Dafri

HOW DO I VERIFY MY ACCOUNT WITH DAFRIEXCHANGE?

In order to send, receive, trade or store crypto with DafriExchange, you'll need to first verify your identity through the following actions:

Confirm mobile number and basic personal details and selfie photo (no older than 24 hours)
Submit/Photo scan of government-issued ID
Submit proof of residential address

I’VE LOST ACCESS TO MY DAFRIEXCHANGE ACCOUNT, WHAT NOW?

If you’ve forgotten your password or have lost access to your two-factor authentication (2FA) application, you’ll need to go through the relevant account recovery process.

Please do not create a new account - you won’t be able to verify it.

If you’ve lost access to your email address and/or phone number, you’ll need to contact us in order to make the necessary updates on your account. Don’t worry, we’ll verify your identity before we change anything

HOW DO I SECURE MY DAFRIEXCHANGE ACCOUNT?

We take the security of your wallet and your cryptocurrency very seriously, but we do recommend you enable additional layers of protection that you can use to better secure your DafriExchange wallet. Ensure that you:

Enable two-factor authentication (2FA)
Disabling cryptocurrency sends
Choose a strong password and change it regularly, to make it that much more difficult for an intruder to access your wallet.
Self lock your account by reporting suspicious activity in the event your account has been compromised or your cryptocurrency is stolen from your wallet.

HOW DO I BUY CRYPTOCURRENCY?

Buying cryptocurrency with DafriExchange is easy. Depending on your region, you will first need to make a deposit using a bank transfer, EFT or any other method available to you.

Once your deposit has reflected in your local currency wallet, you can proceed to buy cryptocurrency with those funds.

I WANT TO WITHDRAW MONEY. HOW LONG DOES THIS TAKE?

Unfortunately, moving money from the new financial system to the old is not immediate. We will immediately process your withdrawal, but depending on your region and the bank you use, it may take up to two business days to allocate your withdrawal to your bank account.

To withdraw money from your local currency wallet, follow these steps:

The Basics

How to buy cryptocurrency in four easy steps

Visit our signup page to create a DafriExchange account.

Verify your identity

Deposit money into your DafriExchange wallet

Buy cryptocurrency

How do I deposit money?

Before making a deposit so that you can buy cryptocurrency, you’ll have to set up your profile by telling us a bit about yourself. Once done, you can go ahead and make a deposit into your local currency wallet.

Important things to remember

Banks take at least 2 business days to process deposits (longer over weekends, public holidays and when you make a deposit after hours), so that’s how long it’ll take for your money to show up in your local currency wallet.

Once we receive your deposit, we’ll automatically add it to your wallet, and notify you via email. We don’t accept cash deposits, and the deposit needs to come from a bank account in your own personal name.

Note:

Please only reach out to us if you haven’t used your unique reference number (starting with BX), or if it’s been longer than 2 business days and your deposit isn’t reflecting yet.

Here's how

Open the DafriExchange app and sign in

Select Wallets from the menu

Choose your local currency wallet

Select Deposit

Choose the method with which you’d like to top-up your wallet

And follow the on-screen prompts from there

How do I buy or sell cryptocurrency with DafriExchange?

To buy cryptocurrency with DafriExchange you would first need to have verified your identity, a simple process to let us know it’s you who is using your DafriExchange account.

Next, you will need to make a deposit. When you sign up for DafriExchange you receive:

A local currency wallet (for example, a wallet that holds € if you’ve been verified to use DafriExchange in the EU)

A cryptocurrency wallet that holds currencies such as Bitcoin.

Your deposit will be made to your local currency wallet, and once that money reflects you will be able to buy cryptocurrency with that balance. Once the cryptocurrency has been bought it will be stored securely in your cryptocurrency wallet.

This is the standard way to buy cryptocurrency with DafriExchange. Learn more about making a deposit before you buy cryptocurrency.

If you already have a balance in your local currency wallet you will be able to immediately buy cryptocurrency by simply tapping on the amount you’d like to buy from the Home screen—or specifying your own amount—then following the steps to pay. You’ll instantly have cryptocurrency in your DafriExchange wallet.

Alternatively, you can buy cryptocurrency directly with your credit card, debit card or with Google Pay. If you do not yet see the feature to instantly buy cryptocurrency using this method, please be patient as we are continually expanding to new regions.

Another way to buy cryptocurrency is by using the DafriExchange Exchange, an advanced feature available only for Bitcoin and customers in South Africa, Malaysia, Nigeria, Indonesia and Zambia.

Using the DafriExchange Exchange you are able to place limit orders. This allows you to select a price at which you want to buy your Bitcoin, and this order stays pending until the market (a Bitcoin seller in this case) reaches your price.

How do I withdraw money from DafriExchange to my bank account?

If you’d like to cash out your local currency wallet, here are steps to withdraw money to your bank account.

Here's how

Open the DafriExchange app and sign-in

Tap Wallets on the Menu

Select your local currency wallet

On the screen of your local currency wallet, tap Withdraw

Add your bank account details

Enter the code from your authentication app

Follow the steps displayed to complete your withdrawal

We process withdrawals every business day, which excludes weekends and public holidays. Some banks will clear the payments within a few hours, while with others it can take up to two business days. Sadly this turnaround time is out of our control.

How do I sign up for a DafriExchange wallet?

When you sign up with DafriExchange, you get a free cryptocurrency wallet, which you can use to store, top-up, send and receive your cryptocurrency.

Here's how

On the web app

Go to https://www.DafriExchange.com/account/signup (or select the "Sign Up" button on the home page)

Enter your email address or use the option to sign up with Google or Facebook

Pick a strong, secure password (ideally with a combination of letters, numbers and special characters)

Select "Sign up"

On the mobile app

Download the DafriExchange app from the Play Store or App Store

Tap Profile on the Menu and follow the prompts to sign-up

Once you’ve signed up we’ll send you an email with a link to follow. This is to confirm that you have access to the email address you’ve signed up with.

How do I verify my identity?

After signing up with DafriExchange, you will need to verify your identity before you can buy cryptocurrency. This process is easier than opening a bank account.

To verify your identity, follow the link in the email we sent you after you signed up or tap the “I’ve confirmed my email” option in-app. Once this is done, you will be prompted to verify your identity. Simply follow the steps that are presented to you, such as verifying your mobile number.

If you are not automatically verified after providing us with your phone number and personal details in the steps above, you can verify your identity by submitting your identity documents. This feature is only available in certain countries.

Here's how to submit your documents

Open the DafriExchange app and sign-in

Tap Profile on the Menu

Navigate to Settings

Select Upgrade

Submit a high-quality photo or scan of your driving license, identity card or passport. The document should clearly show your personal identity number, names, date of birth and a clear photo.

Later, we may ask you to verify your address. To verify your address, please submit a high-quality photo or scan of a proof of residence document where your name, address of residency and date of issue are clearly visible.

The document must not be older than 3 months from the day of its issue.

Accepted documents

Utility bill
Bank statement with physical address
Municipal rates and taxes invoice
Lease or rental agreement
Mortgage statement
Telephone or cellular account
Recent insurance policy document

Profile

How do I update my personal details on my DafriExchange account?

This guide covers how to do the following:

Update the mobile number associated with your DafriExchange account

Update the email address associated with your DafriExchange account

Update the password associated with your DafriExchange account

How do I update my mobile number?

Follow the steps below to update the mobile number linked to your DafriExchange account.

Note:

You can't update your mobile number on the DafriExchange app. You'll need to update it using DafriExchange on your web browser.

Sign in at www.DafriExchange.com with your email address and password, as well as your two-factor authentication (2FA) code if you have 2FA enabled.

Select Profile from the menu, and then Settings

Select Mobile number from the options

On the Mobile number screen, select the three small dots on the right-hand side of your verified mobile number, and then Change

Type in your new mobile number, and then click Next

You'll then need to enter a confirmation OTP, which will be sent to your new mobile number

Once you've entered the OTP, you'll need to authorise this change, so that we can verify that you did, in fact, make this change. You'll receive an authorisation link via either:

Push notification - if you’ve been signed in on the mobile app for more than 7 days

SMS - to the existing mobile number on your account

Clicking on the link will open an authorisation screen, where you can choose to approve or deny the change.

Mission success! You've successfully updated your mobile number.

I no longer have access to my old mobile number, what now?

If you no longer have access to your old mobile number, and can't receive the SMS to authorise the changing your mobile number, you can either:

Select Lost mobile number on the Check your SMS screen to access account recovery and follow the prompts on the screen to change your mobile number,

or sign-in on the mobile app, wait 7 days, and then authorise the change via push notification.

How do I update my email address?

Follow the steps below to update the email address linked to your DafriExchange account.

Note:

You can't update your email address on the DafriExchange app. You'll have to update it using DafriExchange on your web browser.

Sign in at www.DafriExchange.com with your email address and password, as well as your two-factor authentication (2FA) code if you have 2FA enabled.

Select Profile from the menu and scroll down to Settings

Select Email from the options

On the Your emails screen, select + Add email

Enter your new email address and click Next. You'll then be prompted to enter your 2FA code linked to your old email address (if 2FA is enabled on your account)

A verification email will then be sent to your newly-added email address

Click on the link in the email to verify your new email address. Once verified, follow these steps:

Go back to Profile and scroll down to Settings

Select Email from the options, and select your new email address

Click on the three dots next to your new email address, and choose Set as primary

Mission success! You’ve successfully updated your email address.

How do I update my password?

Follow the steps below to update your DafriExchange account password:

Sign in to the DafriExchange app with your email address and password, as well as your two-factor authentication (2FA) code if you have 2FA enabled.

Select Profile from the menu, and then Security

Select Password

You’ll be prompted to enter your current password, as well as choose a new password. Once done, select Next

Note:

Remember that your new password must contain more than 8 characters, at least 1 symbol & number, and at least 1 uppercase letter

You'll be prompted to enter your 4-digit PIN

Mission success! You've successfully updated your password.

I’ve forgotten my password, what now?

If you’ve forgotten your DafriExchange account password, enter your email address on the forgot password page.

We'll send you a password reset link via SMS. Once you've received the message, click the link to set a new password.

Personal Accounts

Why does DafriExchange need to verify my identity?

DafriExchange is committed to maintaining the highest standards of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance - to prevent the abuse of DafriExchange products and services for money laundering, terrorist financing, or any other illicit use.

DafriExchange is required to comply with KYC and AML laws in a number of countries in which we operate. Where we’re not strictly required to comply with such laws, we nevertheless ensure that our internal compliance standards and policies are in line with the KYC and AML requirements of the local laws and regulations. We do so as a responsible market participant to ensure that we create a safe place for our customers to easily buy, store, and learn about cryptocurrencies.

These laws require us to take certain steps to identify and verify our customers. It’s for this reason that we ask our customers to provide us with their personal details and identification documents when signing up and transacting with us.

Rest assured, we keep your information safe and secure, in accordance with the highest personal data protection standards.

How do I verify my identity?

After signing up with DafriExchange, you will need to verify your identity before you can buy cryptocurrency. This process is easier than opening a bank account.

To verify your identity, follow the link in the email we sent you after you signed up or tap the “I’ve confirmed my email” option in-app. Once this is done, you will be prompted to verify your identity. Simply follow the steps that are presented to you, such as verifying your mobile number.

If you are not automatically verified after providing us with your phone number and personal details in the steps above, you can verify your identity by submitting your identity documents. This feature is only available in certain countries.

Here's how to submit your documents

Open the DafriExchange app and sign-in

Tap Profile on the Menu

Navigate to Settings

Select Upgrade

Submit a high-quality photo or scan of your driving license, identity card or passport. The document should clearly show your personal identity number, names, date of birth and a clear photo.

Later, we may ask you to verify your address. To verify your address, please submit a high-quality photo or scan of a proof of residence document where your name, address of residency and date of issue are clearly visible.

The document must not be older than 3 months from the day of its issue.

Accepted documents

Utility bill
Bank statement with physical address
Municipal rates and taxes invoice
Lease or rental agreement
Mortgage statement
Telephone or cellular account
Recent insurance policy document

Proof of identity - accepted documents

You may be required to submit proof of identity documentation to upgrade your DafriExchange wallet. You should submit a clear, colour photo or scan of one of the following documents, depending on your country. You can submit it after signing in on the DafriExchange website or via the Android or iOS applications.

Proof of residential address - accepted documents

A recent proof of residential address document should clearly show the following:

Full name (matching your identity document), and

Residential address, and

The date of issue (not older than 3 months)

Deposit

Depositing money into your DafriExchange wallet

Depositing money into your DafriExchange wallet is very easy. Once we know a little bit more about you (aka verifying your identity), you can deposit money into your local currency wallet in a few easy steps.

Here's how

Open the DafriExchange app and sign in

Select Wallets from the menu

Choose your local currency wallet

Select Deposit

Choose the method with which you’d like to top-up your wallet

And follow the on-screen prompts from there

Important things to remember

When making a deposit, make sure that 1) you’ve deposited from a local bank account in your own name, 2) you made the deposit from your online banking (we don’t accept cash deposits), and 3) you’ve used the correct unique reference number (starting with BX).

Once we receive your deposit, we’ll automatically add it to your wallet, and notify you via email.

Banks take at least 2 business days to process deposits (longer over weekends, public holidays and when you make a deposit after hours), so that’s how long it’ll take for your money to show up in your local currency wallet.

Note:

Please only reach out to us if you haven’t used your unique reference number (starting with BX), or if it’s been longer than 2 business days and your deposit isn’t reflecting yet.

How do I tell DafriExchange a little bit more about myself?

Before making a deposit, we’ll need to confirm your details - like your mobile number and basic personal information. This varies depending on your country, so you can find out more about our accepted documents here.

How long does this deposit method take?

Deposit times depend on your country and on which day of the week the deposit was made. All deposits are allocated automatically as soon as DafriExchange receives them, but in some countries, it may take a little longer before you see the money in your DafriExchange wallet.

You can find more detail on this by checking out our deposit schedule.

Withdrawal

How do I link my bank account to DafriExchange?

Once you’ve verified your identity, you’ll be able to add a bank account to your DafriExchange wallet as a beneficiary. This will be used to process withdrawals from DafriExchange to your bank account.

Please take note of the bank account requirements before adding the bank account or requesting a withdrawal. Specifically, you can only add bank accounts that are in your name.

To add your bank account, follow these steps:

Open the DafriExchange app and sign-in

Go to Menu, tap Wallets

Tap Withdraw on your local currency wallet and tap Beneficiaries

Now choose the Beneficiary type (Bank account)

Now, select your Bank Region, Bank Account Holder’s Name, Bank Account Number and finally Bank

Confirm the prompt about adding a new bank account

Congratulations, you will now be able to successfully withdraw money from your DafriExchange wallet.

Updating your beneficiaries

To remove a beneficiary using the website, follow these steps:

Open the DafriExchange app and sign-in

Go to Menu, tap Wallets

Tap Withdraw on your local currency wallet and tap Beneficiaries

Find the beneficiary you would like to remove, and then select the remove action to the right of the beneficiary’s name and description.

How do I withdraw money from my DafriExchange wallet?

Once you’ve sold cryptocurrency, you may want to withdraw local currency from DafriExchange to your bank account. We make this process simple. Please ensure your identity is verified and your bank account is linked to your DafriExchange wallet in order to request a withdrawal.

You’ll be able to do this using the DafriExchange app and on your desktop or mobile web browser. Here’s how to do it using the app:

Open the DafriExchange app and sign-in

Tap Wallets from the Menu

Tap Withdraw on your local currency wallet

If you have not yet provided your bank account details, you will be prompted to link your bank account

Enter the amount you’d like to withdraw

Select your bank account. You can add an optional note here for your records

Enter your DafriExchange app PIN and you’re all done

How long does the process take?

Withdrawal times depend on your country and your bank. For more information, please see our withdrawal schedule.

What are the fees for withdrawing money?

We only charge you a fee if your bank charges us a fee. Click here for details about fees for withdrawing money from your DafriExchange wallet.

How long until my withdrawal is processed?

The times at which your withdrawal request is processed at DafriExchange depends on your country or region. How long it takes to reach your bank account depends on your bank.

Things to keep in mind

When requesting a local currency withdrawal from DafriExchange, please make sure that your bank account details are up to date and correct. Also, that the bank account you’re requesting a withdrawal to is your own personal bank account.

Tip:

Find out more about updating your bank account in DafriExchange.

Withdrawals are processed according to the tables shown below. We’ll send you an email notification when we’ve released your money.

Note:

Please allow for normal bank transfer times before expecting the money in your bank account. This can take a number of days and is unfortunately outside of our control.

Things you need to know about withdrawals

As with any service, there are a few basic requirements in linking your bank account to your DafriExchange wallet and requesting withdrawals.

Withdrawals must be made to a bank account that belongs to the same person who owns the DafriExchange wallet. The bank account must be in your name

You may not withdraw money into a friend or family member’s bank account

If you wish to use a company bank account to make withdrawals from DafriExchange, please apply for a company account at DafriExchange

Before requesting a withdrawal, you’ll need to first ensure that your identity is verified.

Requesting a withdrawal

To request a withdrawal, you will need to add a beneficiary to your DafriExchange account. Learn more about adding beneficiaries and requesting withdrawals here.

How long does a withdrawal take?

Withdrawal times depend on your country and your bank. For more information, please see our withdrawal schedule.

How much does it cost to withdraw money?

DafriExchange only charges you a fee if your bank charges us a fee. Learn more about fees for withdrawing money from your DafriExchange wallet

What do I do when a withdrawal doesn’t work?

A withdrawal can fail if the bank account details were invalid or entered incorrectly. If this happens, you will need to contact our support team after 48 hours.

These are basic pointers but there is more information available on withdrawals within our Terms of Use.

Fees

What does it cost to use DafriExchange?

DafriExchange strives to be an affordable place to buy, sell, trade, store and use cryptocurrency. We have a transparent fee structure, without hiding any costs from our customers. The following fees and service charges may apply when using our products.

Depositing money

When depositing money into your local currency wallet, we levy a fee only where we incur costs to receive your money.

Tip:

Find out more about deposit fees here.

Withdrawing money

When you withdraw local currency from DafriExchange to your bank account, a small fee may apply. This admin fee is levied by our financial partners.

Tip:

Find out more about withdrawal fees here.

Sending and receiving cryptocurrency

When sending Bitcoin, the fee is dynamic, meaning we look at the traffic on the Blockchain and levy a fee to ensure your transaction is processed quickly. It's free to receive Bitcoin and Ethereum, however, any Bitcoin amount received lower than BTC 0.0001 will have an equivalent receive fee applied in order to combat dust attacks. Ethereum send transactions are also subject to a nominal fee.

Buy or sell cryptocurrency

When you buy or sell cryptocurrency, we'll display the full price that you will pay for the transaction.

Note:

A 2% service charge applies when buying or selling cryptocurrency. This includes our risk of a price change between when you enter the amount you want to buy or sell and when you confirm the transaction. DafriExchange takes this service charge in cryptocurrencies, which is calculated from the amount you want to buy or sell.

Trading fees

The DafriExchange Exchange uses a maker-taker model, with market makers (adding liquidity) paying no fees and market takers paying a nominal fee.

Why am I being charged this fee when buying or selling?

When you buy or sell cryptocurrency at DafriExchange, different fees apply, depending on where you buy or sell.

The first thing to understand is the difference between using the exchange and the instant buy and sell options. There are different fees for both.

How do I know which one I’m using?

If you're asking this question then you probably used the instant buy and sell option. It’s easy to tell the difference between the two. If you selected buy or sell in the app or the web from the Wallets screen, then you’ve used instant buy or sell. If you selected the exchange option and placed an order, you’ve used the exchange.

Instant buy and sell

If you used this option, the service charge displayed to you is a dynamic fee which changes and is specific to the quote you received. It varies from trade to trade and depends on market conditions. Accepting the quote (selecting CONFIRM) means accepting the service charge that goes with it.

Note:

The service charge includes our risk of a price change between when you enter the amount you want to buy or sell, and when you confirm the transaction. DafriExchange takes this service charge in cryptocurrencies, which is calculated from the amount you want to buy or sell.

The Exchange

Using the exchange is slightly more complicated when it comes to working out the fee you’ve been charged. It depends on whether you’re a maker or a taker. The difference is between trade orders that provide liquidity (called a maker order) and those that take away liquidity (called a taker order).

If you were a maker, then you were charged a maker fee (which ranges between 0% and 0.25% depending on your trading tier and region). It is possible that your order is partially filled immediately, and in a case like this, you could be a maker and a taker. This depends on the available liquidity at the price at which you want to buy or sell.

Note:

Remember, being a maker or a taker does not depend on whether you’re buying or selling, but rather, on whether your order is filled immediately or not.

If you were a taker, then your trade would have gone through immediately and a taker fee would have been charged on that trade - depending in which market and country you are making the trade.

If you opt to enable a once-off alert, it will be deactivated once the alert has been sent to you. Choosing an every time alert will notify you each time the cryptocurrency price crosses the selected level. There is a 5 minute cooldown period for “every time” alerts.

Price Alert

How do I monitor the cryptocurrency price and set up price alerts?

With our price alert feature, you’re able to monitor the price of cryptocurrency. With this feature enabled you will be sent a push notification on your mobile device (or an email if you are not logged in to your DafriExchange mobile app) whenever the Bitcoin price crosses a price level of your choice.

Here's how

Open the DafriExchange app and sign-in

On the Home screen, tap the bell (+) icon next to the current price value of the cryptocurrency you are viewing

Choose your preferences to create the alert

Tap Create alert

Using instant buy/sell

What are the service charges and limits for buying cryptocurrency with DafriExchange?

When you buy cryptocurrency, we give the current exchange rate which includes a service charge which varies depending on market conditions.

Note:

The service charge is displayed to you before you confirm an instant buy transaction.

To protect our customers from excessive price slippage, we have imposed a volume limit per transaction when buying cryptocurrency.

Why do I have maximum buy and/or deposit limits?

When buying cryptocurrency or depositing money into your DafriExchange wallet using instant payment methods (like credit cards), there are more restrictive limits that may apply in addition to your account limits. The maximum amount per transaction is calculated using a combination of per-transaction limits, your account limits, as well as your previous transactions.

Note:

Our payment partners may require us to reduce these limits temporarily due to the high risk of fraud associated with credit card or instant payment transactions.

Receiving Cryptocurrency

How do I receive cryptocurrency to my DafriExchange wallet?

In this article you’ll learn how to receive cryptocurrency to your DafriExchange wallet from another wallet. You can receive cryptocurrency by providing the sender with one of the following:

Your wallet receive address

Your QR code

It’s important to note that, if you’re receiving cryptocurrency from another DafriExchange wallet, the sender can send it to your email address or phone number. This will make the transaction instant and free.

Finding your receiving address or QR code

Open the DafriExchange app and sign in

Tap Wallets from the menu

Tap your cryptocurrency wallet and select Receive

Here you’ll see your existing wallet address or the option to add a receive address. If you’re new to DafriExchange, you’ll need to add a receive address first. Share your receive address or QR code with the person who is sending cryptocurrency to you.

Warning:

Send the right currency to the right receive

You can only receive Ethereum (ETH) in your Ethereum wallet and you can only receive Bitcoin (BTC) in your Bitcoin wallet. Note that different cryptocurrencies are incompatible with other receive addresses. If you, for instance, send Ethereum Classic (ETC) to your Ethereum (ETH) receive address, the funds will be lost. Funds will also be lost if you send Bitcoin Cash (BCH) to a Bitcoin (BTC) receive address.

How long does it take to receive cryptocurrency?

Read our Help Centre article to learn more about how long it takes to receive cryptocurrency.

What are the fees for receiving cryptocurrency?

Visit our Fees and Features page to learn more about the fees for receiving cryptocurrency.

What is a confirmation and how many does DafriExchange require?

A confirmation on a cryptocurrency blockchain occurs when the transaction in question is included in a block that is added to the blockchain. For example, if you make a transaction now, it will be included in the block that’s being added to the blockchain next.

For Bitcoin, this takes around 10 minutes, which is what is known as “block time”, and can be pushed out longer due to various reasons, like mining difficulty and high network usage (This is why DafriExchange uses dynamic send fees to ensure your transaction is included in the next block).

These confirmations are counted from the block that has been added. For example, if my transaction was included in block 100 and there are now 110 blocks, the transaction then has 11 confirmations. It’s counted from the block the transaction is included in.

Sending Cryptocurrency

How do I send Bitcoin for free?

There are various ways to send Bitcoin with DafriExchange, and some of these methods have fees associated with them. You can read more about these fee structures here.

Why do I pay transaction fees when sending and receiving Bitcoin?

As Bitcoin becomes more popular, the number of transactions have been increasing rapidly. While the resources needed to process transactions a couple of years ago was minimal, it is now a lot more significant. Often there are more transactions being created than the network is able to process.

As a result, the various people and businesses participating in Bitcoin’s blockchain (such as miners and node operators) have begun applying pressure to prioritise and reduce transaction load by means of transaction fees. Miners generally select transactions for the block they are mining based on the fee associated with each transaction, so a higher fee results in a better chance of the transaction being included in the next block.

How do I send Bitcoin without the fees?

Sending to a cryptocurrency address is costly due to the blockchain mining fee, and can take time if the network is congested. As such, we’ve devised a method that doesn’t use the Bitcoin blockchain network, allowing you to send Bitcoin for free to anyone, anywhere.

Sending by email or mobile number

If you send it to someone who is already a DafriExchange customer they will get the Bitcoin instantly.

If you send to someone who is not a DafriExchange customer they will receive notification of your Bitcoin send, as well as your personalised message, and a prompt to sign up. If they do not accept your invitation to receive Bitcoin within 14 days, the Bitcoin will appear back in your wallet. You can also cancel the transaction if the recipient has not redeemed it yet. This can only be done on the mobile app.

Here's how

Open the DafriExchange app and sign-in

Tap Wallets, select your Bitcoin (BTC) wallet and then Send

Enter the email or mobile number to which you will send (or choose from your contacts)

Enter the amount you want to send (in BTC or local currency)

Customise your reference message to the recipient, then review the transaction

Enter your PIN or two-factor authentication code (if necessary, depending on your device and settings), then confirm

How do I send cryptocurrency?

Once you have cryptocurrency in your DafriExchange wallet, you can easily send it to others. Learn how to buy cryptocurrency for your wallet here. There are three ways to send cryptocurrencies using DafriExchange:

Sending to a wallet address

Sending it to someone's email address or mobile number (Bitcoin only)

Scanning a QR code

How to send to a wallet address, email address or mobile number

Open the DafriExchange app and sign-in

Tap Wallets from the Menu

Select the cryptocurrency wallet you want to send from

Tap Send

Enter the wallet address, email or mobile number to which you want to send

Enter the amount you want to send

Review the transaction, enter your PIN or two-factor authentication code (if necessary, depending on your device and settings) and confirm

Notes about sending cryptocurrency

The recipient's wallet might take a while to show the transaction

Sending Bitcoin to someone with a DafriExchange wallet using their email address or mobile number makes the transaction instant and free (if they don’t have a DafriExchange account, they’ll be asked to create one)

For security reasons, amounts exceeding 10 BTC or 20 ETH aren’t sent immediately. To see when your transfer will be completed, see the manual send schedule.

The recipient's wallet might take a while to show the transaction

Cryptocurrency transactions are similar to cash transactions and cannot be reversed unless the recipient agrees to give it back. This is unlike credit card payments that can be disputed and reversed.

Only send to people you trust and watch out for scams.

Sending by scanning a QR Code

This is a convenient way to pay using your DafriExchange wallet, without the need to enter the recipient's wallet address. It’s ideal when sending from a mobile device using the DafriExchange app.

Open the DafriExchange app and sign-in

Tap Wallets from the Menu

Select the cryptocurrency wallet you want to send to send from

Tap Send and select QR code

Scan the recipient's QR code

Enter the amount you want to send

Review the details and confirm the transaction

What are the fees for sending Bitcoin and Ethereum?

There is a dynamic fee when you send Bitcoin or Ethereum, which is based on the blockchain network activity at that time. We’ll display it to you before you confirm the send transaction.

We’ve published a blog article in which we discuss the reasons behind our fee structure. More information about send fees can be found here.

Remember, sending Bitcoin to an email address or mobile number is instant and free.

How long does it take to send cryptocurrency?

At DafriExchange, our goal is to release 99% of Bitcoin and Ethereum send transactions in less than a minute. You can send up to BTC 10, BCH 20, ETH 20, LTC 2000 or XRP 10000 in any 24-hour period from DafriExchange and your transaction will be processed in seconds. This is a security measure. If you send more than BTC 10, BCH 20, ETH 20, LTC 2000 or XRP 10000 per 24 hours, your send transaction will remain pending until we process it, according to the table below. If you have a pending transaction, you can cancel it before the cut-off times, below. Pending send transactions are processed manually in batches several times a day, Monday to Friday

Which cryptocurrencies are supported?

At present DafriExchange supports these cryptocurrencies:

Bitcoin (BTC)

Ethereum (ETH)

Bitcoin Cash (BCH)

Ripple (XRP)

Litecoin (LTC)

These may change from time to time, but they are currently the only cryptocurrencies that you may send to your DafriExchange wallet.

What happens if I send an unsupported cryptocurrency to DafriExchange?

If you send unsupported cryptocurrency to DafriExchange, or if someone else sends unsupported cryptocurrency to your DafriExchange wallet, we cannot access those funds and return them to you. Unfortunately, they will be lost.

There are two key factors that are responsible for this:

(i) the fact that cryptocurrency transactions are, by their nature, irreversible, and (ii) the way we store and ensure the security of DafriExchange’s existing supported cryptocurrencies.

To retrieve unsupported cryptocurrencies, we would need to add support for that currency to DafriExchange’s infrastructure. In addition to the prohibitive cost of doing so, this also poses a massive security risk for DafriExchange (and its customers).

Security is of the utmost importance to us at DafriExchange. Supported cryptocurrencies are stored in a highly secure vault and specific operational processes are in place to keep them secure. Any changes to our cryptocurrency storage system (to, for example, add support for a new cryptocurrency) are required to be carefully vetted due to the enormous risk posed to the funds already stored in the system.

Warning:

Please make sure you send the right currency to the right receive address because different cryptocurrencies are incompatible with other receive addresses. For instance, if you send Ethereum Classic (ETC) to your Ethereum (ETH) receive address, the funds will be lost. Funds will also be lost if you send Bitcoin Cash (BCH) to a Bitcoin (BTC) receive address.

I made a mistake sending cryptocurrency, what can I do?

When you send cryptocurrency there may be a time when you have sent it out in error. These common mistakes can include:

Entering a recipient’s details incorrectly

Confirming and authorising the send when you didn’t intend to

Due to the nature of how the blockchain works, it’s often not possible to undo a send transaction. However, here are some scenarios which could help:

Sending to an email address or mobile number

If the email or mobile number you’re sending cryptocurrency to is not linked to a DafriExchange wallet, the recipient will have fourteen days in which to signup to DafriExchange and claim the cryptocurrency. If not claimed within fourteen days, it will be automatically cancelled and returned. If you sent cryptocurrency from your DafriExchange wallet to an email address or mobile number linked to a DafriExchange account, it will be processed instantly and cannot be cancelled or reversed.

Sending to a blockchain address

If you sent cryptocurrency to a blockchain address, the transaction will be submitted to the blockchain within seconds of confirmation. Once submitted it cannot be cancelled or reversed.

The recipient is not receiving the send, what can I do?

If you sent cryptocurrency to a blockchain address, the transaction can be processed in approximately 30 minutes. In unusual circumstances (a combination of high congestion and low fees), it may take much longer to be confirmed. If the recipient does not receive the cryptocurrency within a few hours, check the address that you sent to and ensure that you did not make a mistake.

I received notification of a send I did not authorise, what can I do?

If you did not authorise a send transaction from your DafriExchange wallet and suspect it may be fraudulent, you can use the “Report it” link which you’ll find at the bottom of the email we send to your inbox as a confirmation when sending cryptocurrency.

You can read about the factors DafriExchange considers before adding a new cryptocurrency here. If you'd like to learn more about cryptocurrency, visit our Learning Portal.

Cryptocurrency forks

Our priority is to keep our customers' money safe, which is why we do not support a large number of cryptocurrency forks that occur. At DafriExchange we share a vision (and responsibility) to make it safe and easy to buy, sell and learn about cryptocurrency. Many fork proposals don't add significant value and just add complexity and confusion to the market.

I'm sending crypto to DafriExchange. How much should I put as the fee?

Before sending cryptocurrency to DafriExchange, it’s important to understand send fees - so that your cryptocurrency arrives in a timely manner. Each cryptocurrency has its own way of processing transactions and therefore different fees apply. DafriExchange uses dynamic send fees to ensure that your transaction is processed quickly. However, you may be sending from an exchange that requires you to enter your own transaction fee.

This leaves the potential for certain errors to present itself. Which can result in your transaction taking a while to arrive at its intended destination. It can also be the case that you send a transaction fee that’s unnecessarily high, resulting in a fast, but expensive transaction for you.

Using the DafriExchange wallet

How do I add an Ethereum wallet?

With your DafriExchange wallet, you have the ability to send and receive cryptocurrency. You can also add an Ethereum wallet in a few easy steps.

Here's how

Once we know a little bit more about you (aka confirming your identity), customers from our supported countries can add an Ethereum (ETH) wallet to their DafriExchange account. You’ll then be able to buy, sell, store, send and receive ETH.

Open the DafriExchange app and sign in

Tap Wallets from the menu

Select Add Crypto

Choose Ethereum from the options

Select Create Wallet

Once you’ve added your ETH wallet, you’ll be able to:

Buy or sell Ethereum

Send Ethereum

Receive Ethereum

Frequently asked questions

What is GAS?

Gas is a price unit used in the completion of Ethereum transactions. It measures the amount of work an action on the Ethereum blockchain is required to perform.

When it comes to paying for gas, the transaction fee is charged in the form of an amount of ether, which is used to compensate miners for block production.

Is there a minimum Gas limit when sending ETH to my DafriExchange wallet?

Yes. DafriExchange receive addresses require a minimum of ~32k gas to ensure that your ETH is successfully and promptly received to your DafriExchange wallet.

Sending ETH to a DafriExchange receive address with less than ~32k gas will result in a failed transaction, in which case the ETH will be returned to the sender.

Note: The gas used is unrecoverable - please contact the wallet provider you're sending from for further details.

ERC20 and the dangers of sending them to DafriExchange

Receiving any unsupported cryptocurrency, such as ERC20 tokens to your DafriExchange ETH wallet, will result in the loss of those tokens.

Note: DafriExchange is unable to recover any unsupported cryptocurrency or tokens sent to your receive address.

The reason for this is because DafriExchange customer ETH receive addresses are very simple smart contracts only designed to forward ETH to DafriExchange’s internal wallets. They’re not designed to support ERC20 tokens. Since it’s a smart contract, the private key does not exist, making recovering ERC20 tokens impossible.

EIP55 compatible addresses: Why does it say the address is invalid?

There are two types of Ethereum addresses:

Checksummed addresses: 0x416299AAde6443e6F6e8ab67126e65a7F606eeF5

Legacy addresses: 0x416299aade6443e6f6e8ab67126e65a7f606eef5

Note: Both of these examples represent the same address, however, the difference is that the checksummed address contains mixed-case characters while the legacy address is lowercase only.

For safety reasons, we only accept checksummed addresses, so you may get an error message when attempting to use non-checksummed addresses.

An easy way to get around this is to follow the steps below:

Copy the wallet address you want to send to

Open https://etherscan.io

Paste the address in the search bar on the top right-hand side of the screen and click search

The wallet address is now displayed as a valid EIP55 address - with upper and lower case letters

Copy the wallet address, paste it back into the DafriExchange app, and hit send

What is a Bitcoin wallet address?

When you sign up with DafriExchange, you'll be assigned your own unique wallet address that comes standard with your Bitcoin (BTC) wallet. Any BTC sent to this address will be added to your wallet.

A BTC wallet address is similar to a bank account number. It’s a unique 26-35 digit combination of letters and numbers and it looks something like this: 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd

You can share your BTC wallet address with others. With this, they will be able to send you BTC. This address can also be represented as a QR code, and if somebody wishes to send or pay you in BTC, they can scan the code using their BTC wallet and send BTC to your wallet.

You may want to keep your personal and business transactions separate, so we also allow you to add unique addresses to your account.

Here’s how to view your BTC wallet address

Open the DafriExchange app and sign-in

Tap Wallets from the Menu

Tap your BTC wallet and select Receive

Here you can view your wallet address

How do I add a cryptocurrency wallet?

When you sign up with DafriExchange we provide you with a Bitcoin (BTC) wallet. To buy or transact with any other cryptocurrency you’ll need to add a wallet for that altcoin. At present we support the following altcoins:

Ethereum (ETH)

Bitcoin Cash (BCH)

XRP (the Ripple network’s native cryptocurrency)

LTC (Litecoin)

When you sign-in to DafriExchange, you can add a new wallet by following these steps:

Go to “Wallets” in the menu

Select “Add a new crypto”

Choose the crypto you’d like to add

Proceed with the “Create wallet” prompt

The new cryptocurrency will be added to your list of available wallets. You will be able to send, receive, buy, and sell from your newly created wallet. Adding an extra cryptocurrency wallet will also add it’s price chart to your home screen.

Please take extra care when sending and receiving cryptocurrency by ensuring that the wallet the funds are being sent to is a supported wallet to receive that type of cryptocurrency. I.e. a BTC wallet cannot receive BCH and vice versa.

Frequently Asked Questions

Is XRP and Ripple the same thing?

Not quite. XRP is the Ripple network’s native cryptocurrency. XRP uses its own technology called the Ripple protocol consensus algorithm (RPCA), which allows for the seamless transfer of local money and cryptocurrencies (Like XRP) on the Ripple network.

Do I have an XRP tag?

Yes. Once you create an XRP wallet to receive XRP you will have a tag associated with the address you’ve created. These XRP tags help to map XRP deposits and payments to individual customers. Learn more about XRP tags.

I’m using a legacy BCH wallet address (unsupported by DafriExchange) - how can I convert my address?

If you’re using a legacy BCH wallet address, you can use this tool to convert it: https://cashaddr.bitcoincash.org/

I already have a Bitcoin Cash wallet with DafriExchange. What do I need to know?

If you already have a Bitcoin Cash (BCH) wallet with DafriExchange since the hard fork, which occurred on 1 August 2017, you will now also be able to trade BCH on the DafriExchange Exchange using the newly launched BTC/BCH trading pair. You will also be able to create a receive address to receive BCH to your wallet.

Why can’t I add a new wallet?

Only customers who have upgraded their accounts from our supported countries can add wallets to their DafriExchange account.

Account Recovery

I've lost access to my DafriExchange account. How do I recover my account?

If you’ve lost access to your DafriExchange account, there are several ways to regain access that depend on your specific situation.

My six-digit authentication code isn't working

The most common reason for the two-factor authentication code to not work correctly is that the clock time on your mobile device is inaccurate. You can rectify this by following the steps in this article.

My six-digit authentication code isn't working and I've been locked out

If you've been locked out for entering in your two-factor authentication code too many times, you will need to submit a ticket to us along with a selfie photo. Read more about submitting a selfie here.

I can't access my authentication app

If your mobile device has been lost, stolen or Google Authenticator/Authy was deleted from your phone, you can follow the steps in this article to regain access to your DafriExchange account.

I forgot my password

You’ll need the following to reset your password:

Access to your email - sign in to DafriExchange and follow the “Forgot password” prompt to receive a password reset link

Access to your mobile number - to receive a 4-digit code to confirm your password reset

If you’re using a 2FA (two-factor authentication) app, you’ll need the following to reset your password:

Access to your email - sign in to DafriExchange and follow the “Forgot password” prompt to receive a password reset link

Access to your 2FA app - enter the 6-digit 2FA code when requested to confirm your password reset

If you haven’t verified your mobile number, you’ll need the following to reset your password:

Access to your email - sign in to DafriExchange and follow the “Forgot password” prompt to receive a password reset link

Alternatively, please send us a message if you:

Don't have access to your email to receive the password reset link

Don't have access to your mobile number to receive the 4-digit code

Don't have access to your two-factor authentication app to enter a 6-digit 2FA code and you don't know your 2FA setup key in order to restore your authentication app

Keeping my DafriExchange account secure

How do I keep my DafriExchange account secure?

DafriExchange will keep your cryptocurrency safe but only you can protect your wallet from being accessed by intruders. If your sign in details are stolen and used to steal Bitcoin or Ethereum from your DafriExchange wallet, there is nothing you or DafriExchange can do to get it back.

That’s why we’ve written this list of good practices to help you keep your wallet safe.

Be vigilant of phishing

Website

When navigating to the DafriExchange website, make sure the website address (or URL) is the legitimate DafriExchange.com address. If you see anything else in the address bar on top of your browser, leave the site immediately and report it to us by sending a screenshot to us in a support ticket. We’ll try to have the fake site shut down.

Email

Make sure whenever you receive an email from DafriExchange that it was truly sent by DafriExchange. Check the origin of any email before interacting with any of the links – you can do this by double-checking the sender’s address.

If you do receive a phishing email, do not interact with any of the links in the message. Your email provider should have a “report as phishing” option. Use it.

Phone calls

Be vigilant when receiving phone calls and always ascertain who’s calling you. A tactic that phishers employ is to masquerade as a legitimate entity in order to gain access to your account.

When calling, we may ask you some security-related questions in order to verify your identity.

We will never ask you for the following:

Your password

Your banking details

Your two-factor authentication codes

Your OTP pin

Authorisation links

Stay alert

Read any notifications sent by DafriExchange and report any activity that looks suspicious as quickly as possible to us.

Tags are a recent feature we’ve rolled out in the Security Centre. If a new device signs in to your account, or a new API key is created on your account, you’ll notice a notification icon displaying a “New” tag next to the Security Centre menu item. This update enables you to see at a glance if there has been any new activity on your account. It is especially useful to see if an attacker has gained access to your account. If you notice a “New” tag displaying in your DafriExchange account and you have not signed in from a new device or added a new API key, you have the ability to deactivate that device or revoke the newly-created API key.

The notification tags will disappear once you proceed into the Active Device or API items in the menu.

Two-factor authentication

This is such a powerful security measure, it shouldn’t be regarded as optional. With enough time and computer power any password can be guessed.

We’ve written a piece to help you in setting up your two factor authentication security in the Security Centre.

Passwords

Bitcoin is popular and high on the list of things hackers want to steal from you. It’s extremely important you use a strong password. Not only must your DafriExchange password be strong, it must be unique.

If you’re using the same password on your DafriExchange account as your email or your social media accounts, then you’re basically betting the keys to your Bitcoin wallet on you never having clicked on a phishing link.

To protect yourself even further, it’s good practice to use a Password Manager, which allows you to create and remember secure passwords.

It’s good practice to update your password regularly. Here’s how:

Step 1 Sign in to the DafriExchange app or website, go to Menu and then Security Centre

Step 2 Select Password, on this screen you can update your password

Step 3 Now enter your four-digit DafriExchange pin and then once again to confirm the password update

Step 4 Success! You have reset your password. You will receive an SMS to confirm the change

Active Devices

This feature in Security Centre gives you the control to see which devices are currently being used to access your DafriExchange account. Here you have the ability to deactivate any suspicious devices that you may not recognise. As we covered above, be sure to look out for notification tags that may flag an unauthorised active device.

API Keys

An application programming interface key, or API key, is a unique key that allows a program to gain access to your DafriExchange account. Should you wish to view or manage your API key, you can do this in the Security Centre.

You can read more about API keys here.

Biometrics and Touch ID / Face ID

This feature gives you the option to set up biometric authentication (Touch ID or Face ID if you use iOS) for various security features within your DafriExchange account, such as unlocking your app and authorising certain actions.

Secure your email

DafriExchange will interact with you through your email. This is our way of communicating with you. If criminals have access to your email, you are at risk.

Here’s a few things you can do:

Use a unique and strong password.

It's recommended to update your password frequently. A strong password is at least 14 characters in length and contains a mix of letters, numbers and special characters.

Set up two-factor authentication for your email

Most email providers support Google Authenticator or even SMS security. Check your settings.

Check your forwarding settings to make sure.

Attackers will sometimes gain access to your email. They’ll remain stealthy. Without your knowledge, they set up a forwarding address to have all your incoming mail forwarded to them. They wait until the opportunity arises to steal from you. In this way, your Bitcoin can be stolen even if your account was compromised months ago. Check your mail forwarding settings and make sure there aren’t any unknown devices logged into your mail.

If you signed up to DafriExchange using a Gmail address, here are some additional resources for you:

Read Gmail’s help article on security

Sign up for Google’s Advanced Protection Program

In summary, no time spent on improving security is ever wasted. We know adding security means less convenience, but we’ll have peace of mind knowing you have peace of mind. Stay safe, and feel free to reach out to us if you have any security related questions. We’re here to help.

How do I secure my DafriExchange account if I suspect it’s been compromised?

If you suspect that someone got unauthorised access to your DafriExchange account, or if you’ve fallen victim to fraud - and you still have access to your DafriExchange account - we’d strongly suggest that you secure your account in a few easy steps.

Here's how

Step 1: Navigate to Profile, and then Security

Select Send cryptocurrency, and disable it by selecting DISABLE SEND

Select Password, and then change your password to a new one

Select Devices, then review and remove any devices you don’t recognise

Select API keys, then review and remove any API keys you don’t recognise

Step 2: Go to Profile on the web, and then select Settings

Select Email, then review and remove any you don’t recognise. Also, make sure your email is set to ‘primary’

On Mobile number, make sure that your number is correct. If it isn’t, change it on the web by selecting the three vertical dots to the right, and then Change

Step 3: Secure your email account (like Gmail), just in case it's been compromised

Change the password on your email account

Make sure that there are no email forwarding rules set up that you don't recognise

Tip:

Find out how to disable email forwarding on Gmail here

Step 4: Change the password of your Google, Facebook and Apple accounts if you use social login

Step 5: Set up two-factor authentication (2FA) on your account if you haven't already done so

Tip:

Find out how to set up 2FA on your account here

I don’t have access to my account. What now?

If you don’t have access to your account anymore, or if you received a sign-in notification email when you haven’t signed in, we’d suggest that you lock your account. You’ll find a lock your account link in notification emails from DafriExchange. Once you’ve locked your account, you won’t have access to it for seven days.

How do I lock my DafriExchange account?

This article describes how you can quickly lock your DafriExchange account against unauthorised use. Please note that while your account is locked you will not have access to it for seven days.

Locking your DafriExchange account

If you suspect that someone gained unauthorised access to your DafriExchange account (that you’ve been compromised or fallen victim to fraud), you can temporarily suspend your account by locking it. You will see a link in notification emails, from where you can lock your account:

Note that locking your account will disable the following features on the DafriExchange website, the DafriExchange mobile apps and via the DafriExchange API:

Buying and selling cryptocurrencies

Sending cryptocurrencies

Depositing and withdrawing local currency

Trading on the DafriExchange Exchange

Your account will be locked for a period of seven days. At the end of that period, full functionality will be restored automatically.

How to secure your account after you’ve locked it

If you have locked your account, you should immediately secure it.

Ensure that your email or social media accounts haven’t been compromised

Reset your DafriExchange password in the Security Centre and select a unique, strong password

Enable two-factor authentication in the Security Centre here.

You can read more about DafriExchange account security in the Security category

Unlocking your DafriExchange account

For security reasons, your account will remain locked for a period of seven days after you’ve locked it. The DafriExchange Community team won’t be able to unlock it, either. Kindly wait seven days and full account functionality will automatically be restored.

I think my account has been compromised. What should I do?

If you suspect that somebody else has accessed your DafriExchange account, you can follow these steps to secure it.

Step 1 Lock your DafriExchange account immediately

Locking your account ensures that no one can, send, buy, sell, deposit, withdraw or trade from your DafriExchange account for a period of 7 days. Lock your account now!

Step 2 Sign in to your DafriExchange account

Sign in to your DafriExchange account and perform the following actions:

Change your password in the Security Centre

Deactivate any active devices you do not recognise, in the Security Centre

Deactivate any API keys you do not recognise, in the Security Centre

Can’t sign in to your account? Contact us by creating a ticket explaining why you can’t sign in and we'll get in touch to assist you further. Once you have submitted your ticket, continue with the next steps.

Step 3 Secure your personal email

Change your email password

Remove or delete any automatic email forwarding that may be set up on your email account. You can turn off email forwarding in your inbox settings.

Step 4 Change your Facebook password

If you sign-in to DafriExchange using Facebook it is important to ensure that your facebook account is secure.

Step 5 Report any suspicious transactions

Report any suspicious transactions via the link in one of the payments emails you received from us (ensure that the email is from us and not a phishing attempt). You can review all of your transactions here.

Additional recommended steps

If you have completed the steps above, here are a few more recommended precautions you can take.

Enable two-factor authentication (Highly recommended). Here’s how to do it

Disable the ability to send cryptocurrency from your DafriExchange wallet

Read these tips on keeping your DafriExchange account secure