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Key Takeaways
Luno Luno is a crypto-exchanged with strong support for South African users and ZAR. It has made purchasing easy for customers with ABSA, Standard Bank, Capitec, Nedbank or TymeBank through EFT transfer. Visit Luno's Website
easycrypto.com easycrypto.com is a great site to buy Bitcoin and other cryptocurrencies for those in South Africa. EasyCrypto has really made a name for itself by trying to service emerging markets with a sleek, easy to use platform and great guarantees.
Paybis Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Bitcoin ATMs You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%. View Bitcoin ATMs
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We maintain our own database of Bitcoin ATMs in South Africa. Here is a list of the ATMs we've gathered. You can submit an ATM to us by using our contact form.
ATM
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Sell Buy Sell South Africa’s heightened interest in Bitcoin is closely related to the nation’s economic and political climate. The residents, in the wake of uncertainties and turmoil, like the events following the arrest of former President Jacob Zuma in July 2021, have been exploring alternative investment options.
Bitcoin emerged as a potential safeguard against economic instability in March 2017, when a controversial change in the finance minister’s position coincided with the S&P’s downgrade of the country’s local currency debt to junk status, driving a steep increase in Bitcoin trading.
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South Africa's economy is the third largest in Africa. Of all the countries on the African continent, South Africa has the most diversified economy, with heavy industrialization and a large tech sector.
According to the South African reserve bank, the country's financial regulator, the state has experienced “an exponential increase in the provision and use of crypto assets”, thus it published a “draft declaration of crypto assets as a financial product”.
This declaration contains a set of rules that must be obeyed by crypto-exchanges, advisers and brokers authorised under the FAIS Act. However, the removal of grey area around the regulation of crypto has meant that many exchanges have opened up their doors to South African investors.
In November 2022, lawmakers added crypto businesses to the country's list of accountable institutions. This means that exchanges will have to identify and define new and existing clients while also keeping records of their identity. The amendment was made to the Financial Intelligence Act of 2001 and will take affect on December 19, 2022. This will not effect individuals that use the exchanges listed above since most already have these measures in place.(1)
One of the easiest ways to buy Bitcoin in South Africa is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in South Africa, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet).
Another way to buy Bitcoins in South Africa is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in South Africa using our Bitcoin ATM Map.
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A cryptocurrency investment firm named BTC Global was the focus of a fraud case with losses exceeding $80 million.
BTC Global agents encouraged people to invest, with the promise to earn 2% interest per day, 14% per week and 50% in a month.
Some of the investors managed to get payed, but ultimately, like all ponzi schemes the payments eventually just stopped. That's because, in the case of BTC Global and other Ponzi schemes, initial investors are paid out of new investor funds.
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Coinbase ONLY allows crypto-to-crypto conversions for South African residents as of January of 2021.
South Africa offers several ATMs for its citizens to buy Bitcoins with Cash.
You can use our Bitcoin ATM finder tool to find the one nearest you.
Bitcoin prices are changing every second.
The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin ZAR price page.(2)
BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.
