How Can I Buy Bitcoin in South Africa?
What is called Bitcoin?
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly without central control or the oversight of banks or governments.
Can I buy bitcoin legally in South Africa?
It is lawful to buy and sell bitcoin in South Africa. The South African Reserve Bank (SARB) has issued cautions regarding the risks with trading bitcoin but there is no formal ban on any form of crypto-currency trading.
How can I buy Bitcoin in South Africa?
1. Choose a Broker or Crypto Exchange like Coinbase, Binance, Crypto.com and Kraken to buy cryptocurrency.
2. Create and verify your account using your personal information like your passport and bank account with the crypto exchange
3. Deposit cash to invest by linking your bank account, authorizing a wire transfer or even making a payment with a debit or credit card.
4. Purchase Bitcoin and make a decision on how many coins you’d like to purchase.
5. Select a storage method for your bitcoin, either via hot wallets, cold wallets or leave the bitcoin on the crypto exchange.
What are the Bitcoin wallets mostly used by South Africans?
Bitcoin wallets that are mostly used by South Africans are Trezor One and Exocus.
Where can I buy Bitcoin easily in South Africa?
Bitcoin can be bought easily in South Africa via the following Bitcoin exchanges:
1. Binance
2. Kraken
3. eToro
4. Luno
5. Coinmama
How much does a Bitcoin cost in South Africa?
The current value of 1 Bitcoin in South Africa is R284, 221.94.
In South Africa, how much money do you need to invest in Bitcoin?
This is determined by the broker you choose. For example, if you want to trade Bitcoin CFDs at Capital.com, you simply need to deposit $20/R 339.14, or $200/R3391.05 at eToro.
Which stores accept Bitcoin in South Africa?
1. Checkers
2. Steers
3. Wimpy
4. Game
