Buy Bitcoin & Crypto in South Africa
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The South Africa is home to some of the best developers in cryptocurrency, such as Lead Monero dev Riccardo Spagni. However, South Africa has yet to introduce a comprehensive regulatory approach to Bitcoin and other cryptocurrencies. With a struggling economy and growing civil unrest, Bitcoin has found fertile ground in this southernmost African country.
LocalBitcoins daily trading volume in South Africa is .... The current price of Bitcoin is .... There are ... Bitcoin ATMs available to South Africa residents. And ... businesses accept Bitcoin in South Africa.
Most Popular Exchanges in South Africa
Coinmama
Founded 2013
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
Kraken
Founded 2011
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
Bitcoin & Cryptocurrency Trading in South Africa
The cryptocurrency exchange you use will depend on what your goals are. Some people buy only bitcoin, while some buy many cryptos. Some trade, while some buy and hold.
We'll outline some of the best options for each type of buyer and trader.
Top Cryptocurrency & Bitcoin Exchanges in South Africa
Founded 2013
Coinmama Popular
Founded 2013Coinmama Popular
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Debit Card Wire Transfer
Headquarters: Israel
Ease of Use
Super easy
Privacy
Low
Speed
Super fast
Fees
Medium
Reputation
Excellent
Limits
-
Founded 2011
Kraken Popular
Founded 2011Kraken Popular
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
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CONS
Supported Fiat:Yes
Payment methods include:Debit Card Bank Transfer Cash BACs Chaps
Headquarters: San Francisco, USA
Ease of Use
Super easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Excellent
Limits
Medium
Best Bitcoin Wallet for South Africa
Bitcoin wallets are just software or hardware, so the truth is that wallets can work in any country.
However, we've highlighted some Bitcoin wallets we think would be good for South Africa users here.
Trezor Model T
Secure storage with high res color touch screen
Read ReviewThe Trezor Model T is perfect for long term holders of many coins. It's full color high resolution touch screen makes it easy to navigate and advanced features make it the most secure hardware wallet
Ledger Nano X
Secure Storage with Bluetooth Functionality
Read ReviewThe Ledger Nano X is great for traders who need to access their coins on the go. The on-board Bluetooth functionality allows you to access your coins on your mobile device.
Electrum
Multi-feature desktop wallet that works with hardware wallets.
Visit WebsiteElectrum is a Bitcoin-only desktop wallet that offers many advanced features for higher level users. It is best paired with a hardware wallet.
More Bitcoin Exchanges in South Africa
Most Popular Exchanges in South Africa
Coinmama
Founded 2013
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
Kraken
Founded 2011
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
Founded 2017
Binance
Founded 2017Binance
Binance's US arm has fewer currency pairs than thier main exchange, but still has a solid offering. They offer fiat on and off ramps as well, allowing you to get new money into the market quickly.
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Debit Card Bank Transfer Wire Transfer
Headquarters: San Francisco, USA
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Average
Limits
High
Founded 2013
Cex.io
Founded 2013Cex.io
Since its founding in 2013, CEX.io has never lost any user funds. As a pioneer in credit card payments for crypto, CEX has kept it easy to access and buy coins. Since it supports 99% of all counties,you can use CEX no matter where you are to buy and sell your favorite crypto assets
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Debit Card Bank Transfer SEPA SWIFT
Headquarters: London, GBR
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Medium
Reputation
Good
Limits
High
Founded 2014
BitMEX
Founded 2014BitMEX
Started by commodities trader Arthur Hayes in 2014, BitMEX quickly became the leading place to make leveraged bets on the price of bitcoin. Thier unique Bitcoin only depoist/withdraw system, along with top notch security have continued to set it apart from challengers.
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CONS
Supported Fiat:No
Payment methods include:Bitcoin
Headquarters: SYC
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Excellent
Limits
Unlimited
Founded 2011
BTCC
Founded 2011BTCC
As the oldest exchange in China, BTCC has a good reputation that only longevity can earn. Easy fiat on and off ramps and many cryptocurriencies to trade continue to make BTCC China's premere exchange
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Debit Card Coin Payments Wire Transfer
Headquarters: Hong Kong, China
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Good
Limits
High
Founded 2012
LocalCryptos
Founded 2012LocalCryptos
LocalCryptos is a Peer to Peer exchange that escrows funds, allowing two parties to trade cryptocurriences with no prior knowledge of each other.
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Debit Card Bank Transfer Coin Payments Cash
Headquarters: Richmond, Australia
Ease of Use
Average
Privacy
High
Speed
Slow
Fees
Low
Reputation
Good
Limits
-
Founded 2006
eToro
Founded 2006eToro
eToro was started before bitcoin existed, however it recently has added bitcoin and cryptocurrency trading to its platform. Now it is one of the most trusted places to buy, sell and trade various cryptocurriencies. It's large platform allows it to have low fees and spreads.
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CONS
Supported Fiat:Yes
Payment methods include:Bank Transfer
Headquarters: UK
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Excellent
Limits
Unlimited
Founded 2014
Bittrex
Founded 2014Bittrex
Founded in 2014, Bittrex was a mainstay of crypto trading during the 2017 bull market. It has many cryptocurrency paiirs and now even allows Fiat on boarding.
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CONS
Supported Fiat:Yes
Payment methods include:-
Headquarters: Seattle, Washington, USA
Ease of Use
Average
Privacy
Low
Speed
-
Fees
Low
Reputation
Good
Limits
Medium
Founded 2015
Bitit
Founded 2015Bitit
EU based exchange supporting 15 different fiat trading pairs and dozens of coins beyond Bitcoin. This is one of the more established exchanges with a long track record and a clean UI that is easy for newbies and veterans alike.
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CONS
Supported Fiat:Yes
Payment methods include:Credit Card Bank Transfer Cash Cash Libs Wire Transfer
Headquarters: Paris, FRA
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Average
Limits
Medium
Founded 2011
Paymium
Founded 2011Paymium
Paymium is one of the oldest exchanges in Europe. It is compliant with all EU regulations and is extremily well trusted. Paymium is based in France and supports several payment methods, including SEPA transfers and credit card purchases.
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CONS
Supported Fiat:-
Payment methods include:Credit Card Bank Transfer SEPA SWIFT Apple Pay
Headquarters: Paris, FRA
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Good
Limits
High
Founded 2007
BestChange
Founded 2007BestChange
BestChange is a specialized online e-currency exchange service that monitors rates for dozens of popular conversion pairs in near real-time and offers one-click access to lists of reliable e-currency exchangers capable of helping you complete your transaction quickly and efficiently.
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CONS
Supported Fiat:Yes
Payment methods include:-
Headquarters: RUS
Ease of Use
Average
Privacy
High
Speed
-
Fees
High
Reputation
Excellent
Limits
-
The history of Bitcoin in South Africa
South Africa has been one of the most Bitcoin-friendly countries in all of Africa since the beginning. While banks have not been as receptive in their response to fintech, mobile phones (which are a HUGE commodity in many African countries) have, and this impact has been noticed by those looking to test out new Bitcoin and blockchain technologies on a willing audience.
The current status of Bitcoin in South Africa
Simply, yes. It is legal to buy and sell Bitcoin in South Africa. But, as is the situation with most countries, the governing body in charge of finances (in this case, the South African Reserve Bank), has issued warnings about mining.
Currently, there are no specific laws or regulations governing the use or trading of Bitcoin or other virtual currencies in South Africa. However, in December 2014, the South African Reserve Bank (SARB), the central banking institution responsible for creating and implementing monetary policy, as well as issuing banknotes and coins within the country, issued a position paper on virtual currencies, claiming that only the SARB can issue legal tender and, therefore, Bitcoin and other virtual currencies are not considered legal tender within the country.
The SARB also officially endorsed warnings of the various financial risks associated with the mining, storing, and use of virtual currencies in South Africa, going so far as to say that there would be no legal protections afforded to users or traders and that Bitcoin mining should be practiced at the user's own risk. It did also mention that, at the time, despite the reservations, the SARB did not consider Bitcoin or any other virtual currency to be a systemic threat but emphasized the need for constant monitoring of markets.
Some of the most popular exchanges for buying Bitcoin in South Africa include Coinmama, eToro, and Luno.