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 currency*Bitcoin (BTC)*Ripple (XRP)***
Transaction time3-5 days15-45mins3-5 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 you will receive approximately the quoted price one the top right hand corner. 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:
Market orders – buy/sell: 0.25% per trade
Limit orders – buy/sell: 0.25% per trade
Percentage orders – buy/sell: 0.25% per trade

Deposit fees:
Cryptocurrency deposits: free
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

How to buy or sell XRP

We offer 3 different ways to place an order on our gateway:

Market orders
A market order is an order to buy or sell a specified quantity of an asset such as XRP at the best available price from the existing orders on the order book.

A market order may fill at a number of different prices based on the size of the market 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 set the price at which you want to buy or sell XRP or at a better price. Buy orders will execute at the price you have specified or at a lower price. Sell orders will execute at the price you have specified or a higher price.

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

Percentage orders
A percentage order is an order to buy or sell a specified quantity of XRP at a specified percentage.
The percentage gets calculated by calling the USD rate of XRP at the time of filling the order.

Our matching engine will fill your order with market or limit orders that matches the percentage order.
The beneficiary function is added to automatically execute a send of this order as it gets filled.

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.

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

If you are not able to find the codes please contact sonya@xago.io so we can assist you further. 

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 do 2 factor authentication on every transaction whether it is a payment, send, deposit, withdrawal, buy or sell, 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 currency*Bitcoin (BTC)*Ripple (XRP)***
Transaction time3-5 days15-45mins3-5 seconds
VISA Transactions per second72000About 101,500 (Scalable with payment channels)
Energy cost per transactionNegligibleAbout 250kWhNegligible
Processing algorithmn/aProof of workConsensus