These days its really easy to buy bitcoin in South Africa and in this post I’m going to share some of my favourite ways of buying (and selling) bitcoin in our sunny country.
Open an account, get verified, make a deposit with one of the big South African banks and you’re ready to buy bitcoin on their exchange.
After you sign up and buy or sell R500.00 or more (exchange excluded), you will receive R10.00 worth of Bitcoin.
Click here to buy bitcoin from Luno.
You can buy Ethereum and Litecoin too. There volume is not as great as Luno’s but you can buy or sell your crypto at pretty much the same price as them.
Click here to buy bitcoin (or litecoin/ethereum) on Ice3X
LocalBitcoins is not an exchange.
Its a website that puts you in touch with other people in the similar area who want to buy or sell bitcoin. I haven’t used it before and the price is sometimes at a premium to the other exchanges or it could even be cheaper (if you find a good deal)
Click here to buy bitcoin with LocalBitcoins.
As the name suggests, AltcoinTrader offers the most amount of altcoins from all the exchanges that we’re investigating here. I haven’t used them yet, so I can’t say how good they are.
Click here to buy bitcoin with AltcoinTrader.
Other ways to buy Bitcoin from South Africa
I don’t recommend you use these ways, especially if you’re a beginner, but they may be some times that you need to use another exchange or service to buy your bitcoin.
Spectrocoin – This is the way that I buy bitcoin from the payments that forex brokers make into my Skrill account. I pay a lot in fees, but since I don’t need to use the money immediately and am just hodling my bitcoin for the long term (unless I need the cash, then I simply sell on a local exchange.
You can also get a prepaid debit card with them, but I’m not sure how long this is going to last with many other services stopping the service outside of Europe.
Virwox – Buy bitcoin using PayPal. Once again, I haven’t used it yet, but theoretically you could use your PayPal funds to convert to their own currency from PayPal before converting to BTC.
That’s it for now. There’s also Coinbase, but I don’t recommend them as they’ve had a few phishing hacks and it seems too easy to bypass their sms based 2FA system. If I come across other ways to buy bitcoins from South Africa, I’ll update this post.
If you’ve found somewhere else to buy, please let me know in the comments and please like and share this post.