South Africa is unarguably one of Africa’s rapidly expanding corporate centers, distinguished by economic, technological, and financial growth. And with crypto’s continuous adoption, more people now seek a full guide on how to buy Bitcoin in South Africa.
South Africa is also steadily keeping up with the financial revolution and is developing into one of Africa’s top countries for crypto trading.
A study conducted by chain analysis found that between July 2020 and June 2021, crypto usage in Africa surged by more than 1200 percent.
And over 47% of South African adults possess cryptocurrencies, according to a report by KLA, a market research and data specialized organization.
But then, 36% of the 53% of respondents not yet invested in cryptocurrencies said they wanted to do so in the future.
So, there is obviously a massive adoption of cryptocurrency in South Africa. And for interested beginners, we would start with the most common questions: “What is the most reliable cryptocurrency exchange platform?” and “How do I buy cryptocurrency in South Africa?”
While buying Bitcoin can seem difficult for a beginner in South Africa, it is a lot easier when one breaks it down into simple, actionable steps.
Now, that is what the article promises. We will carefully answer all your questions and more as we progress.
Table of contents
- What Is the State of Bitcoin in South Africa?
- Does the South Africa Government Support Cryptocurrency?
- How Do I Buy Bitcoin Securely?
- Where Can I Buy Bitcoin in South Africa?
- How Does Binance P2P Work?
- How Can I Buy Bitcoin in South Africa Through Binance P2P?
- FAQs on How To Buy Bitcoin in South Africa
What Is the State of Bitcoin in South Africa?
Bitcoin is incredibly accepted in South Africa for several reasons, including political unrest and economic turbulence. In fact, according to Google Trends, South Africa is the second-most interested nation in Bitcoin, behind Nigeria.
That shouldn’t come as a surprise, given that South Africans have been searching for how to buy cryptocurrencies to safeguard themselves from economic and political instability.
Now, they use bitcoin to protect themselves from inflation, which has reduced the purchasing power of their country’s traditional fiat currency, the South African Rand (ZAR).
Bitcoin has also been the best option for many due to the low cost and lightning speed of local and international transactions.
Additionally, Bitcoin has allowed people to supplement their income through cryptocurrency trading.
Cryptocurrency exchanges like Binance offer users an opportunity to make passive revenue by referring friends and family to trade on the platform.
You can earn up to 50% commission on each completed trade by sharing your referral link through the Binance Affiliate Program.
Read also: How To Sell Safemoon On Trust Wallet
Does the South Africa Government Support Cryptocurrency?
Although the Reserve Bank has made it plain that it will not treat the digital currency as “currency” 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 (SARB) published a “Consultation Paper on Policy Proposals for Crypto Assets,” offering constructive guidelines and digital currencies strategies.
The SARB believes that enterprises involved in cryptocurrencies should register with the nation’s Financial Intelligence Centre. This move aims to address risk-related issues and ultimately increase the use of cryptocurrencies like Bitcoin.
The report also claims that because Bitcoin and other cryptocurrencies are unregulated, there is a risk of scams, and the SARB wants to solve this issue. As a result, the organization will implement steps to prevent financial terrorism and money laundering.
This demonstrates that South Africa will regulate cryptocurrency and Bitcoin in the nation cautiously yet progressively. The general adoption of Bitcoin in the country may benefit since potential buyers will have safeguards to protect their crypto investments.
How Do I Buy Bitcoin Securely?
To ensure the security of your investments, there are a few crucial things to think about before buying Bitcoin in South Africa:
#1. Use only trusted exchanges
If you want to learn how to buy Bitcoin in South Africa, your top priority should be finding the most reliable cryptocurrency exchange.
This is because some exchanges are neither trustworthy nor regulated.
However, an exchange platform like Binance is reliable and fast, with over 28.6 million (and still counting) users.
#2. Safely store Bitcoin
The next thing to consider is where you will store your tokens after buying Bitcoin in South Africa from your favorite exchange.
It’s preferable to store your tokens within the exchange you purchased if you are a crypto beginner. But then again, you must choose an exchange platform with a solid reputation.
The Binance platform comes with a wallet. Binance (IOS or Android) is the third most downloaded wallet in 2020, according to Apptopia, and offers the finest crypto wallet in terms of usability and security.
Where Can I Buy Bitcoin in South Africa?
You can buy Bitcoin from these three options:
#1. A cryptocurrency exchange
A cryptocurrency exchange is a website where you can buy, sell, and store cryptocurrencies. When choosing a crypto exchange, you should DYOR (do your own research) to make sure it is safe, dependable, and trustworthy.
In South Africa, Binance promises to be the safest and most secure cryptocurrency exchange, where you can buy crypto in your traditional currency at the best exchange rates.
#2. A Bitcoin ATM
Anyone can buy Bitcoin and other cryptocurrencies at self-service bitcoin ATMs using cash or a debit card in South Africa.
You can even buy and sell bitcoin for cash using some Bitcoin ATMs’ bi-directional functionality. Even though there aren’t many BTMs in South Africa at the moment, some of the country’s largest cities have them.
This is also a means to buy Bitcoin in Africa. In P2P, when you pay money to someone, they immediately send you cryptocurrency to your Bitcoin wallet. However, there is always the danger of being defrauded of your money without receiving your crypto assets.
But with cryptocurrency exchanges like Binance that provide the most secure option for buying and selling cryptocurrencies, you can send bitcoin to your loved ones and make payments and trades.
How Does Binance P2P Work?
Peer-to-peer, also referred to as P2P, is a preferred method for cryptocurrency users. P2P marketplaces, as opposed to traditional cryptocurrency exchanges, let you acquire cryptocurrencies from other users directly using your preferred payment method and local currency.
As the leading peer-to-peer marketplace, Binance P2P enables zero-fee cryptocurrency transactions for millions of users worldwide using more than 300 payment methods and 70 local currencies.
P2P Express is an easy-to-use channel that assists new users in locating the best price and concluding trades on Binance P2P. You won’t need to be concerned about comparing costs, payment options, or your trading partner.
Simply choose the cryptocurrency you want to buy and fill the amount in fiat currency to place your order. The Binance matching engine will immediately find you the best offer from a verified, seasoned merchant for a seamless transaction.
For intermediate to advanced users, Binance P2P offers more comprehensive features, including an advanced interface with a full range of ad postings and a section devoted to bulk cryptocurrency transactions.
If you’re only looking to conduct a sizeable crypto transaction with knowledgeable block traders, you can skip to the P2P Block Trade section.
Read also: 10 Best Alternatives To Coinbase
How Can I Buy Bitcoin in South Africa Through Binance P2P?
You can easily register a Binance account with your email address or phone number on the Binance App in just a few steps.
Log in to Binance app
- If you already have a Binance account, click “Log in” and go to Step 4
- If you do not have a Binance account yet, click “Register” on the top left
Enter your email and set your login password on the registration page. Read the Binance P2P terms and click on the arrow to register.
Enter your email and the password you selected, then click on the arrow to Log In.
After you log in to the Binance app, click the user icon on the top left to complete identity verification. Then click “Payment Methods” to complete SMS authentication and fix your payment methods.
Go to the home page, and click “P2P Trading”.
On the P2P page, click the (1) “Buy” tab and the crypto you want to buy (2) (taking Bitcoin for example), and then select an ad and click (3) “Buy”.
Enter the quantity you want to buy, confirm the seller’s payment method(s), and click “Buy USDT”.
Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit, and then click “Transfer the fund”. Tap on the payment method you transferred to, then click “Transferred, next.”
The status will be “Releasing”.
Once the seller has released the cryptocurrency, the transaction is completed. You can click “Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.
You can click “Wallet” at the bottom and then “Fiat” to see the crypto you bought in your fiat wallet. Then click “Transfer” to move the cryptocurrency to your spot wallet for trading.
- If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can contact the seller by clicking the “Phone” or “Chat” icon on the top.
Or you can click “Appeal”, select a “Reason for Appeal,” and “Upload Proof”. The Binance customer support team will assist you in processing the order.
FAQs on How To Buy Bitcoin in South Africa
No, you do not need to buy a whole bitcoin at once. Each bitcoin is divided into a unit of cryptocurrency known as Satoshis, and it is divisible down to 8 decimal places (0.00000001).
This means a single Satoshi is equal to one-hundredth millionth of a bitcoin, or 100 million Satoshis is equal to one bitcoin. So you can buy any number of units depending on your risk tolerance. Binance allows users to buy a fraction of one bitcoin from $15.
The Binance wallet comes highly recommended. It not only offers the best exchange for South Africans to buy Bitcoin, but it also provides world-class wallet services.
So, once you have bought Bitcoin on the exchange platform, you can safely store your holdings in the Binance wallet.
You will need to download a wallet from the Google Play Store, create an exchange account, and provide your personal identification documents for the Know Your Customer (KYC) process. Then you can pay with your debit card or transfer directly from your account.
You must first open and verify an account with a reliable exchange like Binance. Then, deposit into your account and choose your payment method. Finally, enter the amount of money you want to invest in Bitcoin and confirm the trading order.
You should buy Bitcoin and other cryptocurrencies if you are looking to diversify your portfolio. Also, it will appeal to you if you have a high-risk tolerance and are comfortable taking on additional risks.
You can buy Bitcoin in South Africa from the Binance cryptocurrency exchange platform. They employ the most straightforward methods possible to meet your needs and preferences.
Binance aims to bring bitcoin closer to South Africans and Africans at large so people can experience its benefits to its fullest, as the South African Central Bank pursues its crypto adoption and regulation drive.
South Africans can now buy bitcoin using Binance and take advantage of the cheapest rates, security, and simplicity. Additionally, Binance operates 24-hour customer care that can attend to all of your demands and protect your money.
Another icing on the cake is the Binance Academy, where you can learn about cryptocurrencies, blockchain technology, and other financial-related topics for free. And the Binance Earn feature that offers a suite of products to grow your crypto holdings quickly.
So what are you waiting for? Start buying Bitcoin from Binance now!