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How To Buy Bitcoin In South Africa

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south africa

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

ice3xICE3X 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

LunoLuno 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

RemitanoRemitano 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

Convert Bitcoin Into Local CurrencyLocalBitcoins 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

PaxfulPaxful 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!

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Ghana’s Securities Exchange Commission (SEC) Warns Public About Investing in Crypto

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In a recent statement, the SEC of Ghana has warned the populace against investing in cryptocurrency and crypto-related investment schemes. This warning comes amidst a growing concern of the Security and Exchange Commission (SEC) about how Ghanaians are diving head first into the cryptocurrency market.

SEC Warns About Crypto

The Director General of the SEC, Rev. Daniel Ogbarmey Tetteh, signed an official statement released by the Commission that cautions the general public about cryptocurrency trading and all crypto-related activities as these are not regulated by the Securities Exchange Commission reports News Ghana

“[Cryptocurrency investments] offered by unregistered and unlicensed entities on digital online trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC”, the statement read.

The Commission’s statement further read:

Ghana SEC“The SEC wishes to inform the general and investing public that none of these cryptocurrencies is recognised as currency or legal tender in Ghana. The platform on which they are traded are not also licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or Exchanges. Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana.”

Currently, digital asset trading remains a regulatory and legal grey area in the West African nation. Whereas the SEC has stated that it is presently not in support of or regulating cryptocurrencies, it also has not stated that cryptocurrency trading is illegal.

The regulator only mentions that they are “unregistered, unlicensed, and unregulated under the Securities Law of Ghana“. Thus, this can be very much regarded as a “disclaimer” on the part of the regulatory body to the public to sensitise them that trading in cryptocurrencies in the country presently is only done at one’s own risk.

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Botswana Receives its First Bitcoin ATM

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Botswana Bitcoin ATM

A startup in Botswana recently launched the country’s first bitcoin ATM in a shopping mall in the country’s capital Gaborone.

Botswana’s First Bitcoin ATM

Botswana Bitcoin ATMAccording to a report by Business Times, the new bitcoin teller machine, which is Africa’s tenth bitcoin ATM, is located in Gaborone’s city centre in a large shopping mall.

The company hopes that its bitcoin ATM will gradually increase the use of cryptocurrency in the city. Also, given the many negative stories surrounding cryptocurrencies, transactions without human interactions could be an attractive option to potential customers.

“We have been working tirelessly to make it easier for Batswana [people of Botswana] to buy cryptocurrencies and now we are bringing simplicity, convenience, and trust to the cryptocurrency purchasing experience,” said Express Minds’ Director Brose Watlala.

Mr. Watlala further states that the machine has a maximum daily transaction limit of around $5,000 and is the fastest, most convenient way to currently buy bitcoin in Botswana. Since there are no local cryptocurrency exchanges in the country, the local bitcoin community will likely benefit from the new bitcoin ATM.

The Future of Bitcoin ATMs

Botswana‘s government has paid negligible attention to digital currencies with its central bank not having made any official comments on cryptoassets or the blockchain. Currently, there are no clear rules and regulations around the legality of bitcoin and other crypoassets in the African nation. That means that the new bitcoin ATM may or may not last a long time should the country’s regulatory position towards bitcoin change.

As for now though, Express Minds use their newly launched bitcoin ATM to teach more people about bitcoin and the crypto world, which could go a long way in helping the country’s progress in crypto adoption.

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Kenya’s Regulatory Sandbox Will Not Accommodate Cryptocurrency Firms Says CMA

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Regulatory Sandbox in Kenya

Kenya’s financial regulator, the Capital Markets Authority (CMA), announced that the new regulatory sandbox will not accommodate blockchain firms dealing in cryptocurrencies.

The Regulatory Sandbox in Kenya

“[…] Blockchain firms will be considered so long as they are not dealing with cryptocurrencies since the CMA’s mandate does not extend to currency. The CMA regulatory sandbox can only serve financial innovations that are directly within the regulatory perimeter of the CMA.” said the Capital Markets Authority’s chief executive Paul Muthaura, according to a report by BusinessDailyAfrica.

CMA

The new regulatory sandbox aims to offer a controlled environment for fintech firms to innovate and create financial products that protect the interests of consumers.

The regulatory sandbox has so far received interest from 70 firms that want to join. Most of these firms are in the payments sector while others are crowdfunding platforms in the real estate and health sectors. In addition, some of these firms are from outside Kenya.

The CMA recently held a validation exercise with the 70 firms of the opinions received from the public regarding the new laws guiding the sandbox. Before this, the regulator had requested for public feedback regarding the sandbox’s regulations.

In April, the Authority will issue the final guidance notice to anchor the regulations into law before officially launching the sandbox in May.

An Anti-Crypto Regulatory Space

In the past, the Capital Markets Authority and the Central Bank of Kenya (CBK) have warned Kenyans to avoid participating in initial coin offerings (ICOs) and trading in cryptocurrencies respectively. These warnings were issued because investing in ICOs and cryptocurrencies poses a high risk to consumers.

“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes,” the CBK governor, Dr. Patrick Njoroge asserted in 2018

In one of its 2018 soundness reports, the CMA recommended that a special body be created to oversee cryptocurrencies and ICOs. The report stated: “There is a need for regulators to devise a common approach towards handling issues revolving around cryptocurrencies and ICOs. A joint workgroup by financial sector regulators could be put in place to tackle issues around cryptocurrencies and ICOs.”

In light of the upcoming regulatory sandbox, Kenyans could benefit from the platform since the market is currently flooded with fintech solutions, especially those in the mobile lending sector, which are high-risk.

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