Best Crypto Exchange South Africa – The Best Bitcoin Exchanges Reviewed
As the first and most popular cryptocurrency in the world, Bitcoin is almost a household name. Its value is pushing this digital asset as the most desirable global virtual currency.
Many people worldwide are searching for the right platform to buy cryptocurrency. So, if you are searching for the best Bitcoin Exchange in South Africa, we will guide you.
This article highlights the best cryptocurrency exchanges in South Africa to buy, sell, and trade Bitcoin conveniently.
Exchange Cryptocurrency at South Africa’s Leading Crypto Exchange, Capital
List of Best Cryptocurrency Exchanges South Africa
There are several crypto exchanges in South Africa where you can buy Bitcoin. However, it’s very crucial that you go for a reliable and trusted Bitcoin exchange for your transactions.
That’s the only way you’ll get great trading features and lower transaction fees. What’s more, there.s always a seamless navigating interface on such Bitcoin exchanges.
We present our 6 top best Bitcoin exchanges South Africa as follow:
- Capital – Overal Best Exchange in South Africa. Visit now.
- Binance –The Best Active Platform for Bitcoin transactions.
- Coinbase –The Best Platform with Widest Selection of cryptocurrencies.
- Coinmama – A faster platform for Bitcoin transactions
- Kraken – The Best User Support to buy Bitcoin
- Luno – The Best Bitcoin Exchange for Newbies in South Africa.
Review of Best Crypto Exchanges South Africa
Below are detailed assessments for the best Bitcoin exchanges available to you in South Africa.
1. Binance – Best Active Platform for Bitcoin transactions
Binance is the best and reliable Bitcoin exchange with the largest trading volumes. Launched in 2017, the exchange has risen meteorically in popularity and customer base. It has hundreds of cryptocurrencies that users can invest in to boost their portfolios.
Binance supports the buying of Bitcoin and other digital assets using South Africa Rands (ZAR). You can conveniently deposit Rands through bank transfers, credit/debit cards, and e-wallets.
Another interesting service on the platform is the Binance P2P which makes fast conversion of ZAR to BTC. This conversion attracts no charges, is easy, fast, and reliable. Moreover, you can withdraw Rands (ZAR) directly to your local account.
Additionally, using Binance for trading exposes you to several other cryptocurrencies available in the crypto market.
Also, you can access other alternative crypto derivatives such as Bitcoin vanilla options and futures contracts. For example, you can mask your risk and speculate beyond Bitcoin’s price move when buying Ripple.
Another outstanding feature of Binance is its flexibility. By using the API, you can connect to third-parties trading services such as Bitcoin trading robots.
Alternatively, you have the option of loaning your digital holding on an interest basis. Finally, there is the availability of user support through chats 24/7. This’s completely out of the stance of most Bitcoin exchanges.
While professional investors have lots of advanced tools and play with, newbies are not left out on Binance.
There’s an interface for beginners for one-time Bitcoin purchases. Also, users have access to a secured built-in wallet. The platform gives one of the best wallets for Ripple.
Furthermore, Binance has its digital asset – the Binance coin (BNB). Users get trading discounts when they keep and trade their holding in BNB.
So rather than leaving your funds in Rands, you can trade with BNB. Also, the overall fee on Binance is low. The platform uses the spread basis for fees which is between 0% to 0.1%
- A global leading crypto exchange for trading volumes.
- Supports several payment methods in depositing Rands.
- Trading fees discounts and low spread.
- Multiple trading pairs for cryptocurrencies, fiats, and others.
- Availability of hundreds of digital assets.
- Secure built-in crypto wallets.
- Crypto interest-earning with a saving account.
- Withdrawal of Rands directly to bank accounts.
- Too complex for crypto newbies.
2. Coinbase – Best Platform with Widest Selection of cryptocurrencies
Coinbase has the reputation as the best exchange with the widest range of products and services for beginners. The platform has a great interface that gives beginners a simple and easy flow. These simple operations account for a large number of users of over 35 million.
The platform has wider trust based on its safe platform that secures users’ personal information and funds. Coinbase is one of the prominent exchanges without any history of funds loss from hacking and criminal activities. The ultimate security on Coinbase is its insurance policy cover for all funds stored online.
Also, the platform has Bitcoin exchange multi-coin wallets. There’s no complexity in the wallet set-up format. They run seamlessly on mobile devices and support decentralized apps for finance and payments. Furthermore, the wallet allows the storage of collectibles such as digital arts.
Coinbase has two operating platforms – the Basic platform for beginners and the Pro platform for advanced investors.
As a newbie, using the Basic platform simplifies the process of buying and trading Bitcoin. While on the platform, you’ll input the amount of Bitcoin you desire to buy and click send. Also, the crypto trading guides are your handy companion for a faster understanding and growth in Bitcoin transactions.
The Coinbase Pro platform has advanced tools such as an order book for Bitcoin, a news feed, and some technical charts. Studying and applying the information is a good strategy for enhancing your trading patterns and risk management.
However, using Coinbase exposes you to high deposit and trading fees in comparison with other top exchanges. This remains the major downplay for the great Bitcoin exchange.
- Great Bitcoin exchange for beginners.
- Has the widest range of top cryptocurrencies.
- Offers free digital assets by learning about crypto or staking your holdings.
- Special Pro platform for advanced users.
- Regulated and reliable platform.
- Secured Built-in wallets for storing Bitcoin and other cryptocurrencies.
- Reduced customer support
- High deposit and trading fees.
3. Coinmama – A faster platform for Cryptocurrency Exchange
When looking for the fastest means of buying Bitcoin in South Africa, Coinmama is the best option for you. Just within the shortest possible time, you’ll be done with the sign-up process on Coinmama. Not only will you get speedy transactions on this platform, but you are also sure of a safe and easy environment for buying Bitcoin.
The platform supports instant purchase funding through bank transfers, credit/debit cards, Apple Pay, SEPA, or SWIFT. There’s no need for an initial account deposit because the exchange does support South African Rands.
Coinmama has no built-in wallet for storing Bitcoin or other digital assets. When you’re utilizing a private wallet for your cryptocurrencies, this will be an advantage.
You’ll just buy your Bitcoin on the platform and move your holdings to your private wallet. But, for a crypto beginner, the absence of a built-in wallet could be a limitation. Most newbies are not familiar with the setup process for a private wallet.
Also, the exchange has an outstanding customer support service for its users. It operates with 17 hours of live chats for 24/5.
Though the exchange’s interface creates the right platform for beginners, Coinmama has no advanced trading features for professional users. However, the platform provides updates for Bitcoin prices, but its order options are simply basic.
Furthermore, Coinmama is notable for its high fees. It has 3.9% and 1.9% as commission for Bitcoin buying and trading, respectively.
Also, there’s a 5% fee for using credit cards in buying cryptocurrencies. However, when using bank transfers, the exchange has no increase in fees.
- Quick account sign-up and ID verification.
- Availability of major cryptocurrencies for buying and selling.
- Operates with private wallets.
- Basic interface suitable for beginners.
- Responsive and outstanding customer support 24/5.
- Platform too simple for professional investors.
- High buying and trading fees.
- No built-in digital wallet.
4. Kraken – Best User Support to buy Bitcoin
Founded in 2011, Kraken has skyrocketed with its consistent outstanding services and performance. The exchange is among the top 5 exchanges with a great reputation for trading volumes, liquidity, and traffic.
The signing up process for an exchange account is very seamless and easy on Kraken. Just in less than 5 minutes, you’ll be able to open your account with your information. Furthermore, you can transfer funds to buy Bitcoin through simple methods such as credit/debit cards.
The platform offers a safe and secured environment for easy Bitcoin transactions. It has several digital assets for its customers. There are also more than 17 crypto pairs that you can trade, buy or sell for Bitcoin. In addition, you can get leverage of up to 50:1 with Bitcoin trading.
Also, with Kraken, you have at your disposal three mobile apps to improve your Bitcoin tradings and other transactions. As a result, you can conveniently select the best option that suits your trading schedule.
Moreover, the exchange gives professional investors the platform to visualize their portfolio performance. Also, from a single location, they can track all cryptocurrencies.
Kraken customer supports an all-around clock and all-year-round service to their users. The interactions with Kraken’s team and its customers are through live chats.
When it comes to fees, Kraken gives a favorably low trading fee for its users. The exchange has a 0.2% trading fee for Bitcoin. However, the value changes based on the coin’s market liquidity. Moreover, Kraken operates with transparency on cost for every transaction order.
Though the exchange is not under any regulatory body, it still maintains a good reputation. It also observes FinCEN rules.
- Simple charting interface for easy navigation
- Seamless deposit through credit/debit cards.
- High trading volumes and liquidity in order books.
- Earning passive rewards through staking.
- Several digital assets for investment.
- Has no hidden fees
- Three mobile apps for easy Bitcoin transactions.
- Great live chat customer support 24/7
- Unclear fee schedule.
- The exchange has no regulation.
5. Luno – Best Bitcoin Exchange for Newbies in South Africa
From the time of launch, Luno has risen to be one of the best beginner-friendly exchanges for buying and trading Bitcoin. The exchange is available in many countries globally, with South Africa inclusive.
Luno offers a platform the facilitates great trading experiences for newbies by providing the easiest and safest ways of trading Bitcoin. The exchange employs three seamless steps for buying Bitcoin for its users.
The entire process through these steps removes every ambiguity and limitation such that the users get their desired satisfactions. Also, users have at their disposal a wide range of other digital assets.
One of the interesting parts of using Luno is that users can convert South African Rands (ZAR) to digital assets. You can also get the reverse conversion from Bitcoin back to Rands. So, you can conveniently buy Bitcoin using credit/debit cards or bank transfers.
Additionally, the exchange has a built-in wallet for users. This makes it easier for users to store and secure the digital assets on the platform. It also eliminates any potential stress and challenges in setting up and maintaining a private wallet by the customers.
As for beginners, the built-in wallet is a great advantage for them. Also, Luno operates its customer support services through emails which takes 24 to 48 hours for responses.
Though Luno runs as a simple platform without advanced tools, users are not left behind in the crypto industry. The platform enables you can conveniently keep up with every current trend crypto market.
You have the make adjustment for your trades like stop-loss orders or set limits for your transactions. Also, you can receive price alerts for the top digital assets in the market.
Furthermore, when you consider investing in Bitcoin for a long-term purpose, Luno is your right platform. The exchange has special features that will make your dream come true. There is the opportunity of earning up to 4% interest from your Bitcoin Holding through loans.
- A simplified 3-step process for buying, selling, and trading Bitcoin.
- Best platform for newbies in the crypto industry.
- Earn 4% interest on Bitcoin through loans.
- Wide range of other cryptocurrencies.
- Trading fee of 0% – 0.1% for most regions.
- Has a built-in crypto wallet
- Customer support is by email alone.
- Has no technical features for analysis.
- Too simple for professional investors.
Bitcoin Exchange – What Is It?
A Bitcoin Exchange is an online platform for buying and selling Bitcoin. It is a digital marketplace where traders exchange Bitcoin and other currencies using various altcoins or fiat currencies.
It’s a meeting point for various crypto buyers and sellers; buyers here are the takers while sellers are the makers. The Bitcoin exchange also operates like a stock brokerage, and the currency ticker is XBT or BTC.
Bitcoin exchange allows you to deposit money through various means when buying Bitcoin or other cryptos. The payment means include direct bank transfers with fiat currencies like ZAR or USD, wire, PayPal, etc.
Furthermore, when you place a buying order, the Bitcoin exchange matches your order with a sell order from another crypto investor. The exchanger randomly picks these orders from the marketplace and automatically executes them within the shortest time possible.
Investors who trade on various cryptos using the Bitcoin exchange are charged a fee known as the currency conversion fee.
This charge is similar to the institutional bank charge when you trade currencies from different countries. By placing an order, you authorize the Bitcoin exchanger to trade your crypto for the best rate available in the digital marketplace.
Almost all the Bitcoin exchanges offer a storage device for storing your crypto, known as the Bitcoin Wallets. You either use this in-built wallet or set up another digital wallet and link it to your crypto account.
Before trading on the Bitcoin exchange, you will need to go through the registration and verification processes. The exchange will require your details and valid ID to authenticate your account detail.
The Bitcoin Exchange – How it all Started
The bitcoin white paper was released in October 2008, followed by the Genesis Block in January 2009. The only way to buy bitcoin within this period is to trade on IRC or other forums.
Transactions were made with the belief that the other party will sincerely honor them. The first crypto exchange known as the ‘Bitcoinmarket.com’ came live in March 2010
Dwdollar made a proposal on the bitcointalk forum to develop a real market where people can be buying and selling bitcoin. NLS, an early bitcoin user, had earlier suggested a useful pricing system as a kick-off trading price.
The rate is around 1,500 BTC for $1, and Bitcoinmarket.com has the greater volume of bitcoin trades.
The bitcoin exchange initially used PayPal to trade on fiat currencies but was later removed in June 2011. The increasing rate of fraudulent trades backed the removal of PayPal.
Other bitcoin exchanges started emerging afterward with more modernized technology that may cause bitcoinmarket.com to fade out.
However, since 2011, many exchanges with better features and technology has been developed and adopted into the crypto space. These crypto exchanges are developed to offer better trading options and attend to the trading challenges of investors.
They include Coinbase, Poloneix, Huobi, Bithumb, Gemini, Bittrex, and others. The developers continue improving on these exchanges in terms of size and security to date.
The popularity of bitcoin exchange became more pronounced with time as more investors join in the crypto market. Though there are still hackers and cyber crimes in the digital industry, Bitcoin exchanges have adopted some features to protect their users.
Factors for Rating the Best Bitcoin Exchanges in South Africa
Many Bitcoin exchanges operating in South Africa that decide on the particular exchanger may be tasking.
This is mostly the story of crypto users that are new to the system. However, there are some factors you need to consider before deciding on the particular exchanger to go for.
These factors explain the things you need to know to help you select the best Bitcoin exchanger that will suit your needs. So let’s take a look!
Safety and Regulation
The history of crypto exchanges is filled with the stories of platforms that lost investors’ money to cyber thieves (hackers). This happened because such platforms were not secure enough as they did not take safety seriously.
Safety is very important in trading Bitcoin as many investors prefer an exchange they can trust. To ensure the safety of a Bitcoin exchanger, you need to check for the following;
Read through the history and reputation of the Bitcoin exchange. If there is no record showing that the exchange has been hacked or lost investors’ funds before then, it is okay.
But, again, check for the details of the security measures that the exchange adopts to ensure that they are trustworthy. Another major thing to verify is whether the Bitcoin exchange has any insurance cover for investor’s funds.
This option gives you the guarantee that your fund is safe even when there is a security issue. A regulated exchange is highly recommended as it ensures the exchange’s security- you need to confirm this.
Top Bitcoin exchanges in South Africa are regulated like eToro and Binance. However, a local Bitcoin exchange is the best option for buying and selling digital coins in South Africa.
The trading option of an exchange is the number of its digital assets and its trading pairs against fiat and cryptocurrencies. Bitcoin is available in almost all the crypto exchanges in South Africa as it’s the world’s most renowned digital crypto.
You need to consider the trading option of the Bitcoin exchanger that you wish to use. Go for the exchange that gives you access to varieties of altcoins and not the one that lists a few.
It is also important to consider whether trading on crypto derivatives is part of your investment plan. If yes, some tools will enable you to leverage your trades and predict more on Bitcoin’s market behavior.
These tools include Futures, CFDs, and options. A crypto derivative is a financial contract that offers protection against adverse crypto price movements and volatility.
The rate of fees charged for crypto transactions depends on the type of Bitcoin exchange that you choose. There are charges for trading between crypto assets, depositing ZAR, and withdrawing fiat or cryptocurrencies.
Bitcoin exchanges also charge a hidden cost called spread fee. It’s the market variation between the bidding and asking price.
The Bitcoin exchanges add or deduct the trading fees automatically from the actual deposit of withdrawal amount.
Therefore, it’s always advisable to look carefully and compare these fees between various Bitcoin exchanges before choosing your exchange. However, it’s good to note that the amount of fees charged by an exchange is proportional to your trade volume.
This implies that the bigger the size of your trade, the higher the exchange’s commission fee. The charge ratio applies to all transactions; it doesn’t matter if you are buying, selling, or trading on the exchange.
Another factor that affects the fee is your payment method; it could make it go up or down. Always ask the customer support of the exchange for assistance or clarification on issues regarding their trading fees when necessary.
Features and Trading Tools
Choosing a Bitcoin exchange that is secure and easy to operate is the vision of anyone who wants to trade on Bitcoin. Crypto investors who intend to have a long-term investment are not necessarily affected.
You need to look out for a trading platform with great features and trading tools to enhance your trading experience.
Firstly, consider the analysis interface and in-depth charting. Does it give you access to enough drawing tools and technical indicators, and can you access the order book?
Having access to the order book enables you to notice the liquidity rate and price variations easily. Also, check if the exchange has special features like cryptocurrency news feed, professional analysis, price alerts, etc.
Again find out if the Bitcoin exchange has options for inputting limits, stoping order loss, and market orders. These features will help you manage the risks associated with crypto trading, so go for the Bitcoin exchange that has them.
Also, choosing trading platforms like Capital’s gives you access to even more features that will enhance your trades.
The type of payment method a Bitcoin exchanger accepts in South Africa is another important factor. Generally, Bitcoin exchanges accept payment methods like credit cards, debit cards, and Bank transfers.
But in South Africa, some popular Bitcoin exchanges accept payment with Google or Apple pay and e-wallet. New investors prefer using the most accessible payment option- using a debit card linked to their ZAR account.
You can also use your Bitcoin holding to buy another crypto; you only need to transfer it to the exchange you want to use. However, this payment method usually attracts transaction or commission fees.
Go through the platform to know the available means of communication for supporting users that need assistance and technical advice.
The type and level of support you will get as a crypto investor varies with the type of Bitcoin exchange. The customer support option is available in all Bitcoin exchanges, and some even provide detailed answers to FAQs.
Feel free to compare the levels of support that different exchanges offer before making your decision.
For example, in South Africa, some Bitcoin exchanges give 24/7 customer support while few others are available only during business hours. Also, confirm the prompt response of their representative either via live chat, phone, or email.
The blockchain industry has been suffering from online fraud, scams, and theft. Finding a lasting solution to this cybercrime has been a significant challenge in the crypto industry.
As an investor, you need to check the storage security level of the exchanger you wish to use. Ensure that investor’s funds stored on the exchanger are well secured?
Most bitcoin exchanges’ storage security measures include developing a secured in-built wallet on the exchange.
This wallet type is mostly the cold wallet storage that can store digital currencies offline, making it inaccessible for scammers. Another storage security measure is the use of two-factor authentication and a multi-signature withdrawal process.
How to Get Started with Capital
When you decide on buying Bitcoin, you can get started using Capital. This exchange remains the best Bitcoin/cryptocurrency trading platform in South Africa.
Step 1: Signup an Exchange Account on Capital
The first step is to create an online exchange account. Visit Capital’s official website and click the JOIN NOW button. Then fill the on-screen form using your details such as your name, phone number, home, and email addresses, etc. Also, create a strong password that will help to protect your account.
Step 2: Verify Your Account
Your account verification is a mandatory process and requirement on Capital and other exchanges. Capital is a secured platform under the strict regulation of some financial agencies such as the Financial Conduct Authority (FCA) UK. Account verification helps Capital to maintain compliance and security. You will upload any government-issued ID such as your driver’s license or passport. You will also upload your recent bank statement or utility bill to confirm your address.
Step 3: Deposit Funds
Once your account is verified, make your funds transfer. Capital supports Rands deposits through bank wire, credit/debit cards, Skrill, Neteller, and e-wallets. Also, for the first deposit, the minimum limit in the exchange is R3,000.
Step 4: Connect a Private Wallet
Where you already have a private wallet, you will need to connect it to your online exchange account. By using your account setting, you can link the wallet to your account. However, if you don’t have a private wallet proceed to Apple App or Google Play store to download Capital Wallet App for storing your Bitcoin. Once you log into your exchange account, the wallet will connect automatically to your account.
Step 5: Buy Bitcoin
You can now search for Bitcoin in the search box and select from the popup. Then, click on the TRADE button. Enter your buy order by filling in the amount of Bitcoin you want to buy. Next, you can select the stop-loss or take-profit order. Reconfirm your order and conclude Bitcoin purchase by clicking the OPEN TRADE button.
Best South African Bitcoin Exchange – Conclusion
It is very easy to buy Bitcoin in South Africa, but you need the best Bitcoin exchange to get started. This article reveals the various Bitcoin exchanges available and the factors you should consider while choosing your exchange. It is also important to note the commission fees or transaction charges and the payment method your Bitcoin exchange accepts.
This guide on the best Bitcoin exchange in South Africa listed the major features a good Bitcoin exchange should have.
They include customer support, efficient trading tools, reliable security, low transaction speed, and low trading fee. The transaction fee of any Bitcoin exchange is proportional to your trading volume and varies with the payment method.
All highly rated Bitcoin exchanges operating in South Africa are reliable and secure; they have insurance for investors’ funds. Hence they are the best options for new crypto investors and even experienced ones.