How do you buy bitcoin in south africa

Bitcoin, the original cryptocurrency and the current standard for them, has driven the market. Benzinga Money is a reader-supported publication. Another way to buy bitcoin with ZAR is to choose a platform that accepts bank transfer deposits. Buy Bitcoin Worldwide does not offer legal advice.

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Created in by an unknown person or persons using the alias Satoshi Nakamoto, bitcoin is a form of decentralised electronic cash designed to provide a viable alternative to traditional fiat currency. Rather than having to deal with a centralised authority such as a bank to process transactions, bitcoin holders can transfer their coins directly to one another on a peer-to-peer network. All bitcoin transactions are tracked on a public ledger known as the blockchain, and people working as miners verify transactions and update the blockchain. A step-by-step guide to buying bitcoin You can buy bitcoin in South Africa in three simple steps:. The next step is to decide how and where you will buy bitcoin.

Step 1: Open an Account at a Cryptocurrency Exchange

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Overview: Buying Bitcoin in South Africa

Created in by an unknown person or persons using the alias Satoshi Nakamoto, bitcoin is a form of decentralised electronic cash designed to provide a viable alternative to traditional fiat currency.

Rather than having to deal with a centralised authority such as a bank to process transactions, bitcoin holders can transfer their coins directly to one another on a peer-to-peer network. All bitcoin transactions are tracked on a public ledger known as the blockchain, and people working as miners verify transactions and update the blockchain.

A step-by-step guide to buying bitcoin You can buy bitcoin in South Africa in three simple steps:. The next step is to decide how and where you will buy bitcoin.

There are hundreds of platforms to choose from, and they can be separated into three main categories: Bitcoin brokers Brokers offer the quickest and easiest way to buy bitcoin, allowing you to pay for your digital coins using fiat currency like ZAR or USD. Brokers offer user-friendly platforms and allow you to buy bitcoin using familiar payment methods like a credit card or a bank transfer. Their main downside is that they often charge higher fees than other options. Coinbase and CoinSpot are two well-known cryptocurrency brokers.

Cryptocurrency trading platforms These platforms, such as Binance and Huobi, allow you to buy bitcoin using other cryptocurrencies. They tend to offer lower fees than brokers and provide access to a more diverse range of coins. Peer-to-peer P2P bitcoin exchanges Peer-to-peer exchanges cut out the middleman and allow users to trade directly with one.

The seller has the freedom to specify the price they want and their accepted payment methods, and this method allows you to trade with increased privacy. However, you may have to settle for a price higher than the market exchange rate.

Examples of peer-to-peer exchanges include LocalBitcoins and Paxful. Start comparing exchanges. The final step is to submit an order through your chosen platform. For most first-timers, the easiest and most convenient option is to use a bitcoin broker.

Depending on the exchange you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.

Want to turn your cash into cryptocurrency? There are several ways to buy bitcoin with cash in South Africa, including the following:. Buying bitcoin with cash is quick and convenient but is usually more expensive than other options. Many bitcoin brokers and exchanges allow you to buy bitcoin using your credit card. These include platforms like Coinbase and Coinmama, and using your credit card allows you to make quick and convenient purchases.

However, credit card transactions tend to attract higher fees and some banks have even blocked customers from buying crypto with plastic. Debit cards are nowhere near as widely accepted as credit cards but can still be used to buy cryptocurrency on some platforms. Got a PayPal account and want to use it to buy bitcoin? The good news is that you can definitely do this; the bad news how do you buy bitcoin in south africa that only a limited number of platforms accept PayPal.

VirWox and Paxful are two of the better-known platforms that accept PayPal at the time of writing. Another way to buy bitcoin with ZAR is to how do you buy bitcoin in south africa a platform that accepts bank transfer deposits. The key is finding the exchange that offers the right features and fees for you. If you want to buy bitcoin in South Africa, most exchanges will require you to verify your identity.

However, if you value your privacy, it is still possible to buy bitcoin anonymously. With hundreds of platforms to choose from, finding the best bitcoin exchange for your needs is a challenging task. To make your choice easier, consider these key factors when comparing exchanges:. Learn more about how to choose an exchange in our cryptocurrency exchange guide.

Choose a bitcoin exchange. While it may be the biggest and best-known, there are more than 1, other cryptocurrencies available as of July and growing. While the value of some of these coins is questionable, there are plenty of other digital currencies worth considering as alternatives to bitcoin.

Want to get your hands on some bitcoin without actually buying it? There are a few options available:. Over-the-counter OTC brokers can offer better prices, increased transaction limits and faster processing times to large-volume traders. If you want to buy bitcoin, start comparing a range of cryptocurrency brokers and exchanges.

Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. You can then sign up for an account and get ready to start trading.

However, make sure you research your purchase thoroughly and are fully aware of the risks involved before you buy. Compare bitcoin exchanges. Each individual bitcoin is divisible to 0. Can I store my bitcoin on an exchange?

As a result, the safest option is to transfer your coins to a secure, private wallet. Compare some of the most popular cryptocurrency wallets available. The fastest way to buy bitcoin is probably to use a bitcoin ATM. These services make it as simple as possible to get your hands on some BTC. Their platforms are easy to use, you can pay with ZAR using everyday payment methods like your credit card or a bank transfer, and transactions are generally processed quite quickly.

Can I buy bitcoin with leverage? Certain advanced trading platforms enable you to do. What determines the price of bitcoin? There is a limited supply of BTC in circulation and new coins are generated at a predictable rate, but there are several factors that can influence demand.

Is there a bitcoin supply limit? The maximum supply of bitcoin is limited to 21 million coins. How long does it take to buy bitcoin? The time it takes to buy bitcoin varies depending on the payment method and platform you use. For example, credit card purchases may be processed instantly while bank transfers may take one to two business days to clear. Check the terms and conditions of your broker or crypto exchange for details of average processing times, and remember that the amount of activity on the bitcoin network can also have an effect.

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Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Navigate Cryptocurrency Getting Started What is cryptocurrency? Where to buy cryptocurrency Cryptocurrency wallets How to buy bitcoin in South Africa.

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Binance Cryptocurrency Exchange. Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support. UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service.

If you’re interested in margin trading, see authorised providers. Abra Cryptocurrency App. Luno Cryptocurrency Exchange. Disclaimer: Highly volatile investment product. Your capital is at risk. You should consider whether you can afford to take the high risk of losing your money. Copy the trades of leading cryptocurrency investors on this unique social investment platform. Coinmama Cryptocurrency Marketplace.

Independent Reserve Exchange. Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates. CoinSwitch Cryptocurrency Exchange. Credit card Cryptocurrency. CoinSwitch allows you to compare and convert over cryptocurrencies across all exchanges. Bitfinex Professional Trading Exchange.

How to BUY BITCOIN in SOUTH AFRICA

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Depending on the exchange you use and the regulatory requirements it is subject how do you buy bitcoin in south africa, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges. How long does it take to buy bitcoin? Bank transfer Cryptocurrency WeChat. LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. The fastest way to buy bitcoin is probably to use a bitcoin ATM.