The reputation of the platform for security, regulation, and favorable customer feedback should be your main considerations when selecting which is the best exchange in South Africa for you. You can also look into things like trading costs, the range of cryptocurrencies that are offered, minimum deposits, quality of customer support, availability of technical indicator tools, and so forth. There are a lot of attributes to look out for when choosing the best exchange.
There are quite a few crypto exchange platforms out there that are either based in South Africa or are available to South African traders. However, not all of these platforms are created equal. In this in-depth guide, we’ll look at the top South African crypto exchange so you can make the right decision about who to trade with. Let’s start by taking a look at the current regulatory state of digital assets in South Africa.
Regulations for Trading Cryptocurrency in South Africa
Although the Reserve Bank has made it plain that it would not treat the digital currency as money, but rather as “crypto assets,” the regulatory environment for Bitcoin in South Africa has so far been supportive. In January 2019, the South African Reserve Bank (also known as SARB) published a Consultation Paper on Policy Proposals for Crypto Assets that offers supportive guidelines and suggestions for virtual currencies.
The SARB believes that enterprises involved in cryptocurrencies should register with the nation’s Financial Intelligence Centre. This move may be intended to increase the use of cryptocurrencies like Bitcoin by addressing risk-related issues. For instance, the SARB’s consultation paper notes that a digital currency like Bitcoin could destabilize the nation’s monetary system by affecting money supply and demand.
The report also claims that because Bitcoin and other cryptocurrencies are unregulated, there is a risk of scams. The SARB wants to solve this issue. As a result, the organization will implement steps to prevent financial terrorism and money laundering. The agency intends to implement the regulations retroactively dependent on how the South African bitcoin business evolves.
This demonstrates that South Africa will regulate cryptocurrency and Bitcoin in the nation in a cautious but progressive manner. Future adoption of Bitcoin in South Africa may benefit from this since potential buyers will have safeguards in place to protect their investments.
To put it simply: Crypto trading in South Africa is perfectly legal, and crypto exchanges can operate as long as they cooperate with legal authorities. With this information in mind, let’s break down five of the best crypto exchanges in South Africa.
The 5 Best Crypto Exchanges in South Africa
Main features: Easy to convert ZAR to Bitcoin, user-friendly, offers a wide range of cryptocurrencies.
With its user-friendly trading platform for beginners that can be finished in a few minutes, EasyCrypto is one of the best options for converting ZAR into Bitcoin. The platform enables rapid crypto swaps to quickly and securely change one asset for another as well as fiat money transactions. Over 122 digital currencies, including Bitcoin, Ethereum, Solana, XRP, and lesser-known cryptocurrencies and DeFi tokens, are available for purchase.
Users of EasyCrypto in South Africa will be able to purchase cryptocurrency using a bank transfer in RAND or SiD EFT. Bank transfers are the lowest fee deposit method to any crypto exchange. Wire transfers can be faster but more costly. The risk of hackers stealing the money held in hot wallets by traditional exchanges is much reduced because purchased assets are delivered immediately to a hardware wallet.
The ability to Dollar Cost Average (DCA) over time is one of EasyCrypto’s strongest features. To automate daily, weekly, or monthly bank transfers to the exchange, use the recurring order options. The order will be sent to the designated wallet address and executed at the asset’s price at the moment of purchase.
For novice users or those who don’t have a lot of experience with crypto trading platforms, we suggest EasyCrypto because it’s the simplest process for crypto investors in South Africa.
For novice users or those who don’t have a lot of experience trading cryptocurrency, we suggest EasyCrypto because it makes the procedure very simple.
Main features: 0% commissions, highly regulated by multiple authorities, low trading fees.
Plus500 is based in Israel, but it is quite popular with South African traders. With millions of active traders throughout the world, it’s one of the biggest investing platforms in terms of volume. Numerous cryptocurrencies are supported by Plus500, including a variety of the biggest ones like Bitcoin and Ethereum as well as promising altcoins like Polygon, Solana, and Cardano.
In order to provide very competitive pricing, Plus500 Markets gathers cryptocurrency values from dozens of data sources. On all cryptocurrency investments, they additionally provide leverage of up to two times. To lessen the danger of losing funds, experienced traders can also set up price alerts and two other kinds of stop orders: Stop Loss and Trailing Stop.
Additionally, there are no trading fees at Plus500. In reality, the only costs they impose are the Overnight Funding fee, which is incurred when a position is held for an extended period of time, and the Currency Conversion fee, which is incurred when you trade from South African Rand to another currency other than the one associated with your account.
Users of Plus500 can also access the majority of financial products, such as shares, stocks, ETFs, CFDs, and even foreign exchange. They have an iOS and Android mobile app, and they have great Trustpilot ratings.
With Plus500, South African consumers have access to a tons of features and a robust trading platform, including hundreds of cryptocurrency pairs and access to international markets for shares, ETFs, stocks, CFDs, FX, and crypto. Beginners can practice using trading platforms and improve their skills on Plus500’s demo account without putting any money at risk. Additionally, Plus500 allows for 2-times leverage for crypto assets for seasoned crypto investors and charges no trading commissions.
We particularly like Plus500’s demo account feature, thus we have to suggest it to beginning traders or cryptocurrency traders who want to hone their day trading skills.
Main features: Specialized customer support for South African traders, excellent mobile app for traders on the go, supports deposits in ZAR.
Large cryptocurrency exchange Luno was one of the first to launch in 2013. For its user-friendly platform, mobile app, secure wallet, and simple way to buy, trade, and store cryptocurrency, Luno is a well-known cryptocurrency exchange. Luno, which is accessible in many nations around the world, including South Africa, enables users to instantly convert ZAR from bank transfers to digital assets including Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.
Additionally, Luno offers users a reliable and safe online wallet where they can temporarily keep their currencies. Using a bank transfer or debit card is the most typical way to buy cryptocurrency with Luno. There are no deposit fees on adding fiat to your account.
Some of Luno’s biggest features include Luno Earn, a cryptocurrency staking platform that supports staking for Bitcoin, Ethereum, and USDC, and Luno Explore, which is full of tutorials to turn a newbie into a seasoned crypto investor.
Additionally, Luno offers user-friendly apps for iOS and Android as well as a Repeat Buy feature for automatic cryptocurrency purchases. Eight different cryptocurrencies are supported by Luno, and its Luno Earn staking platform offers a monthly APY of up to 7.6%. A strict Cold Storage policy and Multi-Signature methods are used by Luno to protect assets.
For its cold storage alone, Luno would be worth checking into if you are concerned about security and asset preservation. Keeping cryptocurrencies offline, where it is equally simple for hackers to access, is known as “cold storage.” Luno is absolutely a reputable platform and trusted exchange to work with in South Africa, if you’re comfortable with the high trading fees that crypto buyers pay on Luno, such as 1.10% trading fees and 0.41% taker’s fees.
Main features: Based in South Africa, offers a decent range of crypto coins, accepts credit card payments.
While VALR is still considered a bit of an up-and-coming exchange, it has proven itself to be a legitimate and useful local South African exchange. The fact that this local exchange has a physical presence in South Africa may be convenient for those of you who want to buy and sell cryptocurrency. One of the most active cryptocurrency exchanges in South Africa is VALR. Since its start in 2019, it has gathered 500 institutional clients and more than 250,000 monthly users.
Over 60 digital currencies, including Bitcoin, Ethereum, XRP, and Solana, are available at VALR. Naturally, the platform quotes all cryptocurrency rates in ZAR. Both bank wire and cryptocurrency deposits are processed without charging any fees. However, there is a 3% administrative fee for credit card or debit card deposits.
When using the fast-track service, ZAR withdrawals cost R8.50 or R60 flat fee. Limit buy and sell orders have a very reasonable trading fee of just 0.10%. However, there is a 0.75% fee if you wish to purchase market buy cryptocurrency right away.
You are compensated for boosting market liquidity with VALR’s very competitive fees, which start at 0.1% for takers and -0.01% for makers on their crypto trading platform. They also have an enticing Rewards & Rebates program that rewards referrals. By adding friends and family to the program, you raise your referral level and are eligible for rebates of up to 15% on all transactions.
VALR asserts that customer funds are kept in cold storage wallets for security purposes, however, no percentage is specified. Two-factor authentication must be set up, and multi-signature procedures are part of the internal controls. Finally, VALR uses automated onboarding technology, so creating an account should just take a few minutes.
If you want to buy bitcoin in South Africa, VALR is undoubtedly worth considering given its domestic status, availability of over 60 crypto coin assets, and low 0.75% Bitcoin buyer fee. VALR is the exchange to use if you want a very liquid market and a top-notch referral program.
Main features: Multi-payment support, margin trading available, offers a secure wallet for crypto storage.
One of the top cryptocurrency exchanges in the world, Binance, provides a marketplace for more than 600 different virtual currencies. Binance has experienced a rapid climb since its establishment in 2017 to become the most well-known cryptocurrency trading exchange in the world with the biggest daily trading volume. Even better, by utilizing a Binance referral code, new members can get up to $50 in free bonuses.
South African citizens have access to peer-to-peer services and credit or debit cards for the purchase of cryptocurrencies. With the help of Binance’s robust P2P crypto network, you can quickly, easily, and securely exchange ZAR for BTC without having to pay any fees. After that, Bitcoin can be exchanged for other cryptocurrencies on the well-known exchange. Customers of Binance can withdraw ZAR to a local bank account right away.
In our opinion, Binance is one of the top cryptocurrency exchanges in South Africa for trading digital currencies like Bitcoin. When compared to other exchanges that we have analyzed, the fees between 0% and 0.1% are among the most affordable. Holding BNB tokens or utilizing a referral link lets users take advantage of some perks, such as a 20% discount on trading costs, additional fee reductions, and additional discounts.
Binance has some incredible extra features. This site enables a variety of payment options, including bank deposit and credit or debit card, allowing users to acquire cryptocurrency using a wide range of fiat currencies, and provides both basic and sophisticated trading charts to accommodate users of different skill levels. Additionally, Binance provides stock tokens based on well-known firm shares, a margin trading platform for trading cryptocurrency with leverage, and other services. If you’re looking for a secure cryptocurrency wallet, the Binance platform offers a safe place to keep your bitcoin assets. Additionally, Binance provides crypto loans, interest-bearing savings accounts, and staking pools. If you’ve previously gained experience trading cryptocurrencies, you should check out this site.
What do you think about our list of the best crypto exchanges in South Africa? Tell us which platform has been the most useful to you in the comments below.