The loud noise around Bitcoin has certainly died down to a low buzz but there’s a buzz nonetheless. To move Bitcoin off its long-term investment positioning to more of a mainstream payment mechanism, the cryptocurrency has made further innovations. Cryptocurrencies bypass central authorities such as the Reserve Bank, financial institutions and payment gateways and are traded over-the-counter (OTC) in cyberspace. The blockchain technology prevents the digital coins from being counterfeited. It also means they are not owned, issued or controlled by any one single group or party. As a currency, the next natural thing to ask is what can you buy with Bitcoin or what can I buy with Bitcoin?
- This involves submitting digital copies of your ID, proof of residence and bank statement.
- If you’re ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Bitcoin in South Africa.
- Ovex offers ZAR, USDT, TUSD and BTC trading pairs, with crypto options including main coins Bitcoin and Ethereum, and meme coins as well such as Dogecoin.
- With this success, Bitcoin has demonstrated its toughness and resiliency in the face of the uncertainties that sometimes characterize the cryptocurrency market.
- Bitcoin to rand trading fees on Luno varies across the three account levels.
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 trading as opposed to the top 8 global currency pairs has become hugely attractive for traders who trade on volatility.
VALR also offers competitive fees, with takers paying as low as 0.1% and maker’s fees at -0.01% to reward users for adding liquidity to the market. The exchange also offers an attractive rewards and rebates program offering the potential to earn up to 15% in rebates on all trades. Launched in 2018, VALR is a local exchange that has grown to be among the highest trading-volume exchanges in South Africa.
Is Bitcoin safe to invest in?
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- Starting a Bitcoin trade in South Africa, it is important to know which platform is the most suitable for your needs.
- In other words, Shapeshift is the middleman that takes your cash, finds some Bitcoins and then converts them for you.
- Demo versions and learning resources are special features of this platform.
- Cryptocurrency CFDs are where the underlying asset of the CFD would be a Cryptocurrency like Bitcoin.
As the pioneer of cryptocurrency, Bitcoin is backed by its reliability and trajectory and has great project growth rates in the next few years. Therefore, investors who want to generate profit by buying bitcoin in South Africa can do it; it is a fast, simple, and available option, as we mentioned in this article. Even though Bitcoin has a lot of support and growth on beaxy exchange review the market, it is not the only cryptocurrency today. Currently, there are over 8000 cryptocurrencies, but not all of them are good investments for you. One special feature of this platform is its demo version and many learning sources for beginners. You can make your investments in bitcoin without having to risk your money until you have access to real-time trading.
Beginners Guide to Bitcoin Trading in South Africa: FAQs
Bitcoin is a digital coin, designed to be transferred between people in virtual transactions. It exists only as data and not as physical object; you cannot actually hold a Bitcoin in your hand or keep it in your home. Now is the right time to get into Bitcoin trading as it still offers a very lucrative investment opportunity. 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.
How to buy bitcoin on Coindirect using a credit card (or a VISA cheque card)
However, because of the FTX collapse, more than half of our panellists (58.49%) believe that crypto exchanges should be regulated just as much as other financial trading platforms. The term “exchange” may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.
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You can also convert your ZAR to BTC via Binance P2P which is a fast, easy, and secure way to buy Bitcoin in South Africa without many fees. You can start with however much money you have since they review cycle analytics for traders are less expensive and laborious than mining, and you do not have to invest a lot of money in equipment. There are 53 blockchains and over 1 million assets supported by the Binance Trust Wallet.
DCA removes some of the emotion from investing and can help support a long-term strategy. Bitcoin is widely considered as a high-risk asset, so you should “only invest what you can afford to lose.” Carefully consider investing in BTC as part of a wider strategy, and talk to a financial advisor if you have any questions. Bitcoin is increasingly treated as a financial asset by governments around the world. This means that you may need to declare your BTC holdings at tax time and should consider consulting a tax professional to make sure you don’t run afoul of the law. This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you’ve pre-funded your account with a bank transfer.
BitcoinAfrica.io
Overall, Cerus Markets is a relatively new player in the cryptocurrency trading space, but it has gained a reputation for offering a reliable and secure platform for users to trade digital assets. In this section of how to buy Bitcoin in South Africa, we provide a table to help you compare the fees of the different trading platforms and crypto exchanges. Founded in 2016, Crypto.com is also one of the fastest and most secure cryptocurrency exchanges which is great for those who want to buy Bitcoin in South Africa. They offer derivatives trading when you buy Bitcoin, so those looking to leverage their positions can do so on the platform as well.
Bitcoin was the first digital currency to explode onto the world market and its popularity has literally exploded. If you’re interested in Bitcoin trading, you’ll be pleased to know South Africa is very much part of the Bitcoin revolution. In fact, Bitcoin in Africa is stronger than it is anywhere else in the world because it offers multiple benefits to the banked and unbanked sectors. Aside from the risks that come from potential cyberattacks or scams which can be more or less simple to avoid, another risk of buying Bitcoin is extreme price movements. Even until now, cryptocurrencies are known to be volatile financial instruments, especially newer and trendier coins.
To further reduce risk I use one registered locally so it’s subject to local laws and regulations. With KuCoin, all you have to do is create your account and, just like that, you have access legacy fx review to 700+ digital assets. More experienced traders will enjoy the platform’s suite of advanced trading options, including several order types, automated trades and charting options.
EToro is one of the most widely-used and recognized trading platforms in the world. EToro users can trade more than 70 digital currencies, including a selection of leading altcoins and DeFi tokens. This is the best time to trade Bitcoin in South Africa because the government has a fairly friendly outlook on cryptocurrencies and has not shut down the financial asset with burdensome regulations. It’s legal to buy, sell and earn Bitcoin in South Africa and the digital coins are proving to be a faster and cheaper alternative to the Rand. The two oldest exchanges in South Africa are Luno and ice3X (iceCUBED). Once you’ve set up your trading account, deposited money in it and the funds have been cleared, you are ready to start trading Bitcoins.