Last updated on March 14th, 2023 at 08:34 am
Cryptocurrency is gaining popularity in South Africa. The most popular cryptocurrency exchanges in South Africa are the ones that offer the best customer service, lowest fees, and security for your assets.
If you’re looking to invest in Bitcoin or other cryptocurrencies, this article will help you find the top three exchanges in South Africa right now!
Cryptocurrency is gaining popularity in South Africa. The most popular cryptocurrency exchanges are the ones that offer the best customer service, lowest fees, and security for your assets.
If you’re looking to invest in Bitcoin or other cryptocurrencies in South Africa, this article will help you find the top three exchanges in South Africa right now!
1). Binance
Binance is a top exchange for cryptocurrency in South Africa.
It was created in China but has moved its headquarters to Malta after being warned by the Chinese government.
Binance offers one of the largest selections of cryptocurrencies, their website can be used even if you don’t speak English well, and the registration process takes under five minutes!
They also have very low fees when compared to other top exchanges for cryptocurrency South Africa
However, they are not regulated in South Africa or any other country so there’s no insurance on your account if anything happens.
If you’re worried about security at all then it might be worth looking elsewhere.
How to create a Binance account in South Africa
Binance Features:
- The leading cryptocurrency exchange in the world
- Multiple trading pairs against fiat, altcoins, and stablecoins
- Variety of payment options to deposit ZAR
- Low fees, high trade volume, and trading fee discounts
- Spot, Futures, options, and margin trading from a single platform
- Earn interest on crypto with a Binance savings account
Pros
- Has many different cryptocurrencies available to trade
- Easy-to-use web platform
- Relatively low fees
- Supports many languages
Cons
- Not regulated in any country
- No insurance if anything happens to your account
2). Kucoin
A top exchange for cryptocurrency in south Africa is Kucoin.
They have a large selection of cryptocurrencies available and their fees are also very low compared to Binance at 0.20% per transaction!
However, they don’t support as many languages as Binance and their customer service won’t help you as much if something goes wrong.
Pros
- Has many different cryptocurrencies available to trade
- Fees are very low compared to other top exchanges for cryptocurrency south Africa regulated
- Easy to use web platform with support in multiple languages
Cons
- Not or insured (unlike Binance)
3). Bitfinex
A top exchange for cryptocurrency in South Africa is Bitfinex.
It was one of the first Bitcoin exchanges out there, it’s well established, offers an advanced trading platform, and offers good security practices.
However, they do have high fees at 0.20% per transaction so I would only recommend using them if you’re planning on making more than just a few small trades.
Pros
- Well-established and trusted top exchange for cryptocurrency south Africa
- Advanced trading platform with good security practices
Cons
- High fees (0.20% per transaction)
4). Coinbase
Another top exchange for cryptocurrency in South Africa is Coinbase.
It’s one of the most trusted exchanges out there thanks to its security practices and insurance.
However, they’re only available in 32 countries right now so it might not be an option if you’re living outside of that area!
Features:
- Highly suitable exchange for beginners
- Coinbase Pro features advanced trading tools and indicators
- Supports the most popular cryptocurrencies
- Quick and easy to monitor crypto portfolio on website or app
- Get free crypto by staking coins or learning about crypto
- Secure wallet to store Bitcoin and other digital assets
Pros
- Very secure top exchange for cryptocurrency south Africa
- Insured funds are safe even if something goes wrong
Cons
- Available in only 32 countries right now
- Reduced customer support
- High deposit and trading fees
5). Coinmama
They’re available in almost every country and they allow you to buy cryptocurrencies with credit cards!
However, their rates are a bit higher than other top exchanges for cryptocurrency South Africa so I wouldn’t recommend them if your goal is to trade frequently.
Features:
- Fast to create an account and complete ID Verification
- Offers the major cryptocurrencies to buy/sell
- Supports credit cards, bank transfers, Apple Pay
- Loyalty Program to reduce trading fees
- Responsive customer support service
Pros
- accepts credit card payments from almost all countries
- available in many different countries
- Quick account sign-up and ID verification.
- Availability of major cryptocurrencies for buying and selling.
- Operates with private wallets.
- Basic interface suitable for beginners.
Cons
- fees are high compared to other top exchanges for cryptocurrency south Africa
- not as low commissions or easy web platforms like some others on this list
6). Kraken
It’s a good choice if you’re looking to trade more than just Bitcoin as it supports many different cryptocurrencies!
However, they have low-security practices and I’d only recommend using them as a top exchange for cryptocurrency South Africa as a last resort.
Features:
- Deposit USD to the exchange using SWIFT
- Charting interface is simple to use and navigate
- High trading volume and liquidity in order books
- Get income by staking coins like ADA to earn rewards
- Full-time staff to offer 24/7 support to users
Pros
- has multiple cryptocurrencies available
- easy platform that even beginners can use with the right guidance
- Simple charting interface for easy navigation
- Seamless deposit through credit/debit cards.
- High trading volumes and liquidity in order books.
- Earning passive rewards through staking.
- Several digital assets for investment.
- Has no hidden fees
Cons
- fees are high at 0.26% per transaction (more expensive than Bitfinex or Coinbase)
- Unclear fee schedule.
- The exchange has no regulation.
7). Luno
Another top exchange for cryptocurrency in South Africa is Luno.
It has a great interface and I would highly recommend it as your first top exchange for cryptocurrency South Africa.
However, they have limited availability so if you can’t use them then Binance or Coinmama are good alternatives (although both of those exchanges do not provide such advanced features like stop-loss orders).
Features:
- A highly suitable platform for newcomers and beginners
- A secure wallet that earns interest on crypto funds
- Wide variety of deposit methods (e.g. bank transfer, debit cards)
- 0% to 0.1% trading fees in most regions
- Highly intuitive mobile app for buying, selling, and trading crypto
Pros
- beautiful easy to use user interface
- available in many different countries with low fees at 0.25% per transaction
- A beginner-friendly platform that even allows users to set up automatic purchases each month (similar to dollar-cost averaging)
Cons
- Customer support is by email alone.
- Has no technical features for analysis.
- Too simple for professional investors.
As you can see, there’s no single best option for top cryptocurrency exchanges in South Africa!
Each of these options has its own pros and cons so it really just depends on your personal needs when choosing which top exchanges for cryptocurrency South Africa you want to go with.
You can’t go wrong with Binance or Kucoin because they both have good security practices, low fees, support in multiple languages (if that’s important to you), and a decent selection of cryptocurrencies!
If one doesn’t suit your needs, the other is worth checking out!
If you’re looking specifically at top exchanges for cryptocurrency south Africa, do some research before making any decisions about where to register – don’t assume Bitfinex will be perfect if all else fails.
Those are the top three exchanges in South Africa right now!
If you’re looking to invest or trade Bitcoin, check out these top exchanges for cryptocurrency in South Africa.
When it comes down to choosing an exchange, think about your needs before anything else to find one that will work best for you.
Which is the top exchange for cryptocurrency in South Africa? Let us know in the comments below!
Factors to consider when choosing the crypto exchange in South Africa
a). Safety and Regulation
What type of security do they have in place?
What is the regulation for their country and region that they operate from?
b). Liquidity
What volume does this crypto exchange handle on a daily basis as well as the history of these volumes over time?
Higher liquidity means you can buy or sell at any moment without increasing the price.
c). Fees
Some exchanges charge withdrawal fees while others don’t, so it is important to check what each charge is before choosing one.
Additionally, many exchanges also try to make money by charging interest when users leave funds overnight with them so it’s worth seeing if there are any ‘hidden’ transaction costs like this involved when deciding where to hold your cryptocurrency deposits long term.
d). Supported Countries and Currencies
What countries can you trade with?
If you want to get into trading cryptocurrency pairs then it is important that the exchange supports fiat currencies in your country of residence as well as crypto coins, so be sure to check before opening an account.
For example, Coinbase does not yet support British Pounds or any other European currency while Bitstamp does but only for a limited number of cryptocurrencies.
e). User Interface (UI) / UX Experience
Will this platform feel familiar if you have used stock/forex brokerages like eTrade or TD Ameritrade in the past?
Is their website translated properly and easy to understand?
How many different order types are supported by the platform compared to other competitors?
Are there any demo accounts to test out the platform without having to use real funds first?
f). Customer Support
How fast can you get a response from customer support if something goes wrong or if you need help with an issue on their website?
Is it 24/hr phone, email and live chat support like Coinbase offers for example?
The more accessible they are when problems arise in my experience is usually directly correlated with the quality of Crypto Exchange Company overall so this is one area well worth checking into before signing up.
Some exchanges in South Africa also offer affiliate programs where users who refer others receive commission-based payments when those referrals buy cryptocurrencies via your link (referral fees).
This has become especially popular in recent years as many traders have switched from trading forex to cryptocurrencies.
g). Security
How do they store the funds on their platform?
What is a hot wallet and what is cold storage, have they ever been hacked or had security issues in the past so be sure to look into this before you start using an exchange for any significant amount of money.
A simple Google search can often reveal some history on this front too if it has happened before.
For example;
Bitfinex was recently hacked with $60m worth of Bitcoin being stolen from its user’s wallets which sent shockwaves through the cryptocurrency community at large due to that particular exchange high volume (24-hour volume averages around $550 million currently).
And reputation as one of the top five global crypto exchanges by daily trade volumes worldwide across all cryptocurrencies.
h). Payment Methods
What types of online payment methods do they support such as debit/credit cards, wire transfer, and other alternatives?
How long does it take them to process a transaction (are cryptocurrency withdrawals instantaneous like with Coinbase or can users expect waiting times depending on how busy the network is during certain periods).
i). Customer Retention
This one is often overlooked but in my opinion quite important.
What fee structure does the exchange have for both trading fees and withdrawal fees compared to their competitors?
Will these rates go up over time too if you’re not keeping your account active by regularly trading within it which many exchanges do automatically nowadays once an account goes dormant etc…
Also, what are their refund policies when something doesn’t work out well from a customer service standpoint?
Have they ever given back a portion of fees to users in the past if something was not handled correctly by their customer service team for example?
