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Exchange FAQ

AfroDex Labs edited this page Jan 9, 2020 · 13 revisions

What is AfroDex?

AfroDex is a decentralized ERC-20 exchange/Trading Platform running on the Ethereum blockchain built with ❤️ from Africa.

We are the first free ERC-20 token DEX trading platform. If you whitelist your wallet at our inception for as low as $10, such wallet becomes a VIP trading account and we will never charge any trading fees on it forever, yet the wallet will receive ETH rewards weekly & claim double portion of airdrop by just simply paying GAS fees, which is required via Ethereum.

Project owners for the very first time also get the liberty to list their ERC-20 projects without contacting AfroDex team, without also incurring any charge.


What is a decentralized exchange?

A decentralization exchange is software which operates without a central authority or central servers. Decentralized exchanges allow for P2P trading with no third parties involved.


Can I trust this exchange since its from Africa?

No need to trust us! AfroDex is a smart contract running on the Ethereum blockchain. Even if something were to happen to this website you could still retrieve all your funds directly from the contract.


How do I create an account?

There is no sign up process required for AfroDex. If you have an Ethereum wallet you have an account. You can use Metamask, ledger, your private key etc to trade


How about my privacy? Do you collect customer information?

AfroDex is a decentralized exchange running on the Ethereum blockchain. All transactions are public, but no personal information is ever collected. However anyone who has information about your wallet can see your transactions on Ethereum public blockchain

You can find more about our privacy by clicking the Privacy button at the bottom right of the exchange


How to Start Trading

Trading starts with making a deposit, Use the Deposit form (upper right) on the My Balance tab to deposit your funds (ETH and tokens) on the exchange. Do not send your tokens directly to the smart contract, or they will be lost and unrecoverable. AfroDex cannot help you with funds incorrectly moved to the Trading smart contract. Once your funds are in, you can start trading. More information on the next FAQ


How do I deposit?

Once your wallet is imported, the balances of your wallet as well as your balance on AfroDex will show in the My Balance tab on the top right hand corner. Type the amount you would like to deposit and click the blue Deposit button. You will be promoted to sign the transaction. After the transaction confirms it will show in your AfroDex account.


How do I withdraw?

In the My Balance tab on the top right hand corner, click Withdraw tab, and type the amount you would like to withdraw and click the blue Withdraw button. You will be promoted to sign the transaction. After the transaction confirms it will show in your Ethereum wallet.


How do I cancel an order?

To cancel an order, go to the My Trades tab on the middle right, click the Orders tab. The transactions section at the bottom will show your open orders. Click on the order you want to cancel, click cancel and sign the transaction.


What fees does AfroDex charge?

AfroDex charges a 0.3% taker fee. There is Zero maker fee. There are no other platform fees. Other functions such as depositing, withdrawing, and canceling order required gas to be paid to the Ethereum network. Listing of new tokens is also free.

AfroDex Version 2 will also offers users the ability to pay a one time flat fee amount thereby whitelisting a particular wallet address for life, this excludes the address from paying the platform fee forever.

The amount of this one time fee starts at $10 and increases by $10 weekly, and will reach a high of $520 in one (1) year of operations.

Week 1 - $10

Week 2 - $20

Week 3 - $30

Week 4 - $40

Week 5 - $50

Week 6 - $60

Week 7 - $70

Week 8 - $80

Week 9 - $90

Week 10 - $100

This Continues till the 52nd week (1year) which will be - $520 VIP accounts for the end of year 2 will cost $1040 and so it goes. Difficulty of having a free trading account on AfroDex increases as weeks pass by. We would in future be able to give out VIP trading accounts as gifts to mark or celebrate events or as rewards for contest in future.

To whitelist an address, go to our exchange, on Accounts tab, click on whitelist address button, choose which currency you wish to pay with, Fill out the rest of the form and make payment. That’s it!

You can check if an address is whitelisted by clicking the whitelist checker button (please allow up to 24 hours for addresses to reflect on the whitelist checker)

Whitelisted wallets are regarded as VIP trading accounts... These accounts do not pay any trading fee and they get rewards in ETH for every fee paid subsequently every week plus double portion of airdrop.


Where do all fees collected from trading and whitelist fees go?

Every week, All fees received are converted to distributed as follows:

10% goes to AfroDex Foundation for charity purposes.

20% locked as AfroDex reserve development fund.

10% goes towards office administration

10% goes to partnerships & promotion

10% goes to founding team

10% will be used to buy back AfroDex tokens which will be 100% burned

10% is airdropped to AfroDex top 100 holders

20% is sent to a pool for our top active exchange traders. Every active regular trading wallet for that week is eligible.


How do I Trade a token not listed on AfroDex?

Click the Token drop down menu, search for the token you intend to list and be sure it is not listed already, you can also scroll to the very bottom, click Add token. Insert the contract address, ticker, and decimals. That’s it! Simple!! And short!!!

There are no fees to add a token on AfroDex this way.

However to get the red alert status removed, contact team and provide necessary basic information in addition to an donating a small amount ETH + some of your token which 50% will be kept in our reserve and 50% will be claimed by our community of active traders as selfdrop, where VIP traders claim double portion while regular traders claim once.


How do I change the default gas price?

In the account tab at the top click Gas price from the drop down menu.


Do you have an API?

Yes, we do. Regarding the API, it gives anyone all the functionality of most market API's on our DEX with more coming down the line. Anyone can query orders, trades, deposits and withdrawals. Most of this content is direct to the smart contract so people can query the contract directly to obtain these information, however the API also allows anyone to setup a websocket listener and act on the information as it comes in.

You can find more about our API by clicking the API page on the footer at the bottom of the exchange


What do I do if I need help or have a problem?

AfroDex is a decentralized exchange and you are responsible for your own funds and trades. We can not help you reverse transactions, retrieve tokens etc. If you need help outside of this you can use the online chat support on the right footer or Join our Telegram Community or via our Live Troll Box ... The community is always happy to help in any way they can.


I’m a developer, can I help build on AfroDex?

As the saying goes:

“If you want to go fast, go alone. If you want to go far, go together.” - African Proverb

We know that working together as a community is better for everyone. And thus, we encourage everyone in the space to work together to reach our goal of a decentralized world.

And yes! We offer token bounties to developers that develop certain features. Please reach out for more info or write us an e-mail hello@afrodexlabs.com


Github

Contribute to AfroDex development by creating an account on GitHub. You can also report bugs or request new features on our Github.

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