How to Buy Cryptocurrency in South Africa?
The number of people looking on how to buy cryptocurrency in South Africa continues to grow, and that’s not surprising. The digital asset has been thriving well here in the country since the day it came. Many South African have started to adapt and use Bitcoin or any other cryptocurrency as a daily payment method, pension plan, or just an investment.
While it’s becoming more and more popular, a lot of South African still confuse with the concept of this digital asset, not to mention how to buy cryptocurrency too here, in South Africa. Luckily for you, today we’re going to discuss everything about cryptocurrency.
Let’s start with the basic.
What is cryptocurrency?
A cryptocurrency is a new form of money that isn’t controlled to any government or state. This means that cryptocurrencies are run and maintained by computers rather than by people in power.
Similar to South African Rands that are in your bank account, cryptocurrencies can be sent, received and stored on the internet. They can also be used to buy goods and services all over the world.
Currently, there are over 5000 cryptocurrencies in the world (Although this may sound intimidating, here at Easy Crypto we very carefully select which coins we list on our site). Bitcoin was the cryptocurrency that started it all in 2008, and to this day it is still the biggest cryptocurrency. It also has the highest daily trading volume.
Key differences between cryptocurrencies and the South African Rand:
- Cryptocurrencies eliminate the need for a bank or third party to hold your funds and verify transactions. You are completely in control of your own money!
- Cryptocurrencies can be sent anywhere in the world, in a matter of seconds and for a low fee. Unlike banks which tend to be slow and extremely expensive.
- Certain cryptocurrencies such as Bitcoin have a set supply, which means that they cannot be manipulated and are not at risk of hyperinflation like traditional fiat currencies, such as the Rand.
- It is estimated that over 11 million people don’t have access to a bank account in South Africa (20% of the population). Cryptocurrency would allow these people to engage in the local and global economy by giving them access to money that is easy to store and move around, as long as you can connect to the internet.
Why cryptocurrencies are so important today?
Today we are seeing governments and central banks all around the world print money to try and stimulate their economies. A few countries where this is seen include The USA, UK and even South Africa. This leads to currency devaluation. We have also seen the South African rand lose over 60% of its value to the dollar!
So, what does this mean for you and me? In simple terms, it means that the value of the currency that we hold loses value and it can even become worthless. This has happened in one of our neighbouring countries, Zimbabwe.
By buying Bitcoin or other cryptocurrencies in South Africa, we are capable of preventing something like the scenario above from ever happening. This is just one of the many reasons as to why the price of many cryptocurrencies has exploded in value over the past few years. Bitcoin is known as “digital gold”, it was also announced as the best performing asset of the last decade!
Hedge fund manager and billionaire Paul Tudor Jones has recently said that he is buying Bitcoin as a hedge against inflation. So if you think you’ve missed the boat on Bitcoin, think twice! Less than 1% of the population owns Bitcoin, you’re way earlier than you think! This is just the beginning of Bitcoin’s long path that lies ahead.
Is cryptocurrency legal in South Africa?
“Is it legal?” is one of the most asked questions in the cryptocurrency space. The answer is yes! It definitely is legal, including here in South Africa. Governments around the world, including ours, have realized that cryptocurrencies are here to stay. South Africa is starting to catch up with other countries in terms of cryptocurrency regulations. Recently our government came out with new and improved regulations for the cryptocurrency space in South Africa.
At Easy Crypto we do everything we can to ensure that both our customers and ourselves are always on the right side of the law.
Can I buy a cryptocurrency in South Africa?
Yes, you can! To buy cryptocurrency in South Africa has never been any easier. But, before you can buy cryptocurrency you’ll first need to set up a cryptocurrency wallet that is available in South Africa that will allow you to safely store your funds.
A cryptocurrency wallet for your crypto is the equivalent of your South African bank account to your Rand.
The difference is, you are the only person who has access to the funds stored in this wallet. No bank or middleman can recover your funds if you lose access to your wallet. It is therefore very important that you keep it safe! Feel free to learn more about the best cryptocurrency wallet in South Africa on our Learn-page.
Why do people buy cryptocurrency?
People buy a cryptocurrency for a number of different reasons. A few of these include to use it to purchase goods and services, to use it as a quick and cheap way of sending money abroad or as an investment.
A few characteristics of cryptocurrency that have increased its popularity include its ability to operate without the need of a central authority and its ability to allow anyone with a mobile phone and an internet connection to participate in the global economy. Something that was previously inaccessible to the 1.7 billion people who don’t have access to a bank account.
There are many different approaches that people can take when choosing to invest in cryptocurrency, here are a few of them:
- One of the most popular ways of investing in cryptocurrency is buying and ‘hodling’ it for the long run. This strategy tends to carry the least risk as you are reducing your exposure to the crazy volatility that occurs in the cryptocurrency markets daily.
- Another strategy is day trading cryptocurrency. This is essentially where you try and profit off of the volatility by buying low and selling high. Although this may sound like a profitable idea, it also carries huge amounts of risk. This is due to the unpredictable price action of cryptocurrencies, which could very easily lead to you losing more money than you end up making.
- You must understand that come along with each strategy and choosing which one works best for you.
Which cryptocurrencies do people buy?
When purchasing cryptocurrencies, it can sometimes be quite overwhelming trying to decide which ones are the best to buy. Do you just stick to Bitcoin? What about the smart contract coins? For instance, you can buy Ethereum tokens in South Africa or Cardano. Or why not go with the privacy coins like Monero or Zcash?
The only person who can decide which coin(s) are the ones to buy are you. It is always recommended that you do extensive research before making your decision to ensure that you invest in quality coins. A great place to start would be a website like CoinMarketCap or check out the coins that Easy Crypto has to offer 🙂
How many people own cryptocurrency in South Africa?
Based on a survey that was done, it is said that about 16% of the South African population has owned or has used cryptocurrency at some point. This puts South Africa near the top of the list of countries that show interest in cryptocurrency! It has also been said that “South Africa is emerging as the crypto leader of the continent.”
How to buy cryptocurrency in South Africa?
You’ll need to start by setting up an account with a local cryptocurrency exchange or broker. Exchanges tend to have higher volumes than brokers. However, they can be intimidating and confusing to someone who has little to no experience with cryptocurrency.
To buy cryptocurrency in South Africa with Easy Crypto, you can follow these easy steps
- Sign up
Start off by signing up using your email, Google account, or any of the other options we have available.
- Verify your account
To do this you’ll need to submit a picture of your South African ID, passport or drivers license. You’ll be able to start purchasing any cryptocurrency once the documents you submitted have been verified. This shouldn’t take long at all 🙂
For further information, you can visit the Easy Crypto’s account verification guidance with Sumsub.
- Make your cryptocurrency order
The next step is deciding which cryptocurrencies you’d like to buy. Once you’ve done your research take a look at the cryptocurrencies we have to offer. Once you’ve decided which cryptocurrencies you’d like to buy, simply enter the amount you will be buying along with an address and then choose one of our payment methods.
- Choose your payment method
You can currently choose between 2 different payment methods when buying cryptocurrency on Easy Crypto. These include SiD EFT and manual bank deposits (Based on internal testing, we found that SiD EFT’s tend to process quicker than manual bank deposits).
Why buy cryptocurrency with Easy Crypto?
Easy Crypto is South Africa’s easiest and cheapest way to buy and sell over 70 cryptocurrencies!
Easy Crypto is the best option to buy and sell cryptocurrency for several reasons:
- Easy Crypto has some of the most competitive prices in South Africa.
- Easy Crypto provides one of the widest selections of cryptocurrencies in South Africa.
- You can buy cryptocurrencies through Easy Crypto and have them delivered to your personal wallet in less than 2 minutes after signing up.
- Easy Crypto is the only exchange in South Africa that allows customers to buy multiple cryptocurrencies in a single order.
- Easy Crypto has a 100% funds safety guarantee across all orders.
We recently rolled out a new ‘Swap‘ feature on our website. This ‘Swap’ feature allows customers to easily exchange one cryptocurrency for another, at lightning-quick speeds and competitive rates.
If you’re ready to buy cryptocurrency head over to our sign up page and get your account verified to start trading 70+ cryptocurrencies in minutes.
If you need any assistance in completing your first cryptocurrency purchase or swap feel free to check out our guides or reach out to Easy Crypto team, we’d be happy to help!