There are various Cryptocurrency exchanges operating in South Africa through which you can buy Bitcoin and Cryptocurrencies. We have tested some of these exchanges and have reviewed them here:
Buying Bitcoin has never been this easy! All you need to do to get started is to visit any one of these exchanges, sign up for an account, then deposit money. From there on you can buy Bitcoin and have thus entered the Cryptocurrency market.
Step 1: Sign up for an account
Account sign up is provided for free, all you need is a valid email address. Visit any of the South African exchanges and complete the registration step.
Step 2: Complete verification steps for your account
All exchanges will ask that you confirm your email address by sending you a confirmation email to the email used in registration. Once you confirm your email address your account will be activated.
From there you can complete your profile. Regulations for the industry is well underway by authorities and in time all exchanges will be required to keep proper documentation. To avoid hiccups then, we suggest that you submit KYC documentation early on.
Step 3: Deposit money from any bank in South Africa through EFT
We believe it is safe to say that most South Africans understand how to do an Electronic Funds Transfer. It is as easy as sending money to your mom. You will find your account details in each platform. Use the provided details to deposit money into your exchange account.
Step 4: Buy Bitcoin and other Cryptocurrency
Once your funds have cleared, you can use the money to buy Bitcoin or other available Cryptocurrencies. Almost all of the above mentioned exchanges have instant buy functionality that allows you to buy pre-selected amounts of Cryptocurrency (e.g., R500). These exchanges also have more advanced trading order books where you can set market and limit orders to your liking.