Welcome to the August edition of the monthly newsletter for Bitfxt Technology. We are excited to give our community a brief, retrospective review of our activities and milestones in the past month.
The month of August was an amazing one for the African and Global community. Activities were centered on improving our services through maintenance and upgrade. We also published educational content that would enable our users to know how to use specific features available on our exchange. We first published some helpful articles using the frequently asked questions from our users who were mostly newbies to cryptocurrency and trading. Blogs on setting up 2FA, Support ticket, etc., were published. We will briefly share more details on that in this newsletter, as well as a lot of other things.
Here’s a brief summary of some important events and achievements that took place in the month of August.
Emergency Server Upgrade
A lot of users have been unable to successfully activate a Two-Factor Authentication on their account. They were mostly unaware of the fact that a 2FA is an extra layer of security to their funds. In this article, it was made known that a password is not enough to secure an account as hackers have found a way to decode a password.
At the end of the blog, a list of tools that can be used to set up 2FA on an account was given as well as a step by step guide to using them. Finally, suggestions on how to set up a strong password was given. Read the full blog HERE.
In every community, there’s always a time when members require support from the administrators. Bitfxt has in place, a support platform that offers support and assistance to the end-users of her products and services.
This blog was basically written to guide users on how to open a support ticket to make enquiry, request for assistance or make a complaint about an issue they are facing on the platform. Read more.
Bitfxt offers its users an easy way to transfer cryptocurrency from one Blockchain to another, and between users. On the other hand, the Blockchain has a number of confirmations required before a transaction is completed. These confirmations are not set by Bitfxt Exchange or any other exchange. In this article, we explained the procedure for transferring from Bitfxt to another Bitfxt account, from Bitfxt to Boundlesspay as well as transfers to other crypto wallets. Full guide here.
Losing access to your account is not uncommon. It happens to the best of us and for many reasons either from a personal mistake or a security breach. In the event of a security breach, do not entertain fear. Quickly alert the support team and necessary steps will be taken to secure and help you recover your account. Some minor account issues may also occur which does not require the assistance of a support personnel. This featured blog has been designed to show you how to handle certain account issues, with and without the assistance of a support personnel. CLICK HERE
On the 10th of August, our server team discovered a vulnerability which could affect the security of our server and had to quickly place the site on Maintenance Mode in order to fix the issue. We embarked on a complete server upgrade which lasted 48 hours.
After this major upgrade, new security features were launched and the CEO, Franklin Peters assured users of a smooth trading experience without interruptions.
Bitfxt Launchpad had announced on the 11th of July that NimedixEcosystem will be conducting their NiM token IEO on our exchange. The project is looking to raise $7,000,000 by issuing 70,000,000 NiM tokens to a crowd of investors who will invest with as little as $1 and own a part of Nimedix as well as partake in periodic profit sharing with Nimedix. Follow this link to take part in the Nimedix IEO
Bitfxt Exchange provides an easy to use, cash in cash out interface that enables crypto investors to carry out day to day trading activities, safely and conveniently. This article answered questions regarding: How to buy and sell TATCOIN, how long it takes to Deposit and TAT, fees for deposit and withdrawal, the minimum/maximum amount for deposit and withdrawal, what methods you can use to deposit. Click here
One of the features available on Africa’s no. 1 cryptocurrency exchange is, Coin Staking. What this means in simpler terms is that users don’t have to necessarily engage in direct trading to make more profit (especially those who wish to use the exchange without having the knowledge nor the desire to trade).
In this article, we provided answers to the following questions:
What is Staking?
How can I Participate in Coin Staking on Bitfxt?
Which coins do we currently support?
Will Bitfxt be charging any fees for staking?
What is the frequency of rewards distribution?
Can users stop Staking? Is there a lock-up period?
Bitfxt is the exchange of the future and the fastest growing tech company in Africa. Due to an unforeseen circumstance, we had to disable withdrawals for an ERC20 token we recently listed called Tatcoin. This was due to a glitch we discovered earlier on Quick Buy/Sell of TAT. A situation where, due to the low liquidity and high volatility of TAT when it was newly listed, some traders manipulated the price of TAT and took advantage of the Quick Buy/Sell of tat to acquire huge amounts of the token at incredibly low prices.
We reached out to the TAT team to explore possible quicker solutions but seeing that the community was getting impatient, we have decided to quickly solve this issue once and for all by taking the following action:
1. Pause all TAT Deposits
2. Stop all TAT trading pairs
3. Reverse all TAT Quick Buy/Sell & Trades
4. Analyse all wallet balances to determine the next steps to take.
Click here to read the announcement.
Know Your Customer, otherwise known as KYC is a process that all businesses are required to carry out to be able to identify the customers they are doing business with.
The main objective of KYC is to know everyone you are transacting with and to also enable you to provide information about these people if you are requested to do so. It also helps to prevent businesses (financial and non-financial) from being used by criminal elements for money laundering, fraud and other corruption-related activities. This post outlines the details required for a new user to perform and complete her KYC process on Bitfxt Exchange. Click here to study the full guide.
Following the deactivation of trades for Tatcoin, efforts were intensified to find a lasting solution to the issues brought about by the glitch.
At a point, we decided to let the community in on the development and get their opinions, questions and suggestions LIVE on Zoom. It was a successful community call with a large turnout of Tatcoin investors as well as the CEO of Abitnetwork, Gauis Chibueze who affirmed his support for our exchange and gave his candid suggestions.. Here’s a summary of the entire AMA section and the video recording of the section. Click here
At exactly 24 hours after the AMA section, Bitfxt reopened her trading window to the Tatcoin community which came with big news for everyone. Changes were made to the withdrawal limit, transaction fee and the trading interface was greatly improved. Users are encouraged to login to Bitfxt.com and resume trading on our secure, swift and convenient indeginous exchange designed just for you. Full details.
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