How to Buy Ethereum in South Africa

While Ethereum doesn’t have the decade-long longevity that Bitcoin boasts, it has been around for five years. This popular altcoin is a staple in the crypto community, reliably ranking in the top five of all cryptos. So where do you buy Ethereum in South Africa? With our primer, we’ll tell you about the platforms we like and show you how to buy or sell Ethereum on your own.

You’ll need to use a cryptocurrency platform to trade Ethereum in South Africa. Exchanges or CFD brokers are ways to buy, sell, or trade your Ethereum, but most require you to register with them first. Additionally, many exchanges require documentation to confirm your identity, plus you’ll want to deposit the funds you need to buy Ethereum.

Those are the basic steps required to get Ethereum in South Africa. When it comes to the best way to get exposure to Ethereum, we’re partial to Plus500 and Coinmama. These two platforms provide an excellent opportunity to discover more about cryptocurrencies. Coinmama and Plus500 give you exposure to the crypto market while creating an enjoyable experience.

 

  • 📈 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: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ 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 Ethereum in South Africa

Contract for Difference

With Contract for Difference (CFD), you’re gaining exposure to Ethereum and its price, but you don’t actually hold the coin itself. At the outset of your CFD, you decide how much Ethereum to “buy or sell” at a certain price. Once Ethereum reaches the price you want, you close out your contract. You get the difference in cash, which is why it’s referred to as a Contract for Difference

When it comes to CFD brokers, we like using Plus500 to buy Ethereum in South Africa. You’ll get great exposure to Ethereum without holding the coin itself. Additionally, you don’t have to mess with storing your Ethereum in an offline wallet.

Standard Crypto Exchange

Some people would rather have something to show for their money. If that’s you, or if you’d rather own your Ethereum and store it in a wallet for safekeeping, then you want to use a standard crypto exchange. This is the ideal way to buy, sell, and trade Ethereum in South Africa.

Coinmama is our favorite exchange for buying Ethereum South Africa. With Coinmama, you can buy as much Ethereum as you want. Doing so is simple and quick, even if you’re new to the world of cryptocurrency. Coinmama makes buying Ethereum in South Africa fast and painless.


Sell or Buy Ethereum in South Africa with Plus500

How To Buy Ethereum in South Africa with plus500

If you decide to go the CFD route, our preferred site is Plus500. This is a great way to learn all about the cryptocurrency industry and the highs and lows that it experiences. With Plus500, you aren’t holding Ethereum when you “buy” it, so you don’t need to worry about creating an offsite wallet.

Head on over to Plus500 (80.6% of retail CFD accounts lose money) to start trading Ethereum in South Africa. You’ll notice a button in the middle of the home page labeled “Start Trading Now.” Select that to begin.

How to create a Plus500 account

Plus500 asks that you select an account mode on the next page. Choose Real Money to continue with the account creation process. Also on this page, you’ll notice a couple of download links for iPhone and Android. You can download Plus500 to your tablet or smartphone if you want to take Plus500 with you wherever you go.

How to create real money account on Plus500

The next page is where you’ll create your account. Enter your email address and password, then click “Create Account.” Or if you prefer, you can use your Facebook or Google accounts to create a login.

How to create Plus500 account

Once you’ve provided your account information, Plus500 will ask for some personal data. This is essentially to confirm your identity so that those with nefarious intentions aren’t using the site. Requesting this type of information is standard for most exchanges, so there’s nothing to worry about.

After you provide Plus500 with the necessary documents, the site will review them. When everything is confirmed, the platform will activate your account so you can fund it and start buying Ethereum in South Africa.

How to verify Plus500 account?

Depositing Funds and Buying Ethereum

When Plus500 approves your account, you’ll receive a notification from the site. At this point, you can start depositing your funds. Plus500 offers a wide variety of payment methods. You can choose between Skrill, Paypal, debit or credit card, and wire transfer.

How to deposit on Plus500

Not too long after you make your deposit, you’ll see your funds in your account. Now you’re all set to buy Ethereum. Take a look at the left side of the screen and you’ll find a “Trade” option. Click on that to show all the options available with Plus500. Choose “Cryptocurrencies” to reveal the coins which are supported by Plus500.

Find Ethereum and select the link labeled “Buy.” A window will show up on the right of your screen where you can provide all your preferences for buying Ethereum. If you’re comfortable with CFDs, there’s also an advanced area for additional input. Once you’re satisfied with your entries, click on the “Buy” button to submit.

How to buy Ethereum in South Africa on Plus500

Plus500 will send you a notification once it fills your order. Now, you can view information relevant to your CFD. For instance, you can see your current available funds, profit or loss, and margin. Click on the “Close” button when you want to close out your contract. That’s all there is to it.

How to sell Ethereum in South Africa using Plus500


Buy Ethereum with Coinmama in South Africa

Even though Plus500 has a mobile application available for its users, Coinmama offers no such option. At this time you only have the option to buy Ethereum in South Africa though Coinmama’s website. When you get to the Coinmama site, you’ll see a “Sign Up’ button in the upper right corner. You’ll start the registration process when you click on it.

How to signup to Coinmama

Begin registration by filling out the form on the following page. Coinmama wants your email address, a password, your first and last name, and the country in which you reside. When you’ve filled in all the fields, click on the blue “Create Account” link. Now just sit back and wait for Coinmama to send you your verification email.

How to make Coinmama account

The next thing Coinmama will want is some personal information. This is used to validate your identity. As a result, Coinmama creates an additional level of security on its site by knowing precisely who is on it at any given time. This is a normal practice by cryptocurrency exchanges, so there’s no need for concern about providing Coinmama this info.

Coinmama registration form

Just like you had to do with Plus500, you’ll need to provide some documentation to Coinmama. The site will take a passport, driver’s license or other type of government ID to confirm the information you provide.

You’ll get an approval notification from Coinmamam when the site approves your documentation. Typically wait time is only a few hours, so you don’t have to wait several days to start buying Ethereum. Once you receive approval, you’re all set to purchase Ethereum.

Buying Ethereum

Something to keep in mind before you buy Ethereum on the Coinmama platform is that the site does not keep your debit or credit card information on file. Some people like this because it means their information can’t be compromised, while others would rather not have to enter their payment information every time they want to make a purchase on the Coinmama platform.

When you’re ready, select the “Buy” link in the upper right corner. This will take you to a page that shows you all the cryptocurrencies which you can buy on Coinmama. Since you want Ethereum, click on ETH. Here you also have the choice of choosing between EUR and USD to see the rates Coinmama offers.

Type in the amount you want, then click on “Buy ETH.” At this point, Coinmama will want your offsite Ethereum wallet address. You’ll need to create a wallet if you don’t already have one. Unfortunately, Coinmama does not have a local wallet to store your Ethereum.

Provide your address, enter your credit or debit card information, then purchase your ETH.

How to buy Ethereum on Coinmama

Coinmama will validate your payment information, then send your Ethereum to your wallet when the transaction successfully completes. One last item as you go through the process is that Coinmama does have a minimum purchase. Be sure you’re entering at least that much Ethereum when you’re ready to buy.


Further Info About Ethereum

Ethereum is a popular altcoin for those in the world of crypto, however, there are a lot of folks new to the industry that aren’t aware of what it is or its purpose. We want to provide a little more information about this high-ranking cryptocurrency.

What is Ethereum?

A lot of people, even those in crypto, don’t know that Ethereum is an open-source platform. That means developers can create programs called decentralized apps, or dApps, on the Ethereum blockchain. These apps are great because they aren’t controlled by a single person or entity, which is not the way current apps work.

We deal with apps that work on a client-server relationship on a daily basis. Ethereum apps are designed to eliminate this paradigm so that no one person has complete control. Plus, these apps could be managed and handled through Ethereum’s network.

What is a Smart Contract?

You’ll hear the term “smart contract” a lot when you’re talking about Ethereum. These contracts are agreements that can only be completed when all requirements are satisfied. A great example of this is real estate. The buyer and seller agree on the details that will be put into the smart contracts. Once the parameters are met, the funds move from the buyer to the seller, thereby closing the contract.

The exciting piece of the Ethereum network is that these smart contracts are being used in many different ways throughout several industries. We’ve told you ways smart contracts impact the real estate industry. They’re also in use in banking, logistics, supply chain, and health care.

Additionally, since Ethereum’s smart contracts are on its network, a single person cannot reverse or change the parameters. Once the contract is live on the blockchain, it requires a majority of the network to change anything. Due to the nature of the blockchain, this is an incredibly difficult task to accomplish.

With Ethereum’s code, any kind of contract can be created and executed on its blockchain. These could include supply chain, real estate, decentralized voting, and various other industries. When it comes to the smart contracts on Ethereum’s network, there are plenty of available opportunities.

Who Developed Ethereum?

Even though Ethereum boasts that its dApps aren’t controlled by one single entity, someone had to create it. That someone was Vitalik Buterin, who at the age of 19 was deeply ingrained in the world of cryptocurrency. It was at this point that Buterin was well on his way to developing Ethereum.

In 2014, Buterin was awarded the Peter Thiel Fellowship, which included a prize of $100,000. Due to the early efforts of Buterin on the development of Ethereum, this popular altcoin constantly ranks at the top of the cryptocurrency market.

Ethereum Advantages & Disadvantages

Pros
  • Ethereum’s decentralized applications offer an alternative to current client-server setup
  • Blockchain is nearly hack and tamper-proof
  • No one single point of failure
  • Decentralized applications are always available and online
  • Unable to be controlled by a single person or entity
  • Changes can only be made to the blockchain when an agreement is reached by a majority of the nodes
Cons
  • Potential errors in the code could be taken advantage of by hackers
  • Changes are difficult to organize since they can only be accomplished through majority consensus

Is Ethereum a Good Investment?

While we can’t tell you whether or not Ethereum is a good investment, we can give you a few things to consider as you make your decision:

  • Ethereum has grown consistently since it became a cryptocurrency in 2014
  • Ranks consistently in the top five of cryptocurrency coin market capitalization which makes is a safer investment than smaller altcoins
  • Trading pair for many altcoins on crypto exchanges
  • Listed on most exchanges
  • Partnerships with JP Morgan, Microsoft, and BP
  • Smart contract possibilities are disrupting many other industries
  • Potential alternatives for funding may come in the form of exchange currencies like Binance

Remember that Ethereum is a cryptocurrency. That means there are inherent risks when it comes to investing in this asset class. The market can be prone to ups and downs in a matter of hours or days. If you decide to do some more research on Ethereum, we would recommend checking out CoinMarketCap or Trading View.

 

  • 📈 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: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ 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 buy other top cryptos in South Africa like Bitcoin (BTC) and Ripple XRP.

Further Reading At TotalCrypto.io
1) Having A Few Issues Figuring Out How To Use Plus500? Our Detailed Guide Shows You Everything You Need To Know To Place Your First Plus500 Trade.

2) Trading Crypto Is All About Managing Risk. We Reveal Our Top Risk Management Tips.

3) Don’t Have The Time For Longwinded Crypto Trading Strategies? Find Out If Scalping Is For You.

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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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