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easycrypto.com is a great site to buy Bitcoin and other cryptocurrencies for those in South Africa. EasyCrypto has really made a name for itself by trying to service emerging markets with a sleek, easy to use platform and great guarantees.
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Bitcoin is extremely popular in South Africa thanks to a variety of reasons, 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 from March 2017 when the country’s finance minister had to vacate his post under controversial circumstances. When ratings 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.
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.
Users looking to buy Bitcoin in South Africa can do so from one of the many exchanges available in the country. However, buyers should keep in mind that they should first get a wallet to store the Bitcoin. In case you don’t have a wallet, you can go through our guide on the best Bitcoin and cryptocurrency wallets.
Once you have a wallet in place, you can choose from the likes of Luno, Coinmama, CoinCorner, Bitit, and a few other options to buy Bitcoin from. There are different pros and cons of all the exchanges. Luno, for instance, allows users to instantly buy Bitcoin, is known for free deposits, and provides users with really high limits based on their verification level.
Users, however, are advised against storing their Bitcoin in the Luno wallet as online reviews suggest due to certain concerns such as potential security flaws and long deposit and withdrawal times.
Another way to buy Bitcoin in South Africa is through Bitcoin ATMs, through there aren’t many of them available in the country. South Africa has a total of five Bitcoin ATMs spread across the four cities of Cape Town, Pretoria, Johannesburg, and Nelspruit (Mbombela). These ATMs allow users to buy Bitcoin using cash in a quick and easy manner as it doesn’t require sign-ups and identity verification with exchanges, which might take up a few days to go through.
However, the drawback of buying Bitcoin through an ATM is the high transaction fees that range between 5% and 10%.
More importantly, South Africa gives users more than a few choices where they can spend their Bitcoin. In fact, cryptocurrency exchange Luno reports that there are thousands of merchants that accept Bitcoin in the country, including stationery seller Applebee, fashion clothing provider BLVD Boutique, and even hula hoop performers.
In the end, it can be concluded that Bitcoin is in a healthy state in South Africa and it should continue flourishing thanks to the government’s proactive and positive approach toward developing the country’s cryptocurrency system.
South Africa's economy is the third largest in Africa. Of all the countries on the African continent, South Africa has the most diversified economy, with heavy industrialization and a large tech sector.
According to the South African reserve bank, the country's financial regulator, the state has experienced “an exponential increase in the provision and use of crypto assets”, thus it published a “draft declaration of crypto assets as a financial product”.
This declaration contains a set of rules that must be obeyed by crypto-exchanges, advisers and brokers authorised under the FAIS Act. However, the removal of grey area around the regulation of crypto has meant that many exchanges have opened up their doors to South African investors.
One of the easiest ways to buy Bitcoin in South Africa is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in South Africa, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet). If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
Another way to buy Bitcoins in South Africa is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in South Africa using our Bitcoin ATM Map.
There are three main types of Bitcoin wallet and all of them are supported in South Africa:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
Coinbase is an easy-to-use iOS and Android crypto exchange and wallet. Start within 20 seconds.
Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in South Africa that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.
Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.
About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.
Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in South Africa that allow you to buy litecoin and other crypto assets for good exchange rates.
A cryptocurrency investment firm named BTC Global was the focus of a fraud case with losses exceeping $80 million.
BTC Global agents encouraged people to invest, with the promise to earn 2% interest per day, 14% per week and 50% in a month.
Some of the investors managed to get payed, but ultimately, like all ponzi schemes the payments eventually just stopped. That's because, in the case of BTC Global and other Ponzi schemes, initial investors are paid out of new investor funds.
Coinbase ONLY allows crypto-to-crypto conversions for South African residents as of January of 2021.
South Africa offers several ATMs for its citizens to buy Bitcoins with Cash.
You can use our Bitcoin ATM finder tool to find the one nearest you.
Bitcoin prices are changing every second.
The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.
Any exchange with a Rand trading pair will allow you to sell your Bitcoin for fiat currency. Luno has ZAR trading pairs for many popular coins.
Another way to sell Bitcoins in South Africa is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. You can locate Bitcoin ATMs in South Africa using our Bitcoin ATM Map.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.