Who should make use of the comparison?
Our comparison of trading platforms are aimed at investors and traders of all experience levels and investment sizes. If you’re just starting out in crypto exchange, our experts will find an easy to use crypto trading platform in South Africa that caters for the size of investment you’re willing to put in and what you plan to do with it. We’ll also find the best South Africa Crypto exchange for more advanced investors who are perhaps looking to further their investments and knowledge. This is the place to find the best crypto exchange in South Africa.
Exchange Checklist: Top5 steps for a secure & fair experience
License and regulation
Crypto exchange in South Africa isn’t as strictly regulated as it is in some other countries, so to be totally sure, it’s best to use a platform that’s regulated by the Financial Action Task Force (FATF). Regulations are being put in place by the government and a number of regulators, including South African Revenue Service (SARS).
Once you’re happy that the platform you have chosen is well licensed and regulated, you’ll want to know how trustworthy they are. All of the best crypto exchange platforms will have high user ratings and reviews. Check Trustpilot to see if the company you’re considering is rated there.
Keeping your data private online is one of the most important things in the digital age, and things are no different. Unfortunately, finding a platform with high privacy settings usually comes at the price of sacrificing another key feature we look for when reviewing the crypto exchange platforms. For example, LocalBitcoins have in-person meets that are extremely private, however the site and app are not easy to use.
No matter what you’re doing online these days, you should always beware of scams, especially when you’re paying out money. The market isn’t short on scammers in South Africa, but the most reputable crypto exchange platforms should be secure enough to keep them at bay.
This links into privacy and is equally as important when it comes to crypto exchange in South Africa and in the rest of the world. A good crypto trading and exchange platform should have a secure login system similar to those found with online banking.
Editor’s recommendation – the best exchange
For first time buyers, we recommend CoinCorner as the best crypto exchange for South Africa customers. CoinCorner don’t operate their crypto exchange in South Africa, they’re based on the Isle of Man, in the UK. They offer a range of services in multiple countries across the world, including other African markets.
The fact that CoinCorner is based in the UK is a huge plus from a security and trustability point of view, as crypto trading out of the UK is well regulated by the FAC and other bodies. CoinCorner has an interface that’s extremely easy to use and they even provide tutorials for beginners. One downside is that they do require ID verification so although this means CoinCorner is secure, it’s not private. Despite that one small hangup, we still believe this is still the best South Africa crypto exchange for new and mid-level buyers.
This is how our experts test exchanges
When researching and selecting the best crypto exchange platforms to recommend to our readers, our experts take a variety of aspects into consideration. By drawing upon personal experience and reading about the experience of other users, we can form a near perfect idea of how each platform benefits different types of users. We also carefully research and look into the finer details so that we can be confident in the knowledge that we are recommending the best crypto trading platform in South Africa for every type of customer.
We’ve split the details our experts look for into three categories:
We’ve already covered this above, but security, privacy and trustability are the most important factors when it comes to testing crypto exchange apps and sites. If a platform is unlicensed or full of scammers, it won’t make it past this stage.
This is especially important for people who are new to crypto exchange, but is also an important factor for more experienced crypto traders. When starting out, a complicated and difficult interface can confuse users more than needed. The more deep into the world of crypto exchange you go, the more complex the interfaces inevitably get, but we still like them to be as simple as possible.
It’s important what each platform actually allows you to do when deciding on the best South Africa crypto exchange platforms. Is the platform simply a wallet, or does it support trading and mining as well?
Finding the right exchange for you
Whether you’re completely new or you’re looking to switch to South Africa’s market, our experts are here to choose the right one for you. Those new to trading in Bitcoin and other cryptocurrencies should seek an exchange with a sleek design and an easy to use interface that’s also safe and secure. If you’re a more experienced trader, you might be looking for an exchange with more capabilities that’s a bit more complex in its usage.
When choosing the best crypto exchange for you, the size of your investment is also an important factor to be considered. Some exchanges are tailored towards dealing with larger volumes of money, and many also have low or zero fees when bigger money is involved. You should also consider if you’re going to be trading or investing.
How crypto trading in South Africa differs from other countries
Trading and crypto exchange in South Africa works differently from other countries. As all cryptocurrencies are not tied to any single country’s economy, it’s up to each individual nation’s governments to decide on legislation, taxation and regulation of cryptocurrencies. Cryptocurrencies are completely legal in South Africa, however it’s not currently regulated by the government, though plans are being put in place. The South African Reserve Bank (SARS) has officially warned citizens about the risks involved and any earnings made from crypto exchange in South Africa will be taxed.
If you’re looking for the best South Africa crypto exchange, it’s advisable to look for one that’s available to the South African market, but that’s headquartered in another country where crypto currencies and trading is regulated. UK based exchanges are a good choice as crypto trading is regulated by the government and the FAC. If you’re looking for the best crypto exchange that’s run from inside South Africa, Luno and ice3X are the two oldest and most trusted platforms.
Paying with Bitcoin in South Africa in everyday life
Some vendors in South Africa are starting to accept Bitcoin and other cryptocurrencies as payments, but it’s still a long way off being commonplace. Bitcoin ATMs are sparse in the county, but can be found in the bigger cities. You can’t withdraw funds from Bitcoin ATMs in South Africa though and the fees are high. If you’re looking for a list of merchants in South Africa, Luno provides a list that’s regularly updated. On the whole, crypto trading and exchanges are growing in South Africa.
How to buy cryptocurrency in South Africa
Use a crypto
As long as you find a crypto exchange in South Africa that’s secure, trustworthy and meets your needs, then this is the best and safest way to buy and trade in Bitcoin. We recommend reading user reviews as well as our expert guides in order to find the best crypto exchange for you. Luno can comfortably claim to be the oldest South Africa crypto exchange, with ice3X also being a trusted option.
Use a crypto ATM
Although they’re becoming more common in some other countries, bitcoin and crypto ATMs aren’t widely available in South Africa, but they can be found in major cities, such as Joahnessburg and Cape Town. To use a bitcoin ATM, you need to have a crypto wallet on your phone that can access the ATM using a QR code. Crypto ATMs can currently only be used to deposit funds in order to buy cryptocurrencies, you can’t withdraw money earned from crypto exchanges in South Africa. As crypto ATMs aren’t widely available, reputable platforms are still the best option.
Join an online crypto exchange community
If you’re looking for advice, trading partners or people to buy cryptocurrencies from, you might want to consider joining an online crypto trading and exchange community. Being part of an online community means that you’ll be able to connect with people in order to trade crypto privately. You’ll be able to buy and sell through a reputable website or actually meet people in person to conduct your trade deals, so you know it’s safe and sound. If you’re using a crypto trading community online, you should be wary of scammers. The best South Africa crypto exchange communities should be well policed and able to detect and kick out scammers quickly
Way back in 2009, when bitcoin first came into being, and before other cryptocurrencies shortly followed, bitcoin mining could be done easily at home from a laptop. Nowadays bitcoin mining is on a completely different level. Mining is done in large data centers and warehouses and requires a 7 figure investment to realistically get anything going. Mining isn’t very profitable either, so it’s an avenue that’s only worth exploring for tech enthusiasts.
1. Read expert guides
When finding the best South Africa crypto exchange for you, it’s important to read expert guides such as ours to get informed. The crypto exchange South Africa market is growing, so it’s important to keep up to date with expert advice even as your own knowledge grows.
2. Read user reviews
To back up our expert guides, reading user reviews will also help you find the best crypto exchanges from fellow traders at your level. Crypto exchange South Africa reviews can be found on trustpilot and other similar sites.
3. Join a community
Online crypto exchange South Africa communities can help you engage with fellow buyers and traders of all levels. Finding similar people to you will be extremely helpful in finding the best South Africa crypto exchange.
4. Plan your budget
No matter if you’re getting into crypto exchange, it’s important to set a budget in advance and not to go over it. Make sure you set aside money for investment that’s completely disposable and within your means. If your trading doesn’t go to plan, it can be easy to chase profits and risk falling into a deeper hole.
Crypto exchange South Africa is growing rapidly, so it’s definitely not a bad idea to get in on the action if you have the means to do so. To summarise, here’s the top 3 most important points to consider when selecting the best crypto exchange for you:
- Experience: Whether you’re new or an experienced investor, select an exchange that suits your level.
- Security: Make sure your data is protected and your money is safe. Avoid scams.
- Investment: Consider how much money you’ll be working with and select a crypto exchange in South Africa that suits your volume.