Afreum Cash Documentation
Discover how to use Afreum Cash to BUY or SELL Afreum tokens using USD or local African fiat such as Nigerian Naira (NGN) or South African Rand (ZAR). More international currency options such as EUR, GBP, and others, will be added in the future. You will also learn how to start a money exchange business using Afreum Cash, either as an Afreum Cash Enabler (Individual) or Afreum Cash Enabler (Merchant). In the following documentation the acronym A.C.E. will be used as a shorthand for Afreum Cash Enabler
What is Afreum Cash?
Afreum Cash is a peer-to-peer exchange powered by people.
How does Afreum Cash work?
In the example above, you are the buyer so the Seller needs to first release 100,000 AFR into the Afreum escrow account. Using the Chat button on the trading page you would have first confirmed all transaction details, including in this example, bank account information and so on. Once the Seller has sent the tokens to the escrow, you may click the Escrow button on the trading page to confirm the status of the escrow. Once the escrow is confirmed, you may send payment for the tokens to the Seller using the sellers payment details. Once the seller has received payment, they will release the escrowed tokens to your Afreum wallet account. Click on the Confirm button on the trading page to confirm that the tokens have been released from escrow to your account. You may also check your account to confirm that the escrow release transaction was executed and the tokens are in your wallet. Once you have confirmed release please Rate the other user from 1 to 5 base on the trading experience.
Offers & Trades
Offer: An Offer is like an advertisement that you put out telling the market 1. Which token you want to transact in. 2. Which fiat should be used. 3. Are you buying or selling? 4. What is the range of token amounts you are willing to accept trades for. 5. Are you trading at market rate, below market, or above market rate. Once create, your Offer is listed on the Afreum Cash Offers page for other users to browse.
Trade: A Trade is started when you accept the terms of an existing Offer, and starting a transaction. When you start a Trade, you specify how many tokens you would like to Buy or Sell, and which payment method will be used for the fiat transaction. Once you start a Trade on an existing Offer, the status button of the offer will be changed to "Trading ..." and you must conclude the transaction before others can start trades on the offer.
The Afreum Cash User Interface
CONTEXT 1: User Not Logged In - If you visit Afreum Cash without logging in to Afreum.com, you may still browse all the Offers currently available but you would have to log into your account to create Offers or start Trades. Using the navigation buttons at the top of the Offers page, you can sort offers by Country, City, Payment Method or Show All. Create Offer buttons are not visible in this context.
You can Browse Afreum Cash Offers without logging into your Afreum.com account.
CONTEXT 2: User Logged In - If you visit Afreum Cash after logging in to Afreum.com, you may browse all the Offers currently available and create Offers or start Trades. Using the navigation buttons at the top of the Offers page, you can sort offers by Country, City, Payment Method or Show All. In addition you can show only Offers created by you. Create Offer buttons are in this context but their contents depend on some other contexts such as your registered country. If you have not selected a specific country in the navigation buttons on the top of the page, it means you are in international mode can and only buy or sell Afreum tokens against USD. If you wish to trade using a local country fiat such as Nigerian Naira or South African Rand, you may do so by selecting the country at the top of the page. Once you are in country mode, the buy and sell buttons will be updated allowing you to transact in the local token of that country, either using USD or the local country currency if your registration is from the same country.
If you don't select a specific country you can only create Offers that trade AFR with USD.
In summary, if you want to conduct transactions in local country fiat, you need to first select the country in the drop-down list and you must be registered in the same country, otherwise only USD trades transactions are possible.
If you select a specific country you can create Offers that trade the local token of the country with USD. To create offers trading the local token for local fiat, you need to be registered with the same country.
Creating a New Offer
Once you click the relevant create offer button you will be taken to the New Offer screen. Select the City (relevant only for Face-to-Face trades), enter the range of the amount of tokens you are willing to trade, determine whether the trade will happen at market rate, or up to 10% above market rate (Sell Offers) or up to 10% below market rate (Buy Offers). Next, you select the Payment Methods you will support and enter Instructions for the trade, including payment details. It is important to make it clear in the Instructions field how you trade and provide all payment information required for a successful trade. After you click the Create New Offer button, your Offer will appear on the offers page. How high up your Offer appears on the page depends on a number of factors, including whether you are an A.C.E. (see relevant section below), whether you are Online, and other criteria.
Creating a new offer is fast and easy.
Cancel an Offer by clicking the Cancel Offer button on the offers list.
Starting a Trade
Starting a Trade is as easy as clicking a button.
Follow our simple Trade Flow for successful Afreum Cash transactions.
The Escrow and Confirm pages are probably the most important parts of the trade flow besides creating the Trade itself. The Escrow page is where both parties confirm that the Tokens involved in the trade have been placed in the Afreum Escrow account. Once the Seller has placed the tokens in Escrow, it is safe for the Buyer to make the fiat payment for the transaction. If the Seller refuses to release the tokens for any reason, a dispute can be opened by sending an email to [email protected]. In the future, a dispute resolution interface will be built to facilitate the dispute process. Confirm that tokens have been release from the Escrow account by the buyer by clicking the Confirm button. Finally, do take the time to rate each other honestly and fairly, as this helps other users identify good traders.
Trade with piece of mind thanks to the Afreum Cash Escrow account. Tokens are held in Escrow until payment is received.
You may proceed to the next step once the Escrow is confirmed.
View the Profile of any users by clicking the account in the offers list.
Online Status & Notifications
Online status indication and new Trade notification bell.
Afreum Cash Enablers
Becoming an Afreum Cash Enabler or A.C.E. is very simple. After you have achieved 10 successful Trades on your offers, visit the A.C.E. page on Afreum.com and click on the registration tab. You will be automatically enrolled in the Afreum Cash Enabler (Individual) program and all subsequent trades on your offers will earn 10% of the Trade token amount in AFRX rewards. AFRX is our rewards and governance token, and in the near future AFRX holders will be able to vote on Afreum Ecosystem initiatives.
After 50 successful Trades, its is possible to register for the Afreum Cash Enabler (Merchant) program to earn 15% of the Trade token amount in AFRX rewards. Registrants to the merchant program need to provide a business/commercial address where people can go to conduct Afreum Cash transactions, and provide proof of address. It is envisaged that members of the Afreum Cash Enabler (Merchant) program will be upgraded to the Afreum Merchant Program (AMP), which is our future retail and payments program, to earn even more rewards.