Frequently Asked Questions

Simply register an account with us. Once you are registered, simply deposit money or crypto coins into your wallet.

Simply click here – register

CornuEx is simply a platform that connects buyers with sellers of cryptocurrencies.

Take note that CornuEx doesn't buy or sell cryptocurrencies, neither do we set the rate of any selling or buying, we simply provide the platform to connect buyers and sellers of cryptocurrencies.
In the wallet table on the wallet page, you will see the the 12-digit address of your ZAR wallet, as highlighted in the following figure:

Wallet Table

This 12-digit address is a reference to your ZAR wallet on CornuEx (in the example above, the address is 100000000000). In order to make a deposit into this wallet, you must add the details of the bank account shown in the table below as a beneficiary on your own bank account. When you want to make a ZAR deposit into your wallet, you simply make a transfer to this bank account. Make sure to use the 12-digit address of your wallet as the reference when you are making a transfer, or else we won't know for which account the deposit is ment.

Bank Branch No. Account Holder Account No. FNB Swift
FNB 250655 CornuEx 62720630228 FIRNZAJJXXX

  • A seller has a cryptocurrency such as Bitcoin (BTC) or Rhino Coin (RNC) and is interested in selling it for local currency or for another cryptocurrency.
  • The seller registers on and deposits his Bitcoin (BTC) or Rhino Coin (RNC) in digital wallet.
  • The seller for example has 5 Rhino Coins (RNC) they are interested in selling.
  • They then create an order in the order book to sell 1 RNC (generally known as the sellers ask): e.g. I as the seller want to sell my 1 RNC for R15, 000.00 (ZAR). This is also known as marketing making, since they are making an order and adding liquidity to CornuEx.
  • A buyer on the other hand is interested in buying a cryptocurrency such as Rhino Coin (RNC) with local currency or another cryptocurrency.
  • A buyer can do one of two things:
    • They can close an existing order such as the example above buy buying 1 RNC for R15,000.00 (ZAR); or
    • They can create a new order (also called a bid) by for example putting in a buy order for 1 RNC for R13, 500.00 (ZAR).
A limit order is an order placed on CornuEx to buy or sell a cryptocurrency at a specific price. A buy order will only be performed and executed at the limit price you have set (or possible lower). A sell order on the other hand will only be performed and executed at the limit price (or possible higher).
If you place a buy order at a price that is below all of the pending sell orders, your buy order will remain pending, until the price of RNC decreases and a seller sells RNC at the price of your order. Your buy order is known as a maker order, because it wasn't executed immediately. If it is eventually executed, you will be charged a maker fee.

If you place a buy order at the same price or at a price above any pending sell orders and it is executed immediately, your buy order is considered a taker order and you will be charged a taker fee.

The above fees also apply to sell orders.
When someone created a new order, it is compared against the current open orders in the order book starting from the most favourable price. If the most favourable price is compatible with the new order's limit price, a trade will take place at the most favourable price. If there are multiple orders at the same price, they are prioritised by the time that they were submitted as orders.

If an order is stopped, it is removed from the order book and the process can begin again as mentioned above.

An order may end up in different stages depending on the circumstances:
  • Filled / completed order: the order was matched in total;
  • Unfilled / uncompleted order: the order was unable to trade at all or was stopped;
  • Partially filled / partially completed: the order was able to complete some trades, but still had open trades or was stopped prior to being completed.
You can view the trading fee's here
No, all trades are final, so please take all care when placing trade orders.
This is by no means the only risks and before you make use of any exchange or purchase any cryptocurrency be sure to do your own due diligence as the sole risk lies with you.

Remember that cryptocurrency transactions are similar to loosing cash or your wallet in that it is irreversible - so if you send your cryptocurrency to the wrong person, or your wallet is compromised and someone steals your cryptocurrency, it is gone. Generally cryptocurrencies are also not backed by any entity, so if you lose your cryptocurrency, the crypto network will not be able to reimburse your funds.

Cryptocurrencies value are determined by the community making use of the cryptocurrency and this by no means guarantee any real value.

Generally, cryptocurrencies are more volatile than traditional currencies.
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What are Cryptocurrencies?

Many people believe cryptocurrencies like Bitcoin, Etherium and Rhino Coin to mention a few to be very complicated, when in fact it's a lot simpler.

The easiest way to explain is: How did the human population conduct business or transactions many, many years ago? There was no currency used. We simply exchanged different items with each other creating equal value for each of the items exchanged or numerous items for a single item we deemed to have more value, as we still do with cash today. However, when money was digitalised someone needed to keep track of all the records, and the way the banks and credit card systems dealt with this was to create a 'ledger system' – basically records of account showing how much each person has in their bank account. E.g. When Paul wants to transfer money held in his bank account digitally to Adam, the bank moves the money from Paul to Adam keeping a ledger of the transaction. We trust the bank to send the money and make sure it only gets sent to one person. The banks in theory can still cheat and send to more than one person, but we as society trust them that they don't cheat.

If Paul and Adam use the same bank, it's easy to transfer, but if they use different banks its is more complex as each bank has different process and different ledger systems that need to be reconciled, including at what time the transaction and ledger is reconciled. In order to transfer the funds, each bank charges a fee. When these banks are in foreign countries, it gets even more complicated.

CornuEx Cryptocurrency Network

Cryptocurrencies change all of that. It is simply one massive global ledger system that synchronises across the entire internet, so that everyone can access the same ledger account in real time no matter who or where they are. What does this mean? Currency can easily be transferred between parties without all the red-tape, time delays and exorbitant fees.

There are other differences between cryptocurrencies as well:
A cryptocurrency is a digital representation of value that can be digitally traded and functions as a:

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Medium of exchange;

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Unit of account; and /or

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A store of value.

A cryptocurrency does not have legal tender status (i.e. when tendered to a creditor, the creditor has to accept payment, for example ZAR or $) whereas a creditor may if they wish accept the cryptocurrency as payment.

There are various virtual currencies which includes cryptocurrencies which are either centralised or decentralised, and convertible or non-convertible. Convertible currencies have an equivalent value in real currency such as ZAR or $ and can be exchanged back-and-forth for a real currency. Non-convertible can be seen as game tokens.

Convertible cryptocurrency may be centralised or decentralised that are distributed, open-source, math-based peer-to-peer currencies with or without a central administration, monitoring and oversight authority.