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Afriex - Money transfer

latest release: 11.30 ( 5th November 2021 ) last analysed  30th September 2021 Under development 
4.5 ★★★★★
790 ratings
10 thousand
5th March 2020

Jump to verdict 

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

Google Play

From Google Play’s description:

AFRIEX App is the cheapest & easiest way to send money Abroad instantly. With the Best Exchange Rates, Zero Fees, and a FREE Multi-currency account Afriex is quickly becoming the future of money.

It also says:

Buy, sell, deposit, and withdraw Bitcoin with the touch of a button. Owning cryptocurrency is safe and easy with the Afriex app.

There is no mention of a private key or self-custody.

However it may use P2P trading, as seen in their page about Crypto:

Because the crypto market never sleeps, our peer to peer (p2p) processing time is 10x faster to help you keep up with the market.

FAQ

From the FAQ:

Afriex is a money sending platform powered by Cryptocurrency, that allows you to make instant and affordable money transfers abroad or at home.

From another FAQ section at the homepage:

Afriex sells bitcoin in some countries but not all, this is based on the rules of each country.

Site

Despite claims to the contrary, Afriex sends mixed messages on how they provide or on whether they do have cryptocurrency support. On the Crypto tab of its main page, it notes that,

Crypto Coming Soon

And provides an email address form, presumably to get sent a notification if the feature is available. The terms and conditions are also silent about its crypto support.

App

Afriex is only available in the countries of Nigeria Ghana, Kenya, Canada, and the USA. We were unable to sign up.

Reach out

We tried to reach out to Afriex via twitter and await a response. With not much information at hand, we will leave it as work-in-progress until they officially replied.

(dg)

Verdict Explained

We still have to analyze this product.

As part of our Methodology, we ask:

Did we get to a conclusion on the transparency of this product yet? If not, we tag it Development 

This product still needs to be evaluated some more. We only gathered name, logo and maybe some more details but we have not yet come to a conclusion what to make of this product.