How to buy Bitcoin in South Africa
These days its really easy to buy bitcoin in South Africa and in this article I’m going to share some of my favourite ways of buying (and selling) bitcoin and other crypto coins in this sunny country.
With IceCubed (yes, that’s what they’re called) you can buy more than just Bitcoin.
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
Coindirect – Bitcoin Exchange and OTC Market
Coindirect is a new entrant into the market and is a unique place to buy and sell not only bitcoin but other cryptocurrencies as well (up to 40 coins).
Not only can you buy coins on the exchange, but you can buy or sell Over The Counter (OTC) so you can transact large amounts without impacting the price on exchange.
The easiest way to buy bitcoin is from the exchanges and Luno is one of the most liquid exchanges in South Africa.
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.
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.
Other ways to buy Bitcoin in South Africa
I don’t recommend you use these ways, especially if you’re a beginner, but they may be sometimes that you need to use another exchange or service to buy your bitcoin.
Spectrocoin allows you to buy bitcoin and other cryptocurrencies and recently they allowed Skrill as a payment form. 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 holding my bitcoin for the long-term (unless I need the cash, then I simply sell on a local exchange. Click here to buy bitcoin using Spectrocoin.
A few days ago, I also learned that Skrill also allows you to buy and sell various cryptocurrencies on their platform. I don’t see how one can withdraw the bitcoin you buy to an external wallet, so if you do buy from them, you’ll have to wait until it increases in value before you can exchange back to fiat and then withdraw.
You can also get a prepaid debit card with them, but this only available for people in Europe.
Virwox – Buy bitcoin using PayPal. I haven’t used it (successful, they stopped my transaction for some reason) but theoretically, you could use your PayPal funds to convert to their own currency from PayPal before converting to BTC.
There’s also Coinbase, which is one of the most popular places for American’s to buy bitcoin, they’re also getting lots of VC funding at the moment, so expect them to be very popular with governments.
If you’ve found somewhere else to buy, please let me know in the comments.