funds in my bank account? Up to 48 hours after your withdrawal is processed Important Reminder: - The schedules above applies to normal withdrawals, not Instant withdrawals. When requesting a local currency withdrawal from AFRIDAX, please make sure that: - Your bank account details are up-to-date and correct. - The bank account you’re requesting a withdrawal to is your own personal bank account. Your withdrawal will fail or bounce back to our bank account if these details are incorrect. Need Assistance? If you encounter any issues or have questions regarding the withdrawal process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.

Last updated on Jan 29, 2025