FAQ

What is Blockchain Technology?
Blockchain is an innovative technology used to settle transactions instantaneously. The blockchain is a secure distributed ledger that stores each transaction and eliminates the need for a trusted third party.

What are Digital Assets (Tokens)?
A digital asset is representation of money. XAGO issues digital assets linked to fiat currency that is underwritten by an escrow account. Integrators such as a mobile wallet company or a bank will acquire digital assets from XAGO on behalf of its customers in order to trade these with the retailer (as an example). A retailer’s bank or the retailer themselves, will accept these digital assets as settlement, which are redeemable immediately. Digital assets are linked to a local fiat currency to eliminate volatility. Account holders will receive the interest accrued from the escrow service.  Retailers can redeem these digital assets in accordance with terms set out in the Merchant Services Agreement or use them for supply chain requirements.

Can we accept any digital asset?
​Yes, XAGO can issue any digital asset onto the ripple ledger.   Depending on the cryptocurrency additional development will be required.

Why we use Ripple technology?
Ripple is an enterprise blockchain solution built for settlement between participants and individuals.

Example:

Fiat currencyBitcoin (BTC)Ripple (XRP)
Transaction time24 hours10-40 mins3-5 seconds
VISA transactions per second72000About 101,500 (scalable with payment channels)
Energy cost per transactionNegligibleAbout 250kWhNegligible
Processing algorithmN/AProof of workConsensus
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How are fees structured?

One of our key differentiators at Xago is our approach to fees. We take a more tailored approach to applying fees for transactions. If you place a buy/sell order on the platform, the approximate value of the transaction will be displayed which includes the transaction fee. The market is constantly changing and the pricing is continually updating and in order to match the buyers and sellers some minor variance in the quoted pricing might occur at the time of your order. All fees are included in this quoted price.

Our fees are as follows:

Trading fees:
Instant orders – buy/sell: 0.25% per trade
Limit orders – buy/sell: 0.25% per trade
Pegged orders – buy/sell: 0.25% per trade

Deposit fees:
Fiat (Rand) deposits: free

Withdrawal fees:
Rand withdrawal: R8.50

Send and Receive XRP fees:
Send XRP fees: 0.25% per send
Receive XRP fees: free

Send and Receive ZAR fees:
Send ZAR fees: 0.25% per send
Receive ZAR fees: free

How to buy or sell XRP
We offer 3 different ways to place an order on our gateway:

Instant orders
An instant order is an order to buy or sell a specified quantity of XRP at the best available price from the existing orders on the order book.

An instant order may fill at a number of different prices based on the size of the instant order and the size of the existing orders on the order book at that time.

Limit orders
A limit order is an order to buy or sell a specified quantity of XRP at a specified price. It allows you to set the price at which you want to buy or sell XRP.

Buy orders will only execute at the price you have specified or at a lower price. Sell orders will only execute at the price you have specified or a higher price.

If there is a difference in price between another order of any type, and it is a positive difference, the matching engine splits the difference 50/50 between the buyer and the seller. This ensures a positive outcome for both the buyer and seller.

If the order is not matched by buyers or sellers the order will not be executed and can be cancelled at any time.

Pegged orders
A pegged order is an order to buy or sell a specified quantity of XRP at a specified percentage, which is pegged on an international USD XRP price.

Our matching engine will fill your order with any type of order that matches the pegged order.

If there is a difference in price between another order of any type, and it is a positive difference, the matching engine splits the difference 50/50 between the buyer and the seller. This ensures a positive outcome for both the buyer and seller.

Can I sign up as an individual?

Xago predominantly works with businesses but we also welcome individuals to register on the gateway to buy and sell, send and receive XRP. Our sign-up process will be available soon.

Do we require FICA?

Yes, we require all Xago customers to comply with FICA in order for us to maintain strict Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. The process is different for individuals and businesses. We use a third-party service provider named DocFox to ensure that we comply with FICA through automatic sanctions screening and risk rating. On signing up for a Xago account you are able to immediately store, send and receive XRP. In order for you to buy and sell XRP and withdraw or deposit South African currency your will need to be fully verified. This process can take up to 2 business days.

How do I use 2 Factor Authentication (2FA)?

The first thing you need to do is to install the Google Authenticator app on your mobile device by visiting your Play or App Store.

For Android devices click here.

For iPhone, iPod Touch and iPad devices click here.

Use 2FA when creating an account:

Scan the QR/barcode with your phone using the Google Authenticator app or enter the code provided when prompted on the registration screen.

What are recovery codes?

Recovery codes are used to recover and restore your two-factor authentication in the case of you losing your mobile device or the deletion of your authenticator app from your phone. We provide you with 8 recovery codes, each of which can only be used once.

These codes look something like this:

Xago Recover Codes

 

 

When creating a Xago account your recovery codes will be displayed on the screen and you will be prompted to save these in a safe place.

Xago 2 FA Registration

 

 

 

 

 

 

 

 

 

 

These codes are an extra security measure to ensure the safety of your account.

PLEASE PRINT OR COPY THESE CODES TO A SAFE AND SECURE PLACE AS THESE ARE NECESSARY TO RECOVER YOUR ACCOUNT IF YOUR MOBILE DEVICE IS LOST, STOLEN OR YOUR AUTHENTICATOR APP WAS DELETED FROM YOUR PHONE.

We recommend using an app such as Dashlane (a browser extension) which allows you to store the recovery codes as a secure note.

Dashlane

 

 

 

 

If you are not able to find the codes please submit a ticket here so we can assist you further.

What do I do if I lose my authenticator app?

If your have lost your mobile device or your authenticator app has been deleted, you can do the following to access your Xago account:

Use your recovery codes to restore your two-factor authentication

Note: You will need to use your recovery codes you saved or printed when you created your Xago account. They look something like this:

Xago Recover Codes

 

 

Using the Google Authenticator app:

a. Download and open the Google Authenticator app
b. Tap the “Begin” icon and add an account using the “Enter a provided key” option
c. Enter an account name, type in one of your recovery codes (that you have not used before) in the “Your key” field, keep the time-based option selected and tap the “Add” button

Using the Authy Authenticator app:

a. Download and open the Authy app
b. Enter your mobile number and verify it via phone call or SMS
c. Add an authenticator account using the “Enter key manually” option
d. Enter in one of your Xago recovery codes (that you have not used before) and tap “OK”

 You have now successfully restored and recovered your 2FA and will be able to log into your Xago account.

What about security?

We take security extremely seriously and while this sometimes may affect your user experience, we believe it is more important to safeguard your assets. We enforce 2 factor authentication on several actions such as signing in to your account, adding and managing beneficiaries, sending XRP and ZAR, depositing and withdrawing ZAR, in order to make sure YOU are authorising the transaction.

What are crypto assets?

According to SARB crypto assets, which are commonly referred to as cryptocurrencies, are digital representations or tokens that are accessed, verified, transacted and traded electronically by a community of users.

Can we accept any digital asset?

Xago is an agnostic settlement platform and depending on the preference of the customer facing wallet, Xago will settle with the retailer in ZAR. Customers who sign-up directly with Xago can only pay in XRP.

What is a Gateway?

The Xago Gateway provides a way for money and other forms of value to move in and out of the XRP Ledger. We act as both an Issuing Gateway and a Private Exchange.

What is a Market Maker?

Market Makers play a key row within the ecosystem by providing liquidity of XRP and also helping to keep spreads low, adding utility and reducing cost for entities transacting on the Ripple protocol.

To participate as a market maker please contact us directly on debra@xago.io

Why we use Ripple technology?

Ripple is an enterprise blockchain solution built for settlement between participants and individuals. It is purpose built to solve the issue that remains of the slow, inefficient, costly price of moving money globally.

Here is how ripple differs:

Fiat currencyBitcoin (BTC)Ripple (XRP)
Transaction time24 hours10-40 mins3-5 seconds
VISA transactions per second72000About 101,500 (scalable with payment channels)
Energy cost per transactionNegligibleAbout 250kWhNegligible
Processing algorithmN/AProof of workConsensus