Invest in Cryptocurrency in South Africa – Easy Crypto’s Guide
Although cryptocurrencies are a new asset class, it is no secret that the price of many cryptocurrencies has surged over the past few years. If you’re looking for a guide on how to invest in cryptocurrency and why should you invest in cryptocurrency, you’ve come to the right place.
Why should you invest in cryptocurrency?
Great question! It has been said that not only are cryptocurrencies here to stay, but they are also going to change the world. If cryptocurrencies manage to achieve real-world adoption, only the sky is the limit.
Considering that only around 1-2% of the population owns cryptocurrency, we are still very early! Cryptocurrencies have shot up in value over the past few years due to the rapid increase in demand. In fact, Bitcoin was announced as the best performing asset of the last decade!
How to start investing in cryptocurrencies
Here at Easy Crypto, we make it easy for anyone in South Africa to buy and invest in cryptocurrency. To get started with Easy Crypto simply head over to our sign up page and get your account verified. Once your account is verified you will be able to invest in over 70 different cryptocurrencies with your South African Rand!
To buy cryptocurrency in South Africa with Easy Crypto, you can follow these easy steps below:
- 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 the 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.
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).
Easy Crypto is the best option for investing in cryptocurrencies in South Africa for several reasons:
- Easy Crypto has some of the most competitive prices in South Africa.
- We have a 100% funds safety guarantee across all orders.
- You can Have your cryptocurrencies delivered to your wallet within minutes.
- We are the only exchange in South Africa that allows customers to purchase multiple cryptocurrencies in one order.
Recently, we added a feature called ‘Swap‘ to our website. ‘Swap’ allows for users to exchange one cryptocurrency for another, instantly and at the best rates. You can also have your cryptocurrency delivered to the wallet of your choice!
Different approaches to invest in cryptocurrency
There are multiple ways that you can invest in cryptocurrencies. Two popular methods people tend to go with include long term investing and day trading. It is entirely up to you to decide which strategy will work best for you. Here is our guide on investing in cryptocurrency:
- Long term investing refers to buying cryptocurrency and ‘hodling‘ them for months/years. This reduces your risk as you do not need to worry about daily price fluctuations that occur in the cryptocurrency markets. To give you an idea of how powerful this can be, R10 invested in Bitcoin in 2010 would be worth over R1.5 million today.
- In simple terms day trading is profiting off of the volatility in cryptocurrency by buying low and selling high. Although this may sound simple, it’s important to realize that it’s generally the opposite. The cryptocurrency markets tend to be unpredictable in the short term. Most day traders lose more money than they make due to these unpredictable swings in the cryptocurrency markets.
Is there any risk when investing in cryptocurrency?
Just like any other investment, there is a certain level of risk when investing in cryptocurrency. Although there will always be a risk, you can take a few measures to try and reduce these risks as much as possible. Here some tips from us:
- Understand what you are investing in. Don’t invest in any cryptocurrencies that you haven’t done extensive research on. If you’re not sure where to start, take a look at Easy Crypto Learn-page’s articles. CoinMarketCap is also a good place to start.
- Invest an amount that you are comfortable with. By doing this it’ll make it easier for you to worry less about the short term price fluctuations that the cryptocurrency markets experience.
- There are tons of scams out there that will try and get you to send them your cryptocurrency. Never send your cryptocurrency to anyone you don’t know. Never send your cryptocurrency to anyone claiming they can trade it to help you earn more. Only buy/sell cryptocurrency through a reputable exchange or broker, such as Easy Crypto 🙂
- Store your cryptocurrency on a safe and reliable wallet. Check out our guides on software and hardware cryptocurrency wallets for added security.
- Always remember that if it seems too good to be true, it probably is.
Don’t hesitate to contact Easy Crypto if you need any further assistance in completing your first cryptocurrency investment!