Buying Bitcoin online in South Africa should take you no more than a few minutes from start to finish – especially if your chosen exchange supports debit/credit card and e-wallet payments.

In this guide, not only do we show you how to buy Bitcoin in South Africa safely and with low fees but we also discuss the potential upside and risks to consider before getting started.

 

 

Cryptoassets are a highly volatile unregulated investment product. 

We provide a more comprehensive explanation of how to buy Bitcoin in South Africa in the rest of this guide.

Where to Buy Bitcoin in South Africa – Best ZA Platforms

Although there are several crypto exchanges that allow you to buy Bitcoin in South Africa, you should choose a provider that offers low fees and support for your preferred deposit method.

Most importantly, you should only buy Bitcoin via an exchange that has a good reputation for security and customer support.

Below, you will find reviews of the best crypto exchanges in the market right now to help you decide on where to buy Bitcoin in South Africa.

1. eToro – Overall Best Place to Buy Bitcoin in South Africa

Through extensive research and testing, we’ve found that the best place to buy Bitcoin in South Africa is eToro. eToro has a fantastic reputation within the trading scene and serves over 26 million clients worldwide. Although not directly regulated within South Africa, eToro does boast oversight from leading entities such as the FCA, ASIC, CySEC, FinCEN, and FINRA.

At the time of writing, eToro offers 75 cryptocurrencies to trade – including BTC and a selection of altcoins and DeFi tokens. All of eToro’s cryptos can be traded for a flat 1% commission, plus the bid/ask spread. This ensures that the fees charged are always transparent, as eToro doesn’t employ any additional hidden costs.

New eToro users based in South Africa will have to make an initial deposit of $200 (3391 ZAR), although this drops to only $50 (796 ZAR) for subsequent deposits. Deposits are free to make if made in USD – although non-USD deposits will have a 0.5% conversion fee attached. Regarding deposit methods, eToro accepts credit/debit cards, bank transfers, PayPal, Neteller, and Skrill.

The trading process with eToro is also suitable for beginners, as the platform employs a ‘fractional investing’ approach, which means users can open trades from as little as $10 (159 ZAR). eToro users can trade via the user-friendly web portal or the handy mobile app, which features real-time price charts, numerous order types, and a selection of technical indicators.

eToro also comes equipped with several exciting features, with the ‘CopyTrader’ feature being one of the most notable. This feature allows users to automatically copy the trades placed by other eToro users – without having to pay any additional fees. According to eToro’s website, the average yearly profit of the 50 most-copied traders in 2021 was over 30%.

Finally, all eToro users will have access to eToro Money, which works as eToro’s built-in crypto wallet. This wallet app can be downloaded for free on iOS or Android and supports hundreds of crypto-assets. Users can even swap one coin for another from within the wallet’s dashboard, making it quick and easy to speculate on price movements.

Did you know that eToro is also one of the best forex brokers in South Africa as well as the best stock broker offering competitive spreads and low non-trading fees? Find out more in our eToro South Africa review.

What we like

 

 

 

Cryptoassets are a highly volatile unregulated investment product. 

2. Crypto.com – Ideal Platform to Buy Bitcoin in South Africa with Low Fees

Another great place to buy Bitcoin in South Africa is Crypto.com. This platform is used by millions of traders from all over the world, for its low fee policy and simple but highly comprehensive Bitcoin investment app.

In addition to Bitcoin, Crypto.com offers support for over 250 alternative cryptocurrencies – including but not limited to Ethereum, Dogecoin, Shiba Inu, Litecoin, EOS, and much more. When it comes to fees, Crypto.com charges just 0.40% in commission – which is charged when you buy Bitcoin and again when you sell.

Crypto.com offers even lower fees when you trade larger volumes and also when you stake the platform’s in-house digital token – CRO. South Africans also like the Crypto.com app for its support for Visa and MasterCard payments. This means that in just a couple of minutes you can buy Bitcoin from the comfort of home.

The other option you have is to deposit funds via a traditional bank wire. However, this can take a few working days to arrive. Nonetheless, once you have bought Bitcoin via the Crypto.com platform, you then have the opportunity to earn interest. This is because you can deposit your BTC tokens into a crypto savings account.

You can choose to keep your BTC tokens locked away for one or three months, or opt for a flexible withdrawal plan. Your decision will determine the APY that you get. For example, if you stake CRO tokens and opt for a 3-month lock-up period, you will earn 6% interest on your Bitcoin deposit.

Alternatively, if you don’t stake CRO and you opt for a flexible plan, then the APYdrops down to 0.5%. The Crypto.com exchange also offers a pre-paid crypto credit card that allows you to spend Bitcoin anywhere in South Africa and beyond that accepts Visa. Finally, Crypto.com also offers a secure Bitcoin wallet that is built into its proprietary app.

What we like

 

 

 

Cryptoassets are a highly volatile unregulated investment product. 

3. Capital.com – Trade Bitcoin CFDs at 0% Commission    

Another option you have if you wish to gain exposure to Bitcoin in South Africa is to use a regulated CFD trading platform like Capital.com. In its most basic form, Capital.com allows you to predict the future value of Bitcoin without you taking ownership of any tokens.

Instead, it’s just a case of deciding whether you think the value of Bitcoin will rise or fall. In total, Capital.com offers over 470 crypto CFD markets – which includes BTC/ZAR. This means that you can trade the future value of Bitcoin against the South African rand in a safe and licensed environment.

When it comes to fees, Capital.com does not charge commissions on any of its supported markets. You will also find that spreads are competitive and there are no deposit or withdrawal fees. You can fund your account with a debit/credit card or e-wallet from just $20 or a bank wire – which requires a higher minimum of $250.

Either way, once your Capital.com account is funded, you will also have the option of trading Bitcoin CFDs with leverage. This means that you can amplify the value of the position that you enter. As an example, if you stake $100 with leverage of 1:10, then you are trading Bitcoin with capital of $1,000.

We should also note that Capital.com is a superb option if you are looking to trade other CFD assets. This is because the platform also supports stocks, ETFs, metals, energies, indices, forex, and more. Capital.com is also great for educational purposes, insofar that the platform offers a full suite of trading guides and market insights.

What we like

 

 

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.

4. Binance – Low-Commission Exchange to Buy Bitcoin and 600+ Other Cryptocurrencies   

The final option to consider when deciding on where to buy Bitcoin in South Africa is Binance. Previously, Binance was used by South Africans to buy cryptocurrencies with a debit or credit card – as the exchange offered a direct portal for Visa and MasterCard payments. 

However, Binance no longer offers this – so if you wish to use a debit/credit card, you need to go through a third-party processor. And in doing so, fees can be extortionate. On the other hand, Binance does offer extremely low trading commissions that are capped at 0.10% per slide. By trading larger volumes, you’ll get even lower commissions. 

Moreover, Binance is a great option if you wish to trade exotic digital currencies, not least because the platform is home to over 600 crypto assets. You might also choose to buy Bitcoin in South Africa via the Binance exchange if you seek advanced chart analysis tools. This includes technical indicators and access to TradingView. 

Binance might also appeal if you are looking for a top-rated crypto wallet to store your Bitcoin tokens. Trust Wallet – which is backed by Binance, is a decentralized app that gives you full control over your private keys. You can also keep your Bitcoin in a Binance savings account, which will enable you to earn interest on your investment.      

What we like

 

 

 

Cryptoassets are a highly volatile unregulated investment product.

Should I Buy Bitcoin?

Investors of all shapes and sizes are looking at ways to buy Bitcoin in South Africa – largely because of the historical returns that this digital currency has generated.

• Don’t forget – the Bitcoin network was only launched in 2009 and back then – you would have paid just less than $1 per token – or around 15 ZAR.
• As of writing in 2022, Bitcoin is now worth thousands of dollars – which represents growth of millions of percent since Bitcoin was founded.
• Even if you were fortunate enough to invest in early 2017 you would have paid around $1,000 per BTC.
• And, when you consider that in late 2021 Bitcoin reached highs of nearly $69,000 – that translates into gains of almost 7,000% in just under four years of trading.

Crucially, it is also important to remember that Bitcoin is a very volatile and unpredictable asset class – so you need to consider the enhanced risks of making an investment.

Nonetheless, the good news is that you are not required to invest large sums of money to gain exposure to Bitcoin and other cryptocurrencies.

On the contrary, you can buy just a small fraction of one BTC token from a user-friendly exchange like eToro. This at the very least will allow you to build your Bitcoin portfolio with capital that you are prepared to lose.

 

 

Cryptoassets are a highly volatile unregulated investment product. 

Benefits of Buying Bitcoin

In the section above, we briefly discussed the overarching benefit of buying Bitcoin, insofar that the crypto asset has generated unprecedented returns since it was launched in 2009.

However, to ensure you have a firm grasp of the upside potential when you buy Bitcoin in South Africa, we will now dive a little bit deeper into the main advantages that this trading marketplace offers.

Bitcoin has Outperformed the Traditional Financial Markets Considerably 

Most people in South Africa will look to buy Bitcoin because they want to generate above-average financial gains. And this the digital currency has achieved resoundingly over the prior decade or so.

In order to highlight this, it is important to first assess how the traditional stock markets have performed in recent years.

• A great starting point is to look at the JSE Top 40 – which is the primary stock market index in South Africa and consists of the largest 40 publicly-traded companies.
• Over the prior five years, the JSE Top 40 has grown in value by just under 40%.
• In comparison, Bitcoin has increased in value by over 2,300% during the same period.
• Even the high-growth NASDAQ Composite in the US – which is home to stocks like Tesla, Apple, and Microsoft, has generated growth of just over 110% over the past five years.

As such, Bitcoin continues to outperform the traditional stocks markets by some distance.

Bitcoin is a Great Hedge Against a Falling Rand 

The South African rand continues to struggle to maintain its value against the US dollar and other major currencies. A great way to hedge against the falling rand is perhaps to consider holding an allocation of Bitcoin.

In fact, Bitcoin is often used as a hedging tool against the traditional stock markets too – as the two trading spheres are not correlated.

Bitcoin is Potentially Undervalued in 2022

We briefly mentioned earlier that Bitcoin hit highs of nearly $69,000 in late 2021. However, since its peak, Bitcoin and other cryptocurrencies have entered a market correction.

In 2022, for example, Bitcoin has averaged a trading range of approximately $39,000 – $47,000.

This means that entering the market while Bitcoin continues to trade within this range offers an attractive discount. For example, if you were to buy Bitcoin at $47,000 – a return to its previous peak of $69,000 would offer an upside of over 45%.

You can Spend Bitcoin in the Real World

There is often a misconception that Bitcoin has no value in the real world. However, this is not the case at all, as more and more merchants are starting to accept Bitcoin as a means of payment. Some of the most recognized brands that support cryptocurrency purchases include Starbucks, Microsoft, and Paypal.

However, an even better way to spend Bitcoin in the real world is to get yourself a crypto credit card from the likes of Crypto.com – which is issued by Visa. This means that you can spend your Bitcoin holdings anywhere that Visa is accepted online, in-store, and at ATMs.

Buying Bitcoin is Both Simple and Ideal for Those on a Budget

The actual process of buying Bitcoin in South Africa is very straightforward and requires no prior investing experience.

As mentioned in our crypto exchange reviews earlier, it’s just a case of registering an account with a reputable exchange that supports debit/credit card payments. Then, you can leave your BTC tokens in a crypto wallet until you are ready to cash out.

Moreover, Bitcoin can be purchased by investors of all budgets. Once again, you don’t need to purchase a full token – as Bitcoin can be split into small units.

As such, when using the aforementioned eToro, you only need to meet a minimum deposit of $200 – or about 3391 ZAR.

Ways of Buying Bitcoin

Once you have decided on where to buy Bitcoin in South Africa, the next step is to consider the best payment method for your requirements.

Your options are as follows:

Buy Bitcoin With Credit Card or Debit Card

If you have access to a credit or debit card issued by Visa or MasterCard, then this is by far the best way to buy Bitcoin in South Africa.

All you need to do is open an account with a trusted exchange like Crypto.com and then enter your credit/debit card details when prompted. In doing so, this will allow you to deposit funds instantly and subsequently buy Bitcoin.

As long as you are using a reputable exchange, your credit/debit card details will be processed securely.

Buy Bitcoin With Paypal

If you’re wondering how to buy Bitcoin with Paypal in South Africa, your options will be limited. With that said, you can deposit funds with Paypal and other e-wallets – such ApplePay, on the Capital.com platform.

The minimum deposit requirement when using Paypal at Capital.com is just $20 and best of all – no transaction fees are charged.

The only other option you have in this respective is to use the P2p feature at Binance. This should enable you to deposit funds with Paypal, but, as you will be transacting with a third party, this presents issues in terms of high fees and potential fraud.

 

 

Cryptoassets are a highly volatile unregulated investment product. 

Bitcoin Price

The Bitcoin price will change throughout the day like any other trading market. As you have likely noticed, this guide has analyzed and discussed the price of Bitcoin in US dollars, as this is the benchmark currency utilized in the cryptocurrency trading scene.

Moreover, the vast majority of crypto exchanges operate in US dollars, so it’s a good idea to get to grips with assessing prices in USD as opposed to ZAR.

When it comes to price action (PA), Bitcoin is very volatile. The digital currency can go on extended bullish runs, which means that its price continues to increase. However, Bitcoin can also go on bearish cycles, meaning that the value of the crypto asset declines for prolonged priors.

Bitcoin price chart 2021 – 2022

As we noted earlier, there hasn’t been much movement for Bitcoin in 2022 to date, with the digital currency trading in a sideways range of between $38,000 and $47,000.

With that said, this does offer a great opportunity to enter the market when you consider that even at the upper range, this offers a discount of 30% based on Bitcoin’s prior high of $69,000.

Also, a tight trading range can still be ‘scalped’ by experienced margin traders, for example on exchanges like Capital.com that have perpetual futures pairs and offer leverage.

Bitcoin Price Prediction

Proponents of Bitcoin will often argue for a new all-time high of over $100,000 by the end of 2022. This same Bitcoin price prediction was, however, also made by many market commentators in 2021.

On the other hand, some analysts argue for a major decline in the price of Bitcoin in the coming months as part of a much larger market correction.

As such, it doesn’t make too much sense to take Bitcoin price predictions into account as there is so much disparity in market sentiment. This is especially the case if you are looking to buy Bitcoin in South Africa as part of a long-term strategy.

That is to say, by viewing Bitcoin as a long-term investment, you can avoid taking notice of the digital currency’s short-term volatility.

How to Buy Bitcoin Safely

Before you buy Bitcoin in South Africa there are a number of important considerations to ensure you are investing in a safe manner.

Consider the following tips to stay safe when buying Bitcoin online:

Only Use Reputable Exchanges

The most important consideration to make when learning how to buy Bitcoin in South Africa is with respect to the crypto exchange that you decide to use.

The reason for this is that the broader crypto markets are still unregulated and thus – many exchanges that operate in this space should be avoided.

This is why we like eToro as the best place to buy Bitcoin online, as the exchange is approved by regulators in the US. Moreover, the exchange is used by over 26 million customers and this figure continues to grow at an exponential rate.

Store Bitcoin Safely

After buying Bitcoin in South Africa from your preferred exchange, the next thing to think about is how you are going to store your tokens.

If you are a complete beginner in this industry, then it’s best to keep your Bitcoin investment within the exchange that you made the purchase. However, once again, it is important that your chosen exchange has a trusted reputation.

The other option you have is to download a Bitcoin wallet to your smartphone. This will come via a mobile app – which means that you can access your Bitcoin investment at any time.

If you are considering investing a significant amount of capital into Bitcoin, then you might even think about buying a hardware wallet.

This will only be suitable if you are looking to hold onto your tokens for a long period of time, as moving funds to and from a hardware wallet can be cumbersome.

All in all, we found that the best Bitcoin wallet for user-friendliness and security is offered by the previously discussed eToro.

Invest Modestly 

Another step that you can take to ensure that you buy Bitcoin safely is to ensure that you invest modest sums.

Although it can be tempted to focus exclusively on the historical price performance of Bitcoin, don’t forget that this digital currency is still somewhat unproven in the grander scheme of things.

And, when you add in the highly volatile and speculative nature of Bitcoin, there is every chance that you will make a loss. As such, only invest amounts that you are prepared to lose. When signing up to a trading platform you have the option to not trade and just passively hold your investment if you’re inexperienced.

How to Buy Bitcoin in South Africa – Tutorial

If you have considered the risks of investing in crypto and wish to proceed with a purchase – this section of our guide will explain how to buy Bitcoin in South Africa today.

In less than five minutes, you will learn how to open an account with eToro, make a deposit, and proceed to buy BTC.

Step 1 – Open an eToro Account

Navigate to eToro’s official website and click the ‘Start Investing’ icon on the homepage. On the following page, provide a valid email address and choose a username and a password for your account. eToro will then send an email with a link to verify your email address.

 

Step 2 – Verify Account

Due to anti-money laundering regulations, new users must verify themselves before trading. To do so, click ‘Complete Profile’ on eToro’s dashboard and complete the necessary KYC checks. Following this, upload proof of ID (e.g. passport) and proof of address (e.g. bank statement). eToro will then verify these documents and email you when everything is finalized.

Step 3 – Make a Deposit

Click ‘Deposit’ on eToro’s dashboard and enter your desired funding amount. eToro requires a minimum deposit of $200 (3391 ZAR) for new users from South Africa, although this drops significantly for subsequent deposits. In terms of payment methods, eToro accepts the following:

• Credit card
• Debit card
• Bank transfer
• PayPal
• Skrill
• Neteller

Step 4 – Search for BTC

Type ‘BTC’ or ‘Bitcoin’ into eToro’s search bar, then click ‘Trade’ next to the first option that appears.

 

Step 5 – Buy Bitcoin

An order box will then show up, much like the one below. In this box, enter your position size (minimum $10), check all the details are correct and click ‘Open Trade’.

How to Buy Sell Bitcoin

At some point in the future, you will likely decide to sell your Bitcoin tokens back to cash. If you decided to buy Bitcoin via eToro and you kept your tokens stored in the provider’s wallet, then you can simply place a sell order.

This part of the process is the same as when you bought Bitcoin but in reverse. Once the sell order is placed, eToro will add the cash proceeds to your balance.

Conclusion

This beginner’s guide has explained how to buy Bitcoin in South Africa in a safe and low-cost way.

The process rarely takes more than a few minutes when you use a popular exchange like eToro – as you can instantly make a deposit via credit/debit card, bank transfer, or PayPal.

To get the ball rolling right now – you can visit the eToro website to set up an account online in minutes.

#cryptocurrency #cryptocurrencynews #cryptocurrencytrading #cryptocurrencyexchange #cryptocurrencymining #cryptocurrencymarket #cryptocurrencycommunity #cryptocurrencys #cryptocurrencyinvestments #cryptocurrencyinviestments #cryptocurrencyeducation #cryptocurrencyrevolution #allsortofcryptocurrency #cryptocurrencytop10 #cryptocurrency_news #instacryptocurrency #cryptocurrencymemes #investincryptocurrency #cryptocurrencyinvestment #cryptocurrencyisthefuture #cryptocurrencyinvesting #newcryptocurrency #cryptocurrencylife #cryptocurrencytrade #cryptocurrencylifeinvest #cryptocurrencymillionaire #cryptocurrencytrader #cryptocurrency_updates #tradingcryptocurrency #cryptocurrencysignals #cryptocurrencytradingplatform #cryptocurrencysolution #cryptocurrencytraders #cryptocurrency_for_dummies #cryptocurrencymalaysia #cryptocurrencytakingover #cryptocurrencybali #cryptocurrencyinvestors #cryptocurrencyindex #cryptocurrencyattorney