Choosing the best crypto exchange in South Africa for your requirements should primarily focus on the reputation of the platform for security, regulation, and positive user feedback.

Alongside that you can research factors like trading fees, supported range of coins, minimum deposits and account balances, customer support, technical indicator tools and so on.

In this comparison guide, we’ll list and review the best crypto exchanges in South Africa for 2022.

Read on to find out which of the above crypto exchanges is the right for your trading and investment goals.

The Top Bitcoin Exchanges in South Africa Reviewed

You will need to think about what your main priorities are when choosing the best crypto exchange as a resident of South Africa.

For example, are you looking for the best crypto exchange in terms of fees and supported markets, or are you more concerned with trading tools and features?

To ensure that you select the South Africa crypto exchange for your requirements – consider one of the platforms reviewed below.

1. eToro – Overall Best Crypto Exchange South Africa for 2022

Our pick for the best crypto exchange in South Africa is eToro. eToro is one of the most widely-used trading platforms in the world, now serving over 26 million clients. Much of eToro’s appeal comes from its strict regulation, as the platform is policed by the FCA, ASIC, CySEC, FinCEN, and FINRA.

eToro users can trade more than 70 digital currencies, including a selection of leading altcoins and DeFi tokens. Users will have to pay a flat 1% on all crypto trades (plus the bid/ask spread), making the fee structure very transparent. eToro offers a fractional investing approach, meaning that the minimum position size is only $10 – which equates to roughly 158 ZAR.

New South African traders must make a minimum deposit of $200 (3167 ZAR), although this does drop significantly for subsequent deposits. Deposits are free to make, with full support for credit/debit cards, bank transfers, PayPal, Skrill, and Neteller. Notably, there is a 0.5% conversion fee to be aware of when making ZAR deposits since eToro operates solely in USD.

eToro also offers a suite of innovative trading features, with CopyTrader being the most popular. This feature allows users to automate the trading process by copying trades placed by other eToro users. Finally, eToro even provides a selection of professionally managed portfolios called ‘SmartPortfolios’ – with a dedicated offering that provides broad exposure to the crypto market.

As well as cryptocurrencies, eToro also offers access to stocks, ETFs, commodities, indices and forex just to name a few. As such, eToro has become one of the best forex brokers in South Africa and the best stock broker in ZA that offers some of the tightest spreads on the market. Want to learn more about eToro? Read our eToro South Africa review now.

What We Like:

 

2. Crypto.com – Leading Crypto Exchange with Low Trading Fees

Crypto.com is another of the best crypto exchanges in South Africa for its low-fee policy and diversified asset library. Regarding the former, you can buy and sell crypto here at a commission of just 0.40% – which is very competitive. We like that Crypto.com rewards its users with lower commissions when trading higher volumes.

You won’t be short of trading opportunities at the Crypto.com exchange, not least because it is home to over 250 digital currencies. Large-cap tokens include the likes of Bitcoin, Ethereum, Dogecoin, Cardano, Shiba Inu, Tether, and more. You can also access a variety of metaverse coins – such as Decentraland and The Graph.

Once you have purchased your chosen digital currency, Crypto.com offers a solid custodial wallet that will ensure your tokens are kept safe at all times. You can also download the Crypto.com DeFi wallet which gives you sole control of your private keys. Many South Africans will use Crypto.com for its interest-earning accounts.

All you need to do here is choose your preferred term – from flexible, 1-month, and 3-month accounts, and you will be paid a competitive APR of up to 14.5%. Crypto.com offers numerous benefits when you buy and stake its native digital token – Cronos (CRO). This includes lower trading commissions and higher crypto interest yields.

We also like Crypto.com for its growing NFT marketplace – which covers a variety of projects across art, photography, sport, and more. When you buy an NFT via the Crypto.com platform – no fees or commissions are charged. In terms of getting started, we found that you can typically open a verified account in less than five minutes.

To buy digital currency instantly, you might decide to deposit funds with your credit or debit card. Bank wires are supported too. Either way, when you buy and sell digital assets here – you can download the Crypto.com app for iOS or Android. This will give you access to the cryptocurrency markets 24/7 no matter where you are.

What We Like:

 

3. Capital.com – Best Platform to Trade Crypto With Leverage    

The next platform to consider from our list of the best crypto exchanges in South Africa is Capital.com. Although Capital.com isn’t technically an exchange – this CFD trading platform allows you to speculate on the future value of over 470+ digital currency pairs without owning the underlying token.

And as such, this is a great option for those of you that are concerned about how to safely store your crypto assets in a private wallet. Not only that – but when you trade crypto CFDs at Capital.com – you will not be charged any buy or sell commissions. Spreads – which is the gap between the bid and ask price of the pair you are trading, are very competitive here.

We also like Capital.com because it allows you to enter the market with a long or short order. This means that you can enter a position depending on whether you think the crypto asset will rise or fall in value and thus – this offers superb flexibility in all market conditions.

Another major benefit of trading crypto CFDs at Capital.com is that you will have access to leverage facilities. This means that you can enter positions with more than you have available in your Capital.com account. In terms of supported markets, you can trade Bitcoin against the South African rand, the US dollar, euro, and more.

Most other pairs contain the US dollar but you can also speculate on crypto-cross pairs like ETH/BTC. In addition to cryptocurrencies, Capital.com also offers thousands of stocks and ETFs, forex, indices, and more. Getting started with a Capital.com account is very simple and fast – and the minimum deposit is just $20.

However, this is on the proviso that you fund your account with a debit/credit card or a supported e-wallet. If, on the other hand, you opt for a bank wire, you need to deposit at least $250. We like that Capital.com does not charge any deposit or withdrawal fees. Finally, Capital.com is authorized and licensed by ASIC, FCA, CySEC, and the NBRB.

What we like

 

4. Binance – Low Commission Crypto Exchange for Trading   

Binance is the next platform to consider in your search for a top-rated South African crypto exchange. This exchange comes with some notable pros and cons – albeit we’ll start with the former. First and foremost, Binance is home to over 600 cryptocurrencies and 1,000+ trading markets

You can trade crypto here with industry-leading commissions of just 0.10%. If you decide to buy and stake BNB tokens – which is native to Binance, then you will be offered even lower fees. As one of the world’s biggest crypto exchanges for both volume and client accounts, Binance attracts significant amounts of liquidity.

This ensures that you always have access to favorable market conditions. We also like Binance for its advanced trading suite – which allows you to perform technical analysis via indicators and chart drawing tools. Binance is also popular with South African investors that wish to earn interest on their crypto investments.

Just like Crypto.com, Binance offers a variety of savings accounts, terms, and yields. On the flip side, Binance no longer allows South Africans to deposit funds with a debit or credit card directly on its platform. Instead, you will need to go through a third-party payment processor which can result in hefty fees.

Another major drawback of using Binance is that its regulatory status still remains unclear. The exchange has previously been hacked, although Binance did reimburse affected customers. In terms of security, Binance offers two-factor authentication alongside cold storage of client funds. The Binance app for iOS and Android also comes with biometric features.

What we like

 

5. Coinbase – Top Crypto Exchange for Beginners

Coinbase is one of the best South African crypto exchanges for complete beginners. If you want to buy Bitcoin or other digital currencies here, you can typically complete the process in under 10 minutes from start to finish. This includes the process of opening an account, uploading ID, and linking a payment method.

The fastest payment option to use at Coinbase is a debit or credit card – which will be processed instantly. You will need to pay a rather hefty transaction fee of 3.99% though – so do bear this in mind. Coinbase also offers bank wire transfers at a much more competitive fee.

With that said, Coinbase is also expensive when it comes to trading commissions – with the exchange charging 1.49% per trade. This fee needs to be paid every time you buy and sell crypto. In addition to offering a beginner-friendly trading interface, Coinbase also makes the process of storing your digital currency investments simple.

In fact, most South Africans will keep their tokens in the Coinbase web wallet, which removes the need for you to worry about private keys. Instead, you can just log into your Coinbase account to access your investments at any time. Plus, your Coinbase web wallet is protected by cold storage (98%) and two-factor authentication.

We also like that if you try to sign in to your Coinbase account with a new IP address or device, an additional security check is implemented. In terms of markets, Coinbase supports dozens of carefully selected cryptocurrency projects – most of which are considered large-cap tokens.

What we like

 

6. Kraken – Bitcoin Exchange With Margin Accounts

Next up on our list of the best South African crypto exchanges is Kraken – which has been offering digital asset trading services since 2013. As such, Kraken has cemented its status as a trusted exchange for nearly a decade. The Kraken platform offers a number of notable features – including margin accounts.

This allows you to buy Bitcoin and other cryptocurrencies on margin of up to 1:5. For instance, if you wish to trade $1,000 worth of Bitcoin, you would only need to put up a margin requirement of $200. This will suit those of you that wish to invest in digital currencies with more than you have available in your account.

If you have experience in trading financial derivatives, you might also want to check out the Kraken futures platform. Not only does this allow you to go long or short on your chosen digital currency market, but you can apply leverage of up to 50x. In other words, a position of $50,000 would require a margin of just $1,000.

If you are simply looking to buy and sell crypto via spot market prices, then Kraken also has you covered. Those trading small volumes throughout the month will pay a very competitive commission of just 0.26%. Higher volume investors will receive more competitive commissions through a maker-taker pricing structure.

In total, Kraken gives you access to over 65 crypto spot markets, which largely focus on high-cap projects. You can also download the Kraken trading app to access your account on the move. Kraken does not offer a proprietary wallet that allows you to retain control of your private keys. With that said, this might suit beginners nonetheless.

What We Like:

 

7. Luno – Popular Crypto Exchange App for Mobile Traders

Luno offers an entry-level crypto exchange platform and app that might appeal to first-time investors. In particular, we found the Luno app for both iOS and Android both simple and straightforward to navigate. Luno supports just 8 cryptocurrencies – which is on the low side.

This is inclusive of Bitcoin, Ethereum, Ripple, Chainlink, Uniswap, Litecoin, Bitcoin Cash, and USD Coin. In terms of making a deposit in ZAR, you will first need to open an account with the exchange and upload some ID. After that, you can opt for EFT without paying any fees.

However, if you want your EFT payment processed instantly, then you will be charged a premium of 1.40%. Moreover, standard buy and sell commissions amount to 2%, which is expensive. The good news, however, is that ZAR withdrawals via EFT are fee-free. In terms of features, we like the Repeat Buy tool offered by Luna.

This allows you to invest in your favorite cryptocurrencies automatically at a predetermined amount and date. You can also use the Luno wallet app for keeping your crypto tokens secure. Luno claims to keep 95% of all client funds in cold storage – which is further protected by multi-signature protocols.

What We Like:

 

8. VALR – Domestic Exchange to Buy and Sell Crypto

The final option to consider in your search for the best Bitcoin exchange in South Africa is VALR. This exchange has a physical presence in South Africa – which perhaps will suit those of you that wish to buy and sell crypto with a domestic platform.

At VALR, you will have access to over 60 digital currencies – which is inclusive of Bitcoin, Ethereum, XRP, and Solana. Naturally, all cryptocurrency prices on this platform are quoted in ZAR. When it comes to fees, both bank wire and crypto deposits are processed without a charge. However, credit card deposits come with an admin fee of 3%.

ZAR withdrawals cost R8.50 or R60 when using the fast-track service. Exchange buy and sell orders are charged at just 0.10% – which is very competitive. However, if you want to buy crypto instantly without trading with market participants, you will be charged 0.75%. Simple crypto swaps can be executed at 0.85% of the trade size.

In terms of safety, VALR claims to keep client funds in cold storage wallets, but no percentage figure is given. Setting up two-factor authentication is mandatory and internal controls include multi-signature protocols. Finally, VALR implements automated onboarding technology – so you should be able to set up an account in a matter of minutes.

What We Like:

 

 

Cryptoassets are a highly volatile unregulated investment product.

The Best African Crypto Exchanges Compared

The table below provides a summarized overview of the Bitcoin exchanges reviewed in the sections above:

How to Choose the Best Cryptocurrency Exchange for You

If you’re still searching for the best cryptocurrency exchange in South Africa for you – then consider researching the core factors discussed below. 

Safety and Reputation

When choosing the best Bitcoin exchange in South Africa, the first thing to consider is the reputation of the platform and what safety features it offers. 

For example, both eToro and Crypto.com are licensed by US regulators – so safety is assured. Capital.com is another great option when it comes to reputation – as the platform is authorized and regulated by ASIC, FCA, CySEC, and the NBRB.

You should also look at what internal security features are offered to ensure that your crypto investments are kept safe. For example, we like crypto exchanges that keep client tokens in cold storage alongside support for two-factor authentication.

Tradable Cryptos

When you use an exchange like Luno, you will have access to just eight crypto markets. At the other end of the spectrum, you have Crypto.com and Binance – which support 250+ and 600+ digital currencies respectively. 

As such, the best South African crypto exchanges offer a wide variety of coins and markets which subsequently allow you to diversify.

Moreover, it’s also worth looking at whether there is support for margin accounts. For instance, Capital.com allows South Africans to trade crypto CFDs with leverage – which enables you to amplify the value of your position.

Capital.com also offers support for both long and short orders, which means that you can attempt to profit from both rising and falling digital asset prices.

Sign-Up Offers

You might find that your preferred global crypto exchange offers a sign-up promotion as a means to entice new customers. Crypto.com, for instance, allows new customers to earn up to $50 in free crypto tokens once certain conditions have been met. 

Fees

Trading commissions vary from one exchange to another. It goes without saying that the best South African crypto exchanges that we reviewed today offer very competitive trading fees.

For example, at Crypto.com you can buy and sell Bitcoin and 250+ other digital assets at 0.40% per trade. If you trade larger amounts or stake CRO tokens, your commission will be reduced. 

At Capital.com, you can trade crypto CFDs across more than 470+ markets without paying any commission at all. On the other hand, some crypto exchanges can be costly when it comes to fees.

For instance, Coinbase charges a standard trading commission of 1.49% per trade. At Luno, this will cost you even more at 2%.

Tools & Features

The best South African crypto exchanges discussed today offer notable features that allow you to take your digital asset investments to the next level. 

For example, once you have bought digital currencies at Crypto.com – you can then deposit your funds into a savings account that pays interest. Depending on the token, lock-up period, and whether or not you stake CRO – you could earn an APR of up to 14.5%.

You might also look out for the Crypto.com credit card – which allows you to spend your digital assets in the real world. As the card is issued by Visa, you can use it at ATMs, in-store, or online.

Wallet

You should assess whether or not your chosen crypto exchange offers a wallet for the safekeeping of your digital tokens. All of the exchanges discussed today offer a web wallet – which means that you leave your tokens in your account. 

Some exchanges also offer a proprietary crypto wallet that you can download via an iOS or Android app. In many cases, this gives you full control over your private keys – which means that nobody has access to your crypto tokens other than you.

Payment Methods

Before you can invest in African crypto projects, you will first need to fund your crypto exchange account.

The best crypto exchanges in South Africa that we came across support instant deposits via Visa and MasterCard. This option can be costly though, so be sure to check what fees apply.

For example, while Coinbase charges 3.99%, at Capital.com no deposit fees are charged whatsoever. If using a domestic exchange, then you will also have the option of using EFT. 

Be sure to check what withdrawal fees apply with your preferred payment method too.

Customer Service

We prefer crypto exchanges that offer real-time customer service via live chat or telephone.

If your chosen exchange only facilitates assistance via support tickets and/or email, then it remains to be seen how long you will need to wait before you receive a reply.

How to Use a Crypto Exchange in South Africa

We found that the overall best crypto exchange in South Africa is eToro.

And as such, we will now walk you through the process of opening an account, depositing funds, and buying digital currency with this provider.

Step 1 – Open an eToro Account

Head over to eToro’s homepage and click ‘Start Investing’. You’ll then be asked to provide a valid email address before choosing a username and a password for your account.

Step 2 – Verify Account

Click ‘Complete Profile’ on eToro’s dashboard and enter the details required for the 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 send over an email once complete.

Step 3 – Make a Deposit

South African traders must deposit a minimum of $200, equating to approximately 3167 ZAR. In terms of payment methods, eToro accepts the following for South Africa-based traders:

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

Step 4 – Buy Crypto

Type the name or ticker symbol of the crypto you’d like to trade into eToro’s search bar and click ‘Trade’ when it appears. In the order box, enter your desired position size – the minimum amount is $10, which equates to roughly 158 ZAR. Once you’re happy with everything, click ‘Open Trade’ to confirm the position.

Are Crypto Exchanges Legal in South Africa?

In a nutshell, yes – crypto exchanges are legal in South Africa. There are only two points of consideration to bear in mind.

First, the South African Reserve Bank (SARB) has previously issued guidance on the risks of investing in crypto assets. However, the SARB has not gone any further than this in terms of banking crypto investments.

Second, it appears that FNB is now blocking payments that are linked to crypto purchases. As such, this is something to consider when choosing a suitable payment method at your preferred exchange.

Conclusion

This comparison guide has reviewed a selection of the best crypto exchanges in South Africa for 2022. In summary, top crypto exchanges in South Africa not only have a great reputation but offer low fees and plenty of trading markets.

All in all, we found that eToro offers the best crypto exchange in South Africa for its competitive commissions, wide asset selection, and simple user interface – which includes a top-rated mobile app for iOS and Android.

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