How to Buy Bitcoin in South Africa

If you want to buy Bitcoin in South Africa, chances are there are plenty of places to choose from. However, it can be difficult to determine which one is best for you. That’s why we made a primer for you. We’ll help guide you through the best exchanges to use for buying Bitcoin in South Africa.

Most cryptocurrency users will buy their Bitcoin on an exchange. An exchange is a site that lets you trade, buy, and sell your favorite cryptocurrencies. In this case, it would be Bitcoin. The majority of crypto exchanges require users to register with the site. This means you’ll need to set up a username, password, and usually give the exchange a bit of personal data.

When it comes to selling or buying Bitcoin in South Africa, we really like Plus500 and Paxful. Finding a place to purchase Bitcoin can be easy, but actually buying it could wind up being an entirely different story. Both Plus500 and Paxful give you a pleasant experience with no hassle when you’re ready to trade Bitcoin in South Africa.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: Bitcoin
  • 💰 Deposit Methods: Over 300 Including PayPal, Gift Cards & More
  • ❌ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Livechat & Email
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.

Buying Bitcoin in South Africa

Contract for Difference

People like Contract for Difference (CFD) because it allows them a way to learn more about Bitcoin without holding the coin itself. It’s a great method to get exposure and determine the price of the coin before you decide to buy it. Buy in at the price you want, then when it gets where you like it, close out the contract. You get the difference between the starting point and the ending point. This is where the term Contract for Difference comes from.

We really like Plus500 as the best CFD option when you want to sell or buy Bitcoin in South Africa. Plus500 gives users the ability to see the price of Bitcoin without needing to have a wallet to keep it in. Plus, the exchange is very well regulated, so you know your funds and identity are protected.

Plus500 is a fantastic method for gaining exposure to cryptocurrency and Bitcoin. The platform can be used on both your desktop PC web browser or through a mobile application on your Android or Apple devices. Regardless of how you use it, Plus500 offers a simple and smooth experience trading Bitcoin in South Africa.

Standard Crypto Exchange

If you’re the type of person who’d rather dive right in, then we’d suggest trying out a standard crypto exchange. We recommend Paxful as a great option to buy Bitcoin in South Africa. You can buy, sell, or trade your Bitcoin on an exchange like Paxful.

Paxful is an excellent exchange that provides its users with an intuitive platform which makes it easy to buy Bitcoin in South Africa. This user-friendly site offers several payment options and makes the Bitcoin buying experience simple and easy.


Plus500: The Best Site for Buying Bitcoin in South Africa

How to buy Bitcoin in South Africa with Plus500

For those who want to go with Contracts for Difference, Plus500 is our favorite option to buy Bitcoin in South Africa. With Plus500 you “buy” Bitcoin. However, you don’t have to mess with keeping it in an offsite wallet since you aren’t actually holding it. We really like Plus500 as a way to gain experience in the world of cryptocurrency.

Make your way to Plus500 (80.6% of retail CFD accounts lose money) when you’re ready to start buying Bitcoin. You’ll need to register an account, which you’ll do by clicking on the blue “Start Trading Now” link in the middle of the page.

How to create Plus500 account in South Africa

The following screen lets you choose which account type you’d like to use. Plus500 offers a Demo Mode if you want to learn more before spending your own money. For our walkthrough, we’re going to choose Real Money.

At the bottom of this page are a few links that will take you to the Plus500 mobile application. It’s available for both your Apple and Android smartphone and tablet, so download it if you want to take Plus500 on the go.

How to create real money account on Plus500

Next, you’ll see a form to fill out to complete your registration on the Plus500 site. Fill in the email and password fields, or if you prefer, you can use Google or Facebook to create an account. Choose the “Create Account” button to move to the next step.

Create Plus500 account

The Verification page will ask for additional personal information to validate your identity. This is so that Plus500 can verify that you are a real person and not someone with malicious intents. While it sounds questionable, there’s nothing to worry about, since most exchanges request this type of info.

Once you’ve sent Plus500 all the relevant information, the site will activate your account.

How to verify on Plus500

Depositing Funds Into Your Plus500 Account

Plus500 will activate your account once it validates your information. When it does, you can begin depositing funds. You can deposit your funds into your Plus500 account via wire transfer, debit card or credit card, Skrill, or Paypal.

How to deposit on Plus500

Soon after, your funds will be available in your Plus500 account, ready for you to buy Bitcoin in South Africa. On the left is a menu. Find and click on the option labeled “Trade.” Next, find and click on “Cryptocurrencies.” You’ll notice a list of the digital coins that are supported by Plus500.

At the top of the list is Bitcoin, so you shouldn’t have any trouble finding it. If anything, this makes it relatively easy to purchase Bitcoin on the Plus500 platform. You’ll see a “buy” button next to the listing. A window will fill the right side of your screen when you click on it. Here you can enter your CFD preferences.

Tell Plus500 how much Bitcoin you want for your CFD. You can also make advanced entries here if you’re already familiar with contracts for difference and how they work. When you’re satisfied with what you’ve entered, click on the blue “Buy” button.

How to buy Bitcoin in South Africa with Plus500

Plus500 will process the order and send you an alert once it goes through successfully. At this point, your purchase will show on the trading page. You can view the amount of funds you have remaining, your margin, and your profit or loss.

Once the contract reaches a point where you’re ready to close, just click the button labeled “Close.” Your account is credited with the difference in price between the entry and closing points.

How to sell Bitcoin in South Africa with Plus500


How to Use Paxful to Buy Bitcoin in South Africa

Paxful is a site that lets you look for a person from whom you can buy Bitcoin in South Africa. However, just like you do with other crypto exchanges, you’ll have to register to use the site. The good news is that Paxful is easy to use. Head on over to the Paxful homepage so you can get going.  

Click on the “Create Account” button in the upper right to begin the registration process.

How to create a Paxful account

A registration form will pop up that you’ll need to fill out. Provide Paxful with a valid email address, a username, then choose a password. Let the site know that you agree to its terms and services, verify you’re not a bot, and select “Create Account and Free Wallet.”

Soon after, you’ll get an email from Paxful asking you to confirm your address. The link in your email will take you back to Paxful’s website. Now you’re ready to buy Bitcoin in South Africa. That’s all you need to do to register.

We do, however, recommend that you enable two-factor authentication on the site. This is an additional step that you’ll have to take when you login, but it provides an extra layer of security which helps protect your account.

You aren’t required to turn on 2FA, but taking a few minutes to set it up is worth the time. It will give you extra protection against malicious users or hackers who try to access your personal information. This is the smart thing to do on any site you use to purchase Bitcoin.

Buy Bitcoin in South Africa with Paxful

Now that you’re set up to buy Bitcoin, go ahead and set up your method of payment. Paxul offers lots of options to use for payment, including Paypal, Apple Pay, Skrill, Western Union, gift cards, and many more.

Your selection of people from whom you can buy Bitcoin may fluctuate a great deal depending on what type of payment type you choose. Once you’ve selected how you want to pay, enter the Bitcoin amount you want to purchase.

How to buy Bitcoin in South Africa

Choose your preferred currency from the dropdown. There are plenty from which you can choose, so you shouldn’t have any trouble finding the one you want. When the Bitcoin amount and currency fields are ready, select the button labeled “Buy Bitcoin Now.”

The next screen shows you a list of users who have Bitcoin for sale. Something you might make note of is that the prices on Paxful are higher than they are on other platforms. There’s a reason for this. Since Paxful doesn’t offer the security that other exchanges have, sellers take on a bit more risk.

Some buyers don’t bother to pay at all, while others just don’t complete the transaction. This puts the seller at risk of losing both their Bitcoin and their payment. Therefore, they build a big of a safety net for themselves by increasing their prices.

Once you find a seller you want to work with, take a look at their terms to find out more about their seller history and reviews. You’ll get a solid idea of how the seller works and precisely what they expect from you as the transaction progresses.

When you’re good with the seller’s terms, click on the “Buy” button. Now, the Bitcoin is moved over to an escrow account. It will stay there until everyone is satisfied with the transaction and it is marked as complete. You’ll pay for your Bitcoin per the instructions provided by the seller. After that’s done, click on “I Have Paid.”

This alerts the seller that you’ve completed the transaction on your end. If the seller is satisfied, they’ll indicate payment on their end, which will release the Bitcoin from escrow. Your Bitcoin is now deposited in your Bitcoin wallet on the Paxful site. Now you can either store it in your site wallet or move it to one you keep offsite.


More About Bitcoin

No matter what you’re buying, it’s almost always a good idea to gather as much info as you can before you buy. This should be the case with Bitcoin as well. As most people know, Bitcoin was the original cryptocurrency. It was developed by Satoshi Nakamoto and officially launched in 2009.

Bitcoin’s Purpose

The primary purpose of Bitcoin is to give its users a decentralized store of value. That means Bitcoin wants to provide its users with a way to buy and sells services and goods from around the globe.

Bitcoin is not affiliated in any way with countries, governments, or financial institutions. Additionally, it offers a certain appeal to businesses as its fees are considerably lower than those charged by credit card companies.

Who Can Use Bitcoin?

Those interested in learning about cryptocurrencies and decentralized processes will enjoy using Bitcoin. That’s because Bitcoin is the most popular digital currency on the planet, and offers its users privacy and security. Businesses are beginning to recognize this and see the potential behind Bitcoin. Many companies have started using the currency in their business methods and processes.

If you’re looking for a way to store your money other than by using a bank, Bitcoin might be the right option for you. You use a digital wallet to store your Bitcoin. This wallet is usually on your smartphone or the desktop of your computer. Your wallet is just like your bank, only without as many regulations and much lower fees.

However, remember that Bitcoin wallets are not insured. If your Bitcoin wallet is lost or stolen, your chances of recovering it are not very good. So be sure to always keep a close eye on your Bitcoin wallet.

Pros and Cons

Here are just a few of the pros and cons that come along with buying Bitcoin:

Pros
  • Bitcoin is the first of its kind to provide users a digital store of value
  • Popular and easily-recognized cryptocurrency
  • Growth in both adoption and popularity
  • Offers stability as it has been on the market for over a decade
  • Buyers can purchase fractional pieces of Bitcoin
  • Almost all crypto platforms trade, buy, and sell Bitcoin
Cons
  • Bitcoin value moves up and down dramatically on a daily basis
  • Cryptocurrencies like Bitcoin has inherent risks and volatility

Is Bitcoin a Good Investment?

We don’t know what the future holds for Bitcoin, but it has been around for the past ten years. The longer it hangs around, the more it solidifies itself as a legitimate player in the financial marketplace.

As you decide whether or not you want to buy Bitcoin, here are a few points to consider:

  • Bitcoin is easily the most recognizable and popular cryptocurrency on the planet
  • Is the coin against which all other coins are measured
  • Excellent future as a store of value
  • Majority of exchanges buy, sell, and trade Bitcoin
  • Leads the way in mainstream adoption of cryptocurrency
  • Doesn’t present as big of a risk as it resides at the top of the crypto market

Remember that the crypto world is a volatile place. There are dramatic ups and downs on a regular basis. That means there are inherent risks when you choose to invest in Bitcoin. To find out more about how Bitcoin has performed in the past, along with potential future behavior, visit TradingView and CoinMarketCap.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: Bitcoin
  • 💰 Deposit Methods: Over 300 Including PayPal, Gift Cards & More
  • ❌ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Livechat & Email
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

You can also use these exchanges to buy Ripple (XRP) and Ethereum in South Africa.

Further Reading At TotalCrypto.io
1) Get A More Detailed Lowdown About Bitcoin In Our Ultimate BTC Guide.

2) Are Nou New To Bitcoin & Altcoin Trading? Our Complete Newbie Friendly Trading Guide Tells You What You Need To Know.

3)  Not Sure How To Manage Trading Risk? Our Crypto Trading Risk Management Article Reveals Some Top Tips. 

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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