As the Bitcoin boom has swept the world, South Africa hasn’t been left behind. Thanks to the swell of interest in digital currencies over the last few years, the number of South African exchanges has increased dramatically. Today, regardless of how experienced you are, you can buy, trade and exchange Bitcoin and all manner of different cryptocurrencies from the comfort of your own home. In this guide, we’re going to show you five of the best Bitcoin exchanges in South Africa. Not only that, but we’ll give you some insights into what makes the market tick.

eToro
Key Features
Award-winning Cryptocurrency trading platform
11 payment methods, including PayPal
FCA & Cysec regulated
Min Deposit
£160
United Kingdom
Key Features
Award-winning Cryptocurrency trading platform
11 payment methods, including PayPal
FCA & Cysec regulated
Payment Methods
Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, NETELLER, Yandex, WebMoney, UnionPay, Western Union, MoneyGram
eToro is a social trading platform based in Cyprus. The company has revolutionised the online trading industry by introducing innovative ways for traders to capitalise from the financial markets.
eToro is a multi-asset platform which offers CFD and non CFD products. 75% 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.
CEX
Key Features
Margin Trading
Legal compliance
Advanced Reporting
Various Payment options
Min Deposit
£1
United Kingdom
Key Features
Margin Trading
Legal compliance
Advanced Reporting
Various Payment options
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies
Cex.io offers exchange of fiat currency for Bitcoin and Ethereum, as well as Bitcoin/Ethereum trading against the USD.
Wirex
Key Features
Convert and spend cryptocurrencies in store with the Wirex Card.
No Fees on Cryptocurrency purchases.
0.5% Cryptoback™ (cashback) on all in store card purchases.
Min Deposit
£25
United Kingdom
Key Features
Convert and spend cryptocurrencies in store with the Wirex Card.
No Fees on Cryptocurrency purchases.
0.5% Cryptoback™ (cashback) on all in store card purchases.
Payment Methods
Credit Card, Debit Card, Wire Transfer
XTB
Key Features
Best Cryptocurrency broker 2019 by Good Money Guide
Regulated in several major financial centers including FCA
230,000+ traders globally, full money clients segregation
Min Deposit
£250
United Kingdom
Key Features
Best Cryptocurrency broker 2019 by Good Money Guide
Regulated in several major financial centers including FCA
230,000+ traders globally, full money clients segregation
Payment Methods
Bank Transfer, Credit Card, PayPal, Skrill
A global regulated broker with more than 14 years experience, XTB is one of the largest stock exchange-listed FX & CFD brokers in the world. They have offices in over 13 countries including UK, Poland, Germany, France and Turkey. XTB as a group is also regulated by the world's biggest supervision authorities including the Financial Conduct Authority, KNF, and CMB.
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Bithoven
Key Features
Highest liquidity
858 crypto pairs available for trading
Customer Care Team working 7 days a week
Min Deposit
£1
United Kingdom
Key Features
Highest liquidity
858 crypto pairs available for trading
Customer Care Team working 7 days a week
Payment Methods
Cryptocurrencies
Bithoven is an up-and-coming cryptocurrency exchange platform where you can buy and sell altcoins and tokens quickly, safely and beneficially. We do not impose any limits on the number of daily withdrawals or deposits, thus, nothing will restrain your financial acumen. By choosing Bithoven, you opt for impeccable uptime, fault tolerance and advanced functionality.
Margin trading involves a high level of risk since leverage can work both to your advantage and disadvantage. You should carefully consider your objectives, level of experience and risk appetite
Coinmama
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Min Deposit
£1
United Kingdom
Key Features
Safe & Secure cryptocurrency exchange
Easy Intuitive interface
Impressive limits
Liquidity Accepted in over 200 countries
Payment Methods
Debit Card
Coinmama is a bitcoin broker based in Israel. They specialize in selling bitcoins for credit card to nearly anyone in the world.
24option
Key Features
Leader in Crypto CFDs
Cryptocurrency Education Centre
Easy to use Trading Platform
Min Deposit
£200
United Kingdom
Key Features
Leader in Crypto CFDs
Cryptocurrency Education Centre
Easy to use Trading Platform
Payment Methods
Credit Card, Debit Card, Skrill
24Option is an online CFD broker providing an intuitive trading platform designed with the latest technological advancements that are geared towards new traders as well as professionals.
EuropeFX
Key Features
24/5 multilingual customer support
Low minimum deposit
Easy deposit methods
Min Deposit
£200
United Kingdom
Key Features
24/5 multilingual customer support
Low minimum deposit
Easy deposit methods
Payment Methods
Credit Card, Debit Card, Wire Transfer, Skrill, UnionPay
Investous
Key Features
Daily market updates and news
Daily market analysis and historical data
Online webinars
Min Deposit
£250
United Kingdom
Key Features
Daily market updates and news
Daily market analysis and historical data
Online webinars
Payment Methods
Credit Card, Skrill, Wire Transfer
Investous even new platform has already established a solid reputation as a portal that's built around the evolving needs of its members. It provides a smooth simple and streamlined interface that supports intelligent and intuitive trading, with a wide range of popular assets, superb educational tools and responsive customer service.
79.86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Luno
Key Features
Expert team
Trusted provider
Backing from leading investors
Min Deposit
£1
United Kingdom
Key Features
Expert team
Trusted provider
Backing from leading investors
Payment Methods
Bank Transfer, Credit Card
Luno is on a mission to improve the worlds financial system and have recruited some of the best talent to do so.
Coinbase
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Min Deposit
£1
United Kingdom
Key Features
Trusted provider
Online Wallet
2 Factor Authentication
Beginner friendly
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
£1
United Kingdom
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Popular Bitcoin Exchanges in South Africa

eToro

Instead of using what can be described as a “hardcore” crypto exchange to invest in Bitcoin, we’d suggest taking a look at eToro using our
secure link
.etoro Why? Well, the reason we’re so hot on this site is that it was a prominent platform long before the cryptocurrency craze. In fact, the platform went live in 2006 which is a full three years before Bitcoin was even invented. Because of its established position in the trading world, eToro offers a much slicker service than its peers.

Indeed, when you check out our eToro review, you’ll notice that the site offers markets on everything from commodities to forex. Off the back of Bitcoin’s increase in popularity, eToro has added it to the mix and made it a tradeable asset. This means that you’re not purchasing coins when you make a trade. Instead, you’re speculating on the price movement of the asset. This system allows transactions to happen a lot faster.

What’s more, because eToro is a social trading platform, you can join the action with a limited amount of knowledge. After you’ve created an account, you can browse through a list of traders, review their credentials and then follow them (as you would on Facebook). Once said trader makes a move, the software will automatically apply the same trade (but at your own stakes) to your account. Although you should have some knowledge of how to trade Bitcoin before you sign up, you certainly don’t have to be an expert, which is why eToro is a great choice for newbies.

Advantages of eToro

  • Well-established trading site
  • Swift transactions
  • Follow expert traders and copy their movements
  • Chat about the markets online
  • Fully regulated CySEC site

Disadvantages of eToro

  • Deposit is in USD and at least $50
  • Withdrawal fees somewhat high

Coinmamacoinmama

Currently boasting a four-star rating according to our Coinmama review, this site has become a great option for mid-to-high-volume traders since it launched in 2013. Unlike many of the leading exchanges in South Africa, Coinmama is truly global platform. At the last count, the company served more than 180 countries, which is more than Coinbase and Bitstamp.

What’s also interesting about this crypto exchange is that it accepts cash payments. In addition to credit and debit card transactions, you can send money to the site using Western Union. Although this does mean your deposit will take longer, it’s a fantastic way for those that value their anonymity to make a payment.

The other reason it’s worth joining Coinmama is that new users have a daily buying limit of $50,000. Compared any other South African Bitcoin exchange, that’s an extremely generous limit. In fact, it essentially means that everyone can create an account at Coinmama and start trading like a pro without having to go through any lengthy validation processes.

Advantages of Coinmama

  • Active in 180+ countries
  • Allows for cash deposits with Western Union
  • Transactions complete in minutes

Disadvantages of Coinmama

  • Fees can be high (up to 12%)
  • Can only buy via the exchange, you can’t sell your coins

LocalBitcoins.com

Dealing with a faceless corporation can often be off-putting, especially when money is involved. localbitcoinsIn the burgeoning world of cryptocurrency trading, it’s usually the case that exchanges in South Africa aren’t very personal. However, it doesn’t have to be like that. As we’ve noted in our LocalBitcoins.com review, you can deal directly with a real person if that’s your preference.

At LocalBitcoins, you can register as a buyer and/or seller. Once you’ve done this, you can scroll through a list of options and find someone in your local area to do business with. At this point, it’s up to you how you want to proceed. If you want to send money via a bank transfer, you can. If you want to pay someone face-to-face using cash, that’s also possible. Because you’re dealing with people and not a business, you get to decide how things go down.

Advantages of LocalBitcoins.com

  • Find people in your local area
  • Pay with cash if you wish
  • It’s possible to find better exchange rates

Disadvantages of LocalBitcoins.com

  • Some sellers may offer bad rates
  • Is one of the few Bitcoin-only exchanges

24 Option

Like eToro, 24 Option was founded before Satoshi Nakamoto released Bitcoin’s white paper. As you’d expect, this gives the
site a certain amount of legitimacy24 option and credibility. However, the thing we’ve noted as a stand-out feature in our 24 Option overview is its focus on education. Because the company deals with a variety of tradable assets, including Bitcoin, it has created an environment where users can learn more about the investment process.

When you use 24 Option, you’ll get access to beginner guides, daily reports and analysis of the latest financial trends. At 24 Option, you’ve got everything under one virtual roof, something we feel makes it one of the leading Bitcoin exchanges in South Africa.

Advantages of 24 Option

  • Can trade using ZAR
  • Well-established reputation
  • Learn as well as trade

Disadvantages of 24 Option

  • Minimum deposit is $250 with credit/debit cards
  • Fees applied to payments and trades

Shapeshift

To find out why Shapeshift is slightly different from other Bitcoin exchanges in South Africa, you should check out our
review.shapeshift In short this platform acts as a bridge between you and the major exchanges. In other words, Shapeshift is the middleman that takes your cash, finds some Bitcoins and then converts them for you.

In fact, if you visit Shapeshift, you’ll see that the homepage breaks down the conversion process into three simple steps:

  • Choose the crypto coin you want to purchase
  • Input your cryptocurrency wallet address
  • Make a payment and wait

If you want to use Shapeshift to buy Bitcoins in South Africa, you will need a wallet. Our guide to cryptocurrency wallets should help get you started. From there, you can write down your receiving address and use the steps above to convert one cryptocurrency into another.

Advantages of Shapeshift

  • Simple interface
  • Swift transactions
  • Low fees

Disadvantages of Shapeshift

  • Can only use digital currencies
  • Rates might not always be the best

 

Bitcoin Exchange Regulations in South Africa

As of June 2018, the South African Reserve Bank (SARB) doesn’t, in its own words, “oversee, supervise or regulate Virtual
Currencies/Crypto-currencies (VCs)” currently,south africa but is continuing its effort to monitor this area as it evolves. In 2014, SARB published a paper setting out its position on Bitcoin, altcoins and the VC market as a whole. This remains the definitive document for consumers and cryptocurrency exchanges in South Africa.

The main message SARB conveyed in its paper is that it doesn’t recognise VCs as legal tender and it doesn’t approve any exchange transactions. However, this does not mean they’re illegal. Instead, what it means is that SARB doesn’t currently have a regulatory interest in purchases and trading transactions. Therefore, merchants are free to accept crypto payments and investors can buy, own and trade Bitcoin if they wish. Everything an individual does, however, is at their own risk and won’t be supported by any financial rules. Essentially, you’re free to do as you please when it comes to exchanges in South Africa.

Naturally, this means you need to practice a certain amount of vigilance. Because you haven’t got an official body casting a critical eye over the industry, it’s important to be wary of smaller exchanges and trading platforms. As you’ll see if you read our eToro review, the company is an international operation. This means its compliant with rules and regulations in other countries. The upshot of this is that it runs a much tighter ship. Therefore, if you want to ensure you receive a reliable and secure service, it’s better to choose a site such as eToro because you know it has met certain standards in other countries.

If you’re wondering how other countries regulate Bitcoin exchanges, take a look at our guides below:

 

Bitcoin Payment Methods in South Africa

Given that the SA authorities don’t currently have any legal or regulatory power over digital currencies,SA money the only restrictions you’ll have on payment options is by the processor themselves. If you’ve have read through our South African Bitcoin exchange reviews, you’ll already know that this means the world is virtually your oyster. As it stands, very few of the major payment providers have put a block on cryptocurrency payments. Although certain credit card companies in the UK and US have sidestepped the industry, the general consensus is that Bitcoin and altcoin purchases are OK.

With this being the case, you can buy Bitcoin in South Africa using the following methods:

  • Credit/debit card
  • e-wallets (PayPal, WebMoney etc)
  • Bank transfer
  • Cash
  • Altcoins (other cryptocurrencies)

From our list of top-rated exchanges in South Africa, all of the above options are available. Whether it’s PayPal payments at eToro or direct cash payments through LocalBitcoins.com, you can pay and trade in a way that suits you.

Which South African Exchange Should You Choose?

In our opinion, eToro is leading the way when it comes to the best Bitcoin exchanges in South Africa. Because it contains the best bits of the traditional trading world as well as a new focus on the crypto market, the service you receive is fantastic. What’s more, with swift transactions, regulatory oversight and a variety of ways to pay, it’s by far the most user-friendly of all the exchanges in South Africa. For all these reasons, we’d suggest taking a look at eToro.