- March 16, 2022
- 1:59 pm
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How Do I Buy Bitcoin in South Africa?
Bitcoin is rising in popularity as more people are adding the cryptocurrency to their investment portfolio. All across the world, countries are beginning to become more accepting of the seemingly invisible currency. What is Bitcoin, you may ask?
Every Bitcoin is entirely virtual and is essentially a computer file that is stored in a digital wallet. Bitcoin is also transparent as every transaction is recorded onto a public list, also known as the blockchain. The currency is not regulated by federal governments, which has caused it to rise in popularity. With the rise in popularity comes the investment opportunity.
To profit off of Bitcoin, people are buying portions of coins or mining. This article will focus on the investment side of Bitcoin, which entails purchasing shares of the coins. At the time we wrote this article, a single bitcoin is worth nearly $42k.
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South Africa is thought to be the next frontier in Bitcoin. South Africans recently traded more than $2.5 million worth of Bitcoin in just one month.
How much is 1 Bitcoin in rands? 606,364.86. Luckily, there are options to buy portions of coins rather than one entire coin. Bitcoin is becoming more and more popular, as well. The frequency of the term “Bitcoin” searched in South Africa was ranked in the top four. With South African becoming a leader in Bitcoin interest, many citizens have raised questions about getting involved and investing. We’ve outlined answers to commonly asked questions that South Africans have about Bitcoin.
Is bitcoin legal in South Africa?
Though Bitcoin, and cryptocurrency in general, is increasing in popularity, the legality of the coin across the world is gray. Some countries, such as the United States and Canada, are pro-Bitcoin and welcome transactions. Other countries, such as China and Russia, have banned Bitcoin, and the government has cracked down on miners, preventing any possibility of acquiring the coin.
You can see a complete list of whether Bitcoin is legal or not here. In South Africa, Bitcoin is legal. In 2014, South Africa issued a position paper that stated that “bitcoin is an intangible asset.” The South African Reserve Bank has issued a statement warning of the risks associated with trading Bitcoin, but Bitcoin is still very much legal despite this. However, any earnings from Bitcoin are still subject to taxation.
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How do I buy bitcoins in South Africa?
There are several ways that one can purchase Bitcoin in South Africa. Someone can buy Bitcoin using a Bitcoin exchange, an online broker, or a Bitcoin ATM. Using a Bitcoin exchange is the most common option for South Africans, as buying Bitcoin with a credit or debit card requires some sort of online broke anyway.
While Bitcoin ATMs are also an excellent option, there are not many located in South Africa, making them a somewhat inaccessible option.
Where can I buy Bitcoin online in South Africa?
Now that we know Bitcoin is legal for purchase in South Africa, you may be wondering where to buy Bitcoin online in South Africa? To purchase Bitcoin online, one will need to look into Bitcoin brokers in South Africa.
One of the most popular brokers is Luno. Luno is an online platform where one can buy, sell, store, and trade Bitcoin. Additionally, the platform also supports Ethereum, another cryptocurrency. Luno allows for a seamless transfer of funds to and from the app into your linked bank account.
How to buy bitcoin in South Africa using Luno?
There are several steps to buying Bitcoin through Luno. The first step includes opening a free account. Sign-up is easy; you’ll enter an email address, click a confirmation link that was sent to that email, and then you’ll be registered. Once you’ve created an account, you’ll be prompted to verify the account.
To verify your account, you’ll go to “settings,” click on “upgrade,” and add your details. You will need to submit digital copies of your legal identification, proof of residence, and a bank statement. Once you’ve verified your account, you will move from level zero to level one, two, or three. The account level you jump to will depend on the deposit amount you’ve specified. Level three indicates that your account is verified, and there is no limit for how much you can deposit and withdraw.
Once you’ve verified your account, you’ll deposit money into the account. Once the deposit has cleared in the account, you can purchase Bitcoin with “Instant Buy.” The option of instant buy does come with a fee, so it does cost you more than the alternative, “Buy Order.” The buy order option allows you to request a price, and you will be matched when a person is selling at your requested price.
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Which Bitcoin wallet is best in South Africa?
If you choose to purchase Bitcoin with Luno, you won’t need another wallet because it comes equipped with a Bitcoin wallet. However, if you decide to go through a different online broker, you’ll want to consider a Bitcoin wallet available in South Africa.
Some options include edge wallet, blue wallet, or exodus wallet. Though all three will hold your Bitcoin, they each have different features to meet your needs. Edge wallet holds various types of currencies, so if you are interested in other cryptocurrencies besides Bitcoin, then that wallet will serve you well.
Blue wallet has excellent customer services and allows Bitcoin to be sent through fast and cheap transactions. The exodus wallet enables users to send and receive Bitcoin through a QR code and is available on desktops.
Can I buy Bitcoin through FNB?
The First National Bank is one of South Africa’s top banks and equips its users with an e-wallet. Most recently, the First National Bank now allows its users to sell Bitcoin through the wallet, allowing for custom price settings. To sell Bitcoin through the First National Bank e-wallet, users simply need to provide their cell phone. The fee associated with selling Bitcoin through the e-wallet is R20.
It’s entirely possible to become a millionaire with Bitcoin investments, though it won’t happen overnight. Though getting involved in Bitcoin investments is a relatively simple process, the market is volatile, and there are associated risks. Only invest what you can afford to lose. South African Bitcoin millionaires are out there, thriving from their investment successes.
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Rebecca Smith
Rebecca is TopBrokers Trade’s utmost dedicated, and skilled individual. 12 years in the marketing field. Focusing as a content and digital marketing administrator, in the Finance sector.
