How & Where to buy Bitcoin in South Africa

Tanaka Chamisa

Aug 28, 2020 • 5 min read

Buying Bitcoin or any other cryptocurrency for that matter is more simple than you realize. You can buy and sell Bitcoin in South Africa through a reputable crypto exchange. Access the exchanges via your computer or Smartphone using the relevant mobile app or mobile version of the website.

Is buying Bitcoin in South Africa legal? ?

Yes, it is legal to buy and sell Bitcoin in South Africa. The South African Reserve Bank (SARB) has issued warnings regarding the risks associated with trading Bitcoin but there is no actual ban on any form of cryptocurrency trading.

Cryptocurrency trading in South Africa is currently unregulated but the government is working on a new regulatory framework to more stringently control the cyber-banking industry ?

You wanna buy Bitcoin, don’t you? ?

Most South Africans are keen on investing in and buying Bitcoin but have no idea where to start. More often than not, South Africans see it as a hassle and abandon the whole process altogether. But not you. No, you’re different. That’s why you’re here ?

What is Bitcoin?

So what exactly is bitcoin? — So what exactly is Bitcoin?

When you dig into the details of Bitcoin, it’s almost an unbelievable tale about how to create money. Although it seems like fiction, it’s actually the best-known version of digital currency in use today. I mean, one Bitcoin alone is worth six-figures in South African Rands.

Bitcoin is a digital currency, so there are no coins to mint or bills to print. There is not a government, financial institution, or any other authority that controls it, so it’s decentralized. For a complete guide on Bitcoin and what it is, read the ChainEX blog post about it

Here’s why you should invest in Bitcoin

I mean, one Bitcoin is worth 181 737,94 South African Rand. So….

So, why should you buy or invest in Bitcoin? Did you know, South Africans research more about Bitcoin and cryptocurrencies than most countries? Shocking, right? No, not really. I mean, the ChainEX community is growing daily so…..

Okay, South Africans Google a lot. So what?

The point is, and I’m sure you’d agree. Fact, everyone wants a form of passive income. Bitcoin provides just that, and South Africans know this ?

But, is Bitcoin safe?

As with anything valuable, hackers, thieves, and scammers will all be after your assets, so securing your bitcoins is necessary.

Bitcoin in itself is safe. Who you decide to invest your money with in order to obtain bitcoins, however, is everyone’s own responsibility. Hackers, thieves, and scammers (as with anything valuable) will always be after your assets. So securing your bitcoins is important.

If you’re serious about investing in Bitcoin and see yourself buying a significant amount, make sure the Exchange you register with has security measures in place.

ChainEX, a Digital Asset Exchange in South Africa, provides Two-Factor Authentication (2FA), secure cloud access, and a secure connection, amongst other security measures. You can rest assured knowing that all information and data passed between you and the ChainEX website, is transferred securely. Find out more about ChainEX security.

Where & how do you buy Bitcoin?

Do your research and select a crypto exchange in South Africa that is reliable, secure, and trustworthy. But why do your research when we’ve done it for you? ?

Cryptocurrency exchanges in South Africa such as ChainEX allow you to deposit fiat funds (South African Rands) from your bank account into your Bitcoin wallet to transact in the digital currency.

Crypto exchanges are regarded as the safest and most secure ways to buy and sell Bitcoin and other cryptocurrencies such as Ethereum. Yep. ChainEX has Ethereum too ?

Don’t know how to buy Bitcoin on ChainEX? There’s an article on that ? Don’t like reading instructions? Here’s the YouTube video on it ?

So what’s next? ?

If you’re not signed up to ChainEX, get to it! Plus you’ll be partnering with what could potentially be the best cryptocurrency exchange in South Africa. I mean, EVERYONE is talking about ChainEX.

ChainEX is a South African digital asset exchange that provides a platform for South Africans to buy, sell, or trade a variety of different digital assets using the South African rand as the default fiat-buying currency.

ChainEX provides you with a secure, online platform from which you can purchase and trade with different digital assets. But you know this already ?

It pays to have friends. Literally ?

Not only do we provide a platform for you to trade, but we also reward you for the people you refer!

We not only want you to succeed at ChainEX, but we also want you to impact those around you and potentially build your own crypto trading business, we’ve built the platform to allow you to invite and refer your friends and family to the platform and earn when they trade! For a complete guide on how the system works, read our article on it. ?

Get to know ChainEX

Disclaimer:

All content and topics covered are mere opinions and do not constitute investment advice. Trading and investing in Bitcoin carries a high level of risk. We do not assume any responsibility for actions taken upon reading any of our articles. ChainEX is not a financial advisory firm, nor are we an investment manager.