FREQUENTLY ASKED QUESTIONS:

HOW DOES DOOYA HELP ME? By using our interactive Trading Bot, our smart algorithm looks at trends to view the best price of the day. This saves you from having to watch charts all day if you have the knowledge and Bitcoin to do arbitrage trading yourself. We provide Bitcoin equal to your investment so that you're able to not have to worry about the volatility of the trade. Our Trading Bot keeps you posted via Telegram on how your trade is doing and sends a trade summary via email once the trade is complete.

WHAT IS REQUIRED TO BECOME A DOOYA TRADER? - A South African ID number - You should be over the age of 18 years old. - A minimum of R100 000 in your bank account to trade with. Proof of funds will be required. - By law, you need to have not utilised your full SDA or FIA - this explained in the next FAQ. - If you are making use of your FIA, a tax clearance is required (we can refer you to our tax partner).

HOW LONG DOES A TRADE TAKE? One trade is typically 24 - 48 hours from the start of the purchasing of the Euro or US Dollars to the profit being paid back to you. Our interactive Trading Bot will only initiate once you have the EUR/USD purchased.

HOW DO I GET PAID? After your trade is complete, the money will be deposited back into your bank account. Trades completed after 11AM will be paid the following weekday business day, however it may take longer due to delays with our service providers, or events that are out of our control.

IF I REFER DOOYA - DO I GET REWARDED? We do have a referral system in place. Should you be interested, please email support@dooya.co.za for more information.

I'M KEEN - HOW DO I GET STARTED? Follow the signup steps HERE OR Send an email to support@dooya.co.za with your name and we'll send you more information regarding registration details.

WHO IS PHYNANS? Phynans are a registered FSP and Forex Intermediary, who we have partnered with to bring our clients an even better arbitrage service. All your arbitrage trades will still be on Dooya's trading service, with Phynans handling the Forex trades and FIA applications at no extra charge. More details can be found on their website

WHO IS GEMINI? Gemini is a regulated and secure cryptocurrency exchange and custodian that allows you to buy, sell, store and earn interest on digital assets. The primary advantage of Gemini compared to our previous option is lower trading and bank fees. Gemini also has some features that make it more convenient and user-friendly. It was founded in 2014 by Cameron and Tyler Winklevoss.

WHO IS VALR? VALR is a South African crypto exchange that connects users to the global blockchain ecosystem and allows them to buy, sell, store and transfer cryptocurrencies seamlessly and securely. VALR has over 60 crypto assets available, low or negative fees for market makers, fast verification process and an intuitive mobile app. VALR was launched in 2019 and is backed by leading global blockchain platforms such as Bittrex

WHO IS CIRCLE? Circle is a global financial technology firm that’s at the center of digital currency innovation and open financial infrastructure. They bridge the traditional financial system and the world’s leading public blockchains to unlock growth for businesses and investors around the world, and allow us to safely and securely process your funds to our offshore trading accounts.

WHO IS KRAKEN? Kraken is a US-based crypto exchange that offers a secure and reliable platform to buy, sell and trade over 200 cryptocurrencies. Kraken has low fees, deep liquidity, high rate limits and advanced trading features such as margin trading and staking. Kraken was founded in 2011 and is one of the oldest and most trusted crypto exchanges in the world

WHO IS LUNO? Luno is a global crypto exchange that enables users to buy, sell, store and trade Bitcoin, Ethereum, XRP and other altcoins with local currencies. Luno has a simple and user-friendly interface, low fees, high security standards and a dedicated customer support team. Luno was founded in 2013 and operates in over 40 countries including South Africa

Click here to view our service providers contact details and T&Cs.

IS MY MONEY SECURE? Through white listed crypto withdrawal addresses, IP restrictions, encrypted API Keys and many more security measures we ensure your funds are safe throughout the trade process.

IS IT SAFE TO SEND FUNDS TO GEMINI? Gemini is a reputable cryptocurrency exchange that prioritises security. Here's a breakdown of their safety measures: - Regulation: Gemini is a licensed and regulated exchange in New York, adhering to strict compliance standards. - Insurance: USD held on Gemini is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per individual. - Cold Storage: The majority of Gemini's assets are stored offline in secure cold storage, minimising online hacking risks. - Two-Factor Authentication (2FA): Gemini uses 2FA to add an extra layer of security to your account login. Overall, Gemini implements strong security practices to safeguard your USD deposits. For further details on Gemini's security practices, you can visit their website: https://www.gemini.com/security

IS IT SAFE TO SEND FUNDS TO CIRCLE? Circle’s information security program is based on industry standard security controls consistent with standards such as the NIST Cybersecurity Framework and ISO 27002. Circle has a robust insurance program in place covering theft and loss of digital assets resulting from both external breaches and employee fraud. The program is underwritten by A-rated insurers and brokered by Marsh’s Digital Asset Risk Transfer (DART) team

WHAT IS AN SDA AND FIA? Every South African citizen qualifies for an SDA (Single Discretionary Allowance) of R1 000 000. This amount means that you can trade up to one million rand per calendar year (1st of January to 31st of December). An SDA does not require SARS approval. Once your SDA has been exhausted, you can apply for an FIA (Foreign Investment Allowance) of up to R10 000 000. This amount means that you can trade up to ten million rand per calendar year (1st of January to 31st of December). To obtain an FIA, a tax clearance must be completed showing proof of funds. You do not need to apply for the full R10 000 000 in one go, but can do any amount required for your trade. Each trade requires a new tax clearance. Dooya does not supply the tax clearance, but we're happy to refer you to a tax practioner we trust. To summarise, each South African citizen can make full use of trading up to R11 000 000.

HEDGED FOREX RISK Dooya has sourced funding to enable us to hedge the FX risk on your arbitrage trades. This means that as soon as your trade is booked, we can lock in the arbitrage rate without having to wait for your funds to arrive in your Kraken account

HANDS OFF APPROACH Together with our FSP and Intermediary partner, Phynans, our new premium service means that you don't even have to book trades yourself! This is all handled for you, so you can sit back, relax and enjoy your coffee in the morning, instead of having to worry about whether to book a trade or not. The cost of your FIA applications is included, and together with Phynans we offer a semi-automated FIA application process to reduce the time and effort it takes to get FIA applications approved

HOW DOES THE FLOW OF FUNDS CHANGE? Instead of sending EUR to your Kraken account, you now send USD to your Kraken account. From there, we send the funds to our Dooya Kraken account and then everything remains exactly the same from there, with the proceeds from your trade being paid back to your designated bank account.

WITH MY FOREX BEING AUTO BOOKED, DOES THIS MEAN YOU WILL BOOK A TRADE EVEN IF THE RATE IS BAD? No. It does not make sense for us to book trades no matter the rate, as our profit is aligned with the interest of our client's. As part of our premium service, we will be adding a feature in due-course which allows clients to set a minimum rate at which they would like their trades to execute, and our trading system will only execute when this rate is achieved.

WILL I STILL HAVE ACCESS TO THE BOT? You will still have access to our Telegram bot to monitor your trades and the arbitrage rates. Instead of updates after each trade, you will receive a monthly statement summarising your trading activity for the month, in line with industry practise for most FSPs.

WHAT IF I DON'T WANT TO CHANGE TO THE PREMIUM ARBITRAGE SERVICE? That's absolutely fine - we will not force any of our existing clients to change to a process they are not comfortable with. You are welcome to continue on the existing arbitrage process/fees should you so wish.