If you are based in South Africa and want to buy bitcoin but are not sure how or where to start, then this guide if for you. In this article, you will discover the five best bitcoin exchanges you can use to buy bitcoin in South Africa using rand.
ICE3X is a digital currency exchange that offers users the ability to buy bitcoin, litecoin and ether using South African rand. Buying bitcoin on ICE3X involves the following simple steps:
- Log on to https://ice3x.com/ and create a free account. A verification mail will be sent to your email address subsequently for the verification of your ICE3X account and to activate it.
- Log into your ICE3X account and click on the ‘deposit tab’ in the ‘Account’ tab in the blue menu bar. ICE3X bank account details will be provided. You can then use your internet banking to make a bank transfer into your ICE3X trading account. It is important to include your ICE3X account number in the transaction description when making the transfer. Your account will be credited within one to three working days.
- After your account has been credited, you can execute a bitcoin purchase by clicking on the Rand Balance in your wallet to confirm that you are trading in the ZAR market. Then click on the trading in the menu. You will be presented with an option to either buy bitcoin, litecoin or ether. Enter the volume of bitcoin you wish to purchase and how much rand you are willing to offer for it. It is advisable to place a realistic order based on existing market pricing. Your order slip will be generated afterwards with the transaction commission reflecting.
- You then click on the buy tab to execute your order. Order execution might take a few moments since it will need a corresponding sell order to finalise.
- Your bitcoin holdings will then appear in your wallet on your ICE3X account.
Luno does not only serve as a bitcoin exchange, it also provides a mobile bitcoin wallet and offers digital learning materials for beginners. To buy bitcoin on Luno you have to do the following:
- Log on to https://www.luno.com/ and create a free account. With this, you can get either a web wallet or mobile wallets (for Android and iOS) or both.
- You can select a preferred way to transfer fiat currency after the Luno wallet has been created. You can do this using your local bank internet transfer or your bank cards (Credit, Debit or Pre-paid cards). Do remember to include your Luno account details in the transfer description!
- Once your Luno account has been credited, you can execute a bitcoin purchase order and boom – you now hold bitcoin in your Luno wallet.
Remitano offers swift purchases of bitcoin as well as bitcoin remittances. This platform acts as a peer-to-peer (P2P) intermediary and provides an escrow service for the purpose of transaction security. To buy bitcoin using this platform the following easy steps can be taken:
- Log on to https://remitano.com/ and register by entering your email address in the dialogue box provided and click on ‘continue’. Account login details will then be sent to your email, which you will then use to access your Remitano account.
- You get to access your Remitano account after it has been verified and then you click on the Buy/Sell option in the menu bar. A list of bitcoin buyers and sellers within South Africa will then be made available to you.
- You click on any of the sellers to place a buy bitcoin order instantly. The process is usually mediated by the Remitano platform by serving as an escrow that holds funds until the transaction has been confirmed by both parties.
LocalBitcoins is the biggest peer-to-peer trading platform globally, which brings bitcoin buyers and seller together to create a flourishing bitcoin trading environment. The following steps are involved in purchasing bitcoin using Localbitcoins:
- Register a free account by logging onto https://localbitcoins.com/
- After your account has been created, go to the main page and fill in the bitcoin amount you want to buy in rand. Then, you then select the payment method you prefer in the purchase transaction.
- Users of the platform are ranked based on transaction history, which makes it easier to select who to deal with from the list of advertisers. It is advisable to select sellers with relatively high reputation scores. You can also see the typical response time for each seller. These response times have been automatically calculated by the platform using special algorithms based on previous transactions.
- After clicking on the ‘Buy’ button, you will be given details of the transaction including the seller’s terms and conditions. You can choose whether or not to proceed with the particular buyer depending on how comfortable you are with these terms.
- To execute a trade, type in the blue box how much bitcoin you want in rand and also add a message to the seller after which you click on the ‘send trade request’ button. Be certain you are willing to execute the purchase before clicking on the button. The order will be automatically cancelled if payment is not made within the allowed one hour transaction window.
- Once the payment has been made, click on the ‘I have paid’ button. Once the seller confirms receipt of your payment, the bitcoin will be released from the Localbitcoin escrow into your online bitcoin wallet on LocalBitcoins.
Paxful is a peer-to-peer (P2P) bitcoin marketplace for buyers and sellers anywhere in the world. The following steps will allow you to purchase bitcoin using rand:
- The first step is to log onto the site – https://paxful.com/. Click on the ‘Buy bitcoin’ option in the top menu bar.
- You then enter the rand amount of bitcoin you want to buy in the box that will be made available. You then select the payment method you intend to use for the transaction. After selecting a way to pay, you click on the ‘search’ button to get a list of sellers who are willing to sell you the amount of bitcoin you requested and are also inclined to your payment method.
- Just like LocalBitcoins, the reputations of sellers are scored and it is advisable that you select buyers with high reputation to deal with. You then select a seller and begin your purchase order. It is important to read the ad to see the seller’s contact details and terms!
- You click on the ‘buy now’ button when you are comfortable with the conditions. The trade details will then pop-up on the left-side of the screen and a chat box on the right side of the screen where you can chat with the seller so you can both track the stages of transaction execution.
Hopefully, you have found this guide useful and are on your way to purchasing your first bitcoins. And remember, once you have bought bitcoin on an exchange, transfer the coins to your personal bitcoin wallet to keep them safe and secure!