South Africa is a great market for cryptocurrency and related services. The country is among the largest crypto and bitcoin markets in Africa, closely following Nigeria and Kenya.
South Africa saw the launch of its first crypto exchange, BitX, in 2013. With the value of Bitcoin surging, users are looking for more solutions and options when it comes to how and where to buy Bitcoin and other cryptocurrencies in South Africa.
How to Buy Crypto in South Africa
Of course, there are many exchange platforms whose services can be accessed by users in the crypto world. However, only several Bitcoin or Ethereum exchanges can provide a user with some amount of safety, and affordability.
In some cases, you will notice that some platforms have bad reviews from customers, but you can still DYOR to make the best investment decision.
Is it Legal to Buy and Sell Crypto in South Africa?
The short answer is yes; cryptocurrency is legal in South Africa. According to multiple sources, the South African Reserve Bank has not issued any bans on crypto since its launch. Earlier the SARB issued warnings about Bitcoin’s lack of regulatory frameworks.
Although accepted in trading, crypto and Bitcoin are not recognized as legal tender; therefore, merchants can refuse payments in digital currency. The SARB also clarifies that all gains made in crypto trades will be subject to taxation.
Buying Crypto with Bank Transfer in South Africa
Multiple banks in South Africa accept Bitcoin trading options. For instance, there are multiple teller machines in South Africa. Cities like Capetown, Johannesburg, Durban, etc have installed Bitcoin ATMs. What about direct bank and international transfers?
Crypto clients internationally and those in Capetown and South Africa, in general, can make crypto trades from their local bank accounts. Therefore, South Africans with the right platform can exchange crypto assets using direct bank transfers and receive crypto directly in their cryptocurrency wallets.
South Africa does not have a clear framework for crypto regulation. Despite the lack of legal clarity, crypto enthusiasts can enjoy the perks of cryptocurrencies without having to worry about the government interfering in their business.
For that, there are many ways to purchase crypto in South Africa. However, we believe that the most convenient, user-friendly, and efficient way of purchasing crypto while in South Africa is here at CryptoWallet.
It’s a complete crypto-banking service that allows you to spend crypto from your own debit card, solving a major problem in the crypto world. You can pay bills in crypto, buy and sell 5 different cryptocurrencies including Bitcoin, and even earn digital assets by signing up new users.
eToro is an exchange platform that was introduced in 2008 providing a range of features for financial experts. Later the platform started providing excellent crypto brokerage services in many countries all over the globe. Currently, the minimum depends on the country of residence, with the USA’s being $50 and other countries $1k.
Etoro has a reputation for excellent services in many countries for over ten years now; therefore, it’s trustworthy. The minimum and maximum transfers for crypto assets in eToro differ depending on the asset. Generally, it can take five days for eToro to complete any trading order.
Luno was introduced in 2013 under the name BitX, but the name was later changed to Luno in 2016. This platform provides a simple dashboard providing bitcoin to rand and other crypto exchange services efficiently. Transaction fees are only charged for takers at a range of 0.25%-1%, but none for makers.
The platform’s deposit limits differ based on the verification level. For accounts with the highest verification, the withdrawal maximum limit is 100k EURO monthly. For instant buy/sell, the minimum is $1, and the maximum is $30k. The platform instills deep verification levels from email verification, phone verification, ID verification, and proof of residence.
Coinmama is a crypto brokerage platform introduced in 2013 in Israel but currently provides exchange services in many countries. According to several reviews, the platform has a tremendous and highly intuitive UI. Coinmama is one of the most expensive crypto exchanges offering transaction fees at about 5.5% thus affecting the average profits for clients.
Privacy is low in this platform since it conducts multiple identity verification using the client’s identity cards. Coinmama increases the spending limit as the client increases their spending. Every user starts at level one and climbs to a higher level as they increase their spending.
The Bitpanda platform joined the cryptocurrency industry to provide clients with alternative investment options for crypto. The platform is said to be highly beginner-friendly, providing a mobile app for efficient virtual cryptocurrency investing.
Fees in Bitpanda adjust based on transaction value; as the value of the transaction increases, the fee decreases. The deposit and trading limits vary based on the choice of method of payment. The platform implants the KYC procedures by verifying the users’ identity, but the verification process takes a short period of time.
Based in the UK, Paybis was created as a bitcoin brokerage platform in 2014 and currently operates in many countries. This platform fosters user-friendliness on its registration and other processes. The platform complies with KYC and AML regulations, thus needs ID, DOB, and other details. Generally, this KYC infringes privacy, but it’s necessary.
Paybis’ fee structure ranges based on the amount spent, with the trading fee standing at 2.49%, and the minimum payment is 10 USD for any transaction. Moreover, the choice of currency can help decide the payment amount. The limit is also $70 minimum and $50k maximum. Transactions take between 15minutes and five days, depending on payment mode.
Kraken is a crypto exchange network designed to provide prolific investment opportunities to average users. The platform’s UI is highly intuitive for beginner crypto users. This platform’s fee ranges from 0% to 0.26%, depending on the type and value of the transaction.
The minimum deposits change based on the currency, and the minimum trading value is $10 for trading using debit cards and credit cards. Maximum card transaction is based on $4k for seven days. Although Kraken boasts high security, its verification requires serious private details; therefore, anonymity is not guaranteed.
Localbitcoins is a crypto exchange platform launched in June 2012 offering P2P trading of Bitcoin for fiat in a user-friendly dashboard. For every trade completed, LocalBitcoins charges a 1% trading fee.
Since the platform works on a P2P basis, the degree of privacy in the platform is top. The platform sets a limit of 0.4 BTC for personalized advertising for sales. Accordingly, the minimums are adjustable based on the trading parties.
Bitit is a crypto platform offering cryptocurrency trading options in over 50 countries globally, including South Africa. This platform allows users to pay for services using credit cards and other online payment methods. Bitit offers a highly user-friendly option for exchanging bitcoins.
Although this platform is common, the reviews from tens of users claim that the platform’s services are poor, and they have absolutely no privacy. The limits are set at EURO 500 worth of crypto assets. Fees depend on the payment mode standing at 3.9%, 0.25%, and 8.75% for credit/debit cards, SEPA, and cash vouchers, respectively.
Mercatox is a crypto exchange platform that was launched in 2016 to provide world-class P2P crypto trading options. This platform claims to provide an intuitive UI, but some clients disagree on the platform’s quality of services offered.
Many complaints on the platform include ripping off customers, lots of privacy issues, and scams. Mercatox offers trading services at a standard fee of 0.25%. The maximum limit in the Mercatox platform for unverified accounts is 0.5 BTC, while for verified accounts is 5 BTC.
What is the best way to buy crypto?
There are many ways to successfully purchase crypto assets in South Africa and multiple payment methods. Credit cards, debit cards, account to account, bank transfers, and many more methods.
However, purchasing Bitcoin and Ethereum in South Africa may be expensive based on the payment methods and the choice of bitcoin exchanges. For instance, some platforms charge super high credit card fees.
How much does it cost to buy 1 Bitcoin in South Africa?
Bitcoin is highly volatile, and the cost varies over time. You can check the CryptoWallet exchange any time to get live Bitcoin prices.
Which crypto wallet is best in South Africa?
CryptoWallet provides a vast array of services, including trading Bitcoin, Ethereum, Litecoin, Ripple, and Tether. Users can store and even spend crypto on real-world goods and services using CryptoWallet — try it out here!
What happens if I invest $100 into Bitcoin?
We cannot advise you as to what will happen if you invest in Bitcoin — nobody can! However, many investors and even corporations and financial institutions have started investing in Bitcoin in the hopes of making a profit.
Is it a good time to invest in crypto in 2022?
Crypto has come leaps and bounds in recent years, with record-breaking levels of adoption and investment coming in. While we can’t give investment advice, it’s certainly an exciting and promising time to be in crypto!
Bitcoin Wallet App
To send Bitcoin, you simply need to copy the address or public key you’re sending money to and paste it into the recipient section.
This process is guided with on-screen instructions.