How To Buy Bitcoin In South Africa And Make Money With Cryptocurrency

Given the country’s currently high inflation rate, we can likely expect an interest in cryptocurrencies to continue to grow in South Africa. Benefit up to 20% of Pursa’s fees on ALL of your referral’s sales and purchases including all their future trades. There is no specific Bitcoin exchange that is referred to as the best in South Africa. Each of the exchanges has a unique feature that satisfies a particular customer’s trading needs more than the others. The exchange rate of Bitcoin in South Africa is the ZAR equivalent of 1 Bitcoin. As of the time of this article, 1 Bitcoin equals 480,991.50 ZAR. You need to consider the trading option of the Bitcoin exchanger that you wish to use.

EToro is an innovative and versatile trading platform where you can trade stocks, ETFs, currencies, cryptocurrencies, incides, and commodities. EToro works as a social investment platform with its ‘CopyTrading’ feature which allows users to view, follow and copy the network’s top traders automatically. All highly rated Bitcoin exchanges operating in South Africa are reliable and secure; they have insurance for investors’ funds. Hence they are the best options for new crypto investors and even experienced ones. Most bitcoin exchanges’ storage security measures include developing a secured in-built wallet on the exchange. However, since 2011, many exchanges with better features and technology has been developed and adopted into the crypto space.

Truted Bitcoin Exchanges In South Africa With Higher Fees

You can use bitcoin to pay for lunch at Miami’s Pizza Bar, or a play at Portsmouth’s Seacoast Repertory Theater. You need to register an account and pass the Identity verification for better protection of your account. When you find an ideal offer, easily open it by clicking the buy or sell button. Please feel free to suggest something that you would like me to cover.

Sharpen your trading skills and learn from experts with daily crypto market updates and trading tutorials, from beginner to advanced. Dive deep into the world of crypto and blockchain technology with in-depth analyses of the crypto industry and original blockchain research. Manage your crypto with advanced tools for Bitcoin and cryptocurrency mining pools and wallet management. Copy the recipient address – your bitcoin wallet – from the “Accept” section. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Explore the website to find out what communication methods are available to support users that need troubleshooting advice or assistance on the exchange. Also, some exchanges will provide comprehensive FAQ’s and How-To-Guides which is useful for beginners. If you manage to avoid the scammers, you are still vulnerable to high fees from rogue exchanges. This is the wild west and if you are not careful you can lose your money.

Hodl Bitcoin Strategy

Also, for the first deposit, the minimum limit in the exchange is R3,000. The history of crypto exchanges is filled with the stories of platforms that lost investors’ money to cyber thieves . This happened because such platforms were not secure enough as they did not take safety seriously. Bitcoin exchange allows you to deposit money through various means when buying Bitcoin or other cryptos. The payment means include direct bank transfers with fiat currencies like ZAR or USD, wire, PayPal, etc. One of the interesting parts of using Luno is that users can convert South African Rands to digital assets. You can also get the reverse conversion from Bitcoin back to Rands. So, you can conveniently buy Bitcoin using credit/debit cards or bank transfers. Plus, if you’re using Bitcoin, the regular price fluctuation can net you a sizeable return in no time at all. Binance P2P is a global platform supporting more than 30 fiat currencies.

Going long means that you expect bitcoin’s price to rise, and going short means that you expect the price to fall. Buying bitcoin through an exchange is mainly for those who use a buy-and-hold bitcoin strategy. This is because buying through an exchange means that you’re taking direct ownership of bitcoin – with the expectation that its price will rise. For example, if you owned some bitcoins but were concerned about a short-term drop in their value, you could open a short position on bitcoin with CFDs. If the market price of bitcoin falls, the gains on your short position would offset some or all of the losses on the coins you own. With IG, you can take a position on the price of bitcoin with financial derivatives like CFDs. If you want to change any currency for any currency, then you need 31,500 separate markets. Sometimes it makes sense to convert into a commonly used currency first, rather than trading directly between two obscure currencies. Fast and Direct EFT transfers to our Bank Account, currency storage and quick trading.

Unlock Your Financial Freedom

Go for the exchange that gives you access to varieties of altcoins and not the one that lists a few. Read through the history and reputation of the Bitcoin exchange. If there is no record showing that the exchange has been hacked or lost investors’ funds before then, it is okay. The rate is around 1,500 BTC for $1, and Bitcoinmarket.com has the greater volume of bitcoin trades. Before trading on the Bitcoin exchange, you will need to go through the registration and verification processes.

• This means that any profits or income from cryptocurrency trading can be subject to taxation under the law of gross income.
• Gemini is a New York-based firm and regulated cryptocurrency exchange that was founded by the Winklevoss twins.
• One of the most popular brokers not only in South Africa but across Europe and America too.
• Select the Bank payment method and the ZAR currency to buy the crypto.

The opinions expressed in this blog do not constitute investment advice and independent financial advice should be sought where appropriate. There are several different fee structures to be aware of when using a crypto exchange. There are fees to deposit ZAR, withdraw cash or crypto and trade between assets. Exchanges also charge spread fee which is often a ‘hidden cost’ and not fully disclosed. Essentially it is the difference between the bid and ask price on the market. Since its inception to the market, Kraken has become a leading exchange with a high reputation for ease of use, safety and competitive pricing. The platform is suited for experienced crypto investors to make quick fiat deposits and withdrawals,visualize portfolio performance and track all digital assets in a single location. Coinbase is widely regarded one of the safest exchanges that features ‘bank-like’ security measures to ensure customer funds and personal information are kept safe at all times. To date, there have been no reported hacks resulting in any loss of funds due to criminal activity. A major benefit of using Coinbase is that funds stored online are covered by an insurance policy.

A Partner On Your Bitcoin Journey

The exchange employs three seamless steps for buying Bitcoin for its users. Read more about BTC Price here. Though the exchange’s interface creates the right platform for beginners, Coinmama has no advanced trading features for professional users. However, the platform provides updates for Bitcoin prices, but its order options are simply basic. Simply add a debit or credit card to buy and sell crypto instantly. Cryptocurrency, as it is known worldwide, is the new trend of investment and a very profitable one at that if done right. Cryptocurrency Trading in South Africa is currently unregulated while the government is working on a new regulatory system to regulate and control digital currency transactions. Bitcoin trading is legal in South Africa and could be done in any part of the country.

Finding a Bitcoin ATM is a great way to buy bitcoin instantly if you have cash on hand. Bitstamp offers clients 24/7 support and a multilanguage interface that can be used by everyone around the world. BitPanda has been in operation since 2013 and is based in Vienna, Austria. The BitPanda platform is straightforward and easy to use for beginners. Paxful gives vendors the ability to create offers in all currencies. Bitcoin and Ethereum are both crypto, but they couldn’t be more different. Vinny Lingham, a South African serial entrepreneur and founder of blockchain startup, Civic, believes Africa will be disrupted faster than any continent in the world. He feels that a trustless method will remove the need for traditional banks.

It is most noteworthy in its use with cryptocurrencies and NFTs. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace. Investopedia requires writers to use primary sources to support their work.

The rate of fees charged for crypto transactions depends on the type of Bitcoin exchange that you choose. There are charges for trading between crypto assets, depositing ZAR, and withdrawing fiat or cryptocurrencies. The trading option of an exchange is the number of its digital assets and its trading pairs against fiat and cryptocurrencies. Bitcoin is available in almost all the crypto exchanges in South Africa as it’s the world’s most renowned digital crypto. Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Investments in cryptoassets are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme. To provide better liquidity and service, we are looking for P2P merchants who have a reliable source of South African Rand and cryptocurrencies, plus proven P2P trading experience.