Terms of Use

Last updated February 2024


These legal terms constitute a legally binding agreement made between you, whether personally or on behalf of an entity (‘’you’’ or ‘’your’’) and AFRIDAX (Pty) Ltd (‘’AFRIDAX’’, ‘’we’’, ‘’our’’, or ‘’us’’), a company incorporated under the laws of South Africa, concerning your access to and use of the AFRIDAX website, mobile applications, or API’s (together, the ‘’Services’’). You agree that by accessing the Services, you have read, understood, and agreed to be bound by all of these Legal Terms.

If you do not agree with all of these legal terms, then you are expressly prohibited from using the Services and you must discontinue use immediately.

Supplemental terms and conditions or documents that may be posted on the Services from time to time are hereby expressly incorporated herein by reference. We reserve the right, in our sole discretion, to make changes or modifications to these Legal Terms at any time and for any reason. We will notify you of any changes by updating the “Last updated” date of these Legal Terms. Any proposed amendments shall be posted on the Website at least one week prior to such amendments being implemented, giving any Account Holder who is unwilling to accept the changed, modified, and/or altered Terms sufficient time to close their account on the platform. It is your responsibility to periodically review these Legal Terms to stay informed of updates. You will be subject to, and will be deemed to have been made aware of and to have accepted, the changes in any revised Legal Terms by your continued use of the Services after the date such revised Legal Terms are posted.

We recommend that you print a copy of these Legal Terms for your records.


To be eligible to register for an AFRIDAX account and make use of the Services you confirm the following:

  • you are an individual, aged 18 years and over and have full capacity and authority to access and use the Services and enter into and comply with these legal terms.
  • you have not been previously removed or suspended from using the AFRIDAX Service.
  • you will not open an AFRIDAX account in the name of a third-party or use your AFRIDAX account to perform any transactions on behalf of a third-party.
  • your AFRIDAX account will be used for legitimate purposes only and not in violation of any laws, statutes, ordinances, or regulations, or in breach of any Export Controls and/or Sanctions requirements.
  • you will not make use of, or involve yourself with an AFRIDAX account that is not your own.
  • you agree that failure to comply with any of the above points, whether to the letter or spirit of these Terms, will be considered a breach of the Terms, and AFRIDAX, may at its absolute discretion be able to suspend, restrict, or terminate your AFRIDAX account without further notice.
  • should you wish to open an AFRIDAX account for a business, trust, partnership, or any other non-individual legal entity, you will adhere to the AFRIDAX Business account application process.

When opening an AFRIDAX Account, our clients are required to submit specific personal information and supporting documentation, this is part of our dedication to preventing fraud, money laundering, and the financing of terrorism. We uphold the highest protocols and control levels of Know Your Customer (‘’KYC’’) to guarantee we satisfy these criteria.

AFRIDAX account holders will be assigned a particular verification level based on the information provided to us at the time of completing the KYC onboarding procedure. Higher verification levels will increase certain features such as higher deposit/withdrawal thresholds. AFRIDAX clients can increase their verification levels by submitting additional information for Enhanced Due Diligence (‘’EDD’’), depending on which of our supported countries you reside in. You acknowledge and accept that you will always be governed by these policies.

At any time, AFRIDAX reserves the right to:

  • Restrict or suspend your Service if we determine that further Identity Verification and/or EDD is required, in our sole discretion;
  • should we suspect that you have given us inaccurate information or refuse to give us the information we need for Identity Verification and/or EDD, we may suspend or cancel your AFRIDAX Account.

You acknowledge and understand that while we go through any Identity Verification and/or EDD procedures, there may be delays in accessing your AFRIDAX Account or in carrying out transactions through your AFRIDAX Account. Your acceptance of these terms allows us to perform the KYC or EDD verification procedures without any prior notifications. AFRIDAX follows a risk based anti-money laundering policy (‘’AML policy”) based on guidance and regulations from the relevant regulatory bodies.


AFRIDAX offers an online trading platform where users can store and trade cryptocurrencies supported by the AFRIDAX platform. To open an AFRIDAX account, the account holder must register on the platform and provide the personal information requested on the registration form. Users may request the withdrawal of their cryptocurrencies at any time, subject to the limitations outlined in these Terms. The AFRIDAX platform can be accessed through the website or other electronic means or devices. Clients can register on the platform by entering a username and password to create an AFRIDAX account, which can then be linked to a bank account.

AFRIDAX account holders can buy, sell, transfer, and store cryptocurrencies, as well as trade fiat and cryptocurrency trading pairs.


AFRIDAX requires you to have either a positive balance in Cryptocurrency or Fiat Balance in your account. To deposit cryptocurrencies, and/or Fiat, from your designated financial institution, into your AFRIDAX account, you need to be the actual or beneficial owner of said account. You may receive Cryptocurrencies into your AFRIDAX account by providing the sender with a receive address as generated in the AFRIDAX account and associated with the specific Crypto. AFRIDAX only supports certain types of Cryptocurrencies and Blockchains, if you attempt to deposit any cryptocurrency or any other Digital Asset that we do not support or accept, you may permanently loose such cryptocurrency or Digital Asset and we are not liable for your loss. If you attempt to deposit cryptocurrency or a Digital Asset that we do not support, we may charge a fee should you wish us to attempt to recover the said Digital Asset or cryptocurrency. There is no guarantee that we will be able to recover the incorrectly deposited funds. Such fee will be withheld from the Digital Asset or cryptocurrency that was the subject of the improper deposit attempt. 

Deposit delays

AFRIDAX does not control or attempt to make any guarantees about the amount of time it takes to complete a deposit of either Digital assets or Fiat. This time frame is dependant solely on the performance of third parties, including financial institutions and network congestion. Deposits may not be cancelled once initiated and are considered final, however you may be able to redeem Fiat balances or withdraw Cryptocurrencies in accordance with our withdrawal policy. Should you reverse a deposit or any other transaction from a Financial Institution you authorise us, at our sole discretion, to cancel the transaction or to use alternate cryptocurrencies or Fiat to resolve any negative balances including to convert any cryptocurrencies to Fiat in your account for various types of Digital Assets or Fiat Currency and deduct any applicable fees.

Fiat Currency

Fiat funding into the Account Holder’s AFRIDAX account is only permitted from the Account Holder’s bank account via EFT (Electronic Funds Transfer) or certain debit/credit cards as permitted by AFRIDAX from time to time. We will issue a Fiat balance to your AFRIDAX account once you have instructed your Financial Institution, or any other acceptable funding method, to deposit Fiat Currency into your AFRIDAX account and the funds have been cleared and received by AFRIDAX. This balance may only be used to purchase AFRIDAX-supported cryptocurrencies or to withdraw to a Financial Institution approved by us. We do not pay interest on your account’s Fiat balances. Prior to funding their fiat wallet, the account holder must first obtain a unique reference number from the AFRIDAX platform to use as a reference when making a deposit to ensure the funds are correctly allocated to the Account Holders Fiat Wallet. AFRIDAX accepts no responsibility for incorrect fund allocation if the reference number is omitted or incorrectly recorded. 

If an Account Holder discovers that Fiat, cryptocurrencies, or Digital Assets have been incorrectly credited to their AFRIDAX Account, the Account Holder must notify AFRIDAX as soon as possible by contacting [email protected] so that the matter can be investigated and resolved by AFRIDAX. To correct the error, the Account Holder’s AFRIDAX account may be debited if deemed necessary. The Account Holder has no claim or entitlement to any Fiat or Cryptocurrency received and incorrectly credited to his/her AFRIDAX account and must immediately comply with any instructions issued by AFRIDAX to correct the erroneous transfer. Failure to follow AFRIDAX’s instructions may result in the suspension of the Account Holder’s account pending the correction of the erroneous transfer. AFRIDAX reserves the right to unilaterally correct any erroneous transfer without the Account Holder’s cooperation or consent.

Custody of Cryptocurrency and Fiat Balances

All digital assets, cryptocurrencies and Fiat Balances held within your account are assets held in custody by us for you. Ownership of the digital assets, cryptocurrencies and Fiat Balances held within your account remains with you at all times and does not transfer to us, except as provided herein. None of the Cryptocurrencies or Fiat Assets in your account or any other customer account are our property, are loaned to us, or are subject to the claims of our creditors, and we do not represent or treat any Crypto currencies or Fiat assets in your account or in any other customers account as our property. However, a court may disagree with our treatment of your assets held in your account, except as required by a valid court order, or as set forth in these terms, we will not sell, transfer, loan or otherwise alienate any asset in your AFRIDAX account unless you instruct us to.


You may be able to transfer Cryptocurrencies from your account (‘’Withdraw’’ or ‘’Withdrawal’’) or redeem Fiat balances into Fiat currency (‘’Redeem’’ or ‘’Redemption’’) deposited to a Financial Institution approved by us. This bank account is required to be held in the name of the AFRIDAX account holder. You can withdraw the total amount of Cryptocurrencies or withdraw Fiat balances in your account, less any fees associated with such withdrawal. You cannot make a withdrawal of the balance of the cryptocurrencies or Fiat balance in your account if it is less than any minimum balance requirements, any amounts needed to satisfy any of your open orders, or any fees owed by you.

It is your exclusive responsibility to ensure that any withdrawal instructions you supply to AFRIDAX, including the bank account number, are complete and correct. It is forbidden to make withdrawals from any third party’s bank account. You acknowledge that any withdrawal request may be denied and/or lead to the limitation, suspension, or termination of your AFRIDAX account. You also agree not to make or attempt to make any withdrawals of money from your AFRIDAX account that reduce the credit in a third parties bank account.  Under no circumstances shall an account holder be permitted to withdraw Cryptocurrencies or redeem fiat funds into an external address or linked bank account which appears on a prohibited list, such as a government or international body sanctions list.

You agree that AFRIDAX makes no guarantees regarding the withdrawal or redemption processing time but will use reasonable efforts to process withdrawal requests each business day in accordance with standard banking hours. AFRIDAX are not responsible for any damages resulting from any rejected withdrawal or redemption. Withdrawals and redemptions may not be cancelled once initiated. We may, at our discretion, suspend your ability to make a withdrawal or redemption for an indeterminate amount of time to ensure compliance with these terms or any legal, regulatory, or administrative obligation, or guidance.

  1.   RISKS

There are substantial risks associated with using our services, including conducting trades. You should carefully consider whether using our services is suitable for you considering your circumstances, knowledge, financial resources, and risk appetite. You acknowledge and agree that your access to and use of the services, including conducting trades, is solely at your own risk, and that we are not liable to you for any losses you incur arising from such risks. You acknowledge and agree that AFRIDAX does not, and will not, provide you with any financial advice in connection with your use of, or transactions you carry out on AFRIDAX’s platform. You accept and agree that you alone are responsible for any decision to purchase, sell, trade, or otherwise hold or deal with cryptocurrencies.

  1.   USDC

By buying or selling USDC coins on the AFRIDAX platform, you agree that you have read, understood and agree to all technical standards and rules as set out by Circle, including without limitation the Circle USDC Agreement which can be found at https://www.circle.com/en/legal/user-agreement. Any redemption of USDC must be made directly with the issuer, AFRIDAX does not issue USDC and does not keep US dollars in reserve for holders of USDC. Any service related to USDC may be changed, suspended, or terminated at any moment by AFRIDAX without incurring any liability or prior notification.


AFRIDAX customers can buy or sell specified quantities of cryptocurrencies (providing they are supported by AFRIDAX) using the Instant Swap feature at the current exchange rate. This rate is determined by sourcing the best available price from AFRIDAX’s order books. These prices are not able to be negotiated, and if not agreeable to the account holder, then the instant swap transaction shall not be actioned. You acknowledge and agree that should you proceed to perform these transactions, the transaction cannot be reversed for any reason. AFRIDAX acts as a broker for these transactions and charges a brokerage fee. More information can be found under the Fees section of this document.


It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the AFRIDAX platform, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authority. You agree that we do not provide legal or tax advice and are not responsible for determining whether taxes apply to your transactions, or for collecting, reporting, withholding or remitting any taxes arising from any transactions. We would strongly advise that you consult with a professional tax advisor to determine your obligations and your tax status in your home jurisdiction.

When using our Services, you acknowledge, and agree that all your actions on and off the AFRIDAX Platform are made in a legal and proper manner and your sources of Digital Assets and Fiat currency are not from illegal activities. If, in our sole discretion, we believe that you are in breach of the above undertaking, we may discretionarily or in coordination with local law enforcement authorities seize, freeze, restrict or suspend your account and any fiat currency and/or cryptocurrencies held on your AFRIDAX account. Should we suspect any fraud being committed on this account we will share this information with the Financial Institution involved and other interested parties

  1.   FEES

Fees may be incurred for part of the Services we provide to you. We may charge you fees to deposit, trade and/or withdraw your Fiat or cryptocurrencies. By using our services you agree to incur these fees. AFRIDAX has the right to set and modify its fee structure at our sole discretion. Any fee changes will be announced in advance, should you not agree with any fees charged, you may discontinue using the Services immediately. You are still responsible for any fees incurred up to the date of the termination of the Services. Unless otherwise agreed or stated, you agree that AFRIDAX have the right to automatically and without prior notice deduct the above-mentioned fees directly from the assets in our account. The fees mentioned above can be found on the AFRIDAX website https://afridax.com/fees  There may also be third party fees associated with use of Financial Institutions and we are not responsible for any such third-party fees.


If you have any Assets, Fiat or Cryptocurrencies, in your account and AFRIDAX is unable to contact you and has no record of your use of any AFRIDAX services, including logging into your account, for a period of time that exceeds 12 (twelve) months, AFRIDAX may be required to report these funds as unclaimed property in accordance with the applicable laws and regulations. AFRIDAX will use reasonable efforts to locate you using the contact information you provided when you signed up for your AFRIDAX account.

If AFRIDAX cannot locate you, we reserve the right to suspend your account and deliver all assets as unclaimed property as directed by the relevant authorities or any court of competent jurisdiction or court order.

We reserve the right to freeze your account if we receive any documents informing us of your death. Your account may be unfrozen when your designated fiduciary opens a new account, as discussed further below, and the entirety of your account is transferred to such new account, or when AFRIDAX receives proof in a form satisfactory to us that you are indeed alive and have not died.

If AFRIDAX has reason to believe that you may have died but does not have satisfactory proof of your death, you authorise AFRIDAX to make any inquiries, whether directly or through third parties, that we deem necessary to determine whether you have died. The fiduciary you have designated in a valid will or similar testamentary document will be required to open a new Account upon receipt of proof satisfactory to AFRIDAX that you have died.

If you are not the designated fiduciary, AFRIDAX reserves the right to treat any person entitled to inherit your account as your fiduciary, as determined by AFRIDAX upon receipt and review of any documentation that AFRIDAX, in its sole and absolute discretion, deems necessary or appropriate, including (but not limited to) a will, living trust, or other similar documentation, or an order designating a fiduciary from a court having competent jurisdiction over your estate. If AFRIDAX determines, in its sole discretion, that there is doubt about the validity of the fiduciary designation, AFRIDAX reserves the right to seek an order from a court of competent jurisdiction before taking any action relating to your account.

To the extent permitted by applicable legislation, AFRIDAX may deduct from any Fiat currency or Cryptocurrency all costs and expenses incurred in connection with the preceding clause, as well as a dormancy fee or other administrative costs from any unclaimed amounts. 


You can close your account at any time by submitting a request to AFRIDAX. Prior to closing your AFRIDAX account, you must cancel or complete all open orders, as well as provide withdrawal instructions for any remaining cryptocurrencies and fiat balances. AFRIDAX reserves the right to accept or reject an account closure at our sole discretion if we believe the reason for the closure is to avoid paying any fees that would otherwise be due or to avoid any examination related to our AML programme.



AFRIDAX reserves the right to suspend your account(s) at any time. You agree that we can freeze or suspend the fiat and cryptocurrencies in your account/s, as well as suspend part or all of your access to the AFRIDAX platform, if we suspect any of the following:

  • an unauthorised attempt to gain access to your account
  • your account has a balance that needs to be reconciled for any reason
  • you are using your credentials or other account information in an unauthorised or inappropriate manner
  • Your account has been operated in violation of any of these terms of service and any other policies, regulations and rules of AFRIDAX, including but not limited to the AFRIDAX AML Policy.


AFRIDAX will investigate and take the necessary action/s against you or your account/s, at our sole discretion, including suspension, freezing, and/or seizing your account/s, if we suspect or otherwise have cause to believe any of the following:

  • yourself or your account/s are involved in suspicious, illegal or fraudulent activities
  • yourself or your account/s are in violation or have been involved in a violation of any applicable laws or regulations
  • yourself or your account/s are the subject of any investigation by law enforcement, government bodies, warrants, subpoenas, court orders or other similar procedures and processes in any relevant jurisdiction
  • yourself or your account/s are the subject of any pending and/or current litigation in any applicable jurisdiction

Additionally you agree that AFRIDAX will share information, where fraud has occurred with the bank and interested parties.


AFRIDAX has the right to terminate your account/s at any time and for any reason at our sole discretion.

If your account is terminated, subject to any ongoing investigations and considerations, we will refund your funds, less any trading fees, costs, and/or expenses to which we are entitled under these terms and applicable laws and regulations in any applicable jurisdiction. If your account is not, or no longer, subject to an investigation, court order, subpoena, or similar legal procedure in any applicable jurisdiction/s, you authorise us to return your funds (less any trading fees, costs, and/or expenses that we are entitled to pursuant to these terms and applicable laws and regulations in any applicable jurisdiction) to any bank account that is registered to your name and linked to your account, unless otherwise required by applicable laws and regulations. Should there be any funds or cryptocurrencies remaining in your account/s, you agree to provide us with a bank account and/ or applicable cryptocurrency wallet address upon receiving written notice from us, so we can return the remaining funds to you.


AFRIDAX grants you a limited, non-exclusive, non-transferable licence to access and use the AFRIDAX platform and services only for approved purposes as permitted by us, subject to these terms. You agree that you will not copy, transmit, distribute, sell, licence, reverse engineer, modify, publish, participate in the transfer or sale of, create derivative works from, or otherwise exploit any of our products or services.

You agree that the AFRIDAX platform and services are protected by copyright and other intellectual property laws, and that you have no right or interest in the Services except for the limited licences granted herein.

The account holder accepts, agrees to, is bound by, and authorises AFRIDAX to accept and rely on any agreements, instructions, authorisations, and other actions made, provided, or taken by any person who has access to or uses its AFRIDAX account, whether authorised or not.

Securing of passwords shall at all times remain the onus of the account holder and at no time shall this pass from the account holder to AFRIDAX


Any user of the AFRIDAX platform may not do the following:

  • use or attempt to use another users account
  • pay for, support, or engage in any illegal gambling activities, fraud, money-laundering, corruption, bribery, terrorist activities, or other illegal activities through the AFRIDAX platform
  • introduce any malware, virus, trojan worms, or other harmful material to the services
  • you may not use the AFRIDAX platform or services in any way that causes, or may cause, damage to the platform or impairment of the availability or accessibility of the AFRIDAX platform; in connection with any illegal fund for payment and settlement, including, but not limited to, payment by illegal means such as fictitious transactions, false prices, transaction refund, illegal cash-out activity via entity bank settlement accounts, or for any unlawful, illegal, fraudulent or harmful purpose or activity under Applicable Laws and Regulations
  • you are responsible for any loss as a result of your actions, including but not limited to :
    • Disclosing your password and/or using the same password on multiple platforms
    • Third parties accessing and using your account for any reason
    • Input or instruction errors, such as price, quantity, and/or timing errors.
    • Mis-submission or mistimed trade instructions
    • Executing instructions provided to you by a third party
    • Deposit or withdrawal of cryptocurrencies to or from the wrong account, or to an incorrect address, or incorrect selection of network
    • Computer or network issues, including any hacks or viruses related to your computer or the network you are using.
  • Provide inaccurate, false or misleading information
  • Attempt to access areas of the platform that you are not authorised to access

You must follow all laws and regulations, and you are responsible for the legal consequences of your actions involving the website and its services. Furthermore, you will not infringe on any third party’s legitimate rights or interests. Furthermore, if AFRIDAX suffered losses as a result of your actions, AFRIDAX has the right to recover those losses from you through legal action or other means.

Any or all of the above shall constitute a breach of these terms, and AFRIDAX shall be entitled to terminate or suspend the account holder’s AFRIDAX account with immediate effect.


By using the staking service, you agree to be bound by these terms of use.


To be eligible to stake cryptocurrency through AFRIDAX, you must be a registered user of the exchange and comply with the terms of use and privacy policy of the platform.

The staking service may have specific eligibility criteria for certain cryptocurrencies or staking pools, which will be outlined in the staking details provided by AFRIDAX

Staking Process

Users may stake eligible cryptocurrencies through AFRIDAX by transferring the specified amount of cryptocurrency to the designated staking wallet.

To utilise AFRIDAX’s staking services, the account holder must acquire or possess a supported cryptocurrency and actively agree to staking. This involves accessing AFRIDAX’s staking service from the account holder’s wallet and confirming their desire to stake the supported digital asset, as well as specifying the amount they wish to stake. By completing these steps, the account holder agrees to have the supported cryptocurrency staked as part of the staking services. AFRIDAX will then transfer the staked assets into a separate account dedicated to facilitating staking on the relevant protocol, acting on behalf of the account holder. It’s important to note that the account holder retains full rights, title, and ownership of the staked cryptocurrencies at all times; they do not transfer to AFRIDAX. AFRIDAX will not engage in selling, loaning, transferring, pledging, or otherwise disposing of staked cryptocurrencies unless explicitly instructed to do so by the account holder, except as required by law.

Once the cryptocurrency is staked, users will begin earning staking rewards based on the applicable staking rules and rewards structure.

Staking Rewards

Staking rewards will be distributed to users in accordance with the staking rules and rewards structure defined by AFRIDAX..Any rewards accrued will be credited to the account holders account (not re-staked) in the same asset as the applicable staked asset.

The frequency and method of staking rewards distribution will be specified in the staking details provided by AFRIDAX.

AFRIDAX reserves the right to adjust the staking rewards structure or distribution mechanism at any time without prior notice.

Risks and Disclaimers

Staking cryptocurrency involves certain risks, including but not limited to, market volatility, network risks, and technological vulnerabilities.

AFRIDAX does not guarantee any specific staking rewards or returns, and users participate in the staking service at their own risk. Users of the staking service should thoroughly assess their objectives, risk tolerance, and financial resources before deciding whether participation in the staking service aligns with their individual risk appetite.

Users are responsible for conducting their own research and understanding the risks associated with staking before participating in the Service.

Termination, Withdrawal and Slashing

Users may withdraw their staked cryptocurrency at any time, subject to any lock-up periods or withdrawal restrictions specified in the staking details. AFRIDAX aims to facilitate immediate unstaking of staked assets for account holders. However, the account holder acknowledges and agrees that the unstaking process may not be instantaneous. It may involve adhering to any applicable protocol unstaking period or epoch, which is determined by the protocol itself.

AFRIDAX reserves the right to suspend or terminate the staking service at any time without prior notice.

In the event of termination, users will have a specified period to withdraw their staked cryptocurrency before the Service concludes.

AFRIDAX makes no guarantees that any staking rewards will be received.

In cases where transaction validators representing certain cryptocurrencies erroneously validate a transaction, certain cryptocurrency networks may subject staked assets to “slashing”. While AFRIDAX will exert all reasonable efforts to prevent staked assets from being slashed, if such an event occurs, AFRIDAX will replace the affected cryptocurrencies. However, this replacement will only be provided under circumstances where the penalties are not a result of the account holder’s actions or omissions, the actions or omissions of any third-party service provider, protocol-level failures due to maintenance, upgrades, bugs, or general failures, a force majeure event, actions by malicious actors (including hackers), or any other events beyond AFRIDAX’s reasonable control.

Limitation of Liability

AFRIDAX shall not be liable for any damages, losses, or expenses arising out of or in connection with the staking service, including but not limited to, technical malfunctions, delays, or errors.

Users agree to indemnify and hold harmless AFRIDAX from any claims, damages, or liabilities arising from their use of the staking service.

By using the staking service, you acknowledge that you have read, understood, and agreed to these terms of use. AFRIDAX reserves the right to amend these terms at any time without notice.


By participating in the Referral Program, you agree to be bound by these terms of use.


To be eligible to participate in the Program, you must be a registered and verified user of the AFRIDAX platform and comply with the terms of use and privacy policy of the exchange. The Program is open to individuals aged 18 years or older. 

Referral Process

To refer a friend, family member, or acquaintance (“Referee”), you must share your unique referral link/code provided by AFRIDAX through email, social media, or other communication channels.

The Referee must use your unique referral link/code to sign up for an account on AFRIDAX and complete any required verification processes.

Both the Referrer and Referee may be eligible for rewards in accordance with the Program’s terms and conditions.


The rewards for successful referrals will be specified by AFRIDAX and may vary from time to time. There is no limit to the amount of referrals you are able to refer.

Rewards may be provided in the form of discounts, credits, cryptocurrencies, or other benefits as determined by AFRIDAX. Rewards and rebates will be paid out on a daily basis. 

The Programme includes rebates on the account holder’s own trading fees as well as rewards for the account holder’s referrals’ trading fees when the account holder refers two or more people

If the account holder registers with AFRIDAX using another user’s referral link or unique referral code, the account holder acknowledges and agrees that a portion of their trading fees may be distributed as a reward to the user who referred them.

The eligibility criteria and conditions for receiving rewards will be outlined in the Program details provided by AFRIDAX.

Prohibited Activities

Participants in the Program must not engage in any fraudulent, deceptive, or unethical behaviour to obtain referrals or rewards.

Participants must not create multiple accounts, fake accounts and/or duplicate accounts, or engage in any activity that violates the terms of use of AFRIDAX. AFRIDAX will verify these account types and will withhold any rewards or rebates for such accounts. Creating duplicate or fraudulent accounts may lead to disqualification from and ineligibility for the referral program.

AFRIDAX reserves the right to investigate and disqualify any participant suspected of violating these terms or abusing the Program.

Modification and Termination

AFRIDAX reserves the right to modify, suspend, or terminate the Program at any time without prior notice, including the percentages and capped amounts of the rebates and rewards.

Any changes to the Program will be communicated to participants through the AFRIDAX website or other official channels.

In the event of termination, participants will have a specified period to redeem any accrued rewards before the Program concludes.

Limitation of Liability

AFRIDAX shall not be liable for any damages, losses, or expenses arising out of or in connection with the Program, including but not limited to, technical malfunctions, delays, or errors.

Participants agree to indemnify and hold harmless AFRIDAX from any claims, damages, or liabilities arising from their participation in the Program.

By participating in the Program, you acknowledge that you have read, understood, and agreed to these terms of use. AFRIDAX reserves the right to amend these terms at any time without notice.


Any usage of the AFRIDAX Application Programming Interface (referred to as the AFRIDAX API) is subject to the complete terms of use.

The AFRIDAX API is used solely at the users own risk. You accept and agree that you are fully responsible for any and all requests made through the API, whether or not they were approved by you, and that it is your obligation to keep any API keys, passwords, or other credentials connected  to your usage of the AFRIDAX API secure.

Your usage of the AFRIDAX API is subject to limitations imposed by AFRIDAX, which may include restrictions on the rate at which you can make requests. You acknowledge and accept that AFRIDAX may, in its sole discretion, revoke your API access if you violate or attempt to violate these restrictions or use of the AFRIDAX API in a way that negatively impacts other users of the AFRIDAX site.


This clause offers users insight into the risks associated with trading cryptocurrencies and other services provided by AFRIDAX. Applicants and users are urged to carefully review this Risk Statement before applying to open an account and executing trades

However, it’s important to note that this statement doesn’t cover all risks related to trading or holding cryptocurrencies comprehensively. It serves as a general overview, and users are encouraged to conduct their own assessment of the suitability of trading digital assets based on their experience, objectives, financial resources, and specific needs.

By opening an account and engaging in trades, users are presumed to have reviewed, understood, and accepted the risks associated with AFRIDAX’s services.

The cryptocurrency market is relatively new and evolving rapidly, with risks not fully understood. AFRIDAX reserves the right to periodically update this Risk Statement to include additional risks associated with transacting in digital assets. However, the company holds no liability if any risk is not explicitly addressed in the statement.

Users acknowledge and agree that it’s their responsibility to stay informed about any updated Risk Statement published by AFRIDAX.

Overview of Risks

  • Digital assets do not hold the status of legal tender and lack backing from any government or physical assets. Typically categorised as a high-risk asset class, trading in digital assets requires careful and judicious decision-making, much like any other asset class.Given the intricate nature of digital assets, their terms, features, and associated risks may be complex and not easily or fully comprehensible. This complexity stems from their innovative structures and reliance on technological features. Therefore, exercising prudent judgement is paramount when engaging in digital asset trading, as well as with any other asset class.
  • The value of digital assets is subject to fluctuations, which can both rise and fall. Trading in these assets may be influenced by irrational market forces. It’s important to note that historical performance data of a digital asset does not ensure or reliably predict future performance.
  • AFRIDAX operates as an execution-only service, refraining from offering advice on the merits of specific trades, associated trading risks, or potential tax consequences. The platform does not provide financial, investment, or legal advice of any kind in relation to its services. Information presented on the AFRIDAX platform serves solely for informational purposes and is not, nor should it be construed as, financial advice, investment advice, financial advisory services, trading recommendations, or any other form of advice. AFRIDAX does not guarantee the accuracy, completeness, or usefulness of such information, and it should not be regarded as an offer to buy or sell any digital asset. Ultimately, users are entirely responsible for assessing the appropriateness of any trade.
  • The value of digital assets often hinges on users’ ongoing willingness to exchange them for other digital assets. Consequently, the potential exists for a particular digital asset to experience a permanent and complete loss of value if its market ceases to exist. Additionally, thinly traded or illiquid markets pose heightened risks due to increased volatility. In such markets, users may encounter difficulty establishing or liquidating positions in a digital asset as desired, potentially at unfavourable prices or even not at all.
  • While utilising our services, you may encounter various fees. Before engaging in any transactions, it is imperative that you acquire comprehensive information and understanding regarding all commissions, fees, and costs that you may incur. If any of these fees are unclear to you, it is essential to seek clarification regarding the applicable fees in specific monetary terms before utilising the services or initiating any transactions.
  • Transactions involving digital assets are irreversible, meaning that accidental or fraudulent transactions cannot typically be reversed. Consequently, any losses resulting from such transactions are generally not recoverable. Therefore, it is crucial to exercise caution when conducting digital asset transfers, as you are solely responsible for any losses that may occur.
  • There exists a genuine risk of unauthorised third parties gaining access to your account(s) and conducting transactions without your knowledge or consent. This unauthorised access may occur through various means, such as gaining control over a device or account that you utilise, or by employing other methods.There is limited, or in some cases no,mechanism for the recovery of lost or stolen Digital Assets
  • Digital asset transactions are irreversible. Once a user sends a digital asset to a wallet address outside of the AFRIDAX platform, there is a risk of losing access to the digital asset indefinitely. This risk arises because of various scenarios, such as entering a wallet address incorrectly, leading to the true owner of the wallet address remaining unidentified. Additionally, the wallet address may belong to an entity unwilling to return the user’s digital assets.
  • The user is accountable for adhering to the applicable laws and regulations and is solely responsible for discerning which laws may pertain to their transactions, including any relevant tax laws. Additionally, the user is solely responsible for reporting and settling any taxes arising from their utilisation of the services.
  • At any given time, one or more individuals may directly or indirectly control substantial portions of the total supply of a particular digital asset. These individuals, often colloquially referred to as “whales,” may wield significant influence, whether acting individually or collectively. They have the potential to impact or instigate significant market events that could adversely affect the price, value, or functionality of digital assets. Additionally, these whales or other network participants and users may make decisions that do not align with your best interests as a digital asset investor.
  • Activities involving digital assets conducted in certain jurisdictions may operate in an unregulated environment or be subject to limited regulation. Regulatory changes or actions taken by competent authorities, or other unrelated authorities not affiliated with AFRIDAX, may have adverse effects on the utilisation, transfer, exchange, and value of digital assets. Additionally, a user’s domestic government may enact laws that render trading digital assets illegal for the user.

AFRIDAX shall have no liability for any delays, failures to perform, or interruptions of service resulting directly or indirectly from any cause or condition beyond our reasonable control, including, but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorism, civil unrest, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services, or network provider services.


The services are provided on an as-is and as-available basis. You agree that your use of the services will be at your sole risk to the fullest extent permitted by law, we disclaim all warranties, express or implied, in connection with the services and your use thereof, including, without limitation, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. We make no warranties or representations about the accuracy or completeness of the services content or the content of any websites or mobile applications linked to the services and we will assume no liability or responsibility for any

  • Errors, mistakes, or inaccuracies of content and materials
  • Personal injury or property damage, of any nature whatsoever, resulting from your access to and use of the services
  • Any unauthorised access to or use of our secure services and/or any and all personal information and/or financial information stored therein
  • Any interruption or cessation of transmission to or from the services
  • Any bugs, viruses, trojan horses, or the like which may be transmitted to or through the services by any third party, and/or
  • Any errors or omissions in any content and materials or for any loss or damage of any kind incurred as a result of the use of any content posted, transmitted, or otherwise made available via the services

We do not warrant, endorse, guarantee, or assume responsibility for any product or service advertised or offered by a third party through the services, any hyperlinked website, or any website or mobile application featured in any banner or other advertising, and we will not be a party to or in any way be responsible for monitoring any transaction between you and any third-party providers of products or services. As with the purchase of a product or service through any medium or in any environment, you should use your best judgement and exercise caution where appropriate. 


You agree to attempt informal resolution of any dispute prior to bringing a claim in any court or other body and to give written notice of any claim or dispute relating to the AFRIDAX site, your AFRIDAX account or these Terms to the other party within 30 days of such claim or dispute arising. 

You can find a copy of our complaints policy https://afridax.com/complaints  


AFRIDAX reserves the right to amend, replace, supplement, or delete these Terms, or any part of them.

AFRIDAX may notify users of an Amendment by posting the revised Terms of Use and changing the “Last Updated” date at the top of the terms, or by any other method determined by us in our sole discretion. Any changes will take effect immediately upon posting the revisions to the AFRIDAX platform or when we transmit the information. These amendments will apply immediately to all current and future uses or services.


These terms shall in all respects be governed by the laws of the Republic of South Africa, including their existence, validity, interpretation, implementation, termination, and enforcement. Any disputes arising out of or in connection with the AFRIDAX service and/or platform shall be subject to the exclusive jurisdiction of the courts of South Africa.


Entire Agreement

These Terms supersede all prior discussions, agreements, and understandings of any kind between you and AFRIDAX (including, but not limited to, any earlier versions of these Terms) and constitute the entire agreement and understanding between you and AFRIDAX with respect to their subject matter.. These Terms and any policies or operating rules posted by us on the services or in respect to the Services constitute the entire agreement and understanding between you and us. Our failure to exercise or enforce any right or provision of these Terms shall not operate as a waiver of such right or provision. These Terms operate to the fullest extent permissible by law. We may assign any or all of our rights and obligations to others at any time. We shall not be responsible or liable for any loss, damage, delay, or failure to act caused by any cause beyond our reasonable control.


Section headings in these Terms are included purely for convenience and do not affect how any provision should be read or interpreted.


If any provision or part of a provision within these Legal Terms is deemed unlawful, void, or unenforceable, that specific provision or part thereof shall be considered severable from these Legal Terms. Such determination does not affect the validity or enforceability of the remaining provisions. 

These Legal Terms do not establish a joint venture, partnership, employment, or agency relationship between you and us as a consequence of these Legal Terms or the use of the Services.

You agree that these Legal Terms will not be construed against us merely because we drafted them. Additionally, you hereby waive any and all defences you may have based on the electronic form of these Legal Terms and the absence of signatures by the parties to execute these Legal Terms.

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