How and Where to Buy Bitcoin and Crypto in South Africa – 2022

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.