How to Buy Cryptocurrency South Africa 2022

How to Buy Cryptocurrency South Africa 2022

This beginner's guide will point you in the right direction by showing you how to buy cryptocurrency in South Africa with low fees.

If you're based in South Africa and want to buy digital currencies like Bitcoin, Shiba Inu, or Uniswap – you will need to open an account with a suitable broker. 

This beginner's guide will point you in the right direction by showing you how to buy cryptocurrency in South Africa with low fees.   

How to Buy Cryptocurrency South Africa – Quick Steps

When figuring out how to buy cryptocurrency in South Africa – it makes sense for us to explain the process with an example. 

As such, in this example, we will explain how to buy one of the most undervalued digital currencies of 2022 – Lucky Block.      

  • Step 1: Visit Lucky Block – Lucky Block hasn't been listed on a centralized exchange yet. Instead, it's still in its pre-sale launch phase – so you can buy Lucky Block tokens directly from the project's website.    
  • Step 2: Unlock Wallet – In order to buy Lucky Block via the pre-sale phase, you need to have BNB in your cryptocurrency wallet. You can choose your preferred wallet by clicking on the 'Unlock Wallet' button.          
  • Step 3: Enter Number of Tokens – Now that your wallet is securely connected to Lucky Block, you can enter the number of BNB tokens that you wish to swap for LBlock.        
  • Step 4: Buy Lucky Block – Before your Lucky Block tokens are sent to your wallet – you need to confirm the purchase.     

The above example highlights how to buy cryptocurrency in South Africa in a simple and burden-free manner. 

If, however, you require a more comprehensive walkthrough, you will find this by scrolling down.      

Invest responsibly.

Step 1: Select a Cryptocurrency 

If you're completely new to the world of cryptocurrency trading – you might be surprised to learn that there are now thousands of digital tokens that you can buy and sell online. 

As a beginner, this means that it can be challenging to pick the best crypto to buy for your investment portfolio.

If you need some inspiration – the five cryptocurrencies analyzed below are considered top-rated digital assets moving into 2022.   

1. Lucky Block

Lucky Block is a brand new blockchain project that is launching a decentralized lottery game that can be accessed on a global scale. The underlying technology is based on immutable smart contracts – which ensure that each and every lottery game is 100% random. 

In other words, no single person has the capacity to manipulate the outcome of Lucky Block games – and subsequently, players from all over the world can be certain that outcomes are transparent, fair, and free from manipulation. 

Another interesting aspect of Lucky Block is that its lotteries are not run by national bodies – like you find in the traditional version of this game. As such, jackpot prizes are expected to be of significant size. Lucky Block is still offering a discounted purchase price via its pre-sale launch.

As such, Lucky Block could be a great option when thinking about what cryptocurrency to buy now.

2. Bitcoin

If you're just learning the ins and outs of how to buy cryptocurrency in South Africa – you've likely come across Bitcoin. After all, Bitcoin is the largest cryptocurrency in terms of pricing and market capitalization – as well as the most recognized. 

Bitcoin was first launched in 2009 – which also makes it the most established cryptocurrency in this market. In terms of gains, Bitcoin hasn't grown by as much as other cryptocurrencies in this arena over the past 12 months – with a price increase of just 25%.  

Your capital is at risk.

3. Ripple

Ripple is a multi-billion dollar crypto asset that was first launched in 2012. The main concept with Ripple is that it allows large financial institutions to perform cross-border transactions in a low-cost and super-fast manner. 

In fact, Ripple transactions cost just a tiny fraction of a cent and take less than five seconds to process. The underlying cryptocurrency token supporting the Ripple framework is XRP. Over the prior 12 months, XRP has increased in value by over 160%. 

Your capital is at risk.

4. Cosmos

Another cryptocurrency to consider adding to your portfolio in 2022 is Cosmos. This digital asset allows competing blockchains to communicate with one another – which is something that has never previously been possible. 

This process is known as interoperability and many expect this to play a major role in the future of blockchain technology. 

Cosmos is backed by its native token ATOM – which has performed very well in recent years. In fact, had you invested in Cosmos back in mid-2020 when the token was first launched on public exchanges – your money would now be worth 430% more. 

Your capital is at risk.

5. Dogecoin

Dogecoin is an established cryptocurrency that was first launched in 2013. This digital currency became mainstream in early 2021 when Elon Musk was quoted as saying that in addition to Bitcoin and Ethereum – he also owns Dogecoin. 

This was followed by a number of Tweets and interviews whereby Musk continued to make his bullish sentiment on Dogecoin known. In turn, this saw the value of Dogecoin increase by over 14,000% in the first few months of 2021 alone.

Your capital is at risk.

Step 2: Buy Cryptocurrency 

The specific process involved when learning how to buy cryptocurrencies can be daunting if you are completely new to this industry. 

The good news is that you can simplify the investment process by following the step-by-step walkthroughs outlined below.     

Buy Lucky Block 

In this mini-walkthrough, we will explain how to buy Lucky Block.   

1. Visit Lucky Block Pre-Sale Website

Lucky Block is yet to launch on a public exchange and as such – the project is offering its token on a pre-sale basis via its website. Therefore, head over to the Lucky Block pre-sale website to get the investment process started. 

2. Connect Wallet

You will need to connect your wallet to the Lucky Block portal so that you can access the project's pre-sale launch.     

After clicking on the 'Unlock Wallet' button, you can choose the wallet that you wish to use.  

3. Enter Stake 

You will now see a box that requires you to enter your desired investment amount in BNB. If you want to keep your stakes modest, the minimum investment amounts to just 0.16 BNB.   

4. Buy Lucky Block

The final step is to confirm your stated investment amount.   

In doing so, the Lucky Block tokens that you have just purchased should appear in your wallet in less than five minutes.   

Capital.com Walkthrough

The next mini-walkthrough will show you how to trade cryptocurrency at Capital.com

1. Open Capital.com Account

Capital.com is a heavily regulated CFD broker – so the first step is to open an account by providing some personal information and contact details.  

For KYC purposes, upload a copy of your government-issued ID. This should be verified automatically by Capital.com – so you'll be ready to go in less than two minutes.    

2. Deposit Funds

You can use a debit/credit card or e-wallet to deposit funds into your newly created Capital.com at a minimum of just $20. 

Or, if you wish to transfer funds via a bank wire, the minimum is much higher at $250. Either way, Capital.com does not charge any deposit fees. 

3. Search for Crypto Market

You can now search for the crypto market that interests you.

In our example above, we are looking to trade Ethereum against the South African rand – so we search for 'ETHZAR'.     

4. Trade Crypto 

You will now need to set up your crypto trade. If you think that your chosen crypto will increase in value, click on the 'buy' button.  

After entering your desired stake, confirm the order. 

Step 3: Best Crypto Exchange in South Africa

One of the most important considerations to make when learning how to buy crypto in South Africa is to choose a trusted cryptocurrency exchange. 

South African traders have access to a wide variety of exchanges – so it's best to focus on platforms with low fees and plenty of supported markets.   

The best crypto exchanges in South Africa are reviewed below. 

1. Capital.com – Overall Best Place to Trade Crypto in South Africa   

There are many benefits from choosing a CFD broker like Capital.com over a traditional crypto exchange. Although you will not own the underlying digital currencies that you choose to trade – you will still gain exposure to your desired market. And, unlike most exchanges, Capital.com is heavily regulated. Furthermore, you can trade crypto at this broker without paying a commission.

Another benefit of trading crypto CFDs at Capital.com is that you can apply leverage to your position. This means that you can boost the size of your stake. Moreover, you can also choose from a buy or sell order when entering your trade – which allows you to target profits irrespective of whether the crypto markets are up or down.       

Another core benefit of using Capital.com is that you will have access to almost 400 crypto CFD markets. This even includes crypto pairs that contain the South Africa rand. In addition to crypto, you can also trade CFDs in the form of forex, ETFs, stocks, and commodities. Capital.com supports plenty of payment methods – including debit/credit cards and e-wallets.   

Your capital is at risk.

2. Binance – Best Bitcoin Exchange South Africa With Low Fees  

If you're wondering how to buy cryptocurrency in South Africa via a conventional exchange – you might consider Binance. In terms of client accounts and trading volume – Binance is the largest exchange globally. You will also find more than 1,000 tradable markets here – which is great for diversification.

When it comes to fees, Binance charges a commission of 0.10% per slide. This means that you will pay this commission when you both enter and exit a position. Binance is also popular with South Africans that wish to earn interest on their crypto investments. This is because Binance offers a good selection of crypto savings accounts.    

Your capital is at risk.

How to Buy Bitcoins in South Africa 

There are many things to consider when learning how to buy Bitcoin in South Africa. At the forefront of this is the type of platform that you use to execute your trading orders. 

The key problem with traditional cryptocurrency exchanges is that they are not 100% safe. Time and time again we hear about exchanges being hacked – which means your money is at risk.  

And as such, we much prefer CFD brokers like Capital.com – which allow you to trade digital currencies without taking ownership of any tokens. This removes the need to worry about wallet security or hacking attempts – as the tokens do not actually exist. 

Furthermore, when you trade crypto CFDs at Capital.com – you can do so at 0% commission. You can also engage in short-selling and even apply leverage to your trades. 

Conclusion

This short guide on how to buy cryptocurrency in South Africa has explained the fundamental basics that you need to know before getting started. 

If you're ready to start trading crypto assets right now – you can do so without paying any commission at Capital.com. This top-rated CFD broker – offers almost 400 crypto markets in a heavily regulated environment.   

To make a high return on investment (ROI) in 2022 consider buying cryptocurrency at presale, before it has gained mass adoption and been listed on a large exchange – you'll then be able to sell it at a high price point when those happen.

Your capital is at risk.

FAQs

Is it legal to buy Cryptocurrency in South Africa?

South Africans can legally purchase and sell cryptocurrencies.  

What Bitcoin wallet can I use in South Africa?

You can use any wallet of your choice when storing Bitcoin tokens. Just make sure that the wallet offers top security features and that you will be able to send and receive funds with ease. 

How much do you need to invest in Bitcoin in South Africa?

This depends on your chosen broker For instance, if you decide to trade Bitcoin CFDs at Capital.com – you only need to meet a minimum deposit of $20 to get started when using a debit/credit card or e-wallet. 

Is crypto regulated in South Africa?

Cryptocurrency-specific regulation is tipped to be introduced in 2022. However, nothing has been enacted into legislation as of writing. 

Where is the best place to buy Cryptocurrency?

If you're looking to speculate on the future value of cryptocurrencies like Bitcoin, it might be worth considering a CFD broker like Capital.com. In doing so, you can trade almost 400 crypto markets at 0% commission in a regulated environment. Many supported crypto pairs include the South African rand. 

Where to buy Bitcoins?

Once you have decided which cryptocurrency to buy today, you can then complete your purchase at one of the best cryptocurrency exchanges in South Africa. 

What is the cheapest crypto exchange?

Binance allows you to trade crypto at 0.10% per slide. Capital.com, however – which is a CFD broker, allows you to trade crypto commission-free. 

What is the best app to buy cryptocurrency?

You can trade crypto CFDs via the Capital.com mobile app – which is available on both Android and iOS phones.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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