AfroDex is a decentralized Ethereum trading platform that lets you trade Ether & Ethereum-based tokens directly with other users. You are responsible for your own account, funds, & private keys. You are responsible for your own trading decisions, and the details and mechanics of the tokens you trade. AfroDex is not responsible for your decisions.
Every Ethereum transaction involves a gas fee which is paid to miners on the Ethereum network. On AfroDex, Ethereum transactions are required for depositing, withdrawing, and trading.
If you're using AfroDex with MetaMask, you can lower the gas price when you accept a transaction to pay a lower gas fee. We recommend a gas fee of 4 gwei if you don't mind waiting a few blocks for your transaction to confirm. If you're using AfroDex without MetaMask, the gas price is fixed at 4 gwei.
If you're not using MetaMask, you can set the gas price from the "Gas price" item in the account dropdown (upper right).
Without getting into too much technical detail, a 4 gwei gas price corresponds to the following overall transaction fees:
|Deposit ETH||~0.0003 ETH|
|Withdraw ETH||~0.0001 ETH|
|Deposit token||~0.0001 ETH|
|Withdraw token||~0.0002 ETH|
|Cancel order||~0.0002 ETH|
How platform fees work
Almost everything you do on AfroDex is free, with only one exception. Here is the full list of exchange fees AfroDex charges:
|Place an order (add liquidity fee)||free|
|Execute against someone else's order (take liquidity fee)||0.3%|
An important feature of AfroDex is that placing an order doesn't involve an Ethereum transaction. Placing an order involves signing a message, which doesn't cost a gas fee. This means that placing an order on AfroDex is completely free: there's no Ethereum transaction fee and there's no fee if the order trades. The one and only platform fee AfroDex charges is a 0.3% fee paid by the person executing an order (paid in the instrument being sold).
In case, if you are not comfortable with Google Chrome and MetaMask, then still you can use AfroDex. AfroDex will store your address and private key in the browser. Your address and private key will not be stored on or sent to a server. This guide will explain you to get started.
Select an account in the account dropdown which is at the upper right. Your account should be managed by either MetaMask or AfroDex browser wallet. You can see you wallet balance next to your account address. If zero balance in the wallet then you need to send some ETH to your wallet address. Do that before proceeding to the next step.
Now some ETH in your wallet, deposit ether from your wallet to the AfroDex smart contract so that you can start trading. In the upper left, you can see balance section. There are three columns, “deposit”, “withdraw” and “transfer.” The “deposit” column shows the balance held in the account you have selected in the account dropdown.
When you deposit fund then it moves from your “wallet” to the AfroDex exchange smart contract. To do this enter the amount and click “deposit.” Make sure that you are not depositing all of your Ethereum; keep some Ethereum to cover gas fees. Generally leaving 0.05 ETH in the wallet considers good and it covers gas fee for future transactions (trading, depositing, and withdrawing.)
In case if you are using MetaMask, then transaction approval takes some time. If you are not using MetaMask, you can set the gas price from the “Gas price” item in the account dropdown, which is located at the upper right.
In case if you are depositing a token (not ETH), then you have to do two consecutive transactions. The first transactions will approve the AfroDex smart contract to transfer the deposit on your behalf and the second will be the actual deposit. It is mandatory to approve the both.
After confirmation AfroDex will tell you that you generated a transaction. You can click on the provided link to track your transaction.
The Withdraw tab is the opposite of the Deposit tab. It will move funds from the "AfroDex" column back to the "Wallet" column.
If you want to transfer funds to another address, then there is transfer tab next to the withdraw tab at the upper left. The deposit tab moves funds from your wallet to AfroDex. The withdraw tab moves funds from AfroDex to your wallet. The transfer tab moves funds from your wallet to another wallet address.
On the transfer tab, the first box is the amount which you want to transfer and the second box is the address you want to transfer to. Although, the address you want to transfer to is pre-filled in with your existing address. In case if you want to change the address then remove this address, enter the address of your choice and then click on transfer.