South African citizens are getting increasingly keen to get their clutches on some bitcoin or other cryptocurrencies as the cryptocurrency fever heats up. Experts believe that the emergence of cryptocurrencies is only getting started, and hence anyone interested can invest.
Many South Africans may believe that bitcoin is hard to purchase due to its high price – a bitcoin is presently worth roughly a million rand. However, bitcoin is not the only crypto available—you can also buy other coins when selecting the correct trading system.
In this post, I’ll lead you through some of the top cryptocurrency trading platforms in South Africa plus their pros and cons, top bitcoin exchange networks with their pros and cons and many more that will be essential to your knowledge. So promptly, let’s dive in.
Best Crypto Exchange Platforms in South Africa
1. eToro
eToro is a cryptocurrency trading platform. It accepts Bitcoin, Litecoin, Ethereum, Zcash, and a slew of other cryptocurrencies.
Users can make deposits quickly and easily through bank transfer, NETELLER, SEPA, PayPal, and other methods. Furthermore, it has unique features, such as copy swapping.
Pros
- Provides a one-of-a-kind copy swapping feature
- It’s a reliable exchange with a track record in traditional finance
- The layout is clear and straightforward to use.
Cons
- Cryptocurrency cannot be deposited via eToro, while other payment options can be deposited.
2. easycrypto.com
For people in South Africa, easycrypto.com is an excellent place to acquire Cryptos. EasyCrypto has created a reputation by offering to service new markets with a clean, user-friendly system and outstanding guarantees.
Pros
- Funds are guaranteed to be completely safe.
- Clients can create regular orders
- You can conveniently exchange cryptocurrencies conveniently
Cons
- There is limited privacy
3. Coinmama
Customers in practically every nation can purchase bitcoin with Coinmama. Each purchase is subject to a 4.9 per cent -5.9 per cent (depending on volume) fee.
Clients in Europe are now able to acquire bitcoins for a lesser charge via SEPA transfer.
If you are interested in buying using Coinmama, keep reading as this article will explain to you how to use Coinmama step by step.
Pros
- Works in practically every country.
- Offers highest credit card limitations for purchasing bitcoins
- It is a trustworthy and dependable type of exchange
Cons
- Exorbitant fees imposed on brokers using credit or debit cards
4. Bitpanda
Bitpanda is a European Bitcoin exchange. The platform provides a wide selection of payment methods with significant payment limits and inexpensive costs.
Clients can acquire bitcoins using a debit or credit card, SOFORT, NETELLER, Skill, eps, giropay, SEPA, or an online bank transfer through Bitpanda.
Our article will teach you how to purchase bitcoins on Bitpanda with a credit card to learn more.
Pros
- It is one of the cheapest ways of purchasing bitcoins using a credit or debit card.
- A dealer who is dependable and trustworthy
Cons
- Fees are not displayed publicly on the website but are incorporated in the purchase price.
5. Paybis
Paybis is a well-known trading platform servicing 180 nations and 48 US states and is FinCEN-registered, giving them a more reputable and regulated market.
Paybis has extraordinarily high limits and lightning-fast payments, five minute ID verification and practically flawless Trustpilot rating rankings.
Pros
- You can obtain live help 24/7
- Incredibly high thresholds
- Verification is done in five minutes
- Payouts are processed quickly
- There is a wide range of payment options available.
Cons
- It’s is unconventional order book for sophisticated traders
6. Bitcoin ATMs
Bitcoin ATMs are a comfortable method to acquire bitcoins. But, the simplicity and privacy come at a cost; most ATMs charge a 5-10% fee. To purchase bitcoins with cash, utilise our Bitcoin ATM map.
Pros
- The maps make it easy to access Bitcoin ATMs
Cons
- The ATMs usually have charges ranging from 5 to 10 per cent for every purchase.
The State of Bitcoin in South Africa
Bitcoin has grown in popularity in South Africa for several reasons, including economic instability and political difficulties. According to Google, South Africa is the second most engaged country in Bitcoin, after Nigeria.
That’s hardly unexpected given that South Africans have been looking for alternate investment opportunities to safeguard themselves from economic and political turbulence, such as the one witnessed in July 2021 when ex-president Jacob Zuma was detained for criminal contempt.
Bitcoin trading in South Africa began to rise in March 2017, after the country’s finance minister was forced to resign amid controversy. Bitcoin trading in South Africa skyrocketed after S&P downgraded the country’s local currency debt to junk status.
eToro, an online trading platform, experienced a 671 per cent increase in Bitcoin trading from January to November 2017 compared to the previous year’s same time.
However, Bitcoin trading in the nation must have suffered a setback in 2018, as the currency’s value began to plummet and the government began to take efforts to control it.
The Regulatory Environment
The regulatory climate for Bitcoin in South Africa has been positive so far. South Africa’s published a “Consultation Paper on Policy Proposals for Crypto Assets” in January of 2019 that offers positive implications and regulations for digital currencies.
In contrast, the Reserve Bank has stated that the digital currency would be treated as “crypto-assets” rather than “money.”
The South African Reserve Bank believes that cryptocurrency-related enterprises should register with the country’s Financial Intelligence Centre, a step that might help increase Bitcoin acceptance by addressing risk risks.
For example, according to the SARB’s consultation document, a digital currency like Bitcoin might fracture the country’s monetary system by impacting money demand and supply.
According to the document, the wild nature of Bitcoin and other cryptocurrencies gives rise to possible frauds; thus, this is another issue the SARB wants to address.
As a result, the agency will implement steps to combat financial terrorism and money laundering, with intentions to implement the regulations retroactively dependent on how the cryptocurrency market in South Africa grows.
This indicates that South Africa would regulate cryptocurrencies and Bitcoin in the nation cautiously but progressively. This might encourage Bitcoin acceptance in the country in the future since potential purchasers will have safeguards in place to protect their money.
Buying and Using Bitcoin in South Africa
Users wishing to acquire Bitcoin in South Africa can carry out the process through one of the country’s platforms. Nevertheless, buyers should bear in mind that they must first obtain a wallet to save their Bitcoin.
If you are not using a wallet, check out our ultimate guide of Bitcoin and cryptocurrency wallets.
After you’ve established a wallet, you can acquire Bitcoin from sites like Luno, Coinmama, CoinCorner, Bitit, and a few more. All of the exchanges have various advantages and disadvantages.
Luno, for example, lets customers buy Bitcoin instantaneously, is recognised for free deposits, and offers consumers substantial limits dependent on their verification status.
On the other hand, users are warned against putting their Bitcoin in the Luno wallet, as online evaluations imply, due to possible security issues and slow deposit and withdrawal periods.
Bitcoin ATMs are also another means to acquire Bitcoin in South Africa; however, only a few are in the nation. The ATMs enable customers to purchase Bitcoin with cash quickly and easily because they do not involve sign-ups or identification confirmation with exchanges, which can take several days.
The disadvantage of purchasing Bitcoin using an ATM is the hefty transaction costs, ranging between 5 to 10 per cent.
More significantly, South Africa provides consumers with a variety of options for spending their Bitcoin.
According to bitcoin exchange Luno, hundreds of retailers take Bitcoin, such as stationery vendor Applebee, designer clothes supplier BLVD Boutique, and hula hoop entertainers.
Finally, it is possible to infer that Bitcoin is in good health in South Africa and thus should thrive due to the government’s active and constructive attitude to building its crypto network.
The digital currencies aforementioned are among the simplest methods to acquire Bitcoin in South Africa. There are various Bitcoin exchanges in South Africa, and you can use our guide to choose one depending on your needs and interests.
Multiple platforms have different charges of transactions, withdrawal limitations, payment methods, and verification processes that consumers should be aware of before choosing one.
Additionally, Bitcoin purchasers should bear in mind that some exchanges demand a personal wallet before you can purchase the digital currency. Even if it is not required, it is suggested that you have your own for security purposes (ideally a hardware wallet).
Kindly check out our complete guide on the Best Bitcoin and Cryptocurrency Wallets—if you don’t have a wallet.
Another option for purchasing Bitcoins in South Africa is to use automated teller machines (ATMs). These ATMs enable customers to buy cryptocurrencies with cash rapidly, and most simply require a contact number for verification provided you aren’t purchasing a large amount of Bitcoin.
Fortunately, our Bitcoin ATM Map can help you find Bitcoin ATMs within South Africa.
Top Bitcoin & Cryptocurrency Exchanges in South Africa
Many prominent Bitcoin and cryptocurrency markets are available in South Africa.
Here are a few of our favourites:
1. eToro
eToro is one of the latest crypto sites in the United States, with over a dozen options to choose from. It has a peculiar trading function that allows you to replicate other investors’ moves.
Unlike other competitors, the eToro network provides a simple price structure that investors and traders appreciate.
CopyTrader is an example of the distinctive aspects of the eToro platform. It enables eToro users to replicate the trading of their best high traders with a single tap.
Simply input the amount of cash you wish to utilise, and eToro will allocate the funds appropriately to match the levels of your top eToro trader.
Furthermore, this social trading platform does not impose any administration or other charges. Users can opt to mimic just a single outstanding trader or many of them at the same time while using this trading program.
A few of eToro’s competitors’ crypto exchanges have complicated pricing systems. Depending on the intensity of the trade, they frequently charge spread and a processing fee.
eToro’s revenue exclusively depends on the spread, the differential between the purchase and selling price of the cryptocurrencies available on its site. The spreads are flexible and subject to vary/ However, eToro is open about the charges.
Although not as robust as some competitors, eToro provides practically all of the most prominent cryptocurrencies on its site. The Gemini exchange, for instance, supports a broader range of cryptocurrencies but never accepts certain renowned coins, such as Cardano and Stellar.
Pros
-
- It supports 17 different cryptocurrencies exchanges.
- A little deposit is required to open an account and start an investment.
- It offers social trading—the ability to mimic the movements of well-known traders.
Cons
- There are only 44 states having access to the service in the United States.
- Although eToro offers FX and stock trading in other nations, US eToro members can only make crypto transactions.
2. Luno
Luno is a bitcoin trade and payment business that operates in 40 nations around Europe and numerous underdeveloped and middle-income countries.
It has been likened to the E*TRADE of the e-commerce boom of the 1990s, with a passionate purpose to teach the people about cryptocurrency and how to market them.
To assess the demand for Luno’s cryptocurrency trading and payments solutions, we evaluated fees, functionalities, and advantages and disadvantages in-depth.
While Luno provides a valuable service by conveniently allowing people worldwide to trade cryptocurrency in the economic mainstream, investors prefer platforms like eToro for US clients or Plus500 for UK vendors, which is governed and secure and enables legitimate trading across different assets categories.
The Luno wallet and transaction software make life simple to transfer, receive, and spend cryptocurrency and fiat currency. The Luno Education Portal and blog provide learning programs for beginning bitcoin traders.
Luno simplifies the use of cryptocurrency in the actual world. You may spend your crypto at any moment by converting it to your local money.
Although offering over 100 crypto pairings to trade, other exchanges do not provide any on-exchange alternative to transfer to fiat.
Kraken and Binance are two large crypto-to-crypto trades. Kraken and Binance are two large crypto-to-crypto trades. Therefore, you must withdraw your assets to your diLuno for the dealer who will not buy a Ferrari to drive in a low-speed area when a Toyota would suffice.
The option accomplishes the same goal while being less expensive and more efficient. The market capitalisation of Luno is $3.7 million.
Pros
- It is a quick and straightforward way to exchange bitcoin for fiat money.
- You can easily exchange crypto and fiat money with ease.
- The payments of bitcoin and fiat email are free.
- Through a business account, companies can receive and pay in cryptocurrency.
Cons
- There are just two cryptos accessible for trading, that is Bitcoin and Ethereum.
- There is no margin borrowing or sophisticated trading systems.
- Citizens in North America cannot access the exchange.
- In Europe, exchange trading is not possible.
How to Buy Ethereum in South Africa
Ethereum comes as the second most loved digital currency, after Bitcoin. Its exceptional features enable the creation of unique applications on the top of its platform.
The exchanges in South Africa listed below will help you to buy Ethereum. After purchasing, you should withdraw your ETH to your crypto wallet.
1. Bitpanda
BitPanda is an Austrian crypto platform that mainly serves the European economic community. The firm was created in 2014 and has evolved to become one of Europe’s most popular cryptocurrency exchanges for buying and selling Bitcoin and other digital assets.
Thanks to its highly intuitive and easy-to-use interface for buying and selling cryptos, many people find this platform attractive.
Additionally, the platform provides a wide range of payment methods, making it easy for amateur crypto enthusiasts to buy and sell crypto coins such as ETH.
The BitPanda cryptocurrency exchange isn’t certified by any respectable regulatory authorities. But since most other cryptocurrency platforms have managed to become regulated, this should not be a cause of concern.
As the cryptocurrency business grows in popularity, governments are constantly making and implementing rules, and many cryptocurrency exchanges, such as BitPanda, will almost certainly become regulated.
And although BitPanda is not regulated, the platform boasts as one with a high reputation and few complaints since its launching in 2014.
This platform has never reported any security compromises or fund loss, and most of its users have nothing but praises to the organisation. Moreover, the firm was recognised for being a successful startup company in 2016.
BitPanda’s platform is relatively straightforward and restricted in terms of the services and capabilities it offers. Essentially, you can only use the site to purchase and sell cryptos at the current market rate. Investors can only use the portal to exchange fiat currency for bitcoin and vice versa.
The trading platform is well designed and simple to operate. The forum does not feature chart analysis or market data analysis.
Still, it is only used for buying and selling cryptocurrencies doing an amazing job of creating a friendly user interface(UI) for new cryptocurrency investors to purchase and sell coins.
Pros
- It’s extremely liquid
- It houses a straightforward UI
- It has many available payment and withdrawal methods
- Deposits and withdrawals can be done in fiat money
Cons
- Withdrawals require verification
- A limited number of cryptocurrency assets that can be traded
- There is no advanced trading platform
- Charges are relatively high when compared to other cryptocurrencies
2. Coinmama
Coinmama is a global cryptocurrency exchange launched in 2013 to make it simple and easy to buy digital money using fiat currency. It has extended its services to 190 countries and recorded over 3 million customer transactions globally since its establishment.
Coinmama exchange allows the immediate purchase of cryptocurrency, with the coins being delivered straight to your wallet.
Trading cryptocurrency is simple, even if you purchased it on a different marketplace, and your cash is deposited immediately into your bank account.
Coinmama doesn’t maintain or save client cash or payment details, making it secure. You have total control over your digital and fiat funds at all times.
Coinmama exchange is incredibly easy-to-use, making it ideal even for novices:
- Click Buy
- Choose the cryptocurrency you wish to buy
- Enter the fiat money amount
- Click Buy Now to acquire cryptocurrencies.
You don’t need to place a market order or track price variations. Selling is a simple process.
Coinmama accepts payment at the time of sale and transfers the cryptocurrency straight to your wallet, unlike most exchanges where you must deposit fiat currency, then buy crypto, and lastly direct the amount into your wallet.
After trading your cryptocurrency, the funds are transferred directly from your external wallet to your nominated bank account.
Coinmama Platform offers a more secure method to buy and sell cryptocurrencies since it is non-custodial, meaning it never holds your crypto assets or fiat cash.
Your digital assets are always maintained safely in your hands rather than online with Coinmama; even if Coinmama is compromised, you’ll not lose your crypto.
Pros
- Simple to use – ideal for newbies
- Allows you to purchase and trade cryptocurrency instantly
- Non-custodial: You maintain complete control of your assets at all times.
- Accepts payment methods from credit and debit cards
- Cut prices and save money with a loyalty program
- Email and live chat support are available for customers
- Expenditure limitations are high – up to USD 30,000 at a time
Cons
- Only ten cryptocurrencies are accepted
- Transaction costs are higher than those charged by several other cryptocurrency exchanges.
- Not accessible in all states in the US
- There are no charts to see the price history of cryptocurrencies
How to Buy Dogecoin in South Africa
Dogecoin (DOGE), a cryptocurrency that began as a joke about the Shiba Inu dog, has lately become a popular digital currency thanks to Tesla owner Elon Musk. You can buy Dogecoin on the crypto exchanges listed below in Canada.
Dogecoin has become one of the sought-after cryptocurrency blockchains. On December 6, 2013, Jackson Palmer and Billy Markus launched Dogecoin.
Doge began the year at less than $0.01. It reached a record of $0.42 on April 20 due to its popularity on Robinhood. Its code is openly accessible to anybody, making it an open-source blockchain.
BTC Global
A bitcoin investment business called BTC Global was the target of an $80 million fraud prosecution.
BTC Global marketers persuaded customers to invest by promising 2 per cent interest per day, 14 per cent interest per week, and 50 per cent interest per month.
A few of the investors were paid, but the payments eventually stopped like with all Ponzi schemes. This is because original investors are paid out of new investor cash in the case of BTC Global and other Ponzi schemes.
FAQs
Does Coinbase Work In South Africa?
As of January 2021, Coinbase only permits crypto-to-crypto transfers for South African citizens.
Where Can I Trace a Bitcoin ATM in South Africa?
South Africa has several ATMs where residents may buy Bitcoins with cash. You may use our Bitcoin ATM locator to discover one nearby.
What Is Bitcoin’s Price In South Africa?
Bitcoin values change every second. Check out our Bitcoin price page for the latest up-to-date Bitcoin pricing.
How Do I Withdraw Bitcoin In South Africa?
Bitcoin prices fluctuate by the second. The most straightforward approach to obtain the most recent Bitcoin price is to visit our Bitcoin price page.
Another option for selling Bitcoins in South Africa is via automated teller machines (ATMs). These ATMs enable customers to buy and sell cryptocurrencies with cash rapidly; however, many require at least a phone number, so they are not entirely private.
Our Bitcoin ATM Map can help you find Bitcoin ATMs in South Africa.
Another alternative is LocalBitcoins. LocalBitcoins is a peer-to-peer (P2P) exchange where you may buy and sell bitcoins with another person. You may purchase and sell Bitcoin here for various payment options, including gift cards and bank transfers.
This does pose some danger, but you can reduce any possible issues by conducting all transactions on the site, using its escrow services, and only trading with people who have a solid reputation.
