Last updated on March 14th, 2023 at 08:33 am
How do you buy cryptocurrency in South Africa? This is a question that many people are asking themselves.
There are so many different ways to get your hands on some altcoins, but not all of the options available will work for everyone.
We’ve compiled a list of 4 ways to buy crypto in South Africa and ranked them based on what we think is the best way.
If you’re looking for an easy way to get into cryptos, then this article should be helpful!
1). Mining
We’ve come to know that mining is not the best way of acquiring cryptocurrency in South Africa.
You can invest money into purchasing GPUs or ASICs, but it’s also important to consider the electricity costs and other associated expenses when you’re planning your budget for this adventure.
Mining has become one of the most popular ways of obtaining crypto coins these days.
However, there are some things you need to take into consideration before deciding whether or not mining will be profitable for you:
- The initial cost (the price) that comes with setting up a miner
- Electricity costs
- Cooling requirements
- Noise produced by miners
To sum up all our thoughts about mining altcoins – it might work out great for you, but it might also be a total flop.
Mining isn’t the best way to get your hands on crypto in South Africa anymore.
The method that meets all our criteria for being called “the best” is buying cryptocurrency through exchanges. We’ve got three great options lined up below.
2). Get Cryptos through Airdrop
Airdrop is a term that has been used in the last couple of years.
Basically, an altcoin developer will distribute some free coins to its users through Airdrops.
You can get cryptocurrency into your wallet by completing simple tasks or by simply downloading their wallet onto your computer.
There are many websites online where you can find information about upcoming Airdrop campaigns, so this might be one of the best ways for South Africans to invest without spending too much money on mining equipment and electricity bills.
The only downside here is that you need to have some knowledge about cryptocurrencies before participating in these “free giveaways” because there are plenty of scammers who try their luck with new crypto investors!
Every time an altcoin launches its ICO, there is a chance that it will also launch an Airdrop campaign.
This way the developers hope to attract more people to their project and get funding for establishing new crypto infrastructure in South Africa.
3). Get paid with crypto
Did you know that there are several websites where people can get paid for completing tasks and delivering goods?
CryptoCrowd is one of those platforms.
People from all over the world come here to sell or buy different products with crypto as a payment method.
This might not be such a good way to invest your money after all, but it’s definitely an interesting option if you want to make some extra cash by doing something else than mining cryptocurrencies in South Africa!
It has become much easier nowadays to find places that will accept cryptocurrency payments, so we decided that this should also feature on our list of “the best” ways to buy cryptocurrency in South Africa.
This means that more and more consumers have started using digital currencies – which is good news for the crypto markets!
4). Buy on crypto exchanges in South Africa
If you want to buy cryptocurrency easily then your best bet is buying bitcoin.
You can purchase bitcoin with cash, or use the services listed below that are available for using debit/credit cards.
Best crypto exchanges in South Africa
Coinbase
Coinbase has been around since 2012 and they’re based out of San Francisco California.
They offer insurance on all their deposits which makes them one of the safest options available for those who are new to cryptos.
Another great feature about this exchange is that there isn’t any limit on to how much bitcoin you can buy daily (the maximum amount will depend on your verification level).
Coinmama
Coinmama allows users to purchase bitcoin using credit cards from nearly all countries around the world (including South Africa!).
They charge an extra ~15% fee for selling cryptocurrency though so if you’re looking for pure convenience then Coinbase might be better suited.
That being said, it’s still possible to buy up to $150 worth of bitcoin with a credit card daily.
Binance
Binance is a Chinese exchange that’s quickly growing in popularity. Binance offers many different cryptocurrencies to choose from so if you’re looking for altcoins then this may be the place for you! Fees are 0.05% per trade which makes it one of the cheapest platforms around (better than Coinbase!).
Localbitcoins
LocalBitcoins has been around since 2012 and they allow users to purchase bitcoin through an escrow service.
This platform allows buyers and sellers to meet online or locally in person, but always at their own risk!
As long as both parties complete any transaction with good intentions then there shouldn’t be any problems occurring.
If anything bad should happen though, make sure you file a dispute through their support system ASAP!!
Luno
Luno (formerly known as BitX) is another well-known South African exchange.
Their headquarters are located in London and they’ve been around since 2013!
They offer many different cryptocurrencies to choose from, but fiat deposits can only be made using the local currency which makes it difficult for that outside of Africa.
The above exchanges allow users to purchase BTC with credit or debit cards very easily, however, there may be some limitations depending on where you live.
If your country isn’t listed then check out our guide on how people living in South Africa can buy bitcoin without a bank account.
Also if you’re looking for an alternative method that doesn’t require any verification at all, then Localbitcoins might suit your needs better than Coinbase would.
There are many different ways to buy cryptocurrency in South Africa, but the most popular way is through an exchange.
It’s important to remember that exchanges vary greatly from one another (some allow you to deposit via credit card while others only take bank transfers), so it’s up to your discretion which platform would be best suited for your needs!
