7 Best Bitcoin Brokers in South Africa 2023

The security of Bitcoin transactions is ensured by military cryptography. As a result, cryptocurrencies such as Bitcoin may ultimately represent a significant step toward securing local and global financial systems. There are some good FCA, ASIC & FSCA regulated brokers that offer bitcoin CFD trading. Moreover, remember that CFDs are complex financial products and are not intended for beginners, and you risk losing your invested capital.

Keep in mind that these picks are suggestions and that the exchange that is best for you will depend on your individual needs. Once verified, the user can deposit ZAR using the payment method of their choosing – Cryptocurrency, Simplex, Banxa, and XanPool payments are widely accepted. In order to create an account on an exchange, the user will need to verify their email address and identity.

Bitcoin mining involves securing the network and verifying transactions. It’s not the most lucrative way of filling up your Bitcoin wallet and is best left to the professional miners. The equipment is expensive and the amount of electricity you need to mine Bitcoins is ludicrous.

Coinbase – Great Beginner Platform for Crypto South Africa

He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. Over one-third of our panellists (35.19%) believe all crypto exchanges will be regulated as traditional financial institutions by 2030.

In this way, you can interpret the behavior of bitcoins and design strategies that lead to profits. Don’t let a price increase influence thinkmarkets broker review your decision to invest your money rapidly. Since Bitcoin is quite volatile, you should only invest your excess funds.

Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. However, once you have purchased what you consider to be a sizable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet. It’s difficult to find one exchange with all the coins and features you want. I spread my trading around several exchanges to make sure I’m getting exactly what I need, while also diversifying my risk should the exchange get hacked or shut down.

  • Many people invest in Bitcoin because the transactions are usually very fast and completely secure.
  • The exchange also offers an attractive rewards and rebates program offering the potential to earn up to 15% in rebates on all trades.
  • Crypto can be traded, transferred, or stored electronically for purposes of payment, investment, or other forms of utility.
  • You should consider whether you fully understand them and whether you can afford to take the high risk of losing your money.
  • In the following guide, you will find all the relevant information like advantages, risks, and strategies you need to know to how to trade Bitcoin in South Africa safely and reliably.

The more volatile the bitcoin price the more opportunities to make a bigger profit. In addition to looking at the bitcoin price, you will have to look at the trading fees and withdrawal fees of the different exchanges. In order to make a profit, your Buying price including transaction fees must be less than your selling price including transaction fees. Transaction fees include fees review thinking, fast and slow for each trade and withdrawal fees for sending crypto to another exchange. Arbitrage trading in cryptocurrency is when a trader buys a cryptocurrency for a cheap price from once place and then sells it for a profit on another exchange to take advantage of price differences. Bitcoin arbitrage trading is one of the easiest ways to make a profit in trading bitcoin with minimal risks.

Where to buy Bitcoin in South Africa

Bitcoin offers South Africans a radical technological alternative to what the traditional banks offer and this should further accelerate the growth of South Africa’s remittance market. Bitcoin, or rather its hardfork Bitcoin Cash, is expected to boom over the next few years because it’s a faster and cheaper means of sending and receiving family remittance. Currently, South Africa is one of the costliest on the continent to remit money to neighbouring states and countries around the world. The emergence of cryptocurrencies such as Bitcoin Cash and Litecoin as a strong competitor in the remittance market should see those high transfer costs come down.

Can I buy Bitcoin in the South Africa?

You can buy and sell Bitcoin in South Africa through a reputable Bitcoin exchange. Access the exchanges via your personal computer or Smartphone using the relevant mobile app. The beauty of this is all you need is a good Smartphone with the Luno app loaded on it so you can manage your wallet address. You can make Bitcoin payments as well as receive Bitcoin payments with BTCPay. Bitcoin has been adopted by South Africans on a scale that’s quite surprising. According to a survey conducted by the Intergovernmental Fintech Working Group (IFWG), at least 10.7 percent of South African Internet users invest in Bitcoin.

Bitcoin has excellent growth potential in the future due to the limited number of bitcoins on the market and the deflation that follows. Therefore, this cryptocurrency is in high demand, and considering the current growth rate, its price is expected to rise soon. Futures are easily accessible; they offer many advantages over owning digital currencies, like operating in a regulated market. For example, you can trade them for long or short periods without restriction.

How to find the best place to buy Bitcoin in South Africa

As a result, it is more suited to a seasoned crypto investor who understands leveraged trading and the additional risks that go with it. Kraken is one of the longest-running platforms in the industry and has maintained its legacy by constantly improving its services. It’s a feature-rich exchange with a strong emphasis on education, which is why it won Finder’s Crypto Trading Platform award for best global crypto exchange. You can start building a cryptocurrency portfolio today from 200+ supported coins.

EToro is an innovative and versatile trading platform where you can trade stocks, ETFs, currencies, cryptocurrencies, incides, and commodities. EToro works as a social investment platform with its ‘CopyTrading’ feature which allows users to view, follow and copy the network’s top traders automatically. Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world’s largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees. Read our reviews of some of the most popular cryptocurrency exchanges in South Africa and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.

How is Bitcoin taxed?

Quidax supports several cryptocurrencies that can be traded against the Naira or USDT. Ovex offers ZAR, USDT, TUSD and BTC trading pairs, with crypto options including bitmex review main coins Bitcoin and Ethereum, and meme coins as well such as Dogecoin. The company also has an OTC solution for high volume trades by institutions and HNWIs.

Which Bitcoin Broker has the Lowest Fees?

Therefore, if you want to ensure you receive reliable and secure service, it’s better to choose a site such as eToro because you know it has met certain standards in other countries. The other reason it’s worth joining Coinmama is that new users have a daily buying limit of $50,000. Compared to any other South African Bitcoin exchange, that’s an extremely generous limit.

The bigger block size also allows the digital currency to process transactions faster than Bitcoin. Digital funds are stored online in digital wallets or offline as a snippet of code which represents ownership of the digital concept, much like a traditional IOU. The Bitcoin distributed network acts as a ledger of balances in the same way it would in traditional accounting practices but in the digital space and not on paper. Bitcoin was the first cryptocurrency to make a significant impact on the world. It was invented in 2008 by the mysterious Satoshi Nakamoto, and its open-source code was released on the global platform in 2009. Those wondering how to buy Bitcoin in South Africa need to first know that the cryptocurrency can be split into smaller denominations much like the rand can be split into cents.

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