AFEX is building a trust economy for commodities in Africa. Afex processes and activities are targeted at a future of inclusive and efficient markets.
What does Afex do?
AFEX helps small to medium businesses by providing forward contracts to shield them from currency market fluctuations by locking in exchange rates. The company offers spot transactions, which allow customers to buy or sell currency at a live exchange rate and have it immediately sent to the beneficiary.
What is ComX?
ComX, a commodity trading platform by AFEX Commodities Exchange Limited (AFEX) is reducing the risks of investment by providing a simple, easy and informative way of trading and investing in agriculture commodity-backed instruments.
Is Comx by Afex Legit?
Yes, this company is legit and is registered under the corporate affairs commission (C.A.C) in Nigeria.
Afex Sign Up
To sign up an account on Afex ComX is very easy steps if you follow the right instructions like the one I want to tell you below
Afex Comx Referral Code is COMX-UuQE
How to Create Afex ComX Account
To create Afex ComX Account, all you need to do is just sign-up with your name, email and phone number.
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2. Register your name, email, password, occupation and put COMX-UuQE as your Referral Code, then click on “Continue”
3. Enter your “Phone number” here on this page and click continue
After you click on the “Continue button” a code will be sent to your email
4. Goto your phone message inbox or email inbox and copy the 4-digit code and input it on the 4 box here
Here’s how the code will looks like on your email
6. Now setup your your four (4 digit) pin for transaction.
That’s all. You have successfully create your own Afex Comx Account.
The next step is how to login into your Afex Comx Account.
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Afex Comx Login
To login into your Afex Comx Account, just follow the simple step below
1. Click on Sign-In
2. Enter your email and password
3. Click on Sign in or Login
Now the next step is how to find your ComX Account and start trading
How to Retrieve Lost Afex ComX Password?
Click on forgot password and enter the email or phone number links to your ComX account you want to get back
2. Go-to your email or phone number inbox to follow the link sent to you
3. Then re-create another password to login into your account back.
How to fund your Wallet
Funding your wallet on the ComX app is very easy. All you need is to go to the wallet feature under profile and select ‘Fund your Account‘. You can fund your account either through a debit card or bank transfer.
For a debit card, ComX uses Paystack payment integration which charges about 1.4% of the total amount you want to deposit. For bank transfers, users will be charged the normal fee for transferring funds to the Sterling bank account the company uses.
Similarly, there is a feature that allows for cash withdrawal to any bank account of your choice. According to the company, there is no maximum or minimum limit to the amount you can withdraw from the wallet.
The wallet also has features like transaction and bank account which lets you monitor your money flow on the app.
Step to fund ComX Wallet:
1. On your account, click on fund
2. Select the method you want to use
How to Start Trading on Afex Comx
The ComX app has a Market section where you can find all the commodities available for you to trade or invest in. Under Market, you have Trades where you can search or select from the drop-down list of commodities like soybeans, sorghum and maize for you to buy or sell.
It also has an Open Orders page where you can find all your pending and partially matched trades that you can invest in.
Buying or selling commodities on the platform are done in units. Each listed commodity has a unit price which determines the price of the units of the commodity you want to buy.
There are about 9 different products available for investors
The ComX app gives a variety of products to trade in and these include; Spot Maize (SMAZ), Spot Paddy Rice (SPRL), Spot Soybean (SSBS), Spot Sorghum (SSGM), Spot Cocoa (SCOC) and Fair Trade Exchange Traded Commodity (FETC). There are also Fixed Income Products such as; Note Paddy Rice (NPRL), Coupon Ginger (CGNG) and the Export Note (CEXP).
Each product has a chart showing its price fluctuation going back to almost a year. The trading page also shows the contract size of the product and reference location to better help you make trading decisions.
Although most of the products listed on the platform are tradeable in Naira, AFEX revealed that some of its products like CEXP (Commodity Export Product) launched earlier in the year have dollar-denominated returns.
ComX has also onboarded dashboard features like portfolio, watchlist and trade history to help you track orders, place orders, view live quotes from anywhere in the world.
What is the Minimum of Investment on ComX?
Speaking on affordability, the company disclosed that users can start trading with as low as N8,500 but the minimum amount to trade on the platform is dependent on the lowest market price of any product class. Sometimes, ComX allows you to start trading with a minimum of ₦200 for spot. It all depends on the market price.
Learn more about commodities trading and Investments
One of the biggest mistakes investors make is investing in markets they don’t understand. According to Warren Buffett, one of the world’s most successful investors, investing in companies whose business models you don’t understand is very risky.
ComX with the learning feature on its app is bridging the knowledge gap in the commodities market. The learning page has FAQs on the commodities markets, flashcards and videos to help new users get educated on the commodities trading.
It also has a chat feature where users can chat with an online buddy about any question they may have.
Asides the education tips for beginners, the app also releases The AFEX Commodities Weekly report which shows users an overview of how the market was during the week.
However, AFEX revealed that there are no reports available for the period of September – November, which is usually the cultivation season for most commodities covered by the Exchange. Hence there are no prices available for trades to be executed on.
Join a Community and learn new ways to trade
As a promoter on ComX, you can create a community to connect with other investors as well as discuss market trends with like minds.
For newbies in the commodities market, the community provides an opportunity to discuss and learn for seasoned experts in the market. They can also learn the latest trends of investing in the market.
Investments and trades on ComX are extremely safe. The company is registered and regulated by the Security and Exchange Commission (SEC).
Similarly, the bank and card details entered on the platform are also safe as a PCI-DSS-compliant payment platform to handle all investor’s card details.
In terms of privacy, the app only requests permission to access your gallery when uploading identification details while completing your KYC on the platform so your privacy is assured.
Commodities are not better than stocks. However, it is a very profitable portfolio diversification instrument and better risk-adjusted return on investment than traditional asset classes.
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OMINI ABIODUN MICHAEL [a.k.a] BANKEY MILL (BM) is a blogger and the CEO of Aschoolz.com. We Share Education School News of Universities, Polytechnics, Colleges for both Nigeria Schools, Ghana Schools and American Etc like JAMB, Waec, Scholarship, Job opportunity, Learning, Story books and Blog etc