Trusted Bitcoin Investment Sites in South Africa and Best Crypto Exchanges SA.
The argument on whether to buy Cryptocurrency in South Africa is no longer necessary. This article will guide you on how to buy cryptocurrency in South Africa. Also, we will highlight the possible rewards and risks to crypto investment in South Africa.
Furthermore, you’ll know the right and best brokers to use when buying cryptocurrency in South Africa and get the list of Trusted Bitcoin Investment Sites in South Africa.
Currently, you can conveniently invest cryptocurrency within a few minutes through any trusted and reputable crypto investment company or broker. Interestingly, top brokers like Bitcoininvestmentrex.com will give you competitive charges and accept deposits payments in Bitcoin, Ethereum, and Bitcoin Cash.
Invest Cryptocurrency at Bitcoininvestmentrex.com — South Africa’s #1 Trusted Bitcoin Investment Platform
Before you invest in Bitcoin or Crypto, you must first learn the basics about cryptocurrency, What is Cryptocurrency, How does Crypto Work and How to Buy Bitcoin in South Africa.
South Africa classifies bitcoin as an intangible asset and is growing in bitcoin usage.
As the Bitcoin boom has swept the world, South Africa hasn’t been left behind. Thanks to the swell of interest in digital currencies over the last few years, the number of South African exchanges has increased dramatically.
Today, regardless of how experienced you are, you can invest, trade, and exchange Bitcoin and all manner of different cryptocurrencies from the comfort of your own home.
The State of Bitcoin in South Africa
Bitcoin is extremely popular in South Africa thanks to a variety of factors, such as economic uncertainty and political tensions.
In fact, South Africa ranks second in the list of countries that are most interested in Bitcoin after Nigeria, according to Google Trends.
That’s not surprising considering that South Africans have been on the lookout for alternative investment options to protect themselves against economic and political turmoil, like that experienced in July of 2021 when former President Jacob Zuma was arrested for contempt of court.
Bitcoin trading in South Africa started rising in March 2017 when the country’s finance minister had to vacate his post under controversial circumstances. When rating agency S&P downgraded the country’s local currency debt to junk, Bitcoin trading in South Africa shot through the roof.
Online trading platform eToro saw a massive spike of 671% in Bitcoin trading through its platform from January to November 2017 as compared to the prior-year period. However, Bitcoin trading in the country must have taken a hit in 2018 as Bitcoin’s value started tumbling, while the government also started taking steps to regulate the currency.
IS IT LEGAL TO BUY AND SELL BITCOIN IN SOUTH AFRICA?
Yes, it is legal to buy and sell Bitcoin in South Africa. The South African Reserve Bank (SARB) has issued warnings regarding the risks associated with trading in Bitcoin but there is no actual ban on any form of cryptocurrency trading. SARS makes it clear that any earnings from these trades are subject to taxation.
Cryptocurrency investing and trading in South Africa is currently unregulated but the government is working on a new regulatory framework to more stringently control the cyber-banking industry.
The Regulatory Environment
The regulatory environment for Bitcoin in South Africa has been favorable so far, though the Reserve Bank has made it clear that it won’t treat the digital currency as “currency” but as “crypto-assets.”
The South African Reserve Bank (SARB) released a “Consultation Paper on Policy Proposals for Crypto Assets” in January 2019 that suggests favorable guidelines and recommendations for digital currencies.
The SARB is of the opinion that cryptocurrency-related businesses should register with the country’s Financial Intelligence Centre, a move that’s potentially aimed at increasing the adoption of the likes of Bitcoin by taking care of the risk-related factors. For instance, the SARB’s consultation paper points out that a digital currency such as Bitcoin could fragment the monetary system of the country by influencing money demand and supply.
Additionally, the unregulated nature of Bitcoin and other cryptocurrencies gives rise to potential scams according to the paper, so this is another area the SARB wants to address. As a result, the agency will introduce measures to keep a check on financial terrorism and money laundering and plans to introduce the rules in a retroactive manner based on the way the cryptocurrency industry in South Africa develops.
This makes it evident that South Africa will move in a cautious but progressive manner to regulate cryptocurrency and Bitcoin in the country. That could give Bitcoin adoption a boost in the country going forward as potential buyers will have measures in place to protect their investments.
What is Cryptocurrency?
Cryptocurrency can mean different things to different people. So, it’s pertinent to have a good understanding of cryptocurrency before investing.
Cryptocurrency is a virtual or digital asset used for transactions verifications and records maintenance via cryptography. The entire system of operation in cryptocurrency is on a decentralized system.
In a jiffy, we’ll summarize the features of cryptocurrency below:
- First, cryptocurrency is a digital or virtual asset. This means that it’s not physical money that you can touch. Rather it is in the form of non-tangible coins.
- The foundation of cryptocurrencies is the blockchain technology that records, tracks, and maintains transactions.
- Several digital assets are decentralized. This means that the currency has no third-party influence and control like governments or central banks.
- Cryptocurrencies are dynamic and speculative. Thus, the value is also flexible and can move at any time.
Bitcoin remains the largest crypto globally. It’s the first and the most used digital asset, boasting of the highest market capitalization in the industry.
So to several people, when you mention cryptocurrency, it’s Bitcoin that comes into their minds. This is because its limited supply makes Bitcoin the digital gold in the crypto world.
Besides Bitcoin, there are still other cryptocurrencies that are good for investment in South Africa. However, with over 8,000 digital assets currently available, a newbie can easily be confused.
So, the best approach is to focus on the prominent cryptocurrencies in market capitalization. This will help to reduce unnecessary exposure to risks associated with digital assets.
Why Is Security So Important With Bitcoin?
Regardless of your reason to invest in Bitcoin, one aspect should remain constant: crypto safekeeping is critical. It is the talk of the town as investors are experiencing malicious attacks. You should learn the ways of keeping your Bitcoins safe and secure before investing.
The growing appetite for Bitcoins and their increasing value has made them extremely vulnerable. Buying Bitcoins doesn’t mean physically owning the coins, instead, you own a “private key”. And this is actually what you need to protect.
Your private key is yours and only yours. It gives you access and monetization ability to your Bitcoins. A private key is a unique string of numbers that points to an address/wallet and identifies you as the rightful owner. You need to protect it as you do with your bank password or credit card pin. Despite threats, there are some best practices to keep your private key safe.
Having complete control of your Bitcoins (private keys) and safely securing them should be your priority.
How to Keep Your Bitcoins Safe?
Your Bitcoins are as safe as the method of storing them. Bitcoins will always be attractive to scammers, fraudsters, and thieves. So you should not rely on exchange if holding large sums. If you want to send, receive, or simply store them, you will need a crypto wallet. And, they are divided into two types.
- Hot wallets: A digital crypto wallet that is connected to the internet. An account on an exchange, a mobile wallet, a desktop wallet on your laptop — all are hot wallets.
- Cold wallets: A physical crypto wallet that is not connected to the internet. Such as hardware devices (USB), paper wallets, etc.
6 WAYS TO BUY BITCOIN IN SOUTH AFRICA
Buy Bitcoin using a Bitcoin exchange
Do your research and select a Bitcoin exchange that is regarded as reliable, secure, and trustworthy. Bitcoin exchanges such as Luno allow you to deposit fiat funds from a bank account into a Bitcoin wallet to transact in the digital currency. Bitcoin exchanges are regarded as the safest and most secure way to buy and sell Bitcoin and other cryptocurrencies such as Ethereum.
Buy Bitcoin with a credit or debit card
It’s possible now to buy Bitcoin using a credit or debit card. You still need to go through a reputable Bitcoin exchange such as Luno where you add your card details in the system and transfer money electronically once the card details have been verified. Credit card fees apply which makes it a slightly more expensive way to buy Bitcoin.
Use a BTM/VTM (Bitcoin ATM)
There are not many BTMs in South Africa currently but they are available in some of the major cities. This is a vending machine that works in much the same way as an ATM. You need to have a Bitcoin wallet loaded on your Smartphone which generates a QR code that the BTM reads. You can use a BTM to deposit funds to purchase Bitcoin but you can’t use a BTM to withdraw the money earned from selling Bitcoin.
Get paid in Bitcoin
Bitcoin is growing in popularity as a payment method for goods sold and services rendered. Money owed is paid into a Bitcoin wallet which you obtain through a reputable exchange such as Luno. The most popular payment gateway provider for Bitcoin transactions is PayFast. This facility allows people to pay in Bitcoin which is then converted to Rands.
Join a Bitcoin trading community site
There are a few reputable cryptocurrency platforms that provide you with the opportunity to connect with people who are buying and selling Bitcoin privately. You can trade through a reputable website or meet in person and pay cash for the purchase. Be careful of falling victim to a Bitcoin scam.
Many South Africans have got into the complex process of mining Bitcoin. This is largely done through Bitcoin syndicates as massive investment in the processing technology is required for Bitcoin mining. Bitcoin mining involves securing the network and verifying transactions and successful miners are paid in Bitcoin. It’s not hugely profitable but if you’re technologically inclined, you’ll find the process fascinating.
Bitcoin Payment Methods in South Africa
Given that the SA authorities don’t currently have any legal or regulatory power over digital currencies, the only restrictions you’ll have on payment options is by the processor themselves. If you have read through our South African Bitcoin exchange reviews, you’ll already know that this means the world is virtually your oyster. As it stands, very few of the major payment providers have put a block on cryptocurrency payments. Although certain credit card companies in the UK and US have sidestepped the industry, the general consensus is that Bitcoin and altcoin purchases are OK.
With this being the case, you can buy Bitcoin in South Africa using the following methods:
- Credit/debit card
- e-wallets (PayPal, WebMoney, etc)
- Bank transfer
- Altcoins (other cryptocurrencies)
From our list of top-rated exchanges in South Africa, all of the above options are available. Whether it’s PayPal payments at eToro or direct cash payments through LocalBitcoins.com, you can pay and trade in a way that suits you.
Trusted Bitcoin Investment Sites and Crypto Exchanges in South Africa
Choosing a trusted bitcoin investment site, the right broker, or exchange is essential when you’re considering investing in cryptocurrency in South Africa. Unfortunately, the industry is flooded with several brokerages and exchanges; you must gather your bits to avoid unnecessary flops.
The two oldest exchanges in South Africa that have stood the test of time and can be trusted with Bitcoin transactions are Luno and ice3X (IceCube). Both exchanges accept deposits from your bank account or card payments. Once the funds are cleared, you can immediately buy or sell Bitcoin through the exchange.
Bitcoin is slowly being accepted by vendors as a method of payment but it’s a long way off from being used for daily transactions. Any customer who is registered with PayFast (payfast.co.za) can accept Bitcoin through the PayFast gateway for a fee and South African Rands are deposited into a bank account.
There are less than 10 Bitcoin ATMs in South Africa but the number is growing. These cash machines have been dubbed BTMS (Bitcoin Teller Machine) or VTMS (Virtual Teller Machine).
At this stage, you can use a BTM to deposit funds in your digital account but you can use it to withdraw funds. BTM fees are high, at around 10% per transaction.
Luno regularly updates its list of merchants in South Africa that accept Bitcoin as a method of payment. You can see from the diverse spread of merchants that Bitcoin is becoming more widely accepted in South Africa for regular transactions.
We will now list out the major players and Trusted Bitcoin Investment Sites in South Africa and Crypto Exchanges.
1. Bitcoininvestmentrex.com — The Overall Trusted Bitcoin Investment Platform, Cryptocurrency Investment Company in South Africa
Bitcoininvestmentrex.com stands out as our top pick when you’re looking for a cryptocurrency investment platform for financial instruments in South Africa. Bitcoininvestmentrex is a trusted and reputable site that offers its users access to over 3000 financial market instruments. Some of the traded instruments include stocks, forex, indices, cryptocurrencies, commodities, real estate, etc.
Customers around the world discover and begin their journeys with bitcoin investment through Bitcoininvestmentrex. As one of the most popular, legit, and trusted bitcoin investment sites in the world, Bitcoininvestmentrex is consistently voted one of the best cryptocurrency investment platforms online, thanks to our excellent services, low fees, versatile funding options, and rigorous security standards. They have been at the forefront of the bitcoin investment revolution.
Furthermore, Bitcoininvestmentrex maintains 24/7 customer support services for its users. The top-notch interactions and responses are through emails and phone. Also, there’s an integration of an advanced trading tool, AI software.
You can visit the Bitcoininvestmentrex.com website now to open an account in a few minutes for you to start investing in cryptocurrency investment plans. Once you’ve completed the account opening process and verification, make your funds deposit, and you’re ready for transactions.
Bitcoininvestmentrex provides a secure place for individuals, traders, and institutions to invest digital currencies and also earn interest.
- Trusted and reputable platform.
- Under strict best financial practicses.
- 0% commission on trading.
- Competitive variable spread for charges.
- Smart AI software for improved investing performances.
- Availability of several payment options.
- Educational materials which are suitable for beginners.
- 24/7 top-notch customer support system.
- Safe and secured platform
Coinbase is the top user-friendly platform for cryptocurrency transactions. The brokerage site was launched in 2012. The platform, which boasts of over 35 million customers, ranks among the top largest crypto brokers.
Though Capital.com has about 18 top digital assets on its listing, you can get more cryptocurrencies using Coinbase.
Buying cryptocurrencies in South Africa through Coinbase require a straightforward process. The platform is also a safe environment to run your crypto transactions.
Opening an online account with Coinbase requires that you visit the broker’s official website. Complete the on-screen account opening form by filling in your information. Then, proceed to upload your ID and other necessary documents to verify the account faster.
Then, you can transfer some funds into the account using the supported transfer options by the broker. This makes you eligible to select and buy any cryptocurrency from the platform.
Coinbase offers many cryptocurrencies to diversify your investments even though it doesn’t have ETFs and stock. Also, the broker is under the regulation of the Financial Conduct Authority (FCA) and the U.S. SEC.
Coinbase offers two-factor authentication (2FA) through the Google Authenticator app or SMS. Users also get other features like email notifications.
There’s also added security to the customers when they leave cryptocurrencies in their accounts. For example, the locking option allows users to lock withdrawal requests within the Coinbase vault for 48 hours.
Coinbase charges are based on a spread basis. The platform charges about 0.5% for crypto sales and purchases. It also fee of 3.99% for deposits from debit cards when buying cryptocurrencies. So, a deposit of R5 000 attracts a charge of about R200 on your account.
The best low-cost deposit with Coinbase is through direct bank wire. There’s, however, an applicable 1.49% trading commission when the funds hit your account.
Binance has thousands of listed cryptocurrencies and ranks as the world’s largest exchange/broker for trading volumes and liquidity. In addition, the platform has a high-level trust in the crypto industry due to its low-fee policy and outstanding services.
Binance has several cryptocurrencies on its platform as the world’s largest crypto platform for trading volumes and liquidity.
You will get easy access to diverse digital assets on the platform and hence boost your crypto portfolio. In addition, the broker also gives unique trading opportunities in the form of crypto-cross and crypto-fiat pairs.
If you decide on buying cryptocurrency from Binance, visit the official website to sign in for an online account. Enter your information and details. Then verify your account by uploading your government-issued ID. When you receive a confirmation for the account verification, you can deposit your funds.
Binance supports deposits through debit/credit cards, bank transfers, and e-wallets. Depositing through bank transfer requires the use of an intermediary account from the Binance. The process has a waiting period of about 48 hours to confirm the transaction.
The broker takes no charge for fund deposits when you make bank transfers. When you confirm the deposit, the next thing is to buy crypto from the account.
However, by using your debit/credit card, you will get a faster transaction and confirmation for your deposits. You can then proceed to place the buy order for any crypto of your choice.
Also, by using Binance, you will get leverage of a 0.1% trading commission. Again, this’s comparatively low to charges by other platforms.
Furthermore, Binance offers a web wallet to store digital assets. Using the web wallet comes maximum security as there will be a two-factor authentication (2FA) on the platform.
Paybis is a digital and cryptocurrency exchange that specializes in fast and reliable transactions while providing a large number of payment options.
Paybis accepts deposits in USD, EUR, CAD, GBP, and JPY.
Kraken is a Bitcoin and cryptocurrency exchange that was founded in 2011. The platform is a top 5 exchange based on traffic, liquidity, and spot trading volume according to coinmarketcap. Kraken has over 70 crypto pairs to buy, trade, and sell with new assets added frequently. Users can also trade crypto and Forex such as EUR/USD with Kraken.
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.
Gemini is a New York-based firm and regulated cryptocurrency exchange that was founded by the Winklevoss twins. The exchange has focussed on simplicity and ease of use, making it an appealing way to discover popular coins and Defi tokens through an intuitive and elegant web interface or mobile application.
Notable features include an advanced trading platform, custody service, secure wallet, mobile trading app, and off-exchange crypto trades.
The digital asset exchange features institutional-grade measures to protect its user’s information and funds stored on the platform. Security features include cold wallet storage, multi-signature withdrawal process, Two Factor Authentication, encryption, whitelisting addresses, and brute force login protection.
7. Luno South Africa
Luno is a well-known cryptocurrency exchange for its beginner-friendly platform, mobile app, secure wallet, and easy way to buy/sell and hold crypto. Available in multiple countries worldwide such as South Africa, Luno allows individuals to convert ZAR to digital assets such as Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin all in one place.
The trading experience has been designed for beginners and is one of the easiest ways to start trading crypto using a wide range of fiat currencies. Luno also provides a trusted and secure online wallet for individuals to temporarily store their coins. The most common way to purchase cryptocurrencies with Luno is a bank transfer or debit card.
8. Easy Crypto
Easy Crypto offers one of the best places to convert ZAR into Bitcoin with its beginner-friendly trading platform that can be completed in a few minutes. The platform allows purchases with fiat currency and instant crypto swaps to convert one asset to another in a fast and secure way. There are over 122 digital currencies that can be bought or traded such as Bitcoin, Ethereum, XRP, and the lesser-known altcoins and Defi tokens.
Individuals in South Africa that use Easy Crypto will be able to buy crypto using a bank transfer in RAND or SiD EFT. Purchased assets are sent directly to a hardware wallet which significantly reduces the risk of hackers stealing the coins that are held in hot wallets by traditional exchanges.
One of the best features with Easy Crypto is the ability to Dollar Cost Average (DCA) to build an investment in Bitcoin or another digital currency over time. The recurring order features can be used to automate deposits to the exchange on a daily, weekly, or monthly basis. The order will be executed at the price of the asset at the time of purchase and sent to the nominated wallet address.
Where Can I Buy Bitcoin In South Africa?
Customers based in any of the major cities in South Africa are able to buy bitcoin from any of the exchanges on this page.
- Cape Town
- East London
- Port Elizabeth
- Richards Bay
Best Place To Invest Bitcoin In South Africa
With credibility and providing access to over three million users into bitcoin investment, Bitcoininvestmentrex.com is the Best and most popular Trusted bitcoin investment site in South Africa, for citizens in South Africa to invest in cryptocurrencies and earn a stable profit. The verification process on Bitcoinivestmentrex is quite simple and secure which makes it one of the most secure cryptocurrency investment platforms on the planet.
Start Investing Crypto at Bitcoininvestmentrex Today and Earn 30% — 50% profit on your Crypto
The information presented is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing provided shall constitute financial, tax, legal, or accounting advice or individually tailored investment advice. This information is for educational purposes only.