How to buy bitcoin in south africa.How to buy Bitcoin in South Africa ( Legally )
Buy Bitcoin through a dedicated BTM Bitcoin ATMs, or BTMs, can be found in several different malls and retail centres across most major South African cities today, and are a safe and reliable option for purchasing the cryptocurrency. Using a Bitcoin ATM will require the following: Load a Bitcoin wallet onto your smartphone. 31 rows · Help other people in South Africa get Bitcoin and you can earn BIG profits up to 60% on . Jun 30, · 6 WAYS TO BUY BITCOIN IN SOUTH AFRICA. Buy Bitcoin using a Bitcoin exchange. Do your research and select a Bitcoin exchange that is regarded as reliable, secure and trustworthy. Bitcoin Buy Bitcoin with a credit or debit card. It’s possible now to buy Bitcoin Estimated Reading Time: 12 mins.
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Mar 22, · There are two main ways of buying Bitcoin with cash in South Africa. The most direct way is to use a peer-to-peer exchange and arrange an in-person cash purchase with someone in your local area. Another way is to find a Bitcoin ATM near you, and deposit cash that can then be converted to BTC. Jun 30, · 6 WAYS TO BUY BITCOIN IN SOUTH AFRICA. Buy Bitcoin using a Bitcoin exchange. Do your research and select a Bitcoin exchange that is regarded as reliable, secure and trustworthy. Bitcoin Buy Bitcoin with a credit or debit card. It’s possible now to buy Bitcoin Estimated Reading Time: 12 mins. Jul 08, · How to Buy Bitcoin in South Africa: Step-by-Step Tutorial. Step 1: Open an Account. You will first need to head over to the eToro website and open a Bitcoin account. This simply requires some personal Step 2: KYC & Verification. Step 3: Deposit .
How to buy bitcoin in south africa.How to buy Bitcoin in South Africa (Legally) – Step by Step Guide ()
Buy Bitcoin through a dedicated BTM Bitcoin ATMs, or BTMs, can be found in several different malls and retail centres across most major South African cities today, and are a safe and reliable option for purchasing the cryptocurrency. Using a Bitcoin ATM will require the following: Load a Bitcoin wallet onto your smartphone. Jul 08, · How to Buy Bitcoin in South Africa: Step-by-Step Tutorial. Step 1: Open an Account. You will first need to head over to the eToro website and open a Bitcoin account. This simply requires some personal Step 2: KYC & Verification. Step 3: Deposit . 31 rows · Help other people in South Africa get Bitcoin and you can earn BIG profits up to 60% on .
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How to Buy Bitcoin South Africa: A Beginner’s Guide
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Other options also exist, such as using a peer-to-peer website or a Bitcoin ATM. In this article, we explore the many ways that you can buy Bitcoin in South Africa, as well as the best broker that you can do this with. We also give you some handy tips on what you need to look out for when choosing an online Bitcoin broker. Contents [ show ]. We have listed our top-rated online Bitcoin broker below. You can fund your account with heaps of payment methods, and Bitcoin trades are facilitated on a commission-free basis.
Crucially, our top-pick is regulated on multiple fronts, so your money is always safe. Bitcoin and all other cryptocurrencies are perfectly legal in South Africa.
Although the South African Reserve Bank SARS has previously issued multiple warnings to those entering the space for the first time, buying Bitcoin has never been easier.
For example, there are a number of Bitcoin ATMs scattered around the country, as well as peer-to-peer platforms that allow you to trade locally. Moreover, there are heaps of regulated online brokers that allow you to buy and sell Bitcoin at the click of a button.
In a nutshell, any gains that you make when you sell your Bitcoin holdings will be liable for capital gains tax. In terms of domestic platforms, South Africa is home to a small number of Bitcoin exchanges. This includes the likes of ice3X and Luno, who trade exclusively in rand. It is also worth noting that a small number of South African merchants now accept Bitcoin as a means to pay for goods and services.
At the forefront of this is Takealot — a South African online shopping site that offers everything from kitchen appliances, cellphones, laptops, and TVs.
All in all, consumer awareness of Bitcoin and blockchain technology is on the rise in the country, which is why so many regulated brokers accept South African residents. As a South African resident you will have a number of options at your disposal.
For example, although the numbers are still minute in comparison to other countries, South Africa is home to several Bitcoin ATMs. An additional option that you might be considering is to use a South Africa-based cryptocurrency exchange. Although platforms support Bitcoin pairs denominated in rand, exchanges like ice3X and Luno operate in an unregulated manner. Crucially, First National Bank has already stated that it will no longer service domestic Bitcoin exchanges, with other South African financial institutions expected to follow suit.
As a result, the easiest, safest, and most convenient way of buying Bitcoin in South Africa is to use a regulated online broker that is located overseas. Most importantly, regulated Bitcoin brokers have the legal remit to accept fiat currency deposits.
This means that you can buy Bitcoin with credit card , debit card, bank transfer, or an e-wallet like Paypal and Skrill. Note: By using a regulated Bitcoin broker that is located outside of South Africa, your deposits and withdrawals will not be stipulated in rand. We have opted to show you the process with our top-rated Bitcoin broker eToro — which offers full support for South African residents. You will first need to head over to the eToro website and open a Bitcoin account. This simply requires some personal information from you, so that the broker knows who you are.
Regulated brokers like eToro are also required to ask you some questions about your knowledge of online trading. This is because the broker also allows you to apply leverage when trading Bitcoin, meaning you can invest more than you have in your account. Take note, all deposit options at eToro are instant, unless you are using a South African bank account.
If you are, it will take a few days for the funds to arrive. This amounts to about 3, South African rands. Once your deposit has been processed, you can then buy Bitcoin. You are now one step away from buying Bitcoin! This is the part of the step-by-step guide where you need to concentrate, as you will be required to set up an order. With that said, by reading through the points below, you should be able to execute your order with ease. Although we have already discussed our top-rated South Africa Bitcoin broker , you might decide that you want to perform some research of your own.
Alternatively, you might be thinking about using a different platform all-together. Either way, below you will find a range of factors that you need to consider prior to joining a new broker. Your first port of call will be to ensure that your chosen Bitcoin broker is regulated.
As we noted earlier, brokers based in South Africa are not required to hold a regulatory license — for the time being. As such, the domestic market operates in a high-risk ecosystem. This is why you should target brokers overseas that are licensed by tier-one regulators. If you are, be sure to check whether or not your chosen broker supports other digital currencies.
As you will be buying Bitcoin with real-world rand, you need to choose a broker that supports your preferred payment method. As we discussed earlier, First National Bank has already stated that it will no longer support cryptocurrency exchanges, so using fiat currency at a domestic platform is going to be difficult.
Online Bitcoin brokers are known to charge hefty fees when using a debit or credit card. A prime example of this is popular exchange Coinbase — who charges a whopping 3. Instead, the likes of eToro charge no deposit fees whatsoever. You also need to explore what trading fees and commissions your chosen broker charges. This is normally charged as a percentage against the amount you wish to buy. For example, short-selling allows you to speculate on Bitcoin going down in value.
An additional tool that day traders like to utilize is leverage. This allows you to trade with more money than you have in your account.
European brokers like eToro typically cap this at 2x on cryptocurrency investments. Check to see what customer support channels the Bitcoin broker offers. We prefer brokers that support a combination of live chat, email, and telephone. If you want to explore what other ways you can buy Bitcoin in South Africa, below we discuss the ins and outs of Bitcoin ATMs and peer-to-peer exchanges.
Bitcoin ATMs are still a relatively new phenomenon in South Africa, with just 10 terminals currently active in the country. If you are located within distance of an ATM, the process allows you to enter physical rand into the machine. As we briefly covered earlier, Bitcoin ATMs often charge heavily in the fee department. Moreover, the process of claiming your Bitcoin after making the purchase can be confusing for newbie investors. An alternative option that is well worth considering if that of a peer-to-peer website like LocalBitcoins.
The platform will match you up with sellers based in South Africa, and you usually get to choose from a range of local payment methods. The costs associated with a peer-to-peer Bitcoin purchase are often low. In summary, the Bitcoin, cryptocurrency, and blockchain technology scene is getting more and more traction in South Africa. Although it is perfectly legal to buy and sell digital currencies in the country, SARS has issued various warnings about the risks of investing in Bitcoin.
However, there are dozens of regulated Bitcoin brokers based overseas that welcome South Africans with open arms. Most importantly, there are no fees to buy Bitcoin through eToro — other than the spread.
However, South African authorities are beginning to tighten things up, with SARS noting that it is in the process of launching crypto-specific legislation. However, with domestic cryptocurrency platforms still operating in an unregulated manner, banks are slowly but surely pulling fiat currency facilities from local brokers. If this is still the case, you can buy Bitcoin anonymously.
This depends on the online broker that you sign up with. You can, but you will need to use a regulated Bitcoin broker located overseas. This is usually capped at 2x when trading cryptocurrencies. Although there are a number of crypto-derivative brokers that offer leverage of up to x, these are unregulated entities. Skip to content. Search Inside Bitcoins Search. Home za buy bitcoin. Author: victoria briano. Last Updated: 08 Jul Our rating. Visit Site. Crypto assets are highly volatile unregulated investment products.
No EU investor protection. Licensing Your first port of call will be to ensure that your chosen Bitcoin broker is regulated. Payment Methods As you will be buying Bitcoin with real-world rand, you need to choose a broker that supports your preferred payment method. Fees and Trading Commissions Online Bitcoin brokers are known to charge hefty fees when using a debit or credit card.
Customer Support Check to see what customer support channels the Bitcoin broker offers. The instructions on the backed of the voucher will explain how you can claim your newly purchased Bitcoin. Some Bitcoin ATM providers allow you to have the coins transferred straight into your private wallet.
If you have your wallet QR Code with you, scan it onto the machine. Peer-to-Peer Websites An alternative option that is well worth considering if that of a peer-to-peer website like LocalBitcoins. The platform will then show you a list of South African sellers — alongside their supported payment methods.
You opt for a seller that is accepting a local bank transfer at a good exchange rate. The seller deposits the Bitcoin into the LocalBitcoins escrow wallet. You then need to withdraw the Bitcoin out to your private wallet.
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