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Do's & Dont's

Best practises when using an Exchange
David
By David
• 7 articles

What are the most crucial security measures I should take when using an exchange?

- Strong, Unique Passwords: Use a complex, unique password for your exchange account. Avoid reusing passwords from other online services. A password manager can be invaluable. - Two-Factor Authentication (2FA): Enable 2FA on your account. This adds an extra layer of security, requiring a code from your phone or authenticator app in addition to your password. Google Authenticator, Authy, or hardware keys (like YubiKey) are recommended. - Email Security: Secure your email account with a strong password and 2FA, as it's often used for password resets and notifications. - Regular Password Updates: Change your password periodically. - Beware of Phishing: Be cautious of suspicious emails, messages, or websites that try to mimic the exchange's official communication. Always verify the sender and URL. - Use a Reputable Exchange: South African exchanges are required to have a FSCA license to operate in the region. Stringent policies are in place to enforce exchanges to adhere to strict rules to ensure client funds are secure and dealt with in a professional manner. - Limit Information Sharing: Only provide necessary information to the exchange. Never share your passwords, private keys, seed phrases, or 2FA codes with anyone. - Regularly Review Account Activity: Monitor your account for any unauthorised transactions. Important Reminder Staying informed and vigilant is crucial for protecting your assets in the cryptocurrency space. If something seems too good to be true, it probably is. Always prioritise security and never share your sensitive information with anyone. 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, 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 Mar 18, 2025

Identify fraudulent brokers or agents promising high investment returns

- AFRIDAX operates exclusively through its online platform. We do not employ or authorise any external agents. - Under no circumstances should any broker request or be granted access to your personal device or AFRIDAX account. - AFRIDAX staff will never call you! How to identify fraudulent brokers or agents promising high investment returns? Unrealistic Promises Be wary of anyone guaranteeing high returns or promising "risk-free" investments. Cryptocurrency investments are inherently volatile. Never Grant Remote Access/Control Do not allow anyone to remotely access your device (PC or mobile phone) under any circumstances. Legitimate companies will never ask for this! Pressure Tactics Fraudulent agents often use pressure tactics to rush you into making a decision. Unsolicited Offers Be sceptical of unsolicited offers or messages from unknown individuals or companies. Lack of Transparency Legitimate brokers will be transparent about their fees, risks, and investment strategies. Requests for Personal Information Never share your private keys, seed phrases, 2FA codes, or other sensitive information with anyone. Unregistered Entities Verify if the broker or agent is registered with relevant financial authorities. Social Media Scams Be cautious of investment "opportunities" promoted on social media platforms. Look for Red Flags Poor grammar, spelling errors, and unprofessional communication are common red flags. Reverse Image Search If a person is sending you their picture, do a reverse image search to see if the picture is being used on other sites. Many scammers use stolen images. Check the Brokers History Search the brokers name online, and add words like "scam" or "review" to see if others have been defrauded. What to do if you have fallen victim to a Scam Please see this article Important Reminder Staying informed and vigilant is crucial for protecting your assets in the cryptocurrency space. If something seems too good to be true, it probably is. Always prioritise security and never share your sensitive information with anyone. 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, 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 03, 2025

What to do after falling victim to a scam in South Africa –- A Quick Guide

Important Notes: - No Unsolicited Calls – AFRIDAX will never call you to request account creation, modifications, or sensitive information. Any such call is fraudulent. - Never Grant Remote Access – Do not allow anyone to remotely access your device (PC or mobile phone) under any circumstances. Legitimate companies will never ask for this. - Your Responsibility – AFRIDAX is not liable for any losses resulting from unauthorised account creation or third-party access granted by you. See our Terms of Use. - Full Cooperation with Authorities – AFRIDAX will provide all necessary information to law enforcement to assist in fraud investigations. - False Reports Delay Justice – Wrongly reporting AFRIDAX as the fraudulent party only hinders authorities from catching the real criminals. Always verify before making accusations. Contact [email protected] for assistance. If you’ve fallen victim to a scam, act quickly to protect yourself 1. Contact Your Bank Immediately – Report the fraud to freeze affected accounts. 2. Report to the Police – File a case at your nearest SAPS station and get a case number (essential for investigations). 3. Notify the South African Fraud Prevention Service (SAFPS) – Call 011 867 2234 or visit www.safps.org.za to flag your identity. 4. Check Credit Reports – Contact credit bureaus (TransUnion, Experian) to monitor for suspicious activity. 5. Report Online Scams – If scammed via email/social media, report to www.crimestop.co.za or call 08600 10111. 6. Change Login Details - Change your passwords for online platforms (i.e. online banking, Social Media) 7. Warn Others – Share your experience to help prevent further scams. Stay alert—swift action can limit the damage! 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, our support team is available to assist you. Please submit a support request to [email protected], and we will promptly address your inquiries. You can view our status page here.

Last updated on Apr 16, 2025