Best Bitcoin Exchanges in South Africa

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Best Bitcoin Exchanges in South Africa

Bitcoin is a cryptocurrency and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a publicly dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.

Bitcoins are also created as a reward for a process known as mining. They can then be exchanged for other currencies, products, and services. These days, millions of merchants and vendors accept Bitcoin as payment.

Bitcoin can be purchased in person or online with a credit card, bank transfer, or even cash. We listed the best exchanges and sites to buy bitcoin in South Africa with reviews and a step-by-step guide.

What is Bitcoin?

Bitcoin is a revolutionary new form of currency that allows people to transact without the need for a third party, such as a bank or other financial institution. This cryptocurrency is decentralized, meaning there is no central authority that controls it. Instead, transactions are recorded on a secure, tamper-proof public ledger called the blockchain.

Bitcoin works by using a shared public ledger called the “blockchain.” Every transaction that has ever taken place is recorded on this ledger. This makes it possible to track who owns how many Bitcoins at any given time.

How To Buy Bitcoin In South Africa: Step By Step?

The easiest way to buy Bitcoin in South Africa is through a broker that accepts ZAR. Here’s a step-by-step guide to help you buy Bitcoin in South Africa:

  • Step 1: Register for an account with a broker that accepts ZAR.
  • Step 2: Verify your identity by providing some personal information and proof of ID.
  • Step 3: Deposit ZAR into your account. You can do this through a bank transfer or by using a credit or debit card.
  • Step 4: Buy BTC by selecting the amount you want to spend or the amount of BTC you want to buy.
  • Step 5: Withdraw your Bitcoins to a secure wallet.

Bitcoins are stored in “wallets.” These can be software wallets that live on your computer or phone or hardware wallets that you keep offline in order to protect them from hackers.

Best Bitcoin Exchange South Africa: Compared

Best Bitcoin Exchange South Africa

1. eToro

eToro is one of the best Bitcoin exchanges in South Africa and worldwide, whether you want to purchase Bitcoin and hold it for the long term or trade around Bitcoin’s price volatility. This website allows users to invest in Bitcoin directly as well as trade Bitcoin CFDs.

There are no commissions when you purchase Bitcoin with eToro. The crypto trading site charges a set spread of 0.75% when purchasing Bitcoin but not when selling it. Because spreads aren’t used the same way on most other platforms, you’re effectively paying half the price of another Bitcoin exchange.

Another advantage of eToro is that it provides a diverse set of trading and investment tools. For example, you’ll get access to complex technical charts and a social network, as well as studies from expert analysts on Bitcoin’s future.

You may also connect with hundreds of other Bitcoin investors from South Africa and across the world through eToro’s built-in social trading network. This network gives a beneficial insight into Bitcoin’s momentum for active traders.

In addition to Bitcoin, eToro allows you to purchase 14 other popular cryptocurrencies. You may also clone other traders’ portfolios on the platform, making it simple to build a portfolio of many digital coins.

Key Features:

  1. Copy Trading: Copy trading means that if you find a successful trader, you can automatically copy their trades onto your account.
  2. Social Trading: The social aspect of eToro allows traders to share experiences and insights with one another, building an online community of traders.
  3. Low Fees: eToro doesn’t charge commission on trades, and the spread is only 0.75%.
  4. Regulated: eToro is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the UK’s Financial Conduct Authority (FCA).

Pros

  • Regulated by CySEC and FCA
  • Copy-trading for beginners
  • Easy account opening

Cons

  • Customer support unavailable at times

Fees:

  • Trading Fee: 0.75% spread
  • Minimum Deposit: $50
  • Withdrawal Fee: $5 once converted into fiat

2. Coinbase

Consider Coinbase as your exchange if Bitcoin is only your first step into the world of cryptocurrency trading. This crypto trading platform supports over 50 tokens and is constantly expanding its offerings.

Coinbase offers one of the greatest multi-coin wallets of all Bitcoin exchanges in South Africa. The wallet is easy to use, secure, and compatible with mobile devices. 

It also allows decentralized apps for payments and banking. In addition to Bitcoin and other cryptocurrencies, the Coinbase wallet may hold collectibles such as digital art.

This exchange includes two platforms, making it beneficial for both novices and experts. Simply input the amount of Bitcoin you wish to buy, and you’re done with the basic platform.

Coinbase also includes a lot of cryptocurrency trading instructions, and completing the classes will earn you Bitcoin. You may look at technical charts, economic calendars, and even the Coinbase knowledge base for Bitcoin on the Coinbase Pro portal.

The most significant disadvantage of Coinbase is the high cost of trading. Simple transactions on the basic platform cost 1.5% or more, plus an extra 2% if you pay by credit card. Furthermore, with Coinbase Pro, any trades less than 150,000 ZAR are subject to a 0.50% margin.

Coinbase is regarded as incredibly safe, and it is presently ready to go public. The Financial Conduct Authority of the United Kingdom regulates the platform.

Key Features:

  1. Coinbase Wallet: Coinbase offers its own dedicated wallet that is easy to use and can be stored on mobile devices. 
  2. Coinbase Pro: The exchange provides a more professional trading platform with lower fees for larger transactions. 
  3. 50+ tokens supported: Coinbase offers support for over 50 different cryptocurrencies, making it an excellent choice for those who want to trade a variety of altcoins. 
  4. Decentralized apps: Coinbase allows users to access decentralized applications, making it a great option for those looking for more than just Bitcoin trading.

Pros

  • Diverse tokens
  • Low minimum deposit
  • Insured

Cons

  • High spread

Fees:

  • Trading Fee: 0.5% spread
  • Minimum Deposit: $2
  • Withdrawal Fee: 1.49%

3.  Binance

Binance is one of the top Bitcoin platforms in South Africa for aggressive traders looking to profit from price fluctuations in Bitcoin. This site has a comprehensive trading platform with hundreds of technical analysis tools, indicators, and other educational resources.

Furthermore, the Binance interface is mobile-friendly, allowing you to trade anywhere you want.

Another advantage of using Binance for active trading is that it provides services other than Bitcoin. It also provides alternative crypto products such as Bitcoin futures contracts. So, for example, if you wanted to purchase Cardano, you could use this to diversify your risk and wager on more than just the price of Bitcoin.

Binance is also quite adaptable. For instance, you may use the API to link a third-party trading service, such as a Bitcoin trading robot. You may also earn income by lending out your crypto holdings.

Binance isn’t just for seasoned cryptocurrency dealers. The exchange includes a user-friendly design and a secure built-in wallet, as well as one of the finest Ripple wallets. In addition, Binance now accepts a range of payment options like debit cards and credit cards, making Bitcoin purchases more convenient.

Take note that if you are a South African, leverage trading will not be available. This is in compliance with the FSCA’s newly announced regulations. 

Key Features:

  1. Multiple Cryptocurrencies: In addition to Bitcoin, Binance supports a range of cryptocurrencies, including Ethereum, Litecoin, and Cardano.
  2. Secure Wallet: Binance provides a safe and secure wallet for users to store their cryptocurrencies.
  3. Own Coin: BNB, Binance’s own coin, offers discounts on transactions and can be used to pay for fees.
  4. User-Friendly: The Binance platform is easy to use, even for those new to cryptocurrencies.

Pros

  • Offers altcoins
  • Dedicated wallet
  • Charting tools

Cons

  • Does not offer Leverage Trading to SA investors

Fees:

  • Trading Fee: .1% Spot trading
  • Minimum Deposit: $10
  • Withdrawal Fee: 0.0005%

4. Kraken

Kraken is another well-known Bitcoin exchange with considerable power in the digital currency market. The exchange is distinct in that it values trust and places your experience at the forefront of its platform.

Kraken provides 24/7 live chat customer support 365 days a year. The firm also makes the registration procedure simple. In addition, it lets you deposit cash using conventional payment methods such as debit cards or credit cards, allowing you to purchase Bitcoins or other assets.

Kraken also provides three different mobile applications from which you may select the one that best meets your goals.

The crypto exchange presently supports over 50 digital currencies. Furthermore, the site offers a number of fiat-crypto trading pairings for Bitcoin, allowing you to trade with leverage of up to 50:1. Unfortunately, unlike Binance, Kraken does not offer leverage trading.

Another advantage of Kraken is that its trading fees are relatively low. Most Bitcoin trades cost around 0.2%, though this varies over time depending on the token’s liquidity. It might be difficult to figure out how much a transaction would cost, but Kraken is upfront about charges before submitting an order.

In the United States, Kraken conforms to FinCEN regulations; however, it is not regulated as a cryptocurrency exchange. Nonetheless, because the platform has an excellent user reputation, trustworthiness is not an issue for this transaction.

Key Features

  1. Security: Kraken is a well-known and trusted Bitcoin exchange. The site offers two-factor authentication, as well as a host of other security features.
  2. Liquidity: The site offers over 50 digital currencies and many fiat-crypto trading pairings.
  3. Funding Options: Kraken accepts conventional payment methods such as debit cards and credit cards.
  4. Fees: The trading fees are relatively low, costing around 0.2% on most trades.

Pros

  • Low fees
  • Great for expert traders
  • Massive token selection

Cons

  • Limited educational resources

Fees:

  • Trading Fee: .9% Spot trading
  • Minimum Deposit: 0.0001 BTC
  • Withdrawal Fee: 0.02% fee

5. Coinmama

Coinmama is one of the top places where you can trade Bitcoin in South Africa instantly. The sign-up process for this site is quite straightforward and fast. You may also finance your purchase without making a deposit using a debit or credit card, a wire transfer, or Apple Pay.

When signing up for Coinmama, keep in mind that the exchange does not have its own dedicated wallet. It would be more advantageous if you want to use a custom third-party wallet or manage your own Bitcoin wallet. However, creating a crypto wallet outside of the exchange might be a barrier to entry for inexperienced crypto traders.

coinmama

Many other exchanges prioritize complex trading tools and research services, whereas Coinmama does not. Instead, the focus of this conversation is on creating a seamless interface.

All you receive is the current Bitcoin price and a few basic order choices. While this simplicity will not appeal to more experienced traders, it might significantly benefit first-time cryptocurrency investors.

The biggest disadvantage of Coinmama is its high cost. Coinmama charges a 3.9% commission when buying and a 1.9% commission when selling. If you pay with a credit card, it will add a hefty 5% surcharge on your order. There is no extra charge for bank transfers.

Coinmama provides a live chat service five days a week. Although the platform is unregulated, it adheres to FinCEN’s financial crime prevention requirements.

Key Features:

  1. Various Payment Options: You can use a debit or credit card, a wire transfer, or Apple Pay to buy Bitcoin on Coinmama.
  2. High-Spending Limits: Coinmama has high spending limits, which could be advantageous for larger investors.
  3. Instant Delivery: The best part about Coinmama is that you receive your Bitcoin instantly after purchase.

Pros

  • Great for beginners
  • Ease of use
  • Helpful support team

Cons

  • High trading fees

Fees:

  • Trading Fee: Up to 3.81%
  • Minimum Deposit: $30
  • Withdrawal Fee: Zero

6. Luno

Luno makes it easy to purchase Bitcoin in South Africa. The platform simplifies the procedure into three easy stages, removing many of the roadblocks that prohibit people from investing in Bitcoin.

Luno features a built-in crypto wallet, which is a major feature. As a result, when you create a new account, you may quickly set up your wallet as well. That’s much easier for beginners than finding out how to set up and link a third-party wallet.

This platform also has features that are beneficial for long-term investing. For example, you can set up recurring transactions from your personal bank account. Furthermore, you can earn interest of up to 4% of the value of your Bitcoin by loaning it.

Luno’s trading platform is simple. There aren’t many tools for technical analysis, but it allows you to stay updated within the crypto market. For example, the platform allows you to create price alerts and place trade limits and stop-loss orders.

Lastly, Luno is headquartered in South Africa, so it’s regulated by the Financial Sector Conduct Authority (FSCA). That gives you some peace of mind when using the platform.

Luno is a wonderful alternative for building a crypto portfolio because it allows you to buy ETH, XRP, ADA, and LTC in addition to Bitcoin. However, please keep in mind that the exchange only provides email assistance, so getting answers to account-related questions may take a day or two.

Key Features:

  1. Bitcoin API: This platform offers a Bitcoin API that enables you to build custom applications and integrations.
  2. Luno Wallet: This is a built-in crypto wallet that makes it easy to store, send and receive Bitcoin.
  3. Secure Transactions: Luno is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, providing a high level of security for users.

Pros

  • Offers crypto to fiat trades
  • Easy to navigate
  • Offers savings wallet

Cons

  • Limited token selection

Fees:

  • Trading Fee: 0.75%
  • Minimum Deposit: $10
  • Withdrawal Fee: Free

7. Gemini

The Winklevoss twins created Gemini, a New York-based corporation and licensed Bitcoin exchange. The exchange focuses on ease of use, making it a tempting method to invest in popular currencies, DeFi tokens, and meme coins like Dogecoin and Shiba Inu via a user-friendly online interface or mobile app. 

Gemini has been operational since October 2015, and its founders have a long history in the cryptocurrency world. In addition to Gemini, Cameron Winklevoss is also the co-founder of the digital asset exchange firm Grayscale Investments.

gemini

Individuals, traders, and institutions may use Gemini to purchase, sell, and hold digital currencies while also earning interest. A sophisticated trading platform, dedicated wallet, mobile trading app, and off-exchange crypto transactions are among its notable features.

To secure its users’ information and funds held on the platform, Gemini uses institutional-grade security procedures. Security features include cold wallet storage, multi-signature withdrawals, 2FA, multi-level encryption, whitelisting addresses, and brute force login protection.

Gemini was built with both the beginner and experienced trader in mind when it comes to its design. Its intuitive layout makes it easy to find what you’re looking for, from your account overview to detailed charts of specific currency pairs. Gemini also offers a wide variety of order types so that you can get the most out of your trading experience.

While Gemini has been operational for a few years now, it has quickly become one of the most popular exchanges in the world. In addition to its ease of use and security features, Gemini offers competitive fees and a wide variety of currencies to invest in.

Key Features:

  1. Multi-level Security: Gemini has implemented multiple layers of security, including two-factor authentication, a host of cold storage options, and 24/7 monitoring.
  2. Dedicated Wallet: Gemini creates a dedicated wallet for each user to store their funds. This prevents any single user from gaining control of a large portion of the Gemini exchange.
  3. Modern UI: Gemini’s user interface is sleek and modern, making it easy to use for first-time investors.

Pros

  • Excellent UI design
  • Offers 50 major cryptocurrencies
  • Site insurance

Cons

  • Slightly higher fees

Fees:

  • Trading Fee: 0.5%
  • Minimum Deposit: Zero
  • Withdrawal Fee: Free

8. Easy Crypto

With its user-friendly trading platform and an easy account setup in minutes, Easy Crypto is one of the best exchanges to convert ZAR into Bitcoin.

The platform enables fiat money purchases as well as rapid crypto swaps to quickly and securely change one asset to another. Bitcoin, Ethereum, Solana, XRP, and other lesser-known cryptocurrencies and DeFi tokens are among the 122 tokens that can be purchased or exchanged.

Individuals in South Africa who use Easy Crypto will be able to purchase cryptocurrency using a bank transfer in RAND or SiD EFT, with assets sent directly to a hardware wallet, reducing the risk of hackers stealing coins held in hot wallets.

easycrypto

Easy Crypto’s ability to Dollar Cost Average (DCA) over time is one of its best features. Recurring order capabilities may be used to make daily, weekly, or monthly transfers to the exchange. The transaction will be fulfilled at the current value of the investment and sent to the specified wallet address.

Finally, Easy Crypto offers a rebate program for users who refer friends and family to the platform. 

Key Features:

  1. Auto-Invest: Create automatic purchase orders for Bitcoin that will be filled at the current market price.
  2. Recurring Orders: Schedule orders to buy or sell cryptocurrencies at regular intervals.
  3. Dollar-Cost Average: Invest in Bitcoin gradually over time, buying when the price is low and selling when it’s high to minimize your risk.

Pros

  • No hidden fees
  • Excellent account security
  • Great for beginners

Cons

  • Delay in processing due to high volume trades

Fees:

  • Trading Fee: 0.7%
  • Minimum Deposit: $2
  • Withdrawal Fee: 0.9%

9. CEX.IO

CEX.IO has been in the market for the longest time. It is one of the earliest cryptocurrency exchanges in the world, with over 4 million consumers trusting it. Moreover, CEX.IO is a world-class platform with an easy-to-use interface that accommodates all sorts of investors, making it excellent for both novices and seasoned traders.

In the United States, CEX.IO is a popular solution for individuals who wish to acquire cryptocurrency instantaneously with a credit or debit card. The exchange is accessible via a desktop browser or a mobile app for iOS and Android devices. 

Users may also instantaneously sell cryptocurrencies and withdraw fiat gains to a Visa, Mastercard, or bank account.

Finally, CEX.IO offers 24/7 customer support in case you experience any problems with your account.

Buy Cryptocurrency with cex.io

Key Features:

  1. Security: CEX.IO employs a variety of security measures, including two-factor authentication, a KYC (know your customer) process, and email confirmation for all withdrawals.
  2. Variety of payment methods: CEX.IO accepts credit or debit cards, wire transfers, and SEPA transfers for EUR deposits.
  3. Customer support: CEX.IO offers customer support 24/7 via phone, email, and a ticket system.

Pros

  • Easy to navigate
  • Regulated
  • Responsive support

Cons

  • Demanding verification process

Fees:

  • Trading Fee: 0.25%
  • Minimum Deposit: $20
  • Withdrawal Fee: Starts at 3% + $1.20

10. Crypto.com

Crypto.com is one of the best cryptocurrency exchange and trading platforms, with over 10 million users globally.

The Crypto.com app provides a one-stop shop for buying, selling, trading, spending, storing, earning, lending money, and even paying bills using cryptocurrency. In addition, Crypto.com provides excellent discounts for both novice and experienced cryptocurrency investors.

South Africans may buy cryptocurrency using a credit card and avoid having to pay international conversion fees at a regular bank. It is one of the greatest on-ramps for consumers in South Africa to access the market with cheap fees, thanks to the exemption on credit card fees.

Aside from its discounts and promos, Crypto.com is known for its top-of-the-line security measures. The platform has never been hacked, and user funds are always kept in cold storage.

Crypto.com offers a wide range of cryptocurrencies to choose from, making it one of the most versatile exchanges in the market. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar Lumens are just some of the currencies you can buy, sell, or trade on Crypto.com.

Key Features:

  1. Staking: Earn rewards by holding Crypto.com’s MCO and CRO tokens.
  2. Bill payment: Pay your bills in over 150 countries worldwide.
  3. Airdrops: Get free cryptocurrency by completing simple tasks.
  4. Credit card purchase: Paying with your credit card incurs no international conversion fees.
  5. Secure: Crypto.com is one of the most secure exchanges in the market.

Pros

  • Easy to navigate
  • Regulated
  • Responsive support

Cons

  • Demanding verification process

Fees:

  • Trading Fee: 0.04% to 0.4% maker fees
  • Minimum Deposit: $5
  • Withdrawal Fee: Free

FAQ

1.  How do I start investing in Bitcoin?

The best way to start investing in Bitcoin is to find a reputable exchange that offers a variety of payment methods, such as credit card, wire transfer, or SEPA transfer. Once you have found an exchange that suits your needs, create an account and verify your identity. Then, after your account is verified, deposit the amount of fiat currency you wish to use to buy Bitcoin. 

  1. How much should I invest in Bitcoin?

There is no right or wrong answer to this question, as it depends on your investment goals and risk tolerance. However, it is generally advisable to invest only what you can afford to lose, as Bitcoin is a volatile asset, and its price can fluctuate drastically.

3. What are the risks of investing in Bitcoin?

As a volatile asset, Bitcoin’s price can fluctuate significantly. As such, you should only invest what you can afford to lose, as all of your investment may be lost. Additionally, there is always the risk of fraud when investing in Bitcoin, so be sure to research any exchange or wallet before using it.

4. What are the benefits of investing in Bitcoin?

Bitcoin is a decentralized asset, so it is not subject to the whims of central banks or governments. Additionally, Bitcoin has a limited supply, so its price could potentially increase over time if the demand for it grows. Finally, Bitcoin can be used to purchase goods and services, so it has real-world utility.

5. How can I make money with Bitcoin?

There are several ways to make money with Bitcoin. You can buy and hold it as an investment in the hopes that its value will increase, or you can trade it in exchange for other cryptocurrencies or fiat currencies. Additionally, you can provide goods or services in exchange for Bitcoin.

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